UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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ITEM 2.02 Results of Operations and Financial Condition
On April 28, 2022, the Registrant announced its results of operations for the quarter ended March 31, 2022. A copy of the related press release (the "Press Release") is attached as Exhibit 99.1 to this Current Report on Form 8-K. The Press Release attached hereto is being furnished to the SEC and shall not be deemed "filed" for any purpose except as otherwise provided herein.
ITEM 9.01 Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits
The following exhibits are included herein:
Exhibit Number | Description | |
99.1 | ||
104 | Cover Page Interactive Data File. Embedded within the Inline XBRL document. |
2
Exhibit 99.1
For more information:
Joe Zanco, President and CEO
(337) 948-3033
For Immediate Release
Release Date: April 28, 2022
Catalyst Bancorp, Inc. Announces 2022 First Quarter Results
Opelousas, Louisiana – Catalyst Bancorp, Inc. (Nasdaq: “CLST”) (the “Company”), the parent company for St Landry Homestead Federal Savings Bank (the “Bank”) (www.stlandryhomestead.com), reported financial results for the first quarter of 2022. For the quarter, the Company reported a net loss of $131,000, compared to net income of $83,000 for the fourth quarter of 2021.
“We’ve assembled a skilled and passionate team of bankers to transform our business plan to focus on serving as key catalysts for economic growth in our communities,” said Joe Zanco, President and Chief Executive Officer of the Company and the Bank. “We are deeply committed to helping local businesses grow so that, together, we can add jobs across our region. While our investments in our team, technology and re-branding weigh on our current financial performance, those investments will propel our growth in the coming years.”
“If you want to grow your business and desire exceptional service, come see us,” Zanco continued. “We have the technology you need, and pride ourselves on going above and beyond for you. We’d love to earn your trust.”
Loans and Credit Quality
Loans receivable totaled $132.0 million at March 31, 2022, up $161,000 from December 31, 2021. Small Business Administration Paycheck Protection Program (“PPP”) loan pay-offs totaled $1.9 million during the first quarter of 2022. At March 31, 2022, the total unpaid principal balance of PPP loans, included in commercial and industrial loans, totaled $841,000, compared to $2.8 million at December 31, 2021.
The following table sets forth the composition of the Company’s loan portfolio as of the dates indicated.
(Dollars in thousands) | | 3/31/2022 | | 12/31/2021 | | Increase (Decrease) | ||||||
Real estate loans | | | | | | | | | | | | |
One- to four-family residential | | $ | 87,144 | | $ | 87,303 | | $ | (159) | | - | % |
Commercial real estate | | | 22,611 | | | 23,112 | | | (501) | | (2) | |
Construction and land | | | 4,739 | | | 4,079 | | | 660 | | 16 | |
Multi-family residential | | | 3,367 | | | 4,589 | | | (1,222) | | (27) | |
Total real estate loans | | | 117,861 | | | 119,083 | | | (1,222) | | (1) | |
Other loans | | | | | | | | | | | | |
Commercial and industrial | | | 10,119 | | | 8,374 | | | 1,745 | | 21 | |
Consumer | | | 4,023 | | | 4,385 | | | (362) | | (8) | |
Total other loans | | | 14,142 | | | 12,759 | | | 1,383 | | 11 | |
Total loans | | $ | 132,003 | | $ | 131,842 | | $ | 161 | | - | % |
1
Non-performing assets (“NPAs”) totaled $1.6 million at March 31, 2022, up $358,000, or 29%, compared to $1.2 million at December 31, 2021. The ratio of NPAs to total assets was 0.55% at March 31, 2022, compared to 0.43% at December 31, 2021. Nonperforming loans (“NPLs”) totaled $1.3 million at March 31, 2022, up $378,000 or 42%, compared to December 31, 2021. The ratio of NPLs to total loans was 0.96% at March 31, 2022, compared to 0.68% at December 31, 2021. The increase in NPAs and NPLs was primarily due to an increase in non-accruing one- to four-family residential mortgage loans. The Company recorded net loan charge-offs of $32,000 during the first quarter of 2022, compared to net loan recoveries of $4,000 for the fourth quarter of 2021.
The ratio of the allowance for loan losses to total loans was 1.65% at March 31, 2022, compared to 1.73% at December 31, 2021. The decline in the ratio of the allowance for loan losses to total loans primarily reflects continued improvement in our assessment of the impact of the COVID-19 pandemic on our borrowers. The Company recorded a reversal to the allowance for loan losses of $71,000 during the first quarter of 2022.
