|
|
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
|
|
(Address of principal executive offices)
|
(Zip code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
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.
|
☐
|
|
(d)
|
Exhibits
|
Exhibit No.
|
|
Description of Exhibit
|
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
LIMESTONE BANCORP, INC. | |||
Date: January 20, 2021
|
By |
/s/ |
Phillip W. Barnhouse |
Phillip W. Barnhouse
|
|||
Chief Financial Officer
|
LOUISVILLE, Ky.--(BUSINESS WIRE)--January 20, 2021--Limestone Bancorp, Inc. (NASDAQ: LMST) (“the Company”), parent company of Limestone Bank (“the Bank”), today reported unaudited results for the fourth quarter and full year of 2020. Net income available to common shareholders for the fourth quarter of 2020 was $3.1 million, or $0.42 per basic and diluted common share, compared with $1.8 million, or $0.24 per basic and diluted share, for the fourth quarter of 2019. Net income for the twelve months ended December 31, 2020, was $9.0 million, or $1.20 per diluted common share, compared with net income of $10.5 million, or $1.41 per diluted share, for the twelve months ended December 31, 2019.
“While 2020 will likely be remembered as a challenging year, I am proud of the work accomplished by the Limestone Bank team," stated John T. Taylor, President and CEO. "Fighting the headwinds of the pandemic, our team adjusted to the COVID environment by providing support to our communities and customers through participation in the SBA Paycheck Protection Program and the relief prescribed in the CARES Act. We did all this while implementing measures to ensure our personnel were safe and healthy to serve our customers. The team at Limestone quickly reacted to the falling interest rate environment, grew earning assets, and continued to successfully grow our franchise value by onboarding high quality core deposit relationships. The long-term impact of the pandemic may not yet be fully known, but we believe we are well-positioned for the future with a scalable community banking platform as well as sound credit metrics and reserves.”
Income Taxes - Net income before taxes was $10.6 million for the year ended December 31, 2020, compared with $11.0 million for the year ended 2019. Income tax expense was $1.6 million for 2020 compared to $480,000 for 2019. For 2020 and 2019, income tax expense benefitted from the establishment of a net deferred tax asset related to a change in Kentucky tax law enacted during 2019. Income tax expense benefitted $478,000 and $1.6 million for the years ended December 31, 2020 and 2019, respectively, or $0.06 per basic and diluted common share, and $0.21 per basic and diluted common share, respectively. The new Kentucky income tax went into effect on January 1, 2021.
Net Interest Income – Net interest income increased to $10.8 million for the fourth quarter of 2020, compared to $9.9 million for the third quarter of 2020, and $8.9 million for the fourth quarter of 2019. Average loans increased to $965.3 million for the fourth quarter of 2020, compared to $963.5 million for the third quarter of 2020, and $846.2 million for the fourth quarter of 2019. Average loans for 2020 were positively impacted by the branch purchase transaction on November 15, 2019, which included $126.8 million in loans at the time of purchase, as well as $42.4 million of 2020 loan originations under the SBA Paycheck Protection Program. After forgiveness and paydowns, PPP loans declined to $20.3 million at December 31, 2020. Net interest margin increased to 3.53% for the fourth quarter of 2020, compared with 3.27% for the third quarter of 2020, and 3.23% for the fourth quarter of 2019.
The yield on earning assets increased to 4.12% in the fourth quarter of 2020, compared to 3.98% in the third quarter of 2020, and decreased compared to 4.57% in the fourth quarter of 2019. The yield on earning assets for the third and fourth quarters of 2020 were negatively impacted by lower interest rates on the Bank’s fed funds, certain floating rate investment securities, and loans with variable rate repricing features. Loan fee income can meaningfully impact net interest income, loan yields, and net interest margin. The amount of loan fee income included in total interest income was $1.0 million, $387,000, and $218,000 for the quarters ended December 31, 2020, September 30, 2020, and December 31, 2019, respectively. This represents 33 basis points, 13 basis points, and eight basis points of yield on earning assets and net interest margin for the quarters ended December 31, 2020, September 30, 2020, and December 31, 2019, respectively. Loan fee income for the fourth quarter of 2020 included $767,000 in fees earned on SBA PPP loans, as compared to $195,000 in the third quarter of 2020.
