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Catalyst Bancorp Q3 net income jumps after Lakeside deal

By Reuters News


Overview

  • Louisiana bank's Q3 net income rose 87% from prior quarter after Lakeside acquisition

  • Non-GAAP net income and EPS rose, excluding merger-related expenses

  • Company completed Lakeside Bancshares acquisition, boosting loans and deposits


Outlook

  • Company expects further cost savings after November systems conversion

  • Majority of anticipated merger cost savings expected after November systems conversion

  • Company sees economic momentum in Louisiana driven by large-scale development projects


Result Drivers

  • LAKESIDE ACQUISITION - Co said Q3 results were driven by the Lakeside Bancshares acquisition, which increased assets, loans and deposits

  • HIGHER NET INTEREST INCOME - Co attributed increased net interest income in Q3 to acquired loans and deposits from Lakeside

  • CREDIT LOSS REVERSAL - Q3 results benefited from a reversal of provision for credit losses, mainly due to lower originated construction and land loan balances


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Interest Income

$5.20 mln

Q3 Net Interest Margin

3.73%


Reuters Recommended Reads

  • Oct 28 - Stock Yards Bancorp Q3 profit rises 20% on merger boost

  • Oct 27 - First Community Bankshares Q3 net income rises 26%

  • Oct 27 - UMB Financial Q3 profit rises on record loans


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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