Form 4: Catalyst Bancorp CFO Reports Stock Transactions
SEC Form 4 Filing
Jacques L.J. Bourque, CFO of Catalyst Bancorp, reports disposition of shares to cover tax obligations and holdings in 401(k) and ESOP plans.
Summary
- On September 1, 2024, Jacques L.J. Bourque, the CFO of Catalyst Bancorp, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- He disposed of 136 shares of common stock at a price of $11.67 per share to meet tax obligations related to a stock benefit plan distribution.
- Following the transaction, Bourque directly owns 1,728 shares of Catalyst Bancorp common stock.
- He also indirectly owns 525.9429 shares through the Catalyst Bank 401(k) Plan and 1,273.9051 shares through the Employee Stock Ownership Plan (ESOP).
- Additionally, he holds 100 shares each as a custodian for Quinn Bourque and Levi Bourque under UTMA.
- Bourque also holds options to purchase 5,000 shares of common stock at an exercise price of $13.30, which are vesting at a rate of 20% per year starting September 1, 2023, and expire on September 1, 2032.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. The filing is routine and shows continued insider ownership, which is generally viewed favorably. There are no indications of negative events or concerns.
Positives
- The reporting person maintains a significant ownership stake in the company through direct holdings, 401(k), ESOP, and stock options.
- The vesting schedule of the stock options incentivizes long-term commitment to the company.
Industry Context
Form 4 filings are a routine part of regulatory compliance for publicly traded companies, providing transparency into the transactions of company insiders. This filing indicates the CFO's ongoing investment in the company through various means, including direct stock ownership, participation in employee benefit plans, and stock options.
Comparison to Industry Standards
- Comparing Catalyst Bancorp to similar regional banks, insider ownership is a common metric used to gauge management's alignment with shareholder interests.
- The vesting schedule of the stock options is typical for executive compensation packages in the banking industry, designed to incentivize long-term performance.
- Companies like First Financial Corporation (THFF) and German American Bancorp (GABC) also have similar insider ownership structures and option grants.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions.
- The CFO's continued investment in the company through stock ownership and options may be viewed positively by shareholders.
Key Dates
| Date | Description |
|---|---|
| 09/01/2023 | Commencement of 20% annual vesting for 2,000 shares granted under the Issuer's 2022 Recognition and Retention Plan and Trust Agreement. |
| 12/31/2023 | Date as of which ESOP shares allocated to the reporting person's account were last reported. |
| 08/29/2024 | Date of the report used to determine shares acquired in the Catalyst Bank 401(k) Plan since the last filed Form 4. |
| 09/01/2024 | Date of the stock transaction (disposition of shares for tax obligations). |
| 09/01/2024 | Date of stock option grant. |
| 09/01/2032 | Expiration date of the stock options. |
| 09/05/2024 | Date of Form 4 filing. |
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