The cost of interest-bearing liabilities was 0.76% for the fourth quarter of 2020, compared to 0.90% in the third quarter of 2020, and 1.65% in the fourth quarter of 2019. The cost of interest-bearing liabilities continued to decline primarily based on the downward repricing of time deposits. Time deposits declined $30.9 million during the fourth quarter of 2020 as approximately $84.7 million of time deposits with an average rate of 1.01% matured or repriced at lower interest rates. During the fourth quarter of 2020, newly originated or renewed time deposits had an average rate of 0.33% and a weighted average term of approximately 19 months.
Net interest income increased to $40.6 million for the year ended December 31, 2020, compared with $35.4 million for 2019. Average loans increased to $964.1 million for 2020, compared with $801.8 million for 2019. Average loans were positively impacted by the branch purchase transaction on November 15, 2019, along with loan growth during 2019 and 2020, as well as SBA PPP loan originations as discussed above. Net interest margin decreased to 3.36% for 2020, compared with 3.40% for 2019.
The yield on earning assets decreased to 4.20% for year ended December 31, 2020, compared to 4.76% for 2019. The amount of loan fee income included in total interest income was $2.1 million and $1.2 million for the year ended December 31, 2020 and December 31, 2019, respectively. This represents 18 basis points and 11 basis points of yield on earning assets and net interest margin for 2020 and 2019, respectively. Loan fee income for the year ended December 31, 2020, included $1.1 million in fees earned on SBA PPP loans. The cost of interest-bearing liabilities was 1.05% for 2020, compared to 1.66% for 2019.
As of December 31, 2020, time deposits comprise $367.6 million of the Company’s liabilities including $104.9 million with a current average rate of 0.99%, which reprice or mature in the first quarter of 2021. The following table denotes contractual time deposit maturities and average rates as of December 31, 2020:
Maturity Quarter |
|
As of December 31, 2020 (in thousands) |
Weighted Average Rate |
|||
|
|
|
|
|||
Q1-2021 |
|
|
104,874 |
0.99 |
|
|
Q2-2021 |
|
|
102,627 |
0.57 |
|
|
Q3-2021 |
|
|
42,557 |
0.59 |
|
|
Q4-2021 |
|
|
21,782 |
0.50 |
|
|
Q1-2022 |
|
|
11,034 |
0.80 |
|
|
Thereafter |
|
|
84,678 |
1.18 |
|
|
Total time deposits |
|
$ |
367,552 |
0.84 |
% |
Investment Securities – The securities portfolio serves as a source of liquidity and earnings and contributes to the management of interest rate risk. Investments are made in various types of liquid assets, including U.S. Treasury obligations and securities of various federal agencies, obligations of states and political subdivisions, corporate bonds, and collateralized loan obligations.
The following table sets forth the carrying value of our securities portfolio at the dates indicated.
|
|
December 31, 2020 |
|
|
September 30, 2020 |
|
||||||||||||||||||||||||||||
|
|
Amortized Cost |
|
|
Gross Unrealized Gains |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
|
Amortized Cost |
|
|
Gross Unrealized Gains |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
|
|||||||||
|
|
(dollars in thousands) |
|
|||||||||||||||||||||||||||||||
Securities available for sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. Government and federal agencies |
|
$ |
18,811 |
|
|
$ |
806 |
|
|
$ |
— |
|
|
$ |
19,617 |
|
|
$ |
19,158 |
|
|
$ |
931 |
|
|
$ |
— |
|
|
$ |
20,089 |
|
|
|
Agency mortgage-backed residential |
|
|
71,582 |
|
|
|
2,777 |
|
|
|
(26 |
) |
|
|
74,333 |
|
|
|
76,388 |
|
|
|
2,974 |
|
|
|
(13 |
) |
|
|
79,349 |
|
|
|
Collateralized loan obligations |
|
|
44,730 |
|
|
|
— |
|
|
|
(1,578 |
) |
|
|
43,152 |
|
|
|
44,730 |
|
|
|
— |
|
|
|
(1,905 |
) |
|
|
42,825 |
|
|
|
State and municipal |
|
|
34,759 |
|
|
|
1,296 |
|
|
|
— |
|
|
|
36,055 |
|
|
|
34,391 |
|
|
|
1,076 |
|
|
|
(32 |
) |
|
|
35,435 |
|
|
|
Corporate bonds |
|
|
31,635 |
|
|
|
472 |
|
|
|
(1,402 |
) |
|
|
30,705 |
|
|
|
27,116 |
|
|
|
373 |
|
|
|
(1,643 |
) |
|
|
25,846 |
|
|
|
Total available for sale |
|
$ |
201,517 |
|
|
$ |
5,351 |
|
|
$ |
(3,006 |
) |
|
$ |
203,862 |
|
|
$ |
201,783 |
|
|
$ |
5,354 |
|
|
$ |
(3,593 |
) |
|
$ |
203,544 |
|
|
|
Provision and Allowance for Loan Losses – The allowance for loan losses to total loans was 1.29% at December 31, 2020, compared to 1.18% at September 30, 2020, and 0.90% at December 31, 2019. Loans acquired in the November 2019 branch transaction totaled $85.9 million at December 31, 2020, and $100.3 million at September 30, 2020. These loans were recorded at fair value as determined by an independent third party. The remaining discount associated with the fair value purchase accounting adjustments on the acquired loans was $288,000 at December 31, 2020, compared to $301,000 at September 30, 2020. Subsequent deterioration of these acquired loans, if any, may require an adjustment through the allowance for loan loss.
