Financial Performance - The company reported a net income of $139,000 for the three months ended September 30, 2022, a decrease of 90% compared to $1.4 million for the same period in 2021[144]. - For the nine months ended September 30, 2022, net income was $26,000, down from $1.8 million in the same period in 2021[144]. - For the three months ended September 30, 2022, the company reported net income of $139,000, a decrease from $1.4 million for the same period in 2021[189]. - Non-interest income totaled $296,000 for the three months ended September 30, 2022, compared to $2.0 million for the same period in 2021[196]. - Non-interest income decreased by $1.5 million, or 63.7%, to $872,000 for the nine months ended September 30, 2022, largely due to the absence of a $1.8 million grant received in 2021[213]. Assets and Liabilities - As of September 30, 2022, total assets were $283.4 million, with total loans of $131.7 million and total deposits of $184.2 million[144]. - Total assets decreased by $1.9 million, or 0.7%, to $283.4 million at September 30, 2022, from $285.3 million at December 31, 2021[160]. - Total liabilities were $195.3 million, with shareholders' equity at $92.8 million as of September 30, 2022[182]. - The company had outstanding advances from the FHLB with a carrying value of $9.2 million and the capacity to borrow an additional $37.6 million as of September 30, 2022[226]. Loan and Deposit Information - Total loans receivable fell by $141,000, or 0.1%, to $131.7 million at September 30, 2022, compared to $131.8 million at December 31, 2021[161]. - Total deposits amounted to $184.2 million at September 30, 2022, an increase of $7.4 million, or 4.2%, compared to December 31, 2021[176]. - The allowance for loan losses totaled $1.8 million, or 1.37% of total loans, as of September 30, 2022, compared to $2.3 million, or 1.73% of total loans, at December 31, 2021[149]. - Total non-performing loans rose to $1.600 million at September 30, 2022, compared to $891,000 at December 31, 2021[170]. Investment Securities - Total investment securities amounted to $92.0 million at September 30, 2022, a decrease of $9.8 million, or 9.6%, from $101.8 million at December 31, 2021[172]. - The average amortized cost balance of the investment securities portfolio increased by $42.5 million, or 68.6%, for the three months ended September 30, 2022[192]. - The company purchased $10.9 million of investment securities during the nine months ended September 30, 2022, exceeding $8.5 million of maturities, calls, and principal repayments[172]. Expenses - Non-interest expense increased by $244,000, or 13.0%, to $2.1 million for the three months ended September 30, 2022[198]. - Non-interest expense increased by $1.1 million, or 20.1%, to $6.7 million for the nine months ended September 30, 2022, including $215,000 of rebranding-related expenses[216]. - The company expects non-interest expenses to continue to increase as operations expand, influenced by new stock benefit plans implemented in 2022[145]. Capital and Equity - Shareholders' equity decreased by $9.0 million, or 9.2%, to $89.3 million at September 30, 2022, primarily due to a $9.3 million increase in accumulated other comprehensive loss[179]. - The ratio of total shareholders' equity to total assets was 31.5% at September 30, 2022, down from 34.5% at December 31, 2021[179]. - As of September 30, 2022, the company exceeded all regulatory capital requirements, with Common Equity Tier 1 Capital at $77.997 million, representing a ratio of 57.84%[231]. Miscellaneous - The company funded 240 SBA PPP loans totaling $8.5 million during the COVID-19 pandemic, with all outstanding loans fully repaid by September 30, 2022[156]. - The company recorded net loan charge-offs of $97,000 during the nine months ended September 30, 2022[165]. - Recent accounting pronouncements may impact financial statements, as discussed in Note 3[237].
Catalyst Bancorp(CLST) - 2022 Q3 - Quarterly Report