OPELOUSAS, La., May 2, 2024 /PRNewswire/ -- Catalyst Bancorp, Inc. (Nasdaq: "CLST") (the "Company"), the parent company for Catalyst Bank (the "Bank") (www.catalystbank.com), reported a net loss of $4.7 million for the first quarter of 2024, which includes a $5.5 million loss on the sale of investment securities and $560,000 of data conversion and other expenses associated with the Bank's upgrade to a new core processing system.
"Our net loss resulted from two strategic moves that significantly enhance our growth prospects," said Joe Zanco. "First, we completed a full upgrade of our banking systems and now offer among the very best technology in banking. We're incredibly proud of our team for executing such a successful systems upgrade."
"Second, we repositioned our balance sheet by selling lower-yielding investment securities. The sales generated $42.6 million in cash which we plan to invest in new loans, higher-yielding investment securities, share repurchases and debt repayments," continued Zanco.
Loans
Loans totaled $143.5 million at March 31, 2024, down $1.4 million, or less than 1%, from December 31, 2023. The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.
(Dollars in thousands) | 3/31/2024 | 12/31/2023 | Increase (Decrease) | |||||||||
Real estate loans | ||||||||||||
One- to four-family residential | $ | 81,686 | $ | 83,623 | $ | (1,937) | (2) | % | ||||
Commercial real estate | 21,130 | 21,478 | (348) | (2) | ||||||||
Construction and land | 19,369 | 13,857 | 5,512 | 40 | ||||||||
Multi-family residential | 3,061 | 3,373 | (312) | (9) | ||||||||
Total real estate loans | 125,246 | 122,331 | 2,915 | 2 | ||||||||
Other loans | ||||||||||||
Commercial and industrial | 15,711 | 19,984 | (4,273) | (21) | ||||||||
Consumer | 2,534 | 2,605 | (71) | (3) | ||||||||
Total other loans | 18,245 | 22,589 | (4,344) | (19) | ||||||||
Total loans | $ | 143,491 | $ | 144,920 | $ | (1,429) | (1) | % | ||||
In the first quarter of 2024, strong construction loan growth was offset primarily by net declines in our commercial and industrial and residential loan portfolios. Construction loan growth was largely driven by multi-family residential development and additional fundings on several existing construction loans.
The following table summarizes the composition of our construction and land loan balances and commitments, including the related undisbursed amounts for construction projects in process as of March 31, 2024.
(Dollars in thousands) | Loan Balance | Undisbursed | Total | ||||||
Commercial construction and land loans | |||||||||
Multi-family residential | $ | 4,782 | $ | 3,218 | $ | 8,000 | |||
Retail | 711 | 4,769 | 5,480 | ||||||
Health service facilities | 2,749 | 2,663 | 5,412 | ||||||
Hospitality | 2,716 | 700 | 3,416 | ||||||
Residential subdivision development | 813 | 9 | 822 | ||||||
Commercial land | 297 | - | 297 | ||||||
Other commercial construction and development | 3,790 | 289 | 4,079 | ||||||
Total commercial construction and land | $ | 15,858 | $ | 11,648 | $ | 27,506 | |||
Consumer construction and land loans | |||||||||
Residential construction | 2,851 | 1,241 | 4,092 | ||||||
Consumer land | 660 | - | 660 | ||||||
Total consumer construction and land | 3,511 | 1,241 | 4,752 | ||||||
Total construction and land | $ | 19,369 | $ | 12,889 | $ | 32,258 | |||
Based on total commitment and contractual maturity date, the weighted average term to maturity of our construction and land loan portfolio is approximately 11 months as of March 31, 2024.
Credit Quality and Allowance for Credit Losses
At March 31, 2024, non-performing assets ("NPAs") totaled $1.7 million, down $331,000, or 16.1%, compared to $2.1 million at December 31, 2023. Non-performing loans totaling $275,000 as of December 31, 2023 were paid-off or returned to accrual status during the first quarter of 2024. The ratio of NPAs to total assets was 0.61% and 0.76% at March 31, 2024 and December 31, 2023, respectively. Non-performing loans ("NPLs") comprised 1.03% of total loans at March 31, 2024, and 1.37% of total loans at December 31, 2023. At March 31, 2024 and December 31, 2023, 98% and 95% of total NPLs, respectively, were one- to four-family residential mortgage loans.