A provision of $900,000 and $4.4 million, or $0.09 and $0.46, per common share after taxes, was recorded in the fourth quarter and the year ended December 31, 2020, compared to no provision for loan losses in the fourth quarter and the year ended December 31, 2019. The 2020 loan loss provisions were attributable to the net loan charge-offs during the year, trends within the portfolio during the year, and primarily to changes in the economic and business environment attributable to COVID-19, the state and national emergencies that have been declared, and the resultant risk the pandemic poses for business disruptions for the Bank’s borrowers which may lead to credit quality deterioration. Net loan charge-offs were $333,000 for 2020, compared to net loan charge-offs of $504,000 for 2019.
While the Company expects the U.S. Government’s economic responses to the COVID-19 pandemic through monetary policy and fiscal stimulus have provided meaningful support to the economy, management deemed it prudent to increase the allowance for loan losses through its qualitative environmental factors to account for the pandemic risk.
COVID-19 Short-term Loan Concessions – The Bank has elected to account for eligible loan modifications under Section 4013 of the CARES Act. To be an eligible loan under Section 4013 of the CARES Act, a loan modification must be (1) related to the coronavirus pandemic (“COVID-19”); (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the national emergency declared by the President on March 13, 2020, concerning the COVID-19 outbreak (the “national emergency”) or (B) January 1, 2022. Eligible loan modifications are not required to be classified as TDRs and will not be reported as past due provided they are performing in accordance with the modified terms. Interest income will continue to be recognized in accordance with GAAP unless the loan is placed on nonaccrual status.
Short-term loan modifications totaled $15.3 million as of December 31, 2020, compared to $64.9 million at September 30, 2020. The following table details the status of the Bank’s short-term loan modifications by loan category or type as of December 31, 2020:
First Modification Active |
|
Subsequent Modification Active |
|
Modification Ended |
|
Total Modified Loans |
|
Total Loan Portfolio |
|
% Modified to Total Portfolio |
||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||||||
Hotel, Motel, & Lodging |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,822 |
|
|
$ |
7,822 |
|
|
$ |
51,822 |
|
|
|
15.1 |
% |
||||||
Retail Facility |
|
|
— |
|
|
|
4,355 |
|
|
|
— |
|
|
|
4,355 |
|
|
|
67,785 |
|
|
|
6.4 |
|
||||||
Commercial Real Estate |
|
|
— |
|
|
|
346 |
|
|
|
— |
|
|
|
346 |
|
|
|
160,433 |
|
|
|
0.2 |
|
||||||
1-4 Family Residential |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
188,955 |
|
|
|
— |
|
||||||
Restaurant Full Service |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,094 |
|
|
|
— |
|
||||||
Restaurant Limited Service |
|
|
2,303 |
|
|
|
— |
|
|
|
— |
|
|
|
2,303 |
|
|
|
15,780 |
|
|
|
14.6 |
|
||||||
Multi-family |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
61,180 |
|
|
|
— |
|
||||||
Construction and Development |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48,396 |
|
|
|
— |
|
||||||
Commercial & Industrial |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
208,244 |
|
|
|
— |
|
||||||
Farmland |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
70,272 |
|
|
|
— |
|
||||||
Consumer, Agriculture & Other |
|
|
— |
|
|
|
— |
|
|
|
486 |
|
|
|
486 |
|
|
|
74,120 |
|
|
|
0.7 |
|
||||||
Total |
|
$ |
2,303 |
|
|
$ |
4,701 |
|
|
$ |
8,308 |
|
|
$ |
15,312 |
|
|
$ |
962,081 |
|
|
|
1.6 |
% |
||||||
First Modification Active includes loans within the terms of the original modification agreement. Subsequent Modification Active includes loans with a matured original modification that have been further modified within the short-term parameters. Modification Ended includes loans that have reached final deferred payment and have yet to make a payment in accordance with the loan’s original terms or have yet to request a subsequent modification. Loans that returned to original contracted terms with a verified payment are considered cured and are no longer included as modified loans in the table above.
