Catalyst Bancorp(CLST) - 2024 Q2 - Quarterly Results

Financial Performance - Catalyst Bancorp reported net income of $527,000 for Q2 2024, a significant recovery from a net loss of$ 4.7 million in Q1 2024[2]. - For Q2 2024, net interest income was $2.4 million, an increase of$ 355,000 or 17% compared to Q1 2024[39]. - Non-interest income for Q2 2024 totaled $366,000, up$ 5.5 million from Q1 2024, which included a $5.5 million loss on the sale of investment securities[28]. - Net income for the three months ended June 30, 2024, was$ 527,000, a turnaround from a loss of $4,689,000 in the previous quarter[47]. - Return on average assets improved to 0.74% for the three months ended June 30, 2024, compared to a negative return of (6.58)% in the previous quarter[47]. - Return on average equity was 2.62% for the three months ended June 30, 2024, compared to (22.81)% in the previous quarter, indicating a positive trend[47]. Loan and Deposit Growth - Total loans increased by$ 9.8 million, or 7%, to $153.3 million as of June 30, 2024, compared to March 31, 2024[16]. - Total deposits reached$ 180.1 million, an increase of $10.4 million, or 6%, from March 31, 2024[6]. - Commercial and industrial loans surged by$ 8.2 million, or 52%, to $23.9 million compared to the previous quarter[3]. - Loans receivable, net of unearned income, increased to$ 153,266,000 as of June 30, 2024, from $143,491,000 as of March 31, 2024[32]. - Total loans increased to$ 150,257,000 for the six months ended June 30, 2024, up from $144,428,000 in the previous period[47]. Asset Management - Total assets as of June 30, 2024, were$ 295,333,000, an increase from $282,049,000 as of March 31, 2024[32]. - Total investment securities amounted to$ 43.2 million, or 14.6% of total assets, reflecting a $4.2 million increase, or 10.8%, from March 31, 2024[21]. - Total assets slightly decreased to$ 285,773,000 as of June 30, 2024, from $286,708,000 in the previous quarter[47]. - Catalyst Bancorp, Inc. reported total assets of$ 295.3 million as of June 30, 2024[50]. Interest Income and Margin - The net interest margin for Q2 2024 was 3.72%, up 60 basis points from the prior quarter[9]. - The average yield on interest-earning assets increased to 5.35%, up 65 basis points from the prior quarter[9]. - Total interest income for the three months ended June 30, 2024, was $3,525,000, an increase of 11.7% from$ 3,155,000 for the previous quarter[46]. - Total interest income rose by $370,000 or 12%, while total interest expense increased by$ 15,000 or 1% in Q2 2024 compared to the previous quarter[39]. - The average yield on total interest-earning assets was 5.35% for Q2 2024, up from 4.70% in Q1 2024[1]. Non-Performing Assets - Non-performing assets totaled $1.7 million, with a ratio of NPAs to total assets at 0.58% as of June 30, 2024[19]. - Total non-performing loans amounted to$ 1,600,000, up from $1,482,000 in the previous quarter[49]. - The total non-performing loans to total loans ratio was 1.04% as of June 30, 2024, compared to 1.03% in the previous quarter[49]. - Total non-performing assets were$ 1,704,000, slightly down from $1,719,000 in the previous quarter[49]. Expenses and Shareholder Equity - Non-interest expense for Q2 2024 was$ 2.1 million, down $723,000 or 26% from Q1 2024[41]. - Total non-interest expense decreased to$ 2,068,000 for the three months ended June 30, 2024, down from $2,791,000 in the previous quarter, representing a 25.8% reduction[47]. - Total shareholders' equity was$ 80,965,000 as of June 30, 2024, down from $82,667,000 in the previous quarter[47]. - The allowance for loan losses was$ 2.2 million, representing 1.45% of total loans, slightly up from 1.44% in the previous quarter[4].