At March 31, 2024, the allowance for loan losses totaled $2.1 million, or 1.44% of total loans, compared to 1.47% of total loans at December 31, 2023. The allowance for credit losses on unfunded lending commitments totaled $310,000 and $257,000 at March 31, 2024 and December 31, 2023, respectively. The provision for credit losses, inclusive of the provision for unfunded commitments, for the first quarter of 2024 totaled $95,000 and was largely attributable to growth in total construction loan commitments.
Net loan charge-offs totaled $98,000 during the first quarter of 2024, compared to net charge-offs of $63,000 for the fourth quarter of 2023. Net loan charge-offs in both periods were primarily attributable to one- to four-family residential loans.
Investment Securities
Total investment securities were $39.0 million, or 13.8% of total assets, at March 31, 2024, down $45.0 million, or 53.6%, compared to December 31, 2023. During the first quarter of 2024, the Company sold $48.0 million of available-for-sale securities (quoted at book value) for a pre-tax loss of $5.5 million. Cash proceeds from the sale totaled $42.6 million. The Company expects to re-deploy the sales proceeds into a mix of loans, higher-yielding investment securities, share repurchases, and debt repayments.
At March 31, 2024 the amortized cost and fair value of pledged investment securities totaled $25.4 million and $21.3 million, respectively. The amortized cost and fair value of investment securities pledged as collateral for borrowings through the Bank Term Funding Program ("BTFP") totaled $21.6 million and $18.0 million, respectively at March 31, 2024. The remainder of the pledged investment securities at March 31, 2024 served as collateral for public fund deposits.
Deposits
Total deposits were $169.6 million at March 31, 2024, up $4.0 million, or 2%, from December 31, 2023. The following table sets forth the composition of the Bank's deposits as of the dates indicated. The ratio of the Company's total loans to total deposits was 85% and 88% as of March 31, 2024, and December 31, 2023, respectively.
(Dollars in thousands) | 3/31/2024 | 12/31/2023 | Increase (Decrease) | |||||||||
Non-interest-bearing demand deposits | $ | 28,836 | $ | 28,183 | $ | 653 | 2 | % | ||||
Interest-bearing demand deposits | 35,374 | 36,867 | (1,493) | (4) | ||||||||
Money market | 14,712 | 15,126 | (414) | (3) | ||||||||
Savings | 33,675 | 31,518 | 2,157 | 7 | ||||||||
Certificates of deposit | 57,040 | 53,928 | 3,112 | 6 | ||||||||
Total deposits | $ | 169,637 | $ | 165,622 | $ | 4,015 | 2 | % | ||||
Total public fund deposits amounted to $22.7 million, or 13% of total deposits, at March 31, 2024, compared to $23.3 million, or 14% of total deposits, at December 31, 2023. At March 31, 2024, approximately 78% of our total public fund deposits consisted of non-interest-bearing and interest-bearing demand deposits from municipalities within our market.
Our total uninsured deposits (that is deposits in excess of the FDIC's insurance limit), inclusive of public funds, were approximately $41.7 million at March 31, 2024 and $44.6 million at December 31, 2023. Total uninsured non-public funds deposits were approximately $23.9 million and $26.3 million at March 31, 2024 and December 31, 2023, respectively. The full amount of our public fund deposits in excess of the FDIC's insurance limit are secured by pledging investment securities and portions of a custodial letter of credit from the Federal Home Loan Bank of Dallas.
Borrowings
Total borrowings at March 31, 2024 were $29.4 million, up $10.0 million from December 31, 2023. During the first quarter of 2024, the Bank increased its borrowings from the Federal Reserve Bank of Atlanta through the BTFP. At March 31, 2024, the Bank had one $20.0 million BTFP advance outstanding with a contractual interest rate of 4.76% and a maturity date of January 15, 2025.
Capital and Share Repurchases
The Company announced that its Board of Directors approved the Company's fourth share repurchase plan (the " May 2024 Repurchase Plan"). Under the May 2024 Repurchase Plan, the Company may purchase up to 227,000 shares, or approximately 5%, of the Company's outstanding shares of common stock.
