Catalyst Bancorp Q3 net income jumps after Lakeside deal

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

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(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.)