Financial Performance - Net income for the year ended December 31, 2021, was $1,927,000, a significant recovery from a net loss of $703,000 in 2020[308]. - Total comprehensive income for 2021 was $1,137,000, compared to a loss of $584,000 in 2020, indicating a positive turnaround[311]. - Net income for the year ended December 31, 2021, was $1,927,000, compared to a net loss of $(703,000) for the year ended December 31, 2020, indicating a significant turnaround in profitability[317]. - Total income tax expense for 2021 was $487,000 compared to a benefit of $(474,000) in 2020, reflecting a significant change in tax position[426]. - Net cash provided by operating activities increased to $3,428,000 from $857,000, reflecting improved operational efficiency[317]. Assets and Liabilities - Total assets increased to $285,349,000 as of December 31, 2021, compared to $224,688,000 as of December 31, 2020, representing a growth of 27%[303]. - The total assets of Catalyst Bancorp, Inc. as of December 31, 2021, amounted to $98,346 thousand, with total shareholders' equity also at $98,346 thousand[462]. - The fair value of loans receivable, net, was $128,591 thousand as of December 31, 2021, down from $148,674 thousand in 2020, a decrease of 13%[459]. - The total liabilities for the company were not explicitly stated but are included in the total assets and shareholders' equity of $98,346 thousand[462]. Deposits and Loans - Total deposits rose to $176,795,000 in 2021, compared to $164,598,000 in 2020, an increase of 7.3%[303]. - The company experienced a net increase in deposits of $12,197,000, although this was lower than the previous year's increase of $22,969,000, suggesting a potential slowdown in deposit growth[317]. - Total real estate loans decreased from $140,565,000 in December 2020 to $119,083,000 in December 2021, representing a decline of approximately 15.3%[397]. - Net loans decreased from $148,778,000 in December 2020 to $129,566,000 in December 2021, a reduction of about 12.9%[397]. - The total loans receivable as of December 31, 2021, amounted to $131,842,000, down from $151,800,000 in December 2020, indicating a decrease of about 13.2%[401]. Income and Expenses - Total interest income decreased to $7,699,000 in 2021 from $8,490,000 in 2020, reflecting a decline of approximately 9.3%[308]. - Non-interest income increased to $2,626,000 in 2021, up from $966,000 in 2020, marking a growth of 171%[308]. - Total non-interest expense decreased slightly to $7,776,000 in 2021 from $7,943,000 in 2020, a reduction of about 2.1%[308]. - The company recorded charge-offs of $150,000 in 2021, down from $140,000 in 2020, indicating a slight increase in charge-offs year-over-year[399]. Equity and Capital - The company's retained earnings increased to $52,353,000 as of December 31, 2021, up from $50,426,000 in 2020, reflecting a growth of 3.8%[303]. - The Bank's Common Equity Tier 1 Capital was $77,819,000 with a ratio of 63.51% as of December 31, 2021, significantly above the required 6.5%[431]. - Total risk-based capital as of December 31, 2021, was $79,360,000, representing a ratio of 64.77%, exceeding the required 10%[431]. - The Company made matching contributions of $148,000 to the 401(k) plan in 2021, up from $112,000 in 2020[443]. Grants and Programs - During the year ended December 31, 2021, the Bank recognized a $1.8 million grant from the CDFI Rapid Response Program, which was deployed to capital through income recognition and qualifying loans[349]. - The Bank received a $203,000 grant from the CDFI Bank Enterprise Award Program in 2020, meeting conditions by providing loans and financial services to distressed communities[349]. Investment and Securities - Available-for-sale securities increased from $20,730 thousand in 2020 to $88,339 thousand in 2021, representing a growth of 326%[453]. - The amortized cost of available-for-sale securities was $89.203 million, with a fair value of $88.339 million as of December 31, 2021[385]. - Investment securities with a carrying amount of approximately $10.2 million were pledged to secure deposits as required by law at December 31, 2021[388]. Miscellaneous - The Conversion to stock-form ownership was completed on January 27, 2021, establishing Catalyst Bancorp as the parent company of the Bank[377]. - The Company has implemented a software application to assist in determining the allowance for loan losses under the CECL model, with an effective date delay until January 2023[373]. - The Employee Stock Ownership Plan (ESOP) was established in October 2021, with a loan of $4.2 million used to purchase 423,200 shares[444].
Catalyst Bancorp(CLST) - 2021 Q4 - Annual Report