8-K - CLST - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)	January 23, 2025

Catalyst Bancorp, Inc.

(Exact name of registrant as specified in its charter)


Louisiana	001-40893	86-2411762
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


235 N. Court Street, Opelousas, Louisiana	70570
(Address of principal executive offices)	(Zip Code)


Registrant’s telephone number, including area code	(337) 948-3033

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br><br>

Securities registered pursuant to Section 12(b) of the Act:


Title of each Class	Trading<br>Symbol(s)	Name of each exchange on which registered
Common Stock	CLST	Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 Results of Operations and Financial Condition

On January 23, 2025, Catalyst Bancorp, Inc. (the “Company”) announced its results for the quarter ended December 31, 2024. A copy of the related press release (the "Press Release") is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information furnished under items 2.02 and 9.01 of this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section, and it shall not be deemed incorporated by reference in any filing under the Exchange Act, or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing to this Form 8-K.

ITEM 9.01 Financial Statements and Exhibits

(d)****Exhibits

The following exhibits are included herein:


Exhibit Number		Description
99.1		Press Release, dated January 23, 2025
104		Cover Page Interactive Data File. Embedded within the Inline XBRL document.

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		CATALYST BANCORP, INC.

Date:	January 23, 2025	By:	/s/ Joseph B. Zanco
			Joseph B. Zanco
			President and Chief Executive Officer

For Immediate Release

Exhibit 99.1

For more information:

Joe Zanco, President and CEO

(337) 948-3033

For Immediate Release

Release Date: January 23, 2025

Catalyst Bancorp, Inc. Announces 2024 Fourth Quarter Results

Opelousas, Louisiana – Catalyst Bancorp, Inc. (Nasdaq: “CLST”) (the “Company”), the parent company for Catalyst Bank (the “Bank”) (www.catalystbank.com), reported net income of $626,000 for the fourth quarter of 2024, up $179,000, or 40%, compared to net income of $447,000 for the third quarter of 2024.

“Our loan growth momentum continued during the fourth quarter,” said Joe Zanco, President and Chief Executive Officer of the Company and Bank. “For the year, the loan portfolio increased a record $22.2 million, or 15%. I’m incredibly proud of how effectively our team worked together to fuel the expansion of local businesses.”

“Given our incredibly strong capital base,” continued Zanco, “we are well positioned to continue our growth as the South Louisiana economy gains momentum.”

Loans

Loans totaled $167.1 million at December 31, 2024, up $1.2 million, or less than 1%, from September 30, 2024. The following table sets forth the composition of the Company’s loan portfolio as of the dates indicated.


(Dollars in thousands)	12/31/2024		9/30/2024		Change
Real estate loans
One- to four-family residential	$	81,097	$	81,433	$	(336)	-	%
Commercial real estate		22,108		22,704		(596)	(3)
Construction and land		32,941		30,310		2,631	9
Multi-family residential		2,570		2,622		(52)	(2)
Total real estate loans		138,716		137,069		1,647	1
Other loans
Commercial and industrial		26,439		26,507		(68)	-	%
Consumer		1,921		2,306		(385)	(17)
Total other loans		28,360		28,813		(453)	(2)
Total loans	$	167,076	$	165,882	$	1,194	1

The following table presents certain major segments of our commercial real estate, construction and land, and commercial and industrial loan balances as of the dates indicated.


(Dollars in thousands)	12/31/2024		9/30/2024		Change
Commercial real estate
Retail	$	4,005	$	4,154	$	(149)	(3.6)	%
Hospitality		3,460		3,594		(134)	(3.7)
Restaurants		1,091		1,112		(21)	(1.9)
Oilfield services		402		411		(9)	(2.2)
Other non-owner occupied		2,658		2,780		(122)	(4.4)
Other owner occupied		10,492		10,653		(161)	(1.5)
Total commercial real estate	$	22,108	$	22,704	$	(596)	(2.6)
Construction and land
Multi-family residential	$	10,031	$	8,353	$	1,678	20.1	%
Health service facilities		7,139		7,073		66	0.9
Hospitality		2,716		2,716		-	-
Retail		5,106		3,339		1,767	52.9
Other commercial construction and land		4,364		4,846		(482)	(9.9)
Consumer residential construction and land		3,585		3,983		(398)	(10.0)
Total construction and land	$	32,941	$	30,310	$	2,631	8.7
Commercial and industrial
Oilfield services	$	14,823	$	14,010	$	813	5.8	%
Industrial equipment		2,831		3,882		(1,051)	(27.1)
Professional services		3,127		2,910		217	7.5
Other commercial and industrial		5,658		5,705		(47)	(0.8)
Total commercial and industrial loans	$	26,439	$	26,507	$	(68)	(0.3)