Investment Securities
Total investment securities were $98.1 million at March 31, 2022, down $3.7 million, or 4%, from December 31, 2021. Net unrealized losses on securities available-for-sale totaled $5.7 million at March 31, 2022, compared to $864,000 at December 31, 2021. The increase in unrealized losses on available-for-sale securities related principally to increases in market interest rates for similar securities. For the first quarter of 2022, the average yield on the investment securities portfolio was 1.31%, up 7 basis points from the fourth quarter of 2021.
The following table sets forth the composition of the Company’s investment securities portfolio as of the dates indicated.
(Dollars in thousands) | | 3/31/2022 | | 12/31/2021 | | Increase (Decrease) | ||||||
Available-for-sale, at fair value | | | | | | | | | | | | |
Mortgage-backed securities | | $ | 70,149 | | $ | 74,663 | | $ | (4,514) | | (6) | % |
U. S. government and agency obligations | | | 10,380 | | | 9,237 | | | 1,143 | | 12 | |
Municipal obligations | | | 4,120 | | | 4,439 | | | (319) | | (7) | |
Total available-for-sale, at fair value | | | 84,649 | | | 88,339 | | | (3,690) | | (4) | |
Held-to-maturity | | | | | | | | | | | | |
U. S. government and agency obligations | | | 13,016 | | | 13,019 | | | (3) | | - | |
Municipal obligations | | | 476 | | | 479 | | | (3) | | (1) | |
Total held-to-maturity | | | 13,492 | | | 13,498 | | | (6) | | - | |
Total investment securities | | $ | 98,141 | | $ | 101,837 | | $ | (3,696) | | (4) | % |
Deposits
Total deposits were $183.1 million at March 31, 2022, up $6.3 million, or 4%, from December 31, 2021, primarily due to increases in NOW accounts (up $3.6 million, or 10%) and demand deposits (up $2.8 million, or 9%).
The following table sets forth the composition of the Bank’s deposits as of the dates indicated.
(Dollars in thousands) | | 3/31/2022 | | 12/31/2021 | | Increase (Decrease) | ||||||
Demand deposits | | $ | 33,056 | | $ | 30,299 | | $ | 2,757 | | 9 | % |
NOW | | | 37,916 | | | 34,357 | | | 3,559 | | 10 | |
Money market | | | 19,358 | | | 18,878 | | | 480 | | 3 | |
Savings | | | 27,215 | | | 26,698 | | | 517 | | 2 | |
Certificates of deposit | | | 65,539 | | | 66,563 | | | (1,024) | | (2) | |
Total deposits | | $ | 183,084 | | $ | 176,795 | | $ | 6,289 | | 4 | % |
2
Net Interest Income
Net interest income for the first quarter of 2022 was $1.8 million, up $44,000, or 3%, from the fourth quarter of 2021 primarily due to an increase in interest income from investment securities (up $89,000, or 37%) and a decrease in interest expense on deposits (down $17,000, or 16%). The impact of the change in income from investment securities and interest expense on deposits was partially offset by a decrease in interest income on loans (down $58,000, or 4%).
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 | ||||||||||||||||
| | 3/31/2022 | | 12/31/2021 | ||||||||||||||
(Dollars in thousands) | | Average Balance |
| Interest | | Average Yield/ Rate |
| Average Balance |
| Interest | | Average Yield/ Rate | ||||||
INTEREST-EARNING ASSETS | |
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Loans receivable(1) | | $ | 130,755 | | $ | 1,563 | | 4.85 | % | | $ | 137,190 | | $ | 1,621 | | 4.69 | % |
Investment securities(TE) | | | 101,348 | | | 329 | | 1.31 | | | | 78,455 | | | 240 | | 1.24 | |
Other interest earning assets | | | 39,605 | | | 19 | | 0.20 | | | | 58,706 | | | 23 | | 0.15 | |
Total interest-earning assets(TE) | | $ | 271,708 | | $ | 1,911 | | 2.85 | % | | $ | 274,351 | | $ | 1,884 | | 2.73 | % |
INTEREST-BEARING LIABILITIES | | |
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NOW, money market and savings accounts | | $ | 81,885 | | $ | 24 | | 0.12 | % | | $ | 78,822 | | $ | 24 | | 0.12 | % |
Certificates of deposit | | | 65,939 | | | 68 | | 0.42 | | | | 67,798 | | | 85 | | 0.49 | |
Total interest-bearing deposits | | | 147,824 | | | 92 | | 0.25 | | | | 146,620 | | | 109 | | 0.29 | |
FHLB advances | | | 9,034 | | | 68 | | 3.02 | | | | 8,989 | | | 68 | | 3.03 | |
Total interest-bearing liabilities | | $ | 156,858 | | $ | 160 | | 0.41 | % | | $ | 155,609 | | $ | 177 | | 0.45 | % |
Net interest-earning assets | | $ | 114,850 | | | | | | | | $ | 118,742 | | | | | | |
Net interest income; average interest rate spread(TE) | | | | | $ | 1,751 | | 2.44 | % | | | | | $ | 1,707 | | 2.28 | % |
Net interest margin(TE)(2) | | | | | | | | 2.61 | % | | | | | | | | 2.48 | % |
| (1) | Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts and loans in-process. |
| (2) | Equals net interest income divided by average interest-earning assets. Taxable equivalent yields are calculated using a marginal tax rate of 21%. |
3
Non-interest Income
Non-interest income for the first quarter of 2022 was $197,000, down $27,000, or 12%, from the fourth quarter of 2021 primarily due to a decline in income from service charges on deposits accounts.
