Catalyst Bancorp, Inc. reported a net loss of $3.1 million for the fiscal year ending December 31, 2024, a significant decline from the net income of $526,000 recorded in 2023. The company's total assets increased by 2.1% to $276.7 million, driven primarily by a 15.3% rise in loans, which reached $167.1 million, accounting for 60.4% of total assets. The increase in loans was largely attributed to a strategic shift towards commercial lending, particularly in construction and industrial sectors, which saw substantial growth.
In terms of operational metrics, total deposits rose by 12.1% to $185.7 million, reflecting a successful effort to attract more public fund deposits. The bank's non-performing assets decreased to $1.8 million, down 11% from the previous year, indicating improved asset quality. However, the company faced challenges with its investment securities, which saw a dramatic decline of 49.8% to $42.2 million, primarily due to losses on the sale of securities amounting to $5.5 million.
Strategically, Catalyst Bancorp has been focusing on enhancing its product offerings and expanding its market presence. The company upgraded its core processing system in early 2024, which is expected to improve operational efficiency and customer service. Additionally, the bank has been actively recruiting talent, having made several key hires in executive positions since 2020, including a new Chief Executive Officer and Chief Financial Officer.
Looking ahead, Catalyst Bancorp aims to continue diversifying its loan portfolio while managing credit risk effectively. The company is also exploring potential acquisitions to expand its footprint in the south Louisiana market. Despite the current challenges, management remains optimistic about future growth, supported by a strong capital position and a commitment to community banking. The bank's capital ratios indicate it is well-capitalized, exceeding all regulatory requirements as of December 31, 2024.
About Catalyst Bancorp, Inc.
Catalyst Bancorp, Inc. is a Louisiana-based bank holding company focused on community banking through its subsidiary, Catalyst Bank. The bank offers a range of financial services, including residential and commercial loans, and aims to attract small to mid-sized businesses. With a strategic shift towards commercial lending, Catalyst is positioned to capitalize on growth opportunities in the Acadiana region, enhancing its service offerings and expanding its branch network.
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