Here are 1-2 brief analogies to describe Catalyst Bancorp (CLST):

1. Regions Bank (RF) for the Acadiana region of south-central Louisiana.
2. A local, publicly traded 'Main Street' bank serving the communities of south-central Louisiana, much like a scaled-down version of a regional bank like Truist (TFC).

• Deposit Accounts: A range of accounts including savings, demand, NOW, money market, and certificates of deposit for customers to save and manage their funds.
• Residential Mortgage Loans: Financing solutions for the purchase or refinancing of one- to four-family homes.
• Commercial Real Estate Loans: Lending services for the acquisition, development, or refinancing of commercial properties.
• Multi-Family Residential Loans: Loans specifically designed for properties with multiple dwelling units, such as apartment buildings.
• Construction and Land Loans: Financing provided for land acquisition and the construction of various types of properties.
• Commercial and Industrial Loans: Lending products offered to businesses for operational needs, equipment purchases, or expansion.
• Consumer Loans: Personal loans designed for individual customers for a variety of personal uses.

Catalyst Bancorp (CLST), operating as St. Landry Homestead Federal Savings Bank, provides banking products and services primarily to a diverse customer base within the Acadiana region of south-central Louisiana. As a financial institution, it does not have a few major corporate customers in the traditional sense, but rather serves a broad spectrum of individuals and businesses. Its customer categories include:

• Individual Consumers/Households: Residents of the Acadiana region who utilize personal banking services such as savings accounts, checking and NOW accounts, money market accounts, certificates of deposit, one-to-four family residential mortgage loans, and other consumer loans.

• Local Businesses: Small to medium-sized enterprises and commercial entities within its service area that require business deposit accounts, commercial real estate loans, commercial and industrial loans, and construction and land loans for their operations and investments.

• Real Estate Developers and Investors: Individuals or groups involved in property development and investment, who seek financing for multi-family residential properties, commercial real estate projects, and land acquisition and construction within the Acadiana region.

Joseph B. Zanco, President and Chief Executive Officer

Joseph B. Zanco has served as Director, President, and Chief Executive Officer of Catalyst Bank since August 2020. He previously held the position of Executive Vice President and Chief Financial Officer of Home Bancorp, Inc. and Home Bank, N.A., from April 2008 to August 2020. Before that, he was Controller and Principal Accounting Officer of Iberiabank from February 2005 to April 2008. Mr. Zanco is a Certified Public Accountant (CPA) and Certified Internal Auditor (CIA). He also served as the inaugural Chairman of the Board of One Acadiana and is on the Board of Directors of the Louisiana Association of Business and Industry (LABI).

Jacques L. J. Bourque, Chief Financial Officer

Jacques L. J. Bourque has served as Chief Financial Officer of Catalyst Bank and Catalyst Bancorp since February 2022, having joined the company as Treasurer in October 2021. Prior to his role at Catalyst Bancorp, he was a Senior Accountant for Home Bank, N.A., from October 2018 to October 2021. He also worked as a Staff Auditor for Postlethwaite & Netterville and as an Internal Auditor for Home Bank, N.A. Mr. Bourque is a Certified Public Accountant (CPA) and holds a bachelor's degree in accounting and a master's degree in business administration.

Amanda B. Quebedeaux, Chief Operations Officer

Amanda B. Quebedeaux has served as Senior Vice President and Chief Operations Officer since July 2024. Her previous roles at Catalyst Bank include Senior Vice President and Director of Operations since February 2022, and Vice President and Director of Operations since June 2021. Before joining Catalyst Bank, she was the Vice President, Client Solutions System Administrator Manager at Hancock Whitney Bank, and prior to that, Senior Vice President, Director of Loan Operations at MidSouth Bank, a subsidiary of MidSouth Bancorp.

Don P. Ledet, Chief Risk Officer

Don P. Ledet has served as Senior Vice President and Chief Risk Officer of Catalyst Bank since November 2023. His prior experience includes serving as Executive Vice President and Head of Retail Market Support for First Horizon Bank from July 2020 to October 2023. Before First Horizon Bank, he held several positions at Iberiabank, including Executive Vice President and Director of Retail Support, from July 2011 to June 2020.

Here are the key risks to Catalyst Bancorp (CLST):

1. Interest Rate Risk: Catalyst Bancorp is exposed to the risk of changes in the interest rate environment, which can adversely affect its net interest margin and the fair value of its financial instruments.
2. General Economic and Competitive Conditions: A downturn in general economic and competitive conditions, either nationally or specifically in Catalyst Bancorp's market area in south-central Louisiana, could negatively impact the volume of loan originations, deposit flows, asset quality (e.g., increased loan losses and non-performing assets), and real estate values. Additionally, increased competitive pressure among depository institutions could also pose a risk.
3. Legislative and Regulatory Changes: The company faces risks from changes in legislative and regulatory requirements or accounting policies and practices. Such changes could adversely affect the business operations of Catalyst Bancorp and Catalyst Bank.

