Catalyst Bancorp(CLST) - 2025 Q1 - Quarterly Results

Financial Performance - Catalyst Bancorp, Inc. reported net income of $586,000 for Q1 2025, a decrease of $40,000 or 6% from Q4 2024's net income of $626,000[1] - Net interest income for Q1 2025 was $2.4 million, a decrease of $107,000 or 4% compared to Q4 2024[15] - Net interest income for Q1 2025 was $2,365,000, compared to $2,472,000 in Q4 2024, reflecting a decrease of 4.3%[31] - Total interest income for Q1 2025 was $3,374,000, down from $3,511,000 in the previous quarter, a decline of 3.9%[31] - Non-interest income increased to $553,000, up $216,000 or 64% compared to Q4 2024, including $216,000 in insurance proceeds[19] - Total non-interest income for Q1 2025 was $553,000, significantly improved from a loss of $5,163,000 in Q1 2024[31] - The efficiency ratio for Q1 2025 was 75.31%, compared to 72.54% in the previous quarter, indicating a decline in operational efficiency[33] Asset and Loan Management - Total loans decreased to $166.1 million at March 31, 2025, down $1.0 million or less than 1% from December 31, 2024[3] - The allowance for credit losses on loans remained at $2.5 million, or 1.51% of total loans, with net loan charge-offs of $39,000 in Q1 2025[7] - Total non-performing loans increased slightly to $1,645,000, representing 0.99% of total loans, up from 0.98% in the previous quarter[36] - The total non-performing loans to total loans ratio improved slightly from 1.03% a year ago to 0.99% this quarter[36] Deposits and Assets - Total deposits were $180.6 million at March 31, 2025, down $5.1 million or 3% from December 31, 2024[9] - Total deposits as of March 31, 2025, were $180.6 million, down from $185.7 million at the end of the previous quarter, a decrease of 3.0%[28] - Total assets as of March 31, 2025, were $271.6 million, a decrease from $276.7 million at December 31, 2024[28] Credit Losses and Provisions - The provision for credit losses was $0 for Q1 2025, compared to $95,000 in Q1 2024[31] - The provision for credit losses on unfunded commitments was a reversal of $17,000, compared to a provision of $110,000 in the prior quarter[36] - The total provision for credit losses for the period was $0, compared to $95,000 in the same period last year[36] Shareholder Activities - The company repurchased 72,949 shares at an average cost of $11.86 per share during Q1 2025, totaling 1,084,799 shares repurchased since January 2023[13] Expenses - Non-interest expense totaled $2.2 million, an increase of $160,000 or 8% from Q4 2024, primarily due to net losses on foreclosed properties[20] - Advertising and marketing expense increased to $39,000 for Q1 2025, up $22,000 or 129% from the prior quarter due to heightened business development activities[21] Non-Performing Assets - Non-performing assets totaled $1.7 million, down $103,000 or 6% from $1.8 million at December 31, 2024, with a ratio of NPAs to total assets at 0.63%[6] - Total non-performing assets decreased to $1,722,000, which is 0.63% of total assets, down from 0.66% in the previous quarter[36] Capital Ratios - Common equity Tier 1 capital ratio was 46.95% as of March 31, 2025, up from 45.81% at the end of the previous quarter[33]