Non-interest Expense
Non-interest expense for the first quarter of 2022 totaled $2.2 million, down $12,000, or 1%, compared to the fourth quarter of 2021. Declines across most non-interest expense items were largely offset by increases in franchise and shares tax expense and advertising and marketing expense.
Salaries and employee benefits expense totaled $1.3 million for the first quarter of 2022, down $39,000 from the fourth quarter of 2021 primarily due to the absence of severance costs and fewer working days in the first quarter of 2022, partially offset by additional expenses related to our benefit plans.
Advertising and marketing expense totaled $42,000 for the first quarter of 2022, up $34,000 from the fourth quarter of 2021 primarily due to the costs incurred for the planned re-branding of the Bank.
Franchise and shares tax expense totaled $58,000 for the first quarter of 2022. During the fourth quarter of 2021, the Bank converted from the mutual to the stock-form of ownership and established Catalyst Bancorp, Inc. as its holding company. As a result, the Company became subject to franchise tax and the Bank became subject to shares tax for 2022.
About St. Landry Homestead Federal Savings Bank
Founded in 1922, St. Landry Homestead Federal Savings Bank, is a federally chartered savings bank that serves the banking needs of customers in the Acadiana region of south-central Louisiana. We serve our customers through six full-service branches located in Carencro, Eunice, Lafayette, Opelousas, and Port Barre. Our team is focused on fueling business and improving lives across our region. By working together, we can grow our economy and provide our children with the opportunity to raise their families in Acadiana.
Forward-looking Statements
This press release contains certain forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of Catalyst Bancorp, Inc. and St. Landry Homestead Federal Savings Bank, and changes in the securities markets. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations or events.
4
CATALYST BANCORP, INC. AND SUBSIDIARY | ||||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||||||
| | | | | | | | | | |
| | (Unaudited) | | | | | (Unaudited) | |||
(Dollars in thousands) |
| 3/31/2022 |
| 12/31/2021 | | | 3/31/2021(1) | |||
ASSETS |
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Non-interest-bearing cash | | $ | 511 | | $ | 4,933 | | | $ | 5,790 |
Interest-bearing cash and due from banks | | | 39,585 | | | 35,951 | | | | 31,281 |
Total cash and cash equivalents | | | 40,096 | | | 40,884 | | | | 37,071 |
Investment securities: | | |
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Securities available-for-sale, at fair value | | | 84,649 | | | 88,339 | | | | 26,493 |
Securities held-to-maturity | | | 13,492 | | | 13,498 | | | | 17,517 |
Loans receivable, net of unearned income | | | 132,003 | | | 131,842 | | | | 145,638 |
Allowance for loan losses | | | (2,173) | | | (2,276) | | | | (2,962) |
Loans receivable, net | | | 129,830 | | | 129,566 | | | | 142,676 |
Accrued interest receivable | | | 536 | | | 579 | | | | 532 |
Foreclosed assets | | | 320 | | | 340 | | | | 535 |
Premises and equipment, net | | | 6,475 | | | 6,577 | | | | 5,452 |
Stock in correspondent banks, at cost | | | 1,794 | | | 1,793 | | | | 1,791 |
Bank-owned life insurance | | | 8,824 | | | 3,303 | | | | 3,235 |
Other assets | | | 1,256 | | | 470 | | | | 1,187 |
TOTAL ASSETS | | $ | 287,272 | | $ | 285,349 | | | $ | 236,489 |
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LIABILITIES | | |
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Deposits: | | |
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Non-interest-bearing | | $ | 33,056 | | $ | 30,299 | | | $ | 30,024 |
