Catalyst Bancorp Q4 net income $320K; loan growth $9.2M, strongest since IPO

Catalyst Bancorp, Inc.

2023-FY EPS reported $0.14

Q4 net income $320K including $371K CDFI grant; FY2023 net income $602K vs $180K in 2022.
Loan portfolio grew $9.2M (7%) in Q4 to $144.9M, led by construction and commercial real estate.
Net interest margin 3.14%, up 1 bps QoQ; total deposits flat at $165.6M.
Borrowings from BTFP increased to $10M at 4.83%; total borrowings $19.4M.
Expects ~$500K pre-tax costs in Q1 2024 for core system conversion, with >$200K annual savings.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.85

Catalyst Bancorp, Inc. reported the fourth quarter of 2023 results: net income $320,000.

Period: the fourth quarter of 2023
Net income: $320,000
Result: reported results

Exact text from the filing

Catalyst Bancorp, Inc. Announces 2023 Fourth Quarter Results Opelousas, Louisiana – Catalyst Bancorp, Inc. (Nasdaq: “CLST”) (the “Company”), the parent company for Catalyst Bank (the “Bank”) (www.catalystbank.com), reported net income of $320,000 for the fourth quarter of 2023 which included a net pre-tax benefit of $371,000 due to a Bank Enterprise Award (“BEA”) Program grant from the Community Development Financial Institution (“CDFI”) Fund and a $92,000 loss on the sale of investment securities. For the year ended December 31, 2023, net income totaled $602,000, compared to $180,000 for 2022.

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Source: SEC EDGAR

accession 0001849867-24-000003

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