Catalyst Bancorp Inc (CLST) Announces Q3 2023 Results: Net Income Rises to $170,000
Catalyst Bancorp Inc (NASDAQ:CLST) reports a net income of $170,000 for Q3 2023, a significant increase from $39,000 in Q2 2023.
The company's loan portfolio grew by $2.2 million, primarily due to growth in commercial and industrial and construction loans.
Non-performing assets (NPAs) and non-performing loans (NPLs) remained relatively stable, with NPAs totaling $2.1 million at the end of Q3 2023.
The company repurchased 81,252 shares of its common stock at an average cost per share of $12.33 under the April 2023 Repurchase Plan.
Released on October 26, 2023, Catalyst Bancorp Inc (NASDAQ:CLST) announced its financial results for the third quarter of 2023. The company reported a net income of $170,000, marking a significant increase from the net income of $39,000 reported in the second quarter of 2023.
Financial Performance and Achievements
Joe Zanco, President and CEO of the Company and the Bank, stated,
We grew our loan portfolio during the quarter by helping local businesses grow. Although deposit competition remains tough, more and more people in our community are coming to understand how keeping their deposits in local banks helps our economy expand."
The company's loan portfolio grew by $2.2 million, primarily due to growth in commercial and industrial and construction loans.
Capital and Share Repurchases
The Bank maintains a strong capital position with a total risk-based capital ratio of 56.23% as of September 30, 2023. During the third quarter of 2023, the company repurchased 81,252 shares of its common stock at an average cost per share of $12.33. As of September 30, 2023, 75,290 shares were available for repurchase under the April 2023 Repurchase Plan.
Loan Portfolio and Credit Quality
Loans totaled $135.7 million at the end of Q3 2023, up $2.2 million from June 30, 2023. The increase in total loans was primarily due to growth in commercial and industrial and construction loans. Non-performing assets (NPAs) and non-performing loans (NPLs) remained relatively stable, with NPAs totaling $2.1 million at the end of Q3 2023.
Investment Securities and Deposits
Total investment securities were $85.3 million, or 33% of total assets, at the end of Q3 2023. Total deposits were $165.2 million at the end of Q3 2023, down $6.2 million from June 30, 2023.
Net Interest Income and Non-interest Income
The net interest margin for Q3 2023 was 3.13%, up 11 basis points compared to the prior quarter. Non-interest income for Q3 2023 was $306,000, down $11,000 from Q2 2023.
For more information about Catalyst Bancorp Inc (NASDAQ:CLST) and its Q3 2023 financial results, visit www.catalystbank.com.
Explore the complete 8-K earnings release (here) from Catalyst Bancorp Inc for further details.
This article first appeared on GuruFocus.