The table above includes one commercial real estate loan secured by a retail facility totaling $4.4 million that remains subject to and is performing in accordance with an interest only short-term subsequent COVID-19 modification. The loan is graded substandard, has been evaluated under ASC-310-10, and allocated a specific reserve of $2.2 million as of December 31, 2020.
Subsequent to December 31, 2020, $8.3 million of the loans categorized as “Modification Ended” in the table above have received a verified payment and are now considered cured.
Non-performing Assets – Non-performing assets, which include loans on nonaccrual, accruing troubled debt restructurings, loans past due 90 days and still accruing, and other real estate owned (“OREO”), decreased to $3.9 million, or 0.30%, of total assets at December 31, 2020, compared with $4.2 million, or 0.32%, of total assets at September 30, 2020, and $5.2 million, or 0.42%, of total assets at December 31, 2019.
Non-interest Income and Expense – Non-interest income for the fourth quarter of 2020 increased $123,000 to $1.8 million, compared with $1.7 million for the fourth quarter of 2019. The increase was primarily related to bank card interchange fees of $171,000 as a result of the deposit accounts acquired in the branch transaction on November 15, 2019. Non-interest expense decreased $448,000, or 5.4%, to $7.9 million for the fourth quarter of 2020, compared with $8.3 million for the fourth quarter of 2019. Deposit account related expense increased by $159,000, occupancy expense increased by $121,000, and franchise tax expense increased by $130,000, which were all primarily the result of the branch acquisition. Non-interest expense for 2019 also included $775,000 of acquisition expenses related to the branch purchase transaction.
Non-interest income increased $926,000 to $6.8 million for the year ended December 31, 2020, compared with $5.9 million for year ended December 31, 2019. The increase was primarily related to bank card interchange fees of $938,000 as a result of the deposit accounts acquired in the branch purchase transaction. Non-interest expense increased $2.1 million, or 7.1%, to $32.4 million for year ended December 31, 2020, compared with $30.3 million for the year ended December 31, 2019. The increase was primarily due to an increase in salaries and employee benefits of $1.5 million and $666,000 in deposit account related expense. While the Bank added sales talent and customer facing associates during the latter half of 2019 and branch staff in connection with the branch purchase transaction, the Bank realized a reduction in FTEs from 248 at March 31, 2020, to 219 as of December 31, 2020, through attrition and workforce reduction. The increase in deposit account related expense is the result of the deposit accounts acquired in the branch purchase transaction.
Capital – The Company’s capital ratios were positively impacted by the additional $8.0 million of subordinated notes issued during the third quarter, as the subordinated notes meet the requirements to qualify as Tier 2 capital.
About Limestone Bancorp, Inc.
Limestone Bancorp, Inc. (NASDAQ: LMST) is a Louisville, Kentucky-based bank holding company which operates banking centers in 14 counties through its wholly-owned subsidiary Limestone Bank. The Bank’s markets include metropolitan Louisville in Jefferson County and the surrounding counties of Bullitt and Henry and extend south along the Interstate 65 corridor. The Bank serves south central, southern, and western Kentucky from banking centers in Barren, Butler, Daviess, Edmonson, Green, Hardin, Hart, Ohio, and Warren counties. The Bank also has banking centers in Lexington, Kentucky, the second largest city in the state, and Frankfort, Kentucky, the state capital. Limestone Bank is a traditional community bank with a wide range of personal and business banking products and services.
Forward-Looking Statements
Statements in this press release relating to Limestone Bancorp’s plans, objectives, expectations or future performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “should,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “possible,” “seek,” “plan,” “strive” or similar words, or negatives of these words, identify forward-looking statements that involve risks and uncertainties. Although the Company's management believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of these assumptions could be inaccurate. Therefore, there can be no assurance the forward-looking statements included herein will prove to be accurate. Factors that could cause actual results to differ from those discussed in forward-looking statements include, but are not limited to: the impact and duration of the COVID-19 pandemic and national, state and local emergency conditions the pandemic has produced; economic conditions both generally and more specifically in the markets in which the Company and its subsidiaries operate; competition for the Company's customers from other providers of financial services; government legislation, regulation, fiscal, and monetary policies, which change from time to time and over which the Company has no control; changes in interest rates; material unforeseen changes in liquidity, results of operations, or financial condition of the Company's customers; and other risks detailed in the Company's filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the Company. See Risk Factors outlined in the Company's Form 10-K for the year ended December 31, 2019, and Form 10-Q for the nine months ended September 30, 2020.
