Catalyst Bancorp reports Q1 net loss of $4.7M; approves new share repurchase plan

Catalyst Bancorp, Inc.

2024-Q1 EPS reported -$1.14

Net loss of $4.7M includes $5.5M loss on sale of $48M in lower-yielding securities and $560K core system conversion costs.
Proceeds of $42.6M from securities sale to be used for loans, higher-yielding investments, share repurchases, and debt repayment.
Board approved May 2024 Repurchase Plan to buy back up to 227,000 shares (~5% of outstanding common stock).
Entered employment agreement with Don Ledet as Chief Risk Officer: base salary of $150,000, three-year term through May 2027.
Net interest margin increased to 3.15% from 3.14% QoQ; net interest income rose 8% to $2.1M.

item 2.02 item 5.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Catalyst Bancorp, Inc. reported first quarter of 2024 results: net income net loss of $4.7 million.

Period: first quarter of 2024
Net income: net loss of $4.7 million
Result: reported results

Exact text from the filing

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

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Source: SEC EDGAR

accession 0001849867-24-000015

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