Jacques L. J. Bourque
About Jacques L. J. Bourque
Jacques L. J. Bourque, CPA, MBA, age 32, is Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) of Catalyst Bancorp, Inc. and Catalyst Bank, serving as CFO since February 2022; he joined the company as Treasurer in October 2021 after roles at Home Bank, N.A. (internal audit and senior accountant) and Postlethwaite & Netterville (staff auditor) . He provides Sarbanes-Oxley 302 certifications and leads disclosure controls and internal control over financial reporting, as evidenced by his Rule 13a-14(a) certification attached to the FY 2024 Form 10-K (dated March 28, 2025) . Recent company operating performance during his tenure: quarterly net income of $447k in Q3’24, $626k in Q4’24, $586k in Q1’25, $521k in Q2’25, and $489k in Q3’25, with net interest margin trending near ~3.9% in 2025 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Catalyst Bancorp, Inc. / Catalyst Bank | Chief Financial Officer (SVP; PFAO) | Feb 2022 – Present | Principal financial and accounting officer; SOX 302 certifications; leads disclosure controls and ICFR |
| Catalyst Bancorp, Inc. / Catalyst Bank | Treasurer | Oct 2021 – Feb 2022 | Treasury and finance leadership pre-dating CFO appointment |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Home Bank, N.A. (Lafayette, LA) | Senior Accountant | Oct 2018 – Oct 2021 | Financial reporting and accounting execution at a regional bank |
| Postlethwaite & Netterville | Staff Auditor | Jun 2018 – Oct 2018 | External audit experience |
| Home Bank, N.A. | Internal Auditor | Jan 2017 – May 2018 | Internal audit and controls exposure |
Fixed Compensation
| Component | Amount / Terms | Source |
|---|---|---|
| Base salary | $95,000 per year under Employment Agreement effective Sep 13, 2023; reviewed annually and may be increased by the Board | |
| Benefits | Eligible for all employee benefit plans, paid time off, and expense reimbursement in line with officer policies | |
| Bonus eligibility | Eligible to participate in any bonus/incentive pay plan and discretionary bonuses at Board’s discretion (no formal written bonus plan at the company level) |
Note: As a non-NEO, Jacques’ actual annual salary/bonus paid is not itemized in the 2024–2025 proxy’s NEO Summary Compensation Table (which includes only CEO/COO/CRO) .
Performance Compensation
| Incentive type | Grant/Plan | Size/Status | Vesting | Notes |
|---|---|---|---|---|
| Restricted Stock (RSAs) | 2022 Recognition & Retention Plan | 2,000 shares awarded (held in plan trust; shown in 2023 proxy schedule) | 20% per year beginning Sep 1, 2023 | Plan-wide schedule disclosed; RSAs vest annually at 20% from 9/1/2023 (e.g., 400 shares/year for an initial 2,000-share award) |
| Stock Options | 2022 Stock Option Plan | Options exercisable within 60 days: 1,000 (as of Apr 1, 2024); 2,000 (as of Mar 31, 2025) | Options granted under 2022 plan vest 20%/year beginning Sep 1, 2023 (plan disclosure) | Aggregate grant size/strike for CFO not separately disclosed; plan-level vesting terms disclosed in proxy |
Vesting schedule detail (RSAs under 2022 plan based on plan terms and 2,000-share award):
- 400 shares vest on each September 1, 2023; 2024; 2025; 2026; 2027 (20% per year starting 9/1/2023) .
Clawback and controls:
- Company adopted a clawback policy in 2023 requiring recovery of erroneously paid incentive compensation to NEOs in the event of a material restatement (3-year lookback). Board will revise to comply with applicable listing rules as needed .
Equity Ownership & Alignment
| Measure | As of 3/27/2023 | As of 4/1/2024 | As of 3/31/2025 |
|---|---|---|---|
| Common stock beneficially owned (shares) | 3,078 | 3,204 | 5,400 |
| Ownership (%) | <1% | <1% | <1% |
| Options exercisable within 60 days (included) | — | 1,000 | 2,000 |
| Restricted stock awarded (plan trust disclosure) | 2,000 | — | — |
- Beneficial ownership methodology: 2025 proxy excludes unvested shares without voting/dispositive power from the beneficial ownership totals .
- Pledging/hedging: The company references an Insider Trading Policy governing trading by directors/officers; specific prohibitions on pledging/hedging are not detailed in the excerpts provided. No pledging by Mr. Bourque is disclosed in the cited sections .
- Ownership alignment: ESOP exists; executives receive ESOP allocations (reflected in “all other compensation” narrative for NEOs), but individual CFO ESOP allocations are not itemized in the proxy tables provided .