The Company repurchased 202,997 shares of its common stock at an average cost per share of $12.12 during the first quarter of 2024 under its November 2023 Repurchase Plan. At March 31, 2024, the Company had common shares outstanding of 4,558,329 and 25,329 of those shares were available for repurchase under the November 2023 Repurchase Plan. The Company completed the November 2023 Repurchase Plan in April 2024.
At March 31, 2024 and December 31, 2023, consolidated shareholders' equity totaled $81.4 million, or 28.8% of total assets, and $84.7 million, or 31.2% of total assets, respectively.
Net Interest Income
The net interest margin for the first quarter of 2024 was 3.15%, up one basis point compared to the prior quarter. For the first quarter of 2024, the average yield on interest-earning assets was 4.71%, up 54 basis points from the prior quarter, while the average rate paid on interest-bearing liabilities was 2.42%, up 69 basis points from the fourth quarter of 2023.
Net interest income for the first quarter of 2024 was $2.1 million, up $148,000, or 8%, compared to the fourth quarter of 2023. Total interest income was up $552,000, or 21%, while total interest expense increased $404,000, or 63%, in the first quarter of 2024 compared to the prior quarter. Interest expense increased largely due to an increase in the average rate paid for deposits and an increase in the volume of BTFP borrowings during the first quarter of 2024.
The following table sets forth, for the periods indicated, the Company's total dollar amount of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Taxable equivalent ("TE") yields have been calculated using a marginal tax rate of 21%. All average balances are based on daily balances.
Three Months Ended | ||||||||||||||||||
3/31/2024 | 12/31/2023 | |||||||||||||||||
(Dollars in thousands) | Average | Interest | Average | Average | Interest | Average | ||||||||||||
INTEREST-EARNING ASSETS | ||||||||||||||||||
Loans receivable(1) | $ | 144,428 | $ | 2,214 | 6.17 | % | $ | 140,757 | $ | 2,066 | 5.82 | % | ||||||
Investment securities(TE)(2) | 76,432 | 325 | 1.72 | 96,640 | 400 | 1.67 | ||||||||||||
Other interest earning assets | 48,779 | 616 | 5.08 | 11,276 | 137 | 4.83 | ||||||||||||
Total interest-earning assets(TE) | $ | 269,639 | $ | 3,155 | 4.71 | % | $ | 248,673 | $ | 2,603 | 4.17 | % | ||||||
INTEREST-BEARING LIABILITIES | ||||||||||||||||||
Demand deposits, money market, and savings accounts | $ | 89,109 | $ | 317 | 1.43 | % | $ | 82,474 | $ | 185 | 0.89 | % | ||||||
Certificates of deposit | 57,092 | 437 | 3.08 | 51,707 | 344 | 2.64 | ||||||||||||
Total interest-bearing deposits | 146,201 | 754 | 2.07 | 134,181 | 529 | 1.56 | ||||||||||||
Borrowings | 27,991 | 293 | 4.21 | 13,016 | 114 | 3.50 | ||||||||||||
Total interest-bearing liabilities | $ | 174,192 | $ | 1,047 | 2.42 | % | $ | 147,197 | $ | 643 | 1.73 | % | ||||||
Net interest-earning assets | $ | 95,447 | $ | 101,476 | ||||||||||||||
Net interest income; average interest rate spread (TE) | $ | 2,108 | 2.29 | % | $ | 1,960 | 2.44 | % | ||||||||||
Net interest margin (TE)(3) | 3.15 | % | 3.14 | % | ||||||||||||||
(1) | Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts and loans in-process. |
(2) | Average investment securities does not include unrealized holding gains/losses on available-for-sale securities. |
(3) | Equals net interest income divided by average interest-earning assets. Taxable equivalent yields are calculated using a marginal tax rate of 21%. |
Non-interest Income
For the first quarter of 2024, non-interest income was down $5.8 million compared to $672,000 for the fourth quarter of 2023. Non-interest income for the first quarter of 2024 includes the $5.5 million loss on the sale of investment securities discussed previously.