Additional Information
Unaudited supplemental financial information for the fourth quarter ending December 31, 2020, follows.
LIMESTONE BANCORP, INC. |
|||||||||||||
|
Three |
|
Three |
|
Twelve |
|
Twelve |
|
|||||
|
Months |
|
Months |
|
Months |
|
Months |
|
|||||
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
|||||
|
12/31/20 |
|
12/31/19 |
|
12/31/20 |
|
12/31/19 |
|
|||||
|
|
|
|
|
|
|
|
|
|||||
Income Statement Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
12,606 |
|
$ |
12,537 |
|
$ |
50,753 |
|
$ |
49,584 |
|
|
Interest expense |
|
1,820 |
|
|
3,676 |
|
|
10,152 |
|
|
14,234 |
|
|
Net interest income |
|
10,786 |
|
|
8,861 |
|
|
40,601 |
|
|
35,350 |
|
|
Provision for loan losses |
|
900 |
|
|
— |
|
|
4,400 |
|
|
— |
|
|
Net interest income after provision |
|
9,886 |
|
|
8,861 |
|
|
36,201 |
|
|
35,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
594 |
|
|
681 |
|
|
2,268 |
|
|
2,381 |
|
|
Bank card interchange fees |
|
882 |
|
|
711 |
|
|
3,376 |
|
|
2,438 |
|
|
Bank owned life insurance income |
|
99 |
|
|
96 |
|
|
424 |
|
|
410 |
|
|
Gain (loss) on sales and calls of securities, net |
|
— |
|
|
— |
|
|
(5 |
) |
|
(5 |
) |
|
Other |
|
202 |
|
|
166 |
|
|
781 |
|
|
694 |
|
|
Non-interest income |
|
1,777 |
|
|
1,654 |
|
|
6,844 |
|
|
5,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries & employee benefits |
|
4,167 |
|
|
4,201 |
|
|
17,751 |
|
|
16,233 |
|
|
Occupancy and equipment |
|
1,011 |
|
|
890 |
|
|
4,001 |
|
|
3,522 |
|
|
Professional fees |
|
233 |
|
|
171 |
|
|
937 |
|
|
769 |
|
|
Marketing expense |
|
177 |
|
|
218 |
|
|
629 |
|
|
908 |
|
|
FDIC insurance |
|
81 |
|
|
— |
|
|
229 |
|
|
211 |
|
|
Data processing expense |
|
381 |
|
|
316 |
|
|
1,502 |
|
|
1,259 |
|
|
State franchise and deposit tax |
|
395 |
|
|
265 |
|
|
1,475 |
|
|
1,210 |
|
|
Deposit account related expense |
|
492 |
|
|
333 |
|
|
1,890 |
|
|
1,224 |
|
|
Other real estate owned expense |
|
5 |
|
|
35 |
|
|
63 |
|
|
368 |
|
|
Litigation and loan collection expense |
|
22 |
|
|
77 |
|
|
200 |
|
|
189 |
|
|
Communications expense |
|
190 |
|
|
200 |
|
|
856 |
|
|
772 |
|
|
Insurance expense |
|
112 |
|
|
109 |
|
|
428 |
|
|
444 |
|
|
Postage and delivery |
|
151 |
|
|
140 |
|
|
627 |
|
|
544 |
|
|
Acquisition costs |
|
— |
|
|
775 |
|
|
— |
|
|
775 |
|
|
Other |
|
449 |
|
|
584 |
|
|
1,828 |
|
|
1,842 |
|
|
Non-interest expense |
|
7,866 |
|
|
8,314 |
|
|
32,416 |
|
|
30,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
3,797 |
|
|
2,201 |
|
|
10,629 |
|
|
10,998 |
|
|
Income tax expense |
|
680 |
|
|
437 |
|
|
1,624 |
|
|
480 |
|
|
Net income |
$ |
3,117 |
|
$ |
1,764 |
|
$ |
9,005 |
|
$ |
10,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares – Basic |
|
7,499,323 |
|
|
7,471,680 |
|
|
7,492,190 |
|
|
7,468,215 |
|
|
Weighted average shares – Diluted |
|
7,499,323 |
|
|
7,471,680 |
|
|
7,492,190 |
|
|
7,468,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.42 |
|
$ |
