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Catalyst Bancorp, Inc.(CLST) and its subsidiary have rel eased their consolidated financial statements for the third quarter of 2023. The data reflects the financial health of the company, highlighting the net income and revenue for this period.
Net Income Showcase
The consolidated financial statement for the third quarter of 2023 showcases Catalyst Bancorp, Inc.'s net income of $170,000. This marks a substantial increase compared to the previous quarter, which reported a net income of $39,000. This surge in net income demonstrates the company's positive financial performance in the third quarter of 2023.
Revenue Figures Remain Steady
While the net income has shown significant growth, the revenue figures have remained relatively stable. The total interest income for the third quarter of 2023 reached $2,469,000, up from $2,322,000 in the previous quarter and $2,032,000 during the same period in 2022. This consistent performance suggests a strong base of interest income for Catalyst Bancorp, Inc.
Earnings Data
When diving deeper into earnings data, it is evident that net interest income played a significant role. The net interest income for the third quarter of 2023 reached $1,972,000, showing a consistent trend of $1,903,000 in the previous quarter and $1,870,000 in the same period in 2022.
Additionally, the company reported a provision for (reversal of) credit losses, which was $0 in the third quarter of 2023, marking a significant improvement compared to the $115,000 reversal of credit losses in the same period of 2022.
Non-interest income for the third quarter was $306,000, slightly down from $317,000 in the previous quarter. However, compared to the same period in 2022, there has been an increase from $296,000 to $306,000.
On the expense side, Catalyst Bancorp, Inc. reported total non-interest expenses of $2,081,000 in the third quarter of 2023, down from $2,191,000 in the previous quarter. The income tax expense (benefit) for the third quarter was $27,000.
Selected Ratios
Several key ratios provide insights into the company's financial performance:
- Return on average assets: Catalyst Bancorp, Inc. achieved a return on average assets of 0.25% in the third quarter of 2023, up from 0.06% in the previous quarter.
- Return on average equity: The return on average equity also witnessed growth, standing at 0.80% in the third quarter of 2023.
-Efficiency ratio: The efficiency ratio decreased to 91.34% in the third quarter, indicating improved operational efficiency.
- Net interest margin: The net interest margin (TE) remained stable at 3.13%.
- Average equity to average assets: This ratio remained consistent at 31.70%.
- Common equity Tier 1 capital ratio: Catalyst Bancorp, Inc. reported a common equity Tier 1 capital ratio of 54.97%.
These ratios reflect the company's ability to manage its assets, equity, and operational costs efficiently.
Catalyst Bancorp, Inc.'s financial results for the third quarter of 2023 show encouraging growth in net income and stable revenue figures. The company appears to be on a positive trajectory as it continues to navigate the financial landscape.