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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from                      to                     

Commission file number: 001-40893

CATALYST BANCORP, INC.

(Exact name of registrant as specified in its charter)

Louisiana

    

86-2411762

(State or other jurisdiction of incorporation
of organization)

(I.R.S. Employer Identification No.)

235 N. Court Street, Opelousas, Louisiana 70570

(Address of principal executive offices; Zip Code) 

(337) 948-3033

(Registrant’s telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

Common Stock

CLST

Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 and 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 

There were 4,444,916 shares of Registrant’s common stock, par value of $0.01 per share, issued and outstanding as of August 9, 2024.

CATALYST BANCORP, INC.

FORM 10-Q

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Consolidated Statements of Financial Condition

2

Consolidated Statements of Income

3

Consolidated Statements of Comprehensive Income

4

Consolidated Statements of Changes in Shareholders' Equity

5

Consolidated Statements of Cash Flows

6

Notes to Unaudited Consolidated Financial Statements

7

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

45

Item 4.

Controls and Procedures

45

PART II

OTHER INFORMATION

46

Item 1.

Legal Proceedings

46

Item 1A.

Risk Factors

46

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 3.

Defaults Upon Senior Securities

46

Item 4.

Mine Safety Disclosures

46

Item 5

Other Information

46

Item 6.

Exhibits

47

SIGNATURES

48

i

PART I. FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

CATALYST BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

    

(Unaudited)

June 30, 

December 31, 

(Dollars in thousands)

2024

2023

ASSETS

 

  

 

  

Non-interest-bearing cash

$

4,952

$

3,654

Interest-bearing cash and due from banks

 

70,503

 

15,357

Total cash and cash equivalents

 

75,455

 

19,011

Investment securities:

 

  

 

  

Securities available-for-sale, at fair value (amortized cost of $34,327 and $79,701, respectively)

 

29,748

 

70,540

Securities held-to-maturity (fair values of $11,173 and $11,227, respectively)

 

13,454

 

13,461

Loans receivable, net of unearned income

 

153,266

 

144,920

Allowance for loan losses

 

(2,215)

 

(2,124)

Loans receivable, net

 

151,051

 

142,796

Accrued interest receivable

 

737

 

906

Foreclosed assets

 

104

 

60

Premises and equipment, net

 

6,114

 

6,072

Stock in correspondent banks, at cost

 

1,919

 

1,878

Bank-owned life insurance

 

14,252

 

14,026

Other assets

 

2,499

 

2,182

TOTAL ASSETS

$

295,333

$

270,932

 

  

 

  

LIABILITIES

 

  

 

  

Deposits

 

  

 

  

Non-interest-bearing

$

30,177

$

28,183

Interest-bearing

 

149,888

 

137,439

Total deposits

 

180,065

 

165,622

Borrowings

 

30,261

 

19,378

Other liabilities

 

3,994

 

1,373

TOTAL LIABILITIES

 

214,320

 

186,373

 

  

 

  

SHAREHOLDERS' EQUITY

 

  

 

  

Preferred stock, $0.01 par value - 5,000,000 shares authorized; none issued

-

-

Common stock, $0.01 par value; 30,000,000 shares authorized; 4,478,527 and 4,761,326 issued and outstanding at June 30, 2024 and December 31, 2023, respectively

45

48

Additional paid-in capital

41,914

45,020

Unallocated common stock held by benefit plans

(6,116)

(6,221)

Retained earnings

 

48,787

 

52,949

Accumulated other comprehensive income (loss)

 

(3,617)

 

(7,237)

TOTAL SHAREHOLDERS' EQUITY

 

81,013

 

84,559

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

295,333

$

270,932

The accompanying Notes are an integral part of these financial statements.