Employment Terms
| Term | Detail |
|---|---|
| Agreement | Employment Agreement effective Sep 13, 2023; initial term 3 years ending Sep 12, 2026; Board review for further extensions prior to expiry; if a Change in Control (CIC) occurs, the agreement term automatically extends for two years after the CIC effective date |
| Position | Chief Financial Officer |
| Base salary | $95,000 per year (subject to Board increases) |
| Termination – without cause / with good reason | Lump-sum severance equal to 12 months of base salary, payable within 60 days; 100% COBRA premiums for up to 12 months or until comparable coverage obtained; release of claims required |
| Termination – for cause | No severance; only vested/earned benefits |
| Change in Control | If terminated without cause or with good reason on the CIC effective date or within 30 days thereafter: lump-sum equal to 12 months of the greater of base salary at CIC or termination; 100% COBRA premiums up to 12 months or until comparable coverage obtained (CIC payments in lieu of standard severance) |
| Death | 12 weeks’ base salary to estate/beneficiary and 12 weeks’ continued health coverage for family |
| Restrictive covenants | Non-solicitation of employees/customers for 1 year post-termination (other than following CIC termination); geographic scope includes multiple Louisiana parishes (St. Landry, Lafayette, Evangeline, Acadia, Avoyelles, Pointe Coupee) |
| Arbitration | Binding arbitration under AAA employment rules within 25 miles of Bank HQ |
| Indemnification/D&O | D&O insurance and indemnification for term and 6 years thereafter, except for illegal/fraudulent acts |
| 409A/FDIA | Section 409A “specified employee” delay if applicable; payments subject to 12 U.S.C. 1828(k) (golden parachute) restrictions |
Performance & Track Record
-
Quarterly performance snapshot during tenure:
Metric Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net income ($000s) 447 626 586 521 489 Net interest margin (TE, %) 3.86 (Q3’24) — 3.89 (Q1’25) 3.98 (Q2’25) 3.88 (Q3’25) -
Capital and control environment: CFO provides SOX certifications; Board instituted a clawback policy in 2023 for incentive compensation following restatements .
Compensation Structure Analysis
- Cash vs equity mix: For the finance organization generally, there is no written bonus plan; bonuses are discretionary. 2024 NEOs (CEO/COO/CRO) received discretionary cash bonuses; options/RSAs from 2022 plans vest 20% annually, indicating time-based equity retention rather than high-intensity performance-based PSUs .
- Performance metrics in pay: No explicit revenue/EBITDA/TSR targets disclosed for Mr. Bourque’s awards in the cited documents; plan-level vesting is time-based at 20% per year .
- Repricing/modifications: No option repricings or award modifications disclosed in the cited sections.
- Clawback: Implemented in 2023; enhances alignment and recovery on restatement .
Vesting Schedules and Insider Selling Pressure
- RSAs: 2,000-share award vests 400 shares annually on Sep 1 of 2023–2027 per plan terms, creating potential periodic liquidity events around early September each year .
- Options: Options under the 2022 plan vest 20% annually beginning Sep 1, 2023; exercisable within 60 days increased from 1,000 (Apr 1, 2024) to 2,000 (Mar 31, 2025), indicating ongoing incremental vesting; actual total option grant size and strike not disclosed for the CFO in the cited tables .
Related Party, Hedging/Pledging, Ownership Guidelines
- Insider banking relationships allowed under Regulation O at market terms; approx. $1.8 million of such loans outstanding at year-end 2024 across directors and executive officers; no unfavorable features disclosed .
- Insider Trading Policy governs purchases/sales; specific anti-pledging/hedging restrictions not detailed in the provided excerpts; no pledging disclosure for Mr. Bourque found in the cited sections .
- Stock ownership guidelines: Not disclosed in the cited sections.
Employment Terms (Key Economics at a Glance)
- Severance: 12 months’ base salary plus up to 12 months’ COBRA (with release), both for standard without cause/with good reason and for CIC circumstances (with CIC timing window); death benefit equals 12 weeks’ salary plus 12 weeks’ coverage .
- Non-solicit: 12 months post-termination, defined parish-level geography; confidentiality and non-disparagement included .
Investment Implications
- Alignment: Time-based equity (20% annual vesting) and modest absolute ownership (5,400 shares; <1%) suggest retention-oriented incentives but limited direct performance leverage; clawback policy bolsters governance .
- Selling pressure: Annual RSA vest dates around Sep 1 (400 shares/year under the 2,000-share award) and incremental option vesting may create small, predictable liquidity windows; however, CFO’s stake is relatively small in absolute terms .
- Retention risk: Employment agreement provides only 12-month cash severance/COBRA and a 1-year non-solicit—moderate protections; term auto-extends two years post-CIC, but CIC cash multiple remains 1x salary, which is relatively conservative versus peers, potentially limiting windfalls and excessive turnover incentives .
- Execution considerations: As PFAO since 2022, Bourque has overseen reporting and controls through a period of improving quarterly profitability in 2025 and stable margins/capital; governance mechanisms (SOX certifications, clawback) reduce financial reporting risk .