Dark
Light

Catalyst Bank’s net profit surges in fourth quarter.

1 min read
60 views




Summary of Catalyst Bank Article


TLDR:

  • Catalyst Bank, parent company for Opelousas-based Catalyst Bank, reported a net income of $602,000 for the year, up $180,000 from 2022
  • Loans increased to $144.9 million in the fourth quarter, with commercial construction and commercial real estate growth driving the increase

Catalyst Bank reports bump in net profit in fourth quarter

Catalyst Bancorp, the parent company for Opelousas-based Catalyst Bank, reported a net income of $602,000 for the year, up $180,000 reported in 2022, bank officials announced last week in its fourth quarter earnings. For the quarter loans increased to $144.9 million, up $9.2 million from the third quarter, as commercial construction and commercial real estate growth led the way. The construction loan growth came from project that include the purchase and renovation of a hotel, construction of a retail health care center and the purchase and renovation of an industrial warehouse. Commercial real estate growth came partially from a multi-tenant office building that was sold in Lafayette. “We produced over $9 million of loan growth during the fourth quarter, our strongest quarter since becoming a public company,” bank President and CEO Joe Zanco said. “This growth was fueled by the high level of responsiveness our bankers provide to our customers.” Total deposits were $165.6 as of Dec. 31, up less than 1% from the third quarter.

Email Adam Daigle at adaigle@theadvocate.com


Previous Story

Banking transformed: a revolutionary evolution in just four steps.

Next Story

Trump’s golf courses face financial scrutiny.

Latest from News