Interest-bearing | | | 150,028 | | | 146,496 | | | | 146,392 |
Total deposits | | | 183,084 | | | 176,795 | | | | 176,416 |
Federal Home Loan Bank advances | | | 9,063 | | | 9,018 | | | | 8,883 |
Other liabilities | | | 663 | | | 1,190 | | | | 833 |
TOTAL LIABILITIES | | | 192,810 | | | 187,003 | | | | 186,132 |
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SHAREHOLDERS' EQUITY | | |
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Common stock | | | 53 | | | 53 | | | | - |
Additional paid-in capital | | | 50,821 | | | 50,802 | | | | - |
Unallocated common stock held by Employee Stock Ownership Plan | | | (4,126) | | | (4,179) | | | | - |
Retained earnings | | | 52,222 | | | 52,353 | | | | 50,577 |
Accumulated other comprehensive income (loss) | | | (4,508) | | | (683) | | | | (220) |
TOTAL SHAREHOLDERS' EQUITY | | | 94,462 | | | 98,346 | | | | 50,357 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | | $ | 287,272 | | $ | 285,349 | | | $ | 236,489 |
| (1) | Data at March 31, 2021 is Bank-only. |
5
CATALYST BANCORP, INC. AND SUBSIDIARY | |||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||
(Unaudited) | |||||||||
| | | | | | | | | |
| | Three Months Ended | |||||||
(Dollars in thousands) | | 3/31/2022 |
| 12/31/2021 |
| 3/31/2021(1) | |||
INTEREST INCOME | |
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Loans receivable, including fees | | $ | 1,563 | | $ | 1,621 | | $ | 1,808 |
Investment securities | | | 329 | | | 240 | | | 121 |
Other | | | 19 | | | 23 | | | 14 |
Total interest income | | | 1,911 | | | 1,884 | | | 1,943 |
INTEREST EXPENSE | | |
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Deposits | | | 92 | | | 109 | | | 155 |
Advances from Federal Home Loan Bank | | | 68 | | | 68 | | | 68 |
Total interest expense | | | 160 | | | 177 | | | 223 |
Net interest income | | | 1,751 | | | 1,707 | | | 1,720 |
Provision for (reversal of) loan losses | | | (71) | | | (374) | | | - |
Net interest income after provision for (reversal of) loan losses | | | 1,822 | | | 2,081 | | | 1,720 |
NON-INTEREST INCOME | | |
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Service charges on deposit accounts | | | 168 | | | 193 | | | 123 |
Gain on sale of fixed assets | | | - | | | - | | | 25 |
Bank-owned life insurance | | | 21 | | | 23 | | | 22 |
Other | | | 8 | | | 8 | | | 17 |
Total non-interest income | | | 197 | | | 224 | | | 187 |
NON-INTEREST EXPENSE | | |
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Salaries and employee benefits | | | 1,261 | | | 1,300 | | | 1,067 |
Occupancy and equipment | | | 210 | | | 220 | | | 182 |
Data processing and communication | | | 208 | | | 221 | | | 174 |
Professional fees | | | 140 | | | 133 | | | 73 |
Directors’ fees | | | 55 | | | 68 | | | 71 |
ATM and debit card | | | 49 | | | 64 | | | 43 |
Foreclosed assets, net | | | (17) | | | 1 | | | (7) |
Advertising and marketing | | | 42 | | | 8 | | | 9 |
Franchise and shares tax | | | 58 | | | - | | | - |
Other | | | 182 | | | 185 | | | 114 |
Total non-interest expense | | | 2,188 | | | 2,200 | | | 1,726 |
Income (loss) before income tax expense | | | (169) | | | 105 | | | 181 |
Income tax expense (benefit) | | | (38) | | | 22 | | | 30 |
NET INCOME (LOSS) | | $ | (131) | | $ | 83 | | $ | 151 |
| | | | | | | | | |
Earnings (loss) per share - basic | | $ | (0.03) | | $ | 0.02 | | $ | N/A |
| (1) | Data for the period ended March 31, 2021 is Bank-only. |
6
CATALYST BANCORP, INC. AND SUBSIDIARY | ||||||||||||
SELECTED FINANCIAL DATA | ||||||||||||
| | | | | | | | | | | | |
| | Three Months Ended | ||||||||||
(Dollars in thousands) | | 3/31/2022 |
| 12/31/2021 |
| 3/31/2021(1) | ||||||
EARNINGS DATA | | | | | | | | | | | | |
Total interest income | | $ | 1,911 | | | $ | 1,884 | | | $ | 1,943 | |
