Business
Catalyst Bancorp, Inc. Announces 2023 Second Quarter Results
OPELOUSAS, La., July 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., July 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 second quarter of 2023. For the quarter, the Company reported net income of $39,000, compared to $73,000 for the first quarter of 2023.\n\n \n \n \n \n \n \n\n \n\"One by one, we're adding new customers and expanding existing relationships as our bankers deliver responsive and customized service across Acadiana,\" said Joe Zanco, President and Chief Executive Officer of the Company and the Bank. \"We're building a dedicated, fully engaged, high character company where people want to bank and maximize the impact of their work.\"\nCapital and Share Repurchases\nThe Bank continues to maintain an exceptional capital position with a total risk-based capital ratio of 57.27% and 57.69% at June 30, 2023 and March 31, 2023, respectively. At June 30, 2023 and March 31, 2023, consolidated shareholders' equity totaled $84.3 million, or 31.7% of total assets, and $86.1 million, or 31.2% of total assets, respectively.\nOn April 27, 2023, the Company announced its 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. During the second quarter of 2023, the Company repurchased 129,070 shares of its common stock at an average cost per share of $10.65. At June 30, 2023, 156,542 shares were available for repurchase under the April 2023 Repurchase Plan.\nLoans\nLoans totaled $133.5 million at June 30, 2023, up $803,000, or less than 1%, from March 31, 2023. During the second quarter of 2023, commercial and industrial loan growth was partially offset by net declines in our real estate loan portfolio. The decline in construction and land loans was primarily driven by the conversion of construction loans to permanent financing.\nThe following table sets forth the composition of the Company's loan portfolio as of the dates indicated.\n(Dollars in thousands)\n6/30/2023\n3/31/2023\nIncrease (Decrease)\nReal estate loans\nOne- to four-family residential\n$\n85,655\n$\n86,464\n$\n(809)\n(1)\n%\nCommercial real estate\n19,175\n19,303\n(128)\n(1)\nConstruction and land\n4,620\n...