Non-interest Expense
Non-interest expense for the first quarter of 2024 totaled $2.8 million, up $669,000, or 32%, compared to the fourth quarter of 2023. During the first quarter of 2024, the Company upgraded to a new core processing system and incurred $560,000 of data conversion and other associated expenses. Most of these costs are included in data processing and communication expense. The Company estimates annual savings of greater than $200,000 due to the change in our core processing system.
About Catalyst Bancorp, Inc.
Catalyst Bancorp, Inc. (Nasdaq: CLST) is a Louisiana corporation and registered bank holding company for Catalyst Bank, its wholly-owned subsidiary, with $282.0 million in assets at March 31, 2024. Catalyst Bank, formerly St. Landry Homestead Federal Savings Bank, has been in operation in the Acadiana region of south-central Louisiana for over 100 years. With a focus on fueling business and improving lives throughout the region, Catalyst Bank offers commercial and retail banking products through our six full-service branches located in Carencro, Eunice, Lafayette, Opelousas, and Port Barre. To learn more about Catalyst Bancorp and Catalyst Bank, visit www.catalystbank.com, or the website of the Securities and Exchange Commission, www.sec.gov.
Forward-looking Statements
This news release reflects industry conditions, Company performance and financial results and contains "forward-looking statements,' which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations. Do not place undue reliance on forward-looking statements. These forward-looking statements are subject to a number of risk factors and uncertainties which could cause the Company's actual results and experience to differ materially from the anticipated results and expectation expressed in such forward-looking statements.
Factors that could cause our actual results to differ materially from our forward-looking statements are described under "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Supervision and Regulation" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC's website and the Company's website, each of which are referenced above. To the extent that statements in this news release relate to future plans, objectives, financial results or performance by the Company, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are generally identified by use of words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology.
Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. All information is as of the date of this news release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
CATALYST BANCORP, INC. AND SUBSIDIARY | |||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||||
(Unaudited) | (Unaudited) | ||||||||
(Dollars in thousands) | 3/31/2024 | 12/31/2023 | 3/31/2023 | ||||||
ASSETS | |||||||||
Non-interest-bearing cash | $ | 3,118 | $ | 3,654 | $ | 3,531 | |||
Interest-bearing cash and due from banks | 72,893 | 15,357 | 23,996 | ||||||
Total cash and cash equivalents | 76,011 | 19,011 | 27,527 | ||||||
Investment securities: | |||||||||
Securities available-for-sale, at fair value | 25,534 | 70,540 | 78,937 | ||||||
Securities held-to-maturity | 13,457 | 13,461 | 13,471 | ||||||
Loans receivable, net of unearned income | 143,491 | 144,920 | 132,690 | ||||||
Allowance for loan losses | (2,068) | (2,124) | (2,070) | ||||||
Loans receivable, net | 141,423 | 142,796 | 130,620 | ||||||
Accrued interest receivable | 733 | 906 | 675 | ||||||
Foreclosed assets | 237 | 60 | 320 | ||||||
