Catalyst Bancorp(CLST) - 2024 Q3 - Quarterly Report

Financial Performance - Net income for the three months ended September 30, 2024, was $447,000, up$296,000, or 196.0%, compared to the same period in 2023[116]. - The company reported a net loss of $3.7 million for the nine months ended September 30, 2024, compared to net income of$219,000 for the same period in 2023[116]. - For the three months ended September 30, 2024, the company reported net income of $447,000, compared to$151,000 for the same period in 2023[149]. - For the nine months ended September 30, 2024, the Company reported a net loss of $3.7 million, compared to net income of$219,000 for the same period in 2023[163]. - The Company reported an income tax benefit of $1.0 million for the nine months ended September 30, 2024, compared to an income tax expense of$2,000 for the same period in 2023[175]. Asset and Loan Growth - Total assets increased by $9.7 million, or 3.6$280.6 million at September 30, 2024, from $270.9 million at December 31, 2023[116]. - Loans increased by$21.0 million, or 14.5%, to $165.9 million at September 30, 2024, compared to December 31, 2023[116]. - Total loans at the end of the period were$165,882,000, an increase from $135,672,000 at December 31, 2023[127]. - Total loans composition showed a significant increase in construction and land loans by$16.5 million, or 118.7%, to $30.3 million at September 30, 2024[123]. Non-Performing Assets - Non-performing assets decreased by$440,000, or 21.5%, to $1.6 million at September 30, 2024, from December 31, 2023[116]. - Total non-performing loans decreased to 1,438, down from 1,991 at December 31, 2023[129]. Revenue and Income Sources - Total commercial real estate revenue increased by$1,226,000, or 5.7%, to $22,704,000 compared to$21,478,000 in the previous period[124]. - Multi-family residential revenue surged by $6,947,000, or 494.1$8,353,000, up from $1,406,000[124]. - Total construction and land revenue rose by$16,453,000, or 118.7%, totaling $30,310,000 compared to$13,857,000[124]. - Oilfield services revenue increased by $7,756,000, or 124.0$14,010,000 from $6,254,000[124]. Interest Income and Expense - Net interest income for the three months ended September 30, 2024, was$2.5 million, up $584,000, or 30.0$1.2 million, or 48.7%, to $3.7 million for the three months ended September 30, 2024[150]. - Total interest income increased by$3.3 million, or 46.7%, to $10.4 million for the nine months ended September 30, 2024[166]. - Total interest expense increased by$618,000, or 118.6%, to $1.1 million for the three months ended September 30, 2024[154]. - Total interest expense increased by$2.0 million, or 152.7%, to $3.3 million for the nine months ended September 30, 2024[170]. Non-Interest Income and Expenses - Non-interest income totaled$620,000, up $314,000, or 102.6$2.3 million, up $179,000, or 8.6$7.1 million for the nine months ended September 30, 2024, up $662,000, or 10.3$5.1 million for the nine months ended September 30, 2024, primarily due to a $5.5 million loss on the sales of investment securities[173]. Deposits and Borrowings - Deposits increased by$1.8 million, or 1.1%, to $167.4 million at September 30, 2024, compared to December 31, 2023[116]. - Total deposits reached$167.436 million, reflecting a 1.1% increase from $165.622 million as of December 31, 2023[136]. - Total borrowings increased to$29.5 million, up $10.1 million from December 31, 2023, with a$20.0 million BTFP advance at a 4.76% interest rate[139]. Equity and Share Repurchase - Shareholders' equity totaled $81.7 million, representing 29.1$84.6 million or 31.2% at December 31, 2023[141]. - The company repurchased 362,199 shares at an average cost of $11.98 per share during the nine months ended September 30, 2024[142]. Liquidity - As of September 30, 2024, the Company had total unused and available liquidity of$71.7 million[182].