Credit Quality and Allowance for Credit Losses

At December 31, 2024, non-performing assets (“NPAs”) totaled $1.8 million, up $214,000, or 13%, from $1.6 million at September 30, 2024 primarily due to an increase in non-accruing residential loans. The ratio of NPAs to total assets was 0.66% and 0.57% at December 31 and September 30, 2024, respectively. Non-performing loans (“NPLs”) comprised 0.98% and 0.87% of total loans at December 31 and September 30, 2024, respectively. At December 31 and September 30, 2024, 98% of total NPLs were one- to four-family residential mortgage loans.

At December 31, 2024, the allowance for loan losses totaled $2.5 million, or 1.51% of total loans, compared to $2.4 million, or 1.46% of total loans, at September 30, 2024. A portion of the allowance for credit losses on unfunded lending commitments was transferred to the allowance for loan losses during the fourth quarter of 2024. The allowance for credit losses on unfunded lending commitments totaled $121,000 at December 31, 2024, down $110,000 from September 30, 2024. The provision for credit losses, inclusive of the provision for unfunded commitments, for the fourth quarter of 2024 was zero, compared to $337,000 for the third quarter of 2024. Net loan charge-offs totaled $2,000 during the fourth quarter of 2024, compared to net charge-offs of $131,000 for the third quarter of 2024. Net loan charge-offs during the third quarter of 2024 were primarily related to three commercial lines of credit.

Investment Securities

Total investment securities were $42.2 million, or 15% of total assets, at December 31, 2024, down $3.5 million, or 8%, compared to September 30, 2024, primarily due to pay-downs and maturities. Net unrealized losses on available-for-sale securities totaled $4.5 million at December 31, 2024, compared to net unrealized losses of $3.4 million at September 30, 2024.

At December 31, 2024 the amortized cost and fair value of pledged investment securities totaled $15.2 million and $14.2 million, respectively. These securities are pledged as collateral for public fund deposits. At September 30, 2024, the amortized cost and fair value of pledged investment securities totaled $35.3 million and $31.7 million, respectively. During the fourth quarter of 2024, the Bank’s $20.0 million Bank Term Funding Program (“BTFP”) advance was paid off, which released the pledges on securities with total amortized cost and fair value of $21.0 million and $18.0 million, respectively, at September 30, 2024.

Deposits

Total deposits were $185.7 million at December 31, 2024, up $18.2 million, or 11%, from September 30, 2024, largely due to a seasonal increase in public funds. The following table sets forth the composition of the Company’s deposits as of the dates indicated. The ratio of the Company’s total loans to total deposits was 90% at December 31, 2024, compared to 99% at September 30, 2024.


(Dollars in thousands)	12/31/2024		9/30/2024		Change
Non-interest-bearing demand deposits	$	28,281	$	27,904	$	377	1	%
Interest-bearing demand deposits		48,334		33,751		14,583	43
Money market		10,729		13,372		(2,643)	(20)
Savings		37,639		36,798		841	2
Certificates of deposit		60,691		55,611		5,080	9
Total deposits	$	185,674	$	167,436	$	18,238	11

Total public fund deposits amounted to $35.6 million, or 19% of total deposits, at December 31, 2024, compared to $21.0 million, or 13% of total deposits, at September 30, 2024. At December 31, 2024, approximately 83% of our total public fund deposits consisted of non-interest-bearing and interest-bearing demand deposits from municipalities within our market. The full amount of our public fund deposits in excess of the FDIC’s insurance limit are secured by pledging investment securities and portions of a custodial letter of credit from the Federal Home Loan Bank of Dallas.

Capital and Share Repurchases

At December 31 and September 30, 2024, consolidated shareholders’ equity totaled $80.2 million, or 29.0% of total assets, and $81.7 million, or 29.1% of total assets, respectively.

The Company repurchased 120,977 shares of its common stock at an average cost per share of $11.70 during the fourth quarter of 2024, compared to 79,400 shares at an average cost per share of $11.75 during the third quarter of 2024. Under the Company’s November 2024 Repurchase Plan, 187,150 shares of the Company’s common stock were available for repurchase at December 31, 2024. Since the announcement of our first share repurchase plan on January 26, 2023 and through December 31, 2024, the Company has repurchased a total of 1,011,850 shares of its common stock, or approximately 19% of the common shares originally issued, at an average cost per share of $11.93. At December 31, 2024, the Company had common shares outstanding of 4,278,150.