2

CATALYST BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

(Dollars in thousands)

2024

2023

2024

2023

INTEREST INCOME

  

  

  

  

Loans receivable, including fees

$

2,383

$

1,691

$

4,597

$

3,320

Investment securities

 

210

 

413

 

535

 

840

Other

 

932

 

218

 

1,548

 

429

Total interest income

 

3,525

 

2,322

 

6,680

 

4,589

INTEREST EXPENSE

 

  

 

  

 

  

 

  

Deposits

 

771

 

380

 

1,540

 

640

Borrowings

 

306

 

68

 

599

 

136

Total interest expense

 

1,077

 

448

 

2,139

 

776

Net interest income

 

2,448

 

1,874

 

4,541

 

3,813

Provision for credit losses

 

99

 

-

 

194

 

-

Net interest income after provision for credit losses

 

2,349

 

1,874

 

4,347

 

3,813

NON-INTEREST INCOME

 

  

 

  

 

  

 

  

Service charges on deposit accounts

 

194

 

200

 

397

 

383

Bank-owned life insurance

 

113

 

99

 

226

 

196

Gain (loss) on sales of investment securities

 

-

 

-

 

(5,507)

 

-

Gain (loss) on disposals and sales of fixed assets

 

(5)

 

-

 

6

 

-

Other

 

64

 

18

 

81

 

32

Total non-interest income (loss)

 

366

 

317

 

(4,797)

 

611

NON-INTEREST EXPENSE

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

1,143

 

1,178

 

2,403

 

2,381

Occupancy and equipment

 

183

 

198

 

379

 

411

Data processing and communication

 

133

 

220

 

927

 

447

Professional fees

 

117

 

117

 

224

 

246

Directors’ fees

 

114

 

114

 

229

 

229

ATM and debit card

 

36

 

61

 

105

119

Foreclosed assets, net

 

26

 

63

 

34

 

65

Advertising and marketing

 

43

 

22

 

81

 

52

Franchise and shares tax

15

25

31

52

Regulatory fees and assessments

46

42

69

66

Insurance

26

26

52

55

Printing, supplies and postage

29

43

62

74

Other

 

157

 

82

 

263

 

179

Total non-interest expense

 

2,068

 

2,191

 

4,859

 

4,376

Income (loss) before income tax expense (benefit)

 

647

 

-

 

(5,309)

 

48

Income tax expense (benefit)

 

120

 

(16)

 

(1,147)

 

(20)

NET INCOME (LOSS)

$

527

$

16

$

(4,162)

$

68

Earnings (loss) per share - basic

$

0.13

$

-

$

(1.03)

$

0.02

Earnings (loss) per share - diluted

0.13

-

(1.03)

0.02

The accompanying Notes are an integral part of these financial statements.

3

CATALYST BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

(Dollars in thousands)

2024

    

2023

2024

    

2023

Net income (loss)

$

527

$

16

$

(4,162)

$

68

Net change in unrealized gains (losses) on available-for-sale securities

 

(28)

 

(819)

 

(925)

 

543

Reclassification adjustment for losses included in net income

-

-

5,507

-

Income tax effect

 

6

 

172

 

(962)

 

(114)

Total other comprehensive income (loss)

 

(22)

 

(647)

 

3,620

 

429

Total comprehensive income (loss)

$

505

$

(631)

$

(542)

$

497

The accompanying Notes are an integral part of these financial statements.

4

CATALYST BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

(Dollars in thousands)

Common Stock

Additional Paid-in Capital

Unallocated Common Stock Held by Benefit Plans

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Total

BALANCE, MARCH 31, 2023

$

51

$

48,259

$

(6,664)

$

52,475

$

(7,998)

$

86,123

Net income

 

-

 

-

 

-

 

16

 

-

 

16

Other comprehensive income (loss)

 

-

 

-

 

-

 

-

(647)

 

(647)

Excise tax on stock purchased to fund the 2022 Recognition and Retention Plan

 

-

 

-

 

(5)

 

-

-

 

(5)

ESOP shares released for allocation

 

-

 

3

 

53

 

-

-

 

56

Stock compensation expense

 

-

 

143

 

-

 

-

-

 

143

Repurchase of common stock

 

(2)

 

(1,373)

 

-

 

-

-

 

(1,375)

BALANCE, JUNE 30, 2023

$

49

$

47,032

$

(6,616)

$

52,491

$

(8,645)

$

84,311

BALANCE, MARCH 31, 2024

$

46

$

42,711

$

(6,169)

$

48,260

$

(3,595)

$

81,253

Net income

 

-

 

-

 

-

 

