Business
Catalyst Bancorp, Inc. Announces 2023 First Quarter Results and Approval of New Share Repurchase Plan
OPELOUSAS, La., April 27, 2023 /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., April 27, 2023 /PRNewswire/ -- Catalyst Bancorp, Inc. (Nasdaq: \"CLST\") (the \"Company\"), the parent company for Catalyst Bank (the \"Bank\") (www.catalystbank.com), reported financial results for the first quarter of 2023. For the quarter, the Company reported net income of $73,000 compared to $171,000 for the fourth quarter of 2022.\n\n \n \n \n \n \n \n\n \n\"As our nation's economic angst rises, our capital strength positions us to grow and thrive through whatever challenges the economy offers,\" said Joe Zanco, President and Chief Executive Officer of the Company and the Bank. \"Our focus remains on helping locally-owned businesses grow so that, together, we can increase employment across our communities.\"\nCapital and Share Repurchases\nThe Bank continues to maintain an exceptional capital position with a total risk-based capital ratio of 57.69% and 57.42% at March 31, 2023 and December 31, 2022, respectively. At March 31, 2023 and December 31, 2022, consolidated shareholders' equity totaled $86.1 million, or 31.2% of total assets, and $88.5 million, or 33.6% of total assets, respectively.\nThe Company announced that its Board of Directors approved the Company's second share repurchase plan (the \"April 2023 Repurchase Plan\"). Under the April 2023 Repurchase Plan, the Company may purchase up to 252,000 shares, or approximately 5% of the Company's outstanding shares of common stock. Share repurchases under the April 2023 Repurchase Plan are expected to commence during the second quarter of 2023.\nThe Company announced its first share repurchase plan (the \"January 2023 Repurchase Plan\") on January 26, 2023, and completed repurchases under the January 2023 Repurchase Plan in April 2023. Under the January 2023 Repurchase Plan, the Company repurchased 265,000 shares of its common stock at an average cost per share of $12.62.\nLoans and Credit Quality\nLoans totaled $132.7 million at March 31, 2023, down $917,000, or less than 1%, from December 31, 2022. During the first quarter of 2023, fundings on existing construction loans and new originations of commercial and industrial loans were offset by paydowns across other segments of the portfolio.\nThe majority of the Company's loan portfolio consists of real estate loans secured by properties in our local market area, the Acadiana region of south Louisiana. L...