Net Interest Income

The net interest margin for the fourth quarter of 2024 was 3.92%, up six basis points compared to the prior quarter. For the fourth quarter of 2024, the average yield on interest-earning assets was 5.57%, down three basis points from the prior quarter, while the average rate paid on interest-bearing liabilities was 2.57%, down nine basis points from the third quarter of 2024.

Net interest income for the fourth quarter of 2024 was $2.5 million, down $60,000, or 2%, compared to the third quarter of 2024. Total interest income was down $160,000, or 4%, while total interest expense decreased $100,000, or 9%, in the fourth quarter of 2024 compared to the prior quarter. The changes in interest income and interest expense were largely due to the use of interest-earning cash to pay-off of the Bank’s $20.0 million BTFP advance during the fourth quarter of 2024.

The following table sets forth, for the periods indicated, the Company’s total dollar amount of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Taxable equivalent (“TE”) yields have been calculated using a marginal tax rate of 21%. All average balances are based on daily balances.


	Three Months Ended
	12/31/2024						9/30/2024
(Dollars in thousands)	Average Balance		Interest		Average Yield/ Rate^(TE)^		Average Balance		Interest		Average Yield/ Rate^(TE)^
INTEREST-EARNING ASSETS
Loans receivable^(1)^	$	167,187	$	2,814	6.70	%	$	161,410	$	2,717	6.70	%
Investment securities^(2)^		47,764		273	2.30			48,517		255	2.11
Other interest earning assets		36,107		424	4.66			51,142		699	5.45
Total interest-earning assets	$	251,058	$	3,511	5.57		$	261,069	$	3,671	5.60
INTEREST-BEARING LIABILITIES
Demand deposits, money market, and savings accounts	$	85,118	$	394	1.84	%	$	85,164	$	382	1.78	%
Certificates of deposit		57,031		465	3.24			55,910		448	3.19
Total interest-bearing deposits		142,149		859	2.40			141,074		830	2.34
Borrowings		18,663		180	3.85			29,502		309	4.17
Total interest-bearing liabilities	$	160,812	$	1,039	2.57		$	170,576	$	1,139	2.66
Net interest-earning assets	$	90,246					$	90,493
Net interest income; average interest rate spread			$	2,472	3.00	%			$	2,532	2.94	%
Net interest margin^(3)^					3.92						3.86

(1)	Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts and loans in-process.
(2)	Average investment securities does not include unrealized holding gains/losses on available-for-sale securities.
---	---
(3)	Equals net interest income divided by average interest-earning assets. Taxable equivalent yields are calculated using a marginal tax rate of 21%.
---	---

Non-interest Income

For the fourth quarter of 2024, non-interest income totaled $337,000, down $283,000 from $620,000 for the third quarter of 2024. During the third quarter of 2024, the Company recognized as income a $280,000 Bank Enterprise Award (“BEA”) Program grant from the Community Development Financial Institution (“CDFI”) Fund.

Non-interest Expense

Non-interest expense for the fourth quarter of 2024 totaled $2.0 million, down $222,000, or 10%, compared to the third quarter of 2024.

Data processing and communication expense totaled $179,000 for the fourth quarter of 2024, down $59,000, or 25%, compared to the third quarter of 2024. The decline in this expense was primarily driven by our transition to a new internet provider and a new contract for our loan document management solution.

Professional fees totaled $94,000 for the fourth quarter of 2024, down $57,000, or 38%, from the prior quarter. During the third quarter of 2024, professional fees associated with obtaining the BEA Program grant totaled $42,000.

Other noninterest expense totaled $167,000 for the fourth quarter of 2024, down $92,000, or 36%, from the prior quarter primarily due to declines in loan collection related expenses and lower fraud losses.

About Catalyst Bancorp, Inc.

Catalyst Bancorp, Inc. (Nasdaq: CLST) is a Louisiana corporation and registered bank holding company for Catalyst Bank, its wholly-owned subsidiary, with $276.7 million in assets at December 31, 2024. Catalyst Bank, formerly St. Landry Homestead Federal Savings Bank, has been in operation in the Acadiana region of south-central Louisiana for over 100 years. With a focus on fueling business and improving lives throughout the region, Catalyst Bank offers commercial and retail banking products through our six full-service branches located in Carencro, Eunice, Lafayette, Opelousas, and Port Barre. To learn more about Catalyst Bancorp and Catalyst Bank, visit www.catalystbank.com, or the website of the Securities and Exchange Commission, www.sec.gov.