For Catalyst Bancorp (CLST), the addressable markets for its main products and services in its operating region and the broader state of Louisiana are as follows:

• Deposit Products (including savings accounts, demand and NOW accounts, money market accounts, and certificates of deposit):
  • The Lafayette trade market, which encompasses the Acadiana region of south-central Louisiana, had an estimated $14.6 billion in deposits as of June 2023.
• Loan Products (including residential mortgage, commercial real estate, multi-family residential, construction and land, commercial and industrial, and consumer loans):
  • For Residential Mortgage Loans, new home loans booked in Louisiana totaled $7.2 billion in 2024.
  • For Commercial Real Estate Loans (including multi-family residential and construction and land), the total commercial real estate transaction volume in Louisiana was $7.0 billion during 2025.
  • For a broader category encompassing Commercial, Industrial, and Consumer Loans, the Commercial Banking industry in Louisiana had a market size of $10.2 billion in 2026.

Here are 3-5 expected drivers of future revenue growth for Catalyst Bancorp (CLST) over the next 2-3 years:

1. Loan Portfolio Expansion, particularly in Commercial Real Estate and Oilfield Services: Catalyst Bancorp has demonstrated significant growth in its loan portfolio, with a notable increase in commercial real estate loans by 54% in the second quarter of 2025. Additionally, total loans reached $170.2 million by December 31, 2025, driven largely by robust growth in the oilfield services sector. The President and CEO, Joe Zanco, emphasized the continuation of this loan growth momentum, with the loan portfolio increasing by a record 15% in 2024, and highlighted the bank's strong capital base to support further expansion as the South Louisiana economy gains traction.
2. Organic Customer Growth: The company has reported significant customer growth, which is contributing to overall revenue expansion. This organic growth is a key factor in the bank's performance through the third quarter of 2024.
3. Strategic Expansion of Branch Network and Geographical Reach: Since its initial public offering (IPO), Catalyst Bancorp has focused on expanding its branch network. The successful IPO also provided the company with substantial capital, enabling it to expand its geographical footprint and enhance the services it offers.
4. Potential for Strategic Acquisitions: While acknowledging the challenges in expanding through acquisitions, Catalyst Bancorp's CEO has indicated the bank's readiness to pursue suitable acquisition opportunities that may arise, which could further drive revenue growth.
5. Community-Centric Approach and Customized Business Solutions: Catalyst Bancorp's mission is to foster economic growth within its communities by supporting local businesses. The bank aims to build customer loyalty and attract new business by being highly responsive and flexible, offering customized banking solutions rather than standardized products. This client-focused strategy is expected to drive customer acquisition and retention, thereby increasing revenue.

Share Repurchases

• Catalyst Bancorp initiated its first share repurchase plan in January 2023.
• Through November 18, 2025, the company repurchased 1,180,817 shares, approximately 22% of its originally issued common shares, at an average cost of $11.97 per share. As of December 31, 2025, a total of 1,215,089 shares (23% of originally issued shares) were repurchased at an average cost of $12.06 per share.
• In November 2025, the sixth share repurchase plan was approved, authorizing the purchase of up to 205,000 additional shares, representing about 5% of the outstanding common stock. As of December 31, 2025, 188,911 shares remained available under this plan.

Share Issuance

• Catalyst Bancorp completed its initial public offering (IPO) during the week of October 11, 2021, issuing 5,290,000 shares at $10.00 per share for a total of $53 million.
• As of December 31, 2025, the company had 4,074,911 common shares outstanding.
• An Employee Stock Ownership Plan held beneficial ownership of 416,791.85 shares, constituting 10.2% of the outstanding shares as of December 31, 2025.

Inbound Investments

• Stilwell Group disclosed a 6.3% stake holding in Catalyst Bancorp as of January 12, 2026.
• Institutional ownership accounts for 814,357 shares, held by 30 institutional owners and shareholders, including Vanguard Group Inc, Graham Capital Wealth Management, Llc, and BlackRock, Inc.

Capital Expenditures

• The last 12-month capital expenditure (LTM) for Catalyst Bancorp was reported as ($185.0K).
• Annual capital expenditures were $0.003 billion in 2024, $0.002 billion in 2023, and $0.001 billion in 2022.
• Capital expenditure experienced a year-over-year decrease of 57.0% and had a 3-year Compound Annual Growth Rate (CAGR) of -9.8%.