Premises and equipment, net | 5,995 | 6,072 | 6,202 | ||||||
Stock in correspondent banks, at cost | 1,898 | 1,878 | 1,823 | ||||||
Bank-owned life insurance | 14,139 | 14,026 | 13,714 | ||||||
Other assets | 2,622 | 2,182 | 2,577 | ||||||
TOTAL ASSETS | $ | 282,049 | $ | 270,932 | $ | 275,866 | |||
LIABILITIES | |||||||||
Deposits: | |||||||||
Non-interest-bearing | $ | 28,836 | $ | 28,183 | $ | 35,483 | |||
Interest-bearing | 140,801 | 137,439 | 144,229 | ||||||
Total deposits | 169,637 | 165,622 | 179,712 | ||||||
Borrowings | 29,423 | 19,378 | 9,243 | ||||||
Other liabilities | 1,628 | 1,277 | 747 | ||||||
TOTAL LIABILITIES | 200,688 | 186,277 | 189,702 | ||||||
SHAREHOLDERS' EQUITY | |||||||||
Common stock | 46 | 48 | 51 | ||||||
Additional paid-in capital | 42,711 | 45,020 | 48,259 | ||||||
Unallocated common stock held by benefit plans | (6,169) | (6,221) | (6,664) | ||||||
Retained earnings | 48,368 | 53,045 | 52,516 | ||||||
Accumulated other comprehensive income (loss) | (3,595) | (7,237) | (7,998) | ||||||
TOTAL SHAREHOLDERS' EQUITY | 81,361 | 84,655 | 86,164 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 282,049 | $ | 270,932 | $ | 275,866 | |||
CATALYST BANCORP, INC. AND SUBSIDIARY | |||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||
(Unaudited) | |||||||||
Three Months Ended | |||||||||
(Dollars in thousands) | 3/31/2024 | 12/31/2023 | 3/31/2023 | ||||||
INTEREST INCOME | |||||||||
Loans receivable, including fees | $ | 2,214 | $ | 2,066 | $ | 1,629 | |||
Investment securities | 325 | 400 | 427 | ||||||
Other | 616 | 137 | 211 | ||||||
Total interest income | 3,155 | 2,603 | 2,267 | ||||||
INTEREST EXPENSE | |||||||||
Deposits | 754 | 529 | 233 | ||||||
Borrowings | 293 | 114 | 68 | ||||||
Total interest expense | 1,047 | 643 | 301 | ||||||
Net interest income | 2,108 | 1,960 | 1,966 | ||||||
Provision for credit losses | 95 | 128 | - | ||||||
Net interest income after provision for credit losses | 2,013 | 1,832 | 1,966 | ||||||
NON-INTEREST INCOME | |||||||||
Service charges on deposit accounts | 197 | 201 | 183 | ||||||
Bank-owned life insurance | 113 | 109 | 97 | ||||||
Loss on sales of investment securities | (5,507) | (92) | - | ||||||
Gain (loss) on disposals and sales of fixed assets | 11 | - | - | ||||||
Federal community development grant | - | 437 | - | ||||||
Other | 23 | 17 | 14 | ||||||
Total non-interest income (loss) | (5,163) | 672 | 294 | ||||||
NON-INTEREST EXPENSE | |||||||||
Salaries and employee benefits | 1,260 | 1,149 | 1,203 | ||||||
Occupancy and equipment | 196 | 193 | 213 | ||||||
Data processing and communication | 794 | 236 | 227 | ||||||
Professional fees | 107 | 140 | 129 | ||||||
Directors' fees | 115 | 118 | 115 | ||||||
ATM and debit card | 69 | 63 | 58 | ||||||
Foreclosed assets, net | 8 | 5 | 2 | ||||||
Advertising and marketing | 38 | 23 | 30 | ||||||
Franchise and shares tax | 16 | 10 | 27 | ||||||
Other | 188 | 185 | 181 | ||||||
Total non-interest expense | 2,791 | 2,122 | 2,185 | ||||||
Income before income tax expense (benefit) | (5,941) | 382 | 75 | ||||||
Income tax expense (benefit) | (1,264) | 62 | 2 | ||||||
NET INCOME (LOSS) | $ | (4,677) | $ | 320 | $ | 73 | |||
Earnings (loss) per share: | |||||||||
Basic | $ | (1.14) | $ | 0.08 | $ | 0.02 | |||
Diluted | (1.14) | 0.08 | 0.02 | ||||||
CATALYST BANCORP, INC. AND SUBSIDIARY | ||||||||||||
SELECTED FINANCIAL DATA | ||||||||||||
Three Months Ended | ||||||||||||
(Dollars in thousands) | 3/31/2024 | 12/31/2023 | 3/31/2023 | |||||||||
EARNINGS DATA | ||||||||||||