Forward-looking Statements

This news release reflects industry conditions, Company performance and financial results and contains “forward-looking statements,’ which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations. Do not place undue reliance on forward-looking statements. These forward-looking statements are subject to a number of risk factors and uncertainties which could cause the Company’s actual results and experience to differ materially from the anticipated results and expectation expressed in such forward-looking statements.

Factors that could cause our actual results to differ materially from our forward-looking statements are described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Supervision and Regulation” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC’s website and the Company’s website, each of which are referenced above. To the extent that statements in this news release relate to future plans, objectives, financial results or performance by the Company, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are generally identified by use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology.

Forward-looking statements represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. All information is as of the date of this news release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.


CATALYST BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

	(Unaudited)		(Unaudited)
(Dollars in thousands)	12/31/2024		9/30/2024		12/31/2023
ASSETS
Non-interest-bearing cash	$	4,076	$	3,625	$	3,654
Interest-bearing cash and due from banks		40,219		42,128		15,357
Total cash and cash equivalents		44,295		45,753		19,011
Investment securities:
Securities available-for-sale, at fair value		28,712		32,196		70,540
Securities held-to-maturity		13,447		13,450		13,461
Loans receivable, net of unearned income		167,076		165,882		144,920
Allowance for loan losses		(2,522)		(2,414)		(2,124)
Loans receivable, net		164,554		163,468		142,796
Accrued interest receivable		851		815		906
Foreclosed assets		194		173		60
Premises and equipment, net		6,085		6,135		6,072
Stock in correspondent banks, at cost		1,961		1,939		1,878
Bank-owned life insurance		14,489		14,370		14,026
Other assets		2,109		2,318		2,182
TOTAL ASSETS	$	276,697	$	280,617	$	270,932

LIABILITIES
Deposits:
Non-interest-bearing	$	28,281	$	27,904	$	28,183
Interest-bearing		157,393		139,532		137,439
Total deposits		185,674		167,436		165,622
Borrowings		9,558		29,513		19,378
Other liabilities		1,261		2,001		1,373
TOTAL LIABILITIES		196,493		198,950		186,373

SHAREHOLDERS' EQUITY
Common stock		43		44		48
Additional paid-in capital		39,561		40,847		45,020
Unallocated common stock held by benefit plans		(5,702)		(5,777)		(6,221)
Retained earnings		49,860		49,234		52,949
Accumulated other comprehensive income (loss)		(3,558)		(2,681)		(7,237)
TOTAL SHAREHOLDERS' EQUITY		80,204		81,667		84,559
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	276,697	$	280,617	$	270,932


CATALYST BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

	Three Months Ended						Year Ended
(Dollars in thousands)	12/31/2024		9/30/2024		12/31/2023		12/31/2024		12/31/2023
INTEREST INCOME
Loans receivable, including fees	$	2,814	$	2,717	$	2,066	$	10,128	$	7,238
Investment securities		273		255		400		1,063		1,643
Other		424		699		137		2,671		780
Total interest income		3,511		3,671		2,603		13,862		9,661
INTEREST EXPENSE
Deposits		859		830		545		3,229		1,637
Borrowings		180		309		114		1,088		319
Total interest expense		1,039		1,139		659		4,317		1,956
Net interest income		2,472		2,532		1,944		9,545		7,705
Provision for credit losses		-		337		128		531		128
Net interest income after provision for credit losses		2,472		2,195		1,816		9,014		7,577
NON-INTEREST INCOME
Service charges on deposit accounts		201		200		201		798		774
Bank-owned life insurance		119		118		109		463		409
Loss on sales of investment securities		-		-		(92)		(5,507)		(92)
Gain (loss) on disposals and sales of fixed assets		-		-		-		6		-
Federal community development grant		-		280		437		280		437
Other		17		22		17		120		61
Total non-interest income (loss)		337		620		672		(3,840)		1,589
NON-INTEREST EXPENSE
Salaries and employee benefits		1,227		1,200		1,149		4,830		4,671
Occupancy and equipment		193		193		193		765		802
Data processing and communication		179		238		236		1,349		911
Professional fees		94		151		140		469		486
Directors’ fees		116		116		118		461		463
ATM and debit card		17		24		63		141		250
Foreclosed assets, net		7		33		5		74		72
Advertising and marketing		17		31		23		129		100
Franchise and shares tax		21		15		10		67		81
Other		167		259		185		872		743
Total non-interest expense		2,038		2,260		2,122		9,157		8,579
Income (loss) before income tax expense (benefit)		771		555		366		(3,983)		587
Income tax expense (benefit)		145		108		59		(894)		61
NET INCOME (LOSS)	$	626	$	447	$	307	$	(3,089)	$	526

