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CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2021

CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION

CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION

NOTE 17. CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION

Condensed financial statements of Catalyst Bancorp, Inc. (parent company only) are shown below.

​

​	​	​	​
CONDENSED STATEMENT OF FINANCIAL CONDITION
(Dollars in thousands)	​	December 31, 2021
ASSETS		​
Cash in bank subsidiary	​	$	9,592
Investment in bank subsidiary	​		77,195
Investment securities available-for-sale, at fair value	​		11,518
Other assets	​		41
TOTAL ASSETS	​	$	98,346
​	​
LIABILITIES	​
Other liabilities	​		-
TOTAL LIABILITIES	​		-
​	​
SHAREHOLDERS' EQUITY	​
Common stock	​	​	53
Additional paid-in capital	​	​	50,802
Unallocated common stock held by ESOP	​	​	(4,179)
Retained earnings	​		52,353
Accumulated other comprehensive income (loss)	​		(683)
TOTAL SHAREHOLDERS' EQUITY	​		98,346
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	​	$	98,346

​

​

​	​	​	​
CONDENSED STATEMENT OF INCOME
​	​	Year Ended
(Dollars in thousands)		December 31, 2021
INTEREST INCOME		​
Investment securities	​	$	16
NON-INTEREST EXPENSE	​
Professional fees	​		22
Other	​		22
Total non-interest expense	​		44
Income (loss) before income tax expense (benefit)	​		(28)
Income tax expense (benefit)	​		(6)
Income (loss) before equity in undistributed earnings of subsidiary	​	​	(22)
Equity in undistributed earnings of subsidiary	​	​	1,949
NET INCOME	​	$	1,927

​

​

​

​	​	​	​
CONDENSED STATEMENT OF CASH FLOWS
​	​	Year Ended
(Dollars in thousands)	​	December 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES	​	​
Net income	​	$	1,927
Adjustments to reconcile net income to net cash provided by operating activities:	​
Equity in undistributed earnings of subsidiary	​		(1,949)
Investment securities amortization, net	​		2
(Increase) decrease in other assets	​		(26)
Net cash used in operating activities	​		(46)
CASH FLOWS FROM INVESTING ACTIVITIES	​
Capital injection into subsidiary from stock offering	​	​	(25,442)
Payments received on ESOP loan	​	​	72
Activity in available-for-sale securities:	​
Proceeds from maturities, calls, and paydowns	​		37
Purchases	​		(11,632)
Net cash used in investing activities	​		(36,965)
CASH FLOWS FROM FINANCING ACTIVITIES	​
Proceeds from the issuance of common stock, net of costs	​	​	50,835
Purchase of stock for ESOP	​	​	(4,232)
Net cash provided by financing activities	​		46,603
NET INCREASE IN CASH AND CASH EQUIVALENTS	​		9,592
CASH AND CASH EQUIVALENTS, beginning of period	​		-
CASH AND CASH EQUIVALENTS, end of period	​	$	9,592

​

X

- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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