Catalyst Bancorp Q3 net income jumps 87% after Lakeside deal
CLST•Catalyst Bancorp’s third-quarter net income rose 87% from the prior quarter after its acquisition of Lakeside Bancshares, which increased assets, loans and deposits.
1. Acquisition lifts results
Catalyst Bancorp said its third-quarter results were driven by the Lakeside Bancshares acquisition, which increased loans and deposits and contributed to higher net interest income. Results also benefited from a reversal of the provision for credit losses, mainly due to lower originated construction and land loan balances.
2. Further savings expected
The company expects further cost savings after a November systems conversion, with most anticipated merger savings expected afterward. It also sees economic momentum in Louisiana driven by large-scale development projects.
