Catalyst Bancorp(CLST) - 2025 Q1 - Quarterly Report

Financial Performance - Net income for the three months ended March 31, 2025, was $586,000, compared to a net loss of $4.7 million for the same period in 2024[108]. - Non-interest income totaled $553,000 for the three months ended March 31, 2025, up from a net loss of $5.2 million for the same period in 2024[147]. - The company reported an income tax expense of $134,000 for the three months ended March 31, 2025, compared to an income tax benefit of $1.3 million for the same period in 2024[152]. Asset and Liability Management - Total assets decreased by $5.0 million, or 1.8%, to $271.6 million at March 31, 2025, from $276.7 million at December 31, 2024[108]. - Total deposits decreased by $5.1 million, or 2.7%, to $180.6 million at March 31, 2025[108]. - Total uninsured deposits were approximately $44.3 million at March 31, 2025, down from $53.7 million at December 31, 2024[128]. - The company experienced a net outflow of $5.1 million due to a decrease in deposits during the three months ended March 31, 2025[159]. Loan Portfolio - Loans amounted to $166.1 million at March 31, 2025, down $999,000, or 0.6%, from December 31, 2024[108]. - Total loans at the end of the period were $166,077 thousand, a decrease from $167,076 thousand at December 31, 2024[118]. - The allowance for credit losses on loans was $2,500 thousand, representing 1.51% of total loans, up from 1.44% at the end of 2024[116]. - Total non-performing loans increased slightly to $1,645 thousand, compared to $1,631 thousand at December 31, 2024[120]. - Multi-family residential loans increased by $1,266 thousand, or 12.6%, reaching $11,297 thousand compared to $10,031 thousand at the end of 2024[115]. Income and Expenses - Net interest income increased by $272,000, or 13.0%, to $2.4 million, with a net interest margin of 3.89%, up 77 basis points compared to the same period in 2024[108]. - Total interest income rose by $219,000, or 6.9%, to $3.4 million for the three months ended March 31, 2025[139]. - Non-interest expense decreased by $593,000, or 21.2%, to $2.2 million compared to the three months ended March 31, 2024[108]. Equity and Shareholder Activity - Total shareholders' equity increased by $387,000, or 0.5%, to $80.6 million at March 31, 2025[108]. - Shareholders' equity increased to $80.6 million, or 29.7% of total assets, up from $80.2 million, or 29.0% at December 31, 2024[130]. - The company repurchased 72,949 shares at an average cost of $11.86 per share during the three months ended March 31, 2025[131]. Liquidity and Funding - As of March 31, 2025, the total unused and available liquidity sources amounted to $79.97 million, including $45.645 million from FHLB advances and $17.8 million from a line of credit with a primary correspondent bank[156]. - The available borrowing capacity with the FHLB is secured through a blanket floating lien on real estate loans[156]. - The company anticipates retaining the majority of maturing time deposits, but may utilize secondary funding sources if a substantial portion is not retained[162].