527

 

-

 

527

Other comprehensive income (loss)

 

-

 

-

 

-

 

-

(22)

 

(22)

ESOP shares released for allocation

 

-

 

9

 

53

 

-

-

 

62

Stock compensation expense

 

-

 

141

 

-

 

-

-

 

141

Repurchase of common stock

 

(1)

(947)

-

-

-

 

(948)

BALANCE, JUNE 30, 2024

$

45

$

41,914

$

(6,116)

$

48,787

$

(3,617)

$

81,013

BALANCE, DECEMBER 31, 2022

$

53

$

51,062

$

(6,307)

$

52,758

$

(9,074)

$

88,492

Impact of adoption of ASC 326

 

-

-

-

(335)

-

 

(335)

Net income

 

-

 

-

 

-

 

68

 

-

 

68

Other comprehensive income

 

-

 

-

 

-

 

-

429

 

429

Stock purchased to fund the 2022 Recognition and Retention Plan

-

-

(415)

-

-

(415)

ESOP shares released for allocation

 

-

 

17

 

106

 

-

-

 

123

Stock compensation expense

 

-

 

284

 

-

 

-

-

 

284

Repurchase of common stock

 

(4)

(4,331)

-

-

-

(4,335)

BALANCE, JUNE 30, 2023

$

49

$

47,032

$

(6,616)

$

52,491

$

(8,645)

$

84,311

BALANCE, DECEMBER 31, 2023

$

48

$

45,020

$

(6,221)

$

52,949

$

(7,237)

$

84,559

Net income (loss)

 

-

 

-

 

-

 

(4,162)

 

-

 

(4,162)

Other comprehensive income

 

-

 

-

 

-

 

-

3,620

 

3,620

ESOP shares released for allocation

 

-

 

19

 

105

 

-

-

 

124

Stock compensation expense

 

-

 

280

 

-

 

-

-

 

280

Repurchase of common stock

 

(3)

(3,405)

-

-

-

(3,408)

BALANCE, JUNE 30, 2024

$

45

$

41,914

$

(6,116)

$

48,787

$

(3,617)

$

81,013

The accompanying Notes are an integral part of these financial statements.

5

CATALYST BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended June 30, 

(Dollars in thousands)

2024

    

2023

CASH FLOWS FROM OPERATING ACTIVITIES

 

  

 

  

Net income (loss)

$

(4,162)

$

68

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

  

 

  

Investment securities amortization, net

 

84

 

157

Federal Home Loan Bank stock dividends

 

(41)

 

(31)

Amortization of prepayment penalties on debt restructuring

90

90

Provision for credit losses

 

194

 

-

Increase in cash surrender value of bank-owned life insurance

(226)

(196)

Loss on sales of investment securities

 

5,507

 

-

Gain on disposals and sales of premises and equipment

 

(6)

 

-

Stock-based compensation

404

407

Depreciation of premises and equipment

 

202

 

202

Net write-downs and losses on the sale of foreclosed assets

 

18

 

62

Deferred income tax expense (benefit)

 

(1,144)

 

(119)

(Increase) decrease in other assets

 

34

 

(347)

Increase (decrease) in other liabilities

 

686

 

245

Net cash provided by operating activities

 

1,640

 

538

CASH FLOWS FROM INVESTING ACTIVITIES

 

  

 

  

Activity in available-for-sale securities:

 

  

 

  

Proceeds from maturities, calls, and paydowns

 

2,130

4,119

Proceeds from sales

42,525

-

Purchases

 

(2,895)

-

Net (increase) decrease in loans

 

(8,660)

143

Proceeds from sale of foreclosed assets

 

114

-

Purchases of premises and equipment

 

(250)

(10)

Proceeds from sale of premises and equipment

 

12

-

Net cash provided by investing activities

 

32,976

 

4,252

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

  

Net increase in deposits

 

14,443

 

6,279

Net advances from the Federal Home Loan Bank of Dallas

793

-

Net advances from the Federal Reserve Bank of Atlanta

10,000

-

Purchase of stock to fund the 2022 Recognition and Retention Plan

-

(415)

Repurchase of common stock

(3,408)

(4,335)

Net cash provided by financing activities

 

21,828

 

1,529

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

56,444

 

6,319

CASH AND CASH EQUIVALENTS, beginning of period

 

19,011

 

13,472

CASH AND CASH EQUIVALENTS, end of period

$

75,455

$

19,791

SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITIES

 

  

 

  

Acquisition of real estate in settlement of loans

$

177

$

37

SUPPLEMENTAL SCHEDULE OF INTEREST AND TAXES PAID

 

  

 

  

Cash paid for interest

$

1,466

$

532

Cash paid for income taxes

200

-

The accompanying Notes are an integral part of these financial statements.

