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Catalyst Bancorp(CLST) - 2024 Q1 - Quarterly Report
CLSTCatalyst Bancorp(CLST)2024-05-15 17:00

Financial Position - As of March 31, 2024, the carrying amount of cash and cash equivalents is 76,011,000,whichapproximatesitsfairvalue[94].−Loansreceivable,net,haveacarryingamountof76,011,000, which approximates its fair value[94]. - Loans receivable, net, have a carrying amount of 141,423,000, with a fair value of 135,986,000,classifiedwithinLevel3ofthefairvaluehierarchy[94].−Thetotaldepositsamountto135,986,000, classified within Level 3 of the fair value hierarchy[94]. - The total deposits amount to 169,637,000, with a fair value of 168,812,000[94].−Thefairvalueofbank−ownedlifeinsuranceisreportedat168,812,000[94]. - The fair value of bank-owned life insurance is reported at 14,139,000, classified within Level 2 of the fair value hierarchy[94]. - The fair value of available-for-sale investment securities is 25,534,000,whileheld−to−maturitysecuritieshaveafairvalueof25,534,000, while held-to-maturity securities have a fair value of 11,127,000[94]. Corporate Structure - The company completed its conversion from mutual to stock form on October 12, 2021, acquiring all outstanding shares of common stock of the Bank[83]. Legal and Regulatory Matters - The company has no pending legal proceedings that would materially affect its financial condition as of March 31, 2024[184]. Internal Controls and Procedures - The company’s disclosure controls and procedures were deemed effective as of March 31, 2024, with no changes affecting internal control over financial reporting[183]. Forward-Looking Statements - The company emphasizes the importance of not placing undue reliance on forward-looking statements due to inherent uncertainties[99]. - The company’s financial estimates are subjective and based on judgments regarding future expected loss experience and current economic conditions[91].