Catalyst Bancorp(CLST) - 2024 Q4 - Annual Results

Financial Performance - Net income for the fourth quarter of 2024 was $626,000, an increase of$179,000, or 40%, compared to the third quarter of 2024[1]. - Net income for Q4 2024 was $626,000, a significant increase from$307,000 in Q4 2023[35]. - The return on average assets for Q4 2024 was 0.91%, up from 0.47% in Q4 2023[35]. - The efficiency ratio improved to 72.54% in Q4 2024 from 81.07% in Q4 2023[35]. Loan and Deposit Growth - The loan portfolio increased by a record $22.2 million, or 15$167.1 million at December 31, 2024[2]. - Total deposits increased by $18.2 million, or 11$185.7 million at December 31, 2024, largely due to a seasonal increase in public funds[11]. - Total loans increased to $167,187,000 in Q4 2024 from$140,757,000 in Q4 2023, representing a growth of 19%[35]. - Loans receivable, net of unearned income, were $167.1 million as of December 31, 2024, compared to$165.9 million in Q3 2024[30]. Interest Income and Margin - The net interest margin for the fourth quarter of 2024 was 3.92%, up six basis points compared to the prior quarter[16]. - The net interest margin for Q4 2024 was 3.92%, compared to 3.86% in Q3 2024[30]. - Total interest income for Q4 2024 was $3,511,000, an increase of 35$2,603,000 in Q4 2023[33]. - Net interest income for the fourth quarter of 2024 was $2.5 million, down$60,000, or 2%, compared to the third quarter of 2024[17]. - Net interest income after provision for credit losses for Q4 2024 was $2,472,000, up from$1,816,000 in Q4 2023, reflecting a 36% increase[33]. Non-Interest Income and Expense - For Q4 2024, non-interest income totaled $337,000, down$283,000 from $620,000 in Q3 2024[21]. - Total non-interest income for Q4 2024 was$337,000, a decrease from $672,000 in Q4 2023, resulting in a loss of$3,840,000 for the year[35]. - Non-interest expense for Q4 2024 was $2.0 million, a decrease of$222,000 or 10% compared to Q3 2024[22]. - Total non-interest expense for Q4 2024 was $2,038,000, compared to$2,122,000 in Q4 2023, indicating a reduction of 4%[35]. Asset Quality - Non-performing assets (NPAs) totaled $1.8 million, up$214,000, or 13%, from the previous quarter, with a ratio of NPAs to total assets at 0.66%[6]. - The allowance for loan losses totaled $2.5 million, or 1.51$2.4 million, or 1.46% of total loans, in the previous quarter[7]. - The allowance for loan losses increased to $2.522 million in Q4 2024 from$2.414 million in Q3 2024[30]. - Total allowance for credit losses at the end of Q4 2024 was $2,643,000, compared to$2,381,000 at the end of Q4 2023[37]. - Total non-performing loans to total loans ratio was 0.98% in Q4 2024, an increase from 0.87% in Q4 2023[37]. Shareholder Equity and Stock Repurchase - Total shareholders' equity decreased to $80.2 million as of December 31, 2024, from$81.7 million in Q3 2024[30]. - The Company repurchased 120,977 shares of common stock at an average cost per share of $11.70 during the fourth quarter of 2024[15]. Investment Securities - Total investment securities were$42.2 million, or 15% of total assets, down $3.5 million, or 8%, compared to the previous quarter[9]. - The ratio of total loans to total deposits was 90% at December 31, 2024, compared to 99% at September 30, 2024[11].