6

CATALYST BANCORP, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. BASIS OF PRESENTATION

Catalyst Bancorp, Inc. (“Catalyst Bancorp” or the “Company”) is the holding company for Catalyst Bank (the “Bank”), formerly known as St. Landry Homestead Federal Savings Bank. The Bank has been in operation in the Acadiana region of south-central Louisiana since 1922 and offers commercial and retail banking products through six full-service locations.

The Company was incorporated by the Bank in February 2021 as part of the conversion of the Bank from the mutual to the stock form of organization (the “Conversion”). The Conversion was completed on October 12, 2021, at which time the Company acquired all of the issued and outstanding shares of common stock of the Bank and became the holding company for the Bank. Shares of the Company’s common stock were issued and sold in an offering to certain depositors of the Bank and others. The Company was not engaged in operations and had not issued any shares of stock prior to the completion of the Conversion.

As used in this report, unless the context otherwise requires, the terms “we,” “our,” “us,” or the “Company” refer to Catalyst Bancorp, and the term the “Bank” refers to Catalyst Bank, the wholly owned subsidiary of the Company. In addition, unless the context otherwise requires, references to the operations of the Company include the operations of the Bank.

The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, comprehensive income, changes in equity and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three  and six months ended June 30, 2024 and 2023 are not necessarily indicative of the results which may be expected for the entire fiscal year. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2023.

Certain amounts reported in prior periods may have been reclassified to conform to the current period presentation. Such reclassifications had no effect on previously reported equity or net income.

Revision of Prior Period Financial Statements

During the three months ended June 30, 2024, it was discovered that the rate of interest paid on one interest-bearing checking account did not reconcile with the contract with the customer. The checking account is a public fund deposit with a negotiated arrangement managed by a lead financial institution that billed the Bank periodically for interest then owed to the municipality. The Bank is a party to the agreement with the municipality but participated in only a portion of the total funds deposited by the municipality and did not deal directly with the municipality with respect to the funds deposited or the interest paid. These responsibilities are handled indirectly through the lead institution. During June of 2024, the Bank became aware of the additional interest owed by it pursuant to the agreement. As a result of the error, $137,000 of total interest expense was not properly accrued or paid by the Bank during the period beginning August 1, 2022 and ending March 31, 2024. In accordance with the guidance set forth in SEC Staff Bulletin 99, Materiality, and SEC Staff Accounting Bulletin 108, Considering Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financials, the Bank concluded that the error was not material to any prior periods, the current period or the trend in earnings from a  quantitative and qualitative perspective. However, correcting the cumulative effect of the error in the current period would have resulted in a material misstatement in the current period. Accordingly, management revised the prior period financial statements, related disclosures, and supplemental information presented in this filing to correct the misstatement. We will also revise previously reported financial information for these immaterial errors in our future filings, as applicable. The Company’s previously issued financial statements and related disclosures were not amended and can still be relied upon.

7

The following highlights the primary changes to prior period financial statements presented in this Form 10-Q caused by the correction of the misstated interest expense:

(Dollars in thousands)

As Reported

Adjustment

As Revised

Revised Consolidated Statements of Condition as of December 31, 2023

Other liabilities

$

1,277

$

96

$

1,373

Retained earnings

53,045

(96)

52,949

Total shareholders' equity

84,655

(96)

84,559

Revised Consolidated Statements of Income for the Three Months Ended June 30, 2023

Interest expense - Deposits

$

351

$

29

$

380

Total interest expense

419

29

448

Net interest income

1,903

(29)

1,874

Income tax expense (benefit)

