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%, to $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%, reaching $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%, to $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%, compared to the same period in 2023[116]. - Total interest income rose by $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%, compared to the same period in 2023[157]. - Non-interest expense for the three months ended September 30, 2024, was $2.3 million, up $179,000, or 8.6%, compared to the same period in 2023[116]. - Non-interest expense totaled $7.1 million for the nine months ended September 30, 2024, up $662,000, or 10.3%, compared to the same period in 2023[174]. - Non-interest income decreased by $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% of total assets, down from $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].
Catalyst Bancorp(CLST) - 2024 Q3 - Quarterly Report