Business
Catalyst Bancorp, Inc. Announces 2024 Second Quarter Results
OPELOUSAS, La., July 31, 2024 /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 31, 2024 /PRNewswire/ -- Catalyst Bancorp, Inc. (Nasdaq: \"CLST\") (the \"Company\"), the parent company for Catalyst Bank (the \"Bank\") (www.catalystbank.com), reported net income of $527,000 for the second quarter of 2024, compared to a net loss of $4.7 million for the first quarter of 2024. The first quarter of 2024 included a $5.5 million loss on the sale of investment securities and $560,000 of data conversion and other expenses associated with the Bank's upgrade to a new core processing system. \n\n \n \n \n \n \n \n\n \n\"We posted our strongest quarter of loan growth since becoming a public company,\" said Joe Zanco, President and Chief Executive Officer of the Company and Bank. \"That growth was focused on living our mission – serving as catalysts for economic growth in our communities. We do that most effectively by helping local businesses expand and add jobs.\"\nLoans\nLoans totaled $153.3 million at June 30, 2024, up $9.8 million, or 7%, from March 31, 2024. The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.\n(Dollars in thousands)\n6/30/2024\n3/31/2024\nIncrease (Decrease)\nReal estate loans\nOne- to four-family residential\n$\n80,572\n$\n81,686\n$\n(1,114)\n(1)\n%\nCommercial real estate\n23,071\n21,130\n1,941\n9\nConstruction and land\n20,427\n19,369\n1,058\n5\nMulti-family residential\n3,025\n3,061\n(36)\n(1)\n Total real estate loans\n127,095\n125,246\n1,849\n1\nOther loans\nCommercial and industrial\n23,915\n15,711\n8,204\n52\nConsumer\n2,256\n2,534\n(278)\n(11)\n Total other loans\n26,171\n18,245\n7,926\n43\n Total loans\n$\n153,266\n$\n143,491\n$\n9,775\n7\n%\nThe following table presents certain major segments of our commercial real estate, construction and land, and commercial and industrial loan balances as of the dates indicated.\n(Dollars in thousands)\n6/30/2024\n3/31/2024\nIncrease (Decrease)\nCommercial real estate\nRetail\n$\n3,891\n$\n4,071\n$\n(180)\n(4)\n%\nHospitality\n3,736\n3,873\n(137)\n(4)\nOffice buildings\n2,263\n2,285\n(22)\n(1)\nRestaurants\n623\n632\n(9)\n(1)\nOilfield services\n419\n428\n(9)\n(2)\nOther commercial real estate\n12,139\n9,841\n2,298\n23\n Total commercial real estate\n$\n23,071\n$\n21,130\n$\n1,941\n9\n%\nConstruction and land\nMulti-family residential\n$\n5,688\n$\n4,782\n$\n906\n19\n%\nHealth ...