Total interest expense | | | 160 | | | | 177 | | | | 223 | |
Net interest income | | | 1,751 | | | | 1,707 | | | | 1,720 | |
Provision for (reversal of) loan losses | | | (71) | | | | (374) | | | | - | |
Total non-interest income | | | 197 | | | | 224 | | | | 187 | |
Total non-interest expense | | | 2,188 | | | | 2,200 | | | | 1,726 | |
Income tax expense (benefit) | | | (38) | | | | 22 | | | | 30 | |
Net income (loss) | | $ | (131) | | | $ | 83 | | | $ | 151 | |
| | | | | | | | | | | | |
AVERAGE BALANCE SHEET DATA | | | | | | | | | | | | |
Total assets | | $ | 286,646 | | | $ | 288,852 | | | $ | 229,674 | |
Total interest-earning assets | | | 271,708 | | | | 274,351 | | | | 215,635 | |
Total loans | | | 130,755 | | | | 137,190 | | | | 149,183 | |
Total interest-bearing deposits | | | 147,824 | | | | 146,620 | | | | 142,526 | |
Total interest-bearing liabilities | | | 156,858 | | | | 155,609 | | | | 151,380 | |
Total deposits | | | 179,615 | | | | 185,660 | | | | 169,339 | |
Total equity | | | 97,165 | | | | 92,942 | | | | 50,704 | |
| | | | | | | | | | | | |
SELECTED RATIOS | | | | | | | | | | | | |
Return on average assets | | | (0.19) | % | | | 0.11 | % | | | 0.27 | % |
Return on average equity | | | (0.55) | | | | 0.35 | | | | 1.21 | |
Efficiency ratio | | | 112.32 | | | | 113.93 | | | | 90.51 | |
Average equity to average assets | | | 33.90 | | | | 32.18 | | | | 22.08 | |
Common equity Tier 1 capital ratio(2) | | | 57.98 | | | | 63.51 | | | | 41.09 | |
Tier 1 leverage capital ratio(2) | | | 28.39 | | | | 27.38 | | | | 22.01 | |
Total risk-based capital ratio(2) | | | 59.23 | | | | 64.77 | | | | 42.36 | |
Net interest margin(TE) | | | 2.61 | | | | 2.48 | | | | 3.24 | |
| | | | | | | | | | | | |
ALLOWANCE FOR LOANS LOSSES | | | | | | | | | | | | |
Beginning balance | | $ | 2,276 | | | $ | 2,646 | | | $ | 3,022 | |
Provision for (reversal of) loan losses | | | (71) | | | | (374) | | | | - | |
Charge-offs | | | (63) | | | | - | | | | (89) | |
Recoveries | | | 31 | | | | 4 | | | | 29 | |
Net (charge-offs) recoveries | | | (32) | | | | 4 | | | | (60) | |
Ending balance | | $ | 2,173 | | | $ | 2,276 | | | $ | 2,962 | |
| | | | | | | | | | | | |
CREDIT QUALITY | | | | | | | | | | | | |
Non-accruing loans | | $ | 1,269 | | | $ | 890 | | | $ | 954 | |
Accruing loans 90 days or more past due | | | - | | | | 1 | | | | 261 | |
Total non-performing loans | | | 1,269 | | | | 891 | | | | 1,215 | |
Foreclosed assets | | | 320 | | | | 340 | | | | 535 | |
Total non-performing assets | | $ | 1,589 | | | $ | 1,231 | | | $ | 1,750 | |
| | | | | | | | | | | | |
Total non-performing loans to total loans | | | 0.96 | % | | | 0.68 | % | | | 0.83 | % |
Total non-performing assets to total assets | | | 0.55 | | | | 0.43 | | | | 0.74 | |
| (1) | Data at and for the period ended March 31, 2021 is Bank-only. |
| (2) | Capital ratios are preliminary end-of-period ratios for the Bank only and are subject to change. |
7
Document and Entity Information |
Apr. 28, 2022 |
|---|---|
| Document and Entity Information [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | Apr. 28, 2022 |
| Entity Registrant Name | Catalyst Bancorp, Inc. |
| Entity Incorporation, State or Country Code | LA |
| Entity File Number | 001-40893 |
| Entity Tax Identification Number | 86-2411762 |
| Entity Address, Address Line One | 235 N. Court Street |
| Entity Address, City or Town | Opelousas |
| Entity Address State Or Province | LA |
| Entity Address, Postal Zip Code | 70570 |
| City Area Code | 337 |
| Local Phone Number | 948-3033 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock |
| Trading Symbol | CLST |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | true |
| Entity Ex Transition Period | false |
| Entity Central Index Key | 0001849867 |
| Amendment Flag | false |