Business
Catalyst Bancorp, Inc. Announces 2022 Second Quarter Results
OPELOUSAS, La., July 28, 2022 /PRNewswire/ -- Catalyst Bancorp, Inc. (Nasdaq: "CLST") (the "Company"), the parent company for Catalyst Bank (the "Bank")
About this update from Catalyst Bancorp, Inc.
[{"type":"text","content":"OPELOUSAS, La., July 28, 2022 /PRNewswire/ -- Catalyst Bancorp, Inc. (Nasdaq: \"CLST\") (the \"Company\"), the parent company for Catalyst Bank (the \"Bank\") (www.catalystbank.com), reported financial results for the second quarter of 2022. For the quarter, the Company reported net income of $18,000, compared to a net loss of $131,000 for the first quarter of 2022. The quarter was highlighted by the rebranding of the Bank from St. Landry Homestead Federal Savings Bank to Catalyst Bank. Pre-tax costs associated with the rebranding of the Bank totaled $208,000 during the quarter. The quarter also included the receipt and recognition into income of a $171,000 Bank Enterprise Award (\"BEA\") Program grant from the Community Development Financial Institution (\"CDFI\") Fund. Professional fees associated with the grant totaled $26,000.\n\n \n \n \n \n \n \n\n \n\"We're thrilled to have completed our rebrand to Catalyst Bank,\" said Joe Zanco, President and Chief Executive Officer of the Company and the Bank. \"Our name now reflects our mission: to be catalysts for economic growth in our communities. Congratulations to our team on executing our rebrand strategy so incredibly well.\"\n\"During the second half of the year, we'll be laser focused on developing and deepening customer relationships,\" continued Zanco. \"Thanks to the investment of our shareholders, we have a tremendous level of capital to invest in growing our company.\"\nLoans and Credit QualityLoans receivable totaled $133.6 million at June 30, 2022, up $1.6 million, or 1%, from March 31, 2022. The increase was primarily driven by new originations of residential mortgage loans and commercial and industrial loans, partially offset by a decrease in commercial real estate loans. Construction loans with outstanding balances of $1.2 million at March 31, 2022 were converted to permanent residential mortgage loans during the second quarter of 2022. At June 30, 2022, the total unpaid principal balance of PPP loans, included in commercial and industrial loans, totaled $22,000, down $819,000 from $841,000 at March 31, 2022.\nThe following table sets forth the composition of the Company's loan portfolio as of the dates indicated.\n(Dollars in thousands)\n6/30/2022\n3/31/2022\nIncrease (Decrease)\nReal estate loans\nOne- to four-family residential\n$\n89,531\n$\n87,144\n$\n2,387\n3\...