Earnings (loss) per share:
Basic	$	0.16	$	0.11	$	0.08	$	(0.78)	$	0.12
Diluted		0.16		0.11		0.08		(0.78)		0.12


CATALYST BANCORP, INC. AND SUBSIDIARY
SELECTED FINANCIAL DATA

	Three Months Ended									Year Ended
(Dollars in thousands)	12/31/2024			9/30/2024			12/31/2023			12/31/2024			12/31/2023
EARNINGS DATA
Total interest income	$	3,511		$	3,671		$	2,603		$	13,862		$	9,661
Total interest expense		1,039			1,139			659			4,317			1,956
Net interest income		2,472			2,532			1,944			9,545			7,705
Provision for credit losses		-			337			128			531			128
Total non-interest income (loss)		337			620			672			(3,840)			1,589
Total non-interest expense		2,038			2,260			2,122			9,157			8,579
Income tax expense (benefit)		145			108			59			(894)			61
Net income (loss)	$	626		$	447		$	307		$	(3,089)		$	526

AVERAGE BALANCE SHEET DATA
Total loans	$	167,187		$	161,410		$	140,757		$	155,867		$	135,713
Total interest-earning assets		251,058			261,069			248,673			261,654			252,616
Total assets		272,443			282,440			261,695			281,817			266,693
Total interest-bearing deposits		142,149			141,074			134,181			143,250			136,321
Total interest-bearing liabilities		160,812			170,576			147,197			169,643			146,529
Total deposits		170,991			169,437			165,102			172,092			170,677
Total shareholders' equity		80,988			81,307			82,265			81,480			84,777

SELECTED RATIOS
Return on average assets		0.91	%		0.63	%		0.47	%		(1.10)	%		0.20	%
Return on average equity		3.08			2.18			1.49			(3.79)			0.62
Efficiency ratio		72.54			71.72			81.07			160.51			92.29
Net interest margin^(TE)^		3.92			3.86			3.12			3.65			3.06
Average equity to average assets		29.73			28.79			31.44			28.91			31.79
Common equity Tier 1 capital ratio^(1)^		45.81			45.71			52.34
Tier 1 leverage capital ratio^(1)^		28.73			27.43			31.67
Total risk-based capital ratio^(1)^		47.07			46.97			53.59

NON-FINANCIAL DATA
Total employees (full-time equivalent)		49			48			48
Common shares issued and outstanding, end of period		4,278,150			4,399,127			4,761,326

(1)	Capital ratios are preliminary end-of-period ratios for the Bank only and are subject to change.


CATALYST BANCORP, INC. AND SUBSIDIARY
SELECTED FINANCIAL DATA
(continued)

	Three Months Ended									Year Ended
(Dollars in thousands)	12/31/2024			9/30/2024			12/31/2023			12/31/2024		12/31/2023
ALLOWANCE FOR CREDIT LOSSES
Allowance for loan losses:
Beginning balance	$	2,414		$	2,215		$	2,036		$	2,124	$	1,807
CECL adoption impact		-			-			-			-		209
Provision for (reversal of) loan losses		110			330			151			667		87
Charge-offs		(28)			(184)			(76)			(392)		(102)
Recoveries		26			53			13			123		123
Net (charge-offs) recoveries		(2)			(131)			(63)			(269)		21
Ending balance	$	2,522		$	2,414		$	2,124		$	2,522	$	2,124

Allowance for unfunded commitments:
Beginning balance		231			224			280			257		-
CECL adoption impact		-			-			-			-		216
Provision for (reversal of) losses on unfunded commitments		(110)			7			(23)			(136)		41
Ending balance	$	121		$	231		$	257		$	121	$	257

Total allowance for credit losses, end of period	$	2,643		$	2,645		$	2,381		$	2,643	$	2,381
Total provision for credit losses		-			337			128			531		128

CREDIT QUALITY^(1)^
Non-accruing loans	$	1,567		$	1,423		$	1,967
Accruing loans 90 days or more past due		64			15			24
Total non-performing loans		1,631			1,438			1,991
Foreclosed assets		194			173			60
Total non-performing assets	$	1,825		$	1,611		$	2,051

Total non-performing loans to total loans		0.98	%		0.87	%		1.37	%
Total non-performing assets to total assets		0.66			0.57			0.76

(1)	Credit quality data and ratios are as of the end of each period presented.