Total interest income | $ | 3,155 | $ | 2,603 | $ | 2,267 | ||||||
Total interest expense | 1,047 | 643 | 301 | |||||||||
Net interest income | 2,108 | 1,960 | 1,966 | |||||||||
Provision for credit losses | 95 | 128 | - | |||||||||
Total non-interest income (loss) | (5,163) | 672 | 294 | |||||||||
Total non-interest expense | 2,791 | 2,122 | 2,185 | |||||||||
Income tax expense (benefit) | (1,264) | 62 | 2 | |||||||||
Net income (loss) | $ | (4,677) | $ | 320 | $ | 73 | ||||||
AVERAGE BALANCE SHEET DATA | ||||||||||||
Total loans | $ | 144,428 | $ | 140,757 | $ | 133,781 | ||||||
Total interest-earning assets | 269,639 | 248,673 | 257,340 | |||||||||
Total assets | 286,431 | 261,657 | 271,976 | |||||||||
Total interest-bearing deposits | 146,201 | 134,181 | 142,500 | |||||||||
Total interest-bearing liabilities | 174,192 | 147,197 | 151,716 | |||||||||
Total deposits | 174,656 | 165,102 | 174,597 | |||||||||
Total shareholders' equity | 82,395 | 82,227 | 87,388 | |||||||||
SELECTED RATIOS | ||||||||||||
Return on average assets | (6.57) | % | 0.49 | % | 0.11 | % | ||||||
Return on average equity | (22.83) | 1.54 | 0.34 | |||||||||
Efficiency ratio | (91.37) | 80.61 | 96.68 | |||||||||
Net interest margin(TE) | 3.15 | 3.14 | 3.10 | |||||||||
Average equity to average assets | 28.77 | 31.43 | 32.13 | |||||||||
Common equity Tier 1 capital ratio | 52.09 | 52.34 | 56.43 | |||||||||
Tier 1 leverage capital ratio | 26.84 | 31.67 | 30.11 | |||||||||
Total risk-based capital ratio | 53.34 | 53.60 | 57.69 | |||||||||
NON-FINANCIAL DATA | ||||||||||||
Total employees (full-time equivalent) | 47 | 48 | 51 | |||||||||
Common shares issued and outstanding, end of period | 4,558,329 | 4,761,326 | 5,058,612 | |||||||||
CATALYST BANCORP, INC. AND SUBSIDIARY | ||||||||||||
SELECTED FINANCIAL DATA | ||||||||||||
(continued) | ||||||||||||
Three Months Ended | ||||||||||||
(Dollars in thousands) | 3/31/2024 | 12/31/2023 | 3/31/2023 | |||||||||
ALLOWANCE FOR CREDIT LOSSES | ||||||||||||
Allowance for loan losses: | ||||||||||||
Beginning balance | $ | 2,124 | $ | 2,036 | $ | 1,807 | ||||||
CECL adoption impact | - | - | 209 | |||||||||
Provision for loan losses | 42 | 151 | - | |||||||||
Charge-offs | (123) | (76) | (7) | |||||||||
Recoveries | 25 | 13 | 61 | |||||||||
Net (charge-offs) recoveries | (98) | (63) | 54 | |||||||||
Ending balance | $ | 2,068 | $ | 2,124 | $ | 2,070 | ||||||
Allowance for unfunded commitments: | ||||||||||||
Beginning balance | 257 | 280 | - | |||||||||
CECL adoption impact | - | - | 216 | |||||||||
Provision for (reversal of) losses on unfunded commitments | 53 | (23) | - | |||||||||
Ending balance | $ | 310 | $ | 257 | $ | 216 | ||||||
Total allowance for credit losses, end of period | $ | 2,378 | $ | 2,381 | $ | 2,286 | ||||||
Total provision for credit losses | 95 | 128 | - | |||||||||
CREDIT QUALITY (1) | ||||||||||||
Non-accruing loans | $ | 1,453 | $ | 1,967 | $ | 1,618 | ||||||
Accruing loans 90 days or more past due | 29 | 24 | 69 | |||||||||
Total non-performing loans | 1,482 | 1,991 | 1,687 | |||||||||
Foreclosed assets | 237 | 60 | 320 | |||||||||
Total non-performing assets | $ | 1,719 | $ | 2,051 | $ | 2,007 | ||||||
Total non-performing loans to total loans | 1.03 | % | 1.37 | % | 1.27 | % | ||||||
Total non-performing assets to total assets | 0.61 | 0.76 | 0.73 | |||||||||
(1) | Credit quality data and ratios are as of the end of each period presented. |
For more information:
Joe Zanco, President and CEO
(337) 948-3033
SOURCE Catalyst Bancorp, Inc.
