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Catalyst Bancorp Inc. (CLST-1.46%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Catalyst Bancorp's financial performance, with total assets increasing to $276.7 million, a 2.1% rise from the previous year. The increase in assets was primarily due to a growth in cash and cash equivalents, which rose to $44.3 million.
Loans receivable grew by 15.3% to $167.1 million, with significant growth in commercial construction and industrial loans. The allowance for loan losses was reported at $2.5 million, representing 1.51% of total loans.
Investment securities decreased by 49.8% to $42.2 million, primarily due to sales executed during the first quarter of 2024, resulting in a $5.5 million loss. The proceeds were reallocated to cash and higher-yielding assets.
Total deposits increased by 12.1% to $185.7 million, driven by growth in interest-bearing demand deposits and savings accounts. Borrowings decreased by 50.7% to $9.6 million after the repayment of Bank Term Funding Program advances.
Shareholders' equity decreased by 5.2% to $80.2 million, impacted by the repurchase of common stock and a net loss of $3.1 million for the year.
Net interest income increased by 23.9% to $9.5 million, with a net interest margin of 3.65%. The provision for credit losses totaled $531,000, reflecting commercial loan growth.
Non-interest income was negatively affected by the loss on investment securities sales, resulting in a total non-interest income loss of $3.8 million. Non-interest expenses increased by 6.7% to $9.2 million, largely due to costs associated with a new core processing system.
Catalyst Bancorp's management highlighted a strategy focused on growing the loan portfolio, enhancing banking products and services, and recruiting top talent to support its community bank model.
The company continues to evaluate opportunities for expansion through potential acquisitions and remains committed to maintaining strong asset quality and liquidity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Catalyst Bancorp Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.