(10)

(6)

(16)

Net income (loss)

39

(23)

16

Revised Consolidated Statements of Income for the Six Months Ended June 30, 2023

Interest expense - Deposits

$

584

$

56

$

640

Total interest expense

720

56

776

Net interest income

3,869

(56)

3,813

Income tax expense (benefit)

(8)

(12)

(20)

Net income (loss)

112

(44)

68

Revised Consolidated Statements of Changes in Shareholders' Equity

Retained earnings, as of December 31, 2022

$

52,778

$

(20)

$

52,758

Retained earnings, as of March 31, 2023

52,516

(41)

52,475

Retained earnings, as of June 30, 2023

52,517

(26)

52,491

Retained earnings, as of March 31, 2024

48,368

(108)

48,260

Revised Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023

Increase (decrease) in other liabilities

$

201

$

44

$

245

Management performed a review of all similar contracts with deposit customers and verified that the error was isolated to this unique deposit account. Management and the Audit Committee also assessed the error’s impact on internal controls over financial reporting and did not identify any material weaknesses. For further information on Management’s evaluation of the Company’s internal controls, see Item 4 of this Quarterly Report on Form 10-Q.

Critical Accounting Policies and Estimates

Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties and could reflect materially different results under different assumptions and conditions. Methodologies the Company uses when applying critical accounting policies and developing critical estimates are included in its Annual Report on Form 10-K for the year ended December 31, 2023. Our accounting policies for allowance for credit losses, investment securities, and income taxes comprise those that management believes involve the most critical estimates and aid in fully understanding and evaluating our reported financial results.

During the three months ended March 31, 2024, the measurement of the Company’s deferred income tax assets and liabilities was identified as a critical accounting estimate. Deferred income tax assets and liabilities are determined based on the tax effects of the temporary differences between the book and tax bases of the various assets and liabilities and gives current recognition to changes in tax rates and laws. At June 30, 2024, the Company’s net deferred tax asset totaled $1.7 million and is included in other assets on the statement of financial condition. According to Subtopic 740-10 of the Accounting Standards Codification (“ASC 740-10”), the

8

measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized. At June 30, 2024, the Company has not recorded a valuation allowance for its deferred tax assets. Realizing our deferred tax assets principally depends upon our achieving projected future taxable income. We may change our judgments regarding future profitability due to future market conditions and other factors. We may adjust our deferred tax asset balances if our judgments change, which may impact total income tax expense in future periods.

There were no other material changes from the significant accounting policies or critical accounting estimates previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial condition, results of operations, comprehensive income, changes in equity and cash flows for the interim periods presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions.

NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS

Accounting Standards Updates Issued, but Not Adopted

ASU No. 2023-09. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU add specific requirements for income tax disclosures to improve transparency and decision usefulness. The guidance in ASU 2023-09 requires that public business entities disclose specific categories in the income tax rate reconciliation and provide additional qualitative information for reconciling items that meet a quantitative threshold. In addition, the amendments in ASU 2023-09 require that all entities disclose the amount of income taxes paid disaggregated by federal, state, and foreign taxes and disaggregated by individual jurisdictions. The ASU also includes other disclosure amendments related to the disaggregation of income tax expense between federal, state and foreign taxes. The Company expects to adopt the amendments in ASU 2023-09 for periods beginning after December 31, 2024.

9

NOTE 3. EARNINGS (LOSS) PER SHARE

Earnings (loss) per common share was computed based on the following:

Three Months Ended June 30, 

Six Months Ended June 30, 

(In thousands, except per share data)

2024

    

2023

2024

    

2023

Numerator

 

  

 

  

 

  

 

  

Net income (loss) available to common shareholders

$

527

$

16

$

(4,162)

$

68

Denominator

 

  

 

  

 

  

 

  

Weighted average common shares outstanding

 

4,520

 

4,986

 

4,586

 

5,100

Weighted average unallocated common stock held by benefit plans

(557)

(600)

(560)

(601)

Weighted average shares - basic

3,963

4,386

4,026

4,499

Effect of dilutive stock-based awards:

Stock options

-

-

-

-

Restricted stock

7

-

-

-