0.24 |
|
$ |
1.20 |
|
$ |
1.41 |
|
|
Diluted earnings per common share |
$ |
0.42 |
|
$ |
0.24 |
|
$ |
1.20 |
|
$ |
1.41 |
|
|
Cash dividends declared per common share |
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
LIMESTONE BANCORP, INC. |
|||||||||||||||
|
|
Three |
|
Three |
|
Three |
|
|
Three |
|
|
Three |
|
||
|
|
Months |
|
Months |
|
Months |
|
|
Months |
|
|
Months |
|
||
|
|
Ended |
|
Ended |
|
Ended |
|
|
Ended |
|
|
Ended |
|
||
|
|
12/31/20 |
|
9/30/20 |
|
6/30/20 |
|
|
3/31/20 |
|
|
12/31/19 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
12,606 |
|
$ |
12,094 |
|
$ |
12,786 |
|
$ |
13,267 |
|
$ |
12,537 |
|
Interest expense |
|
1,820 |
|
|
2,151 |
|
|
2,676 |
|
|
3,505 |
|
|
3,676 |
|
Net interest income |
|
10,786 |
|
|
9,943 |
|
|
10,110 |
|
|
9,762 |
|
|
8,861 |
|
Provision for loan losses |
|
900 |
|
|
1,350 |
|
|
1,100 |
|
|
1,050 |
|
|
— |
|
Net interest income after provision |
|
9,886 |
|
|
8,593 |
|
|
9,010 |
|
|
8,712 |
|
|
8,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
594 |
|
|
565 |
|
|
441 |
|
|
668 |
|
|
681 |
|
Bank card interchange fees |
|
882 |
|
|
881 |
|
|
863 |
|
|
750 |
|
|
711 |
|
Bank owned life insurance income |
|
99 |
|
|
113 |
|
|
116 |
|
|
96 |
|
|
96 |
|
Gain (loss) on sales and calls of securities, net |
|
— |
|
|
— |
|
|
(5 |
) |
|
— |
|
|
— |
|
Other |
|
202 |
|
|
183 |
|
|
186 |
|
|
210 |
|
|
166 |
|
Non-interest income |
|
1,777 |
|
|
1,742 |
|
|
1,601 |
|
|
1,724 |
|
|
1,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries & employee benefits |
|
4,167 |
|
|
4,413 |
|
|
4,633 |
|
|
4,538 |
|
|
4,201 |
|
Occupancy and equipment |
|
1,011 |
|
|
1,008 |
|
|
983 |
|
|
999 |
|
|
890 |
|
Professional fees |
|
233 |
|
|
261 |
|
|
235 |
|
|
208 |
|
|
171 |
|
Marketing expense |
|
177 |
|
|
134 |
|
|
104 |
|
|
214 |
|
|
218 |
|
FDIC insurance |
|
81 |
|
|
81 |
|
|
67 |
|
|
— |
|
|
— |
|
Data processing expense |
|
381 |
|
|
382 |
|
|
380 |
|
|
359 |
|
|
316 |
|
State franchise and deposit tax |
|
395 |
|
|
360 |
|
|
360 |
|
|
360 |
|
|
265 |
|
Deposit account related expense |
|
492 |
|
|
487 |
|
|
460 |
|
|
451 |
|
|
333 |
|
Other real estate owned expense |
|
5 |
|
|
20 |
|
|
22 |
|
|
16 |
|
|
35 |
|
Litigation and loan collection expense |
|
22 |
|
|
54 |
|
|
59 |
|
|
65 |
|
|
77 |
|
Communications expense |
|
190 |
|
|
201 |
|
|
247 |
|
|
218 |
|
|
200 |
|
Insurance expense |
|
112 |
|
|
102 |
|
|
111 |
|
|
103 |
|
|
109 |
|
Postage and delivery |
|
151 |
|
|
156 |
|
|
152 |
|
|
168 |
|
|
140 |
|
Acquisition costs |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
775 |
|
Other |
|
449 |
|
|
420 |
|
|
423 |
|
|
536 |
|
|
584 |
|
Non-interest expense |
|
7,866 |
|
|
8,079 |
|
|
8,236 |
|
|
8,235 |
|
|
8,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
3,797 |
|
|
2,256 |
|
|
2,375 |
|
|
2,201 |
|
|
2,201 |
|
Income tax expense |
|
680 |
|
|
190 |
|
|
393 |
|
|
361 |
|
|
437 |
|
Net income |
$ |
3,117 |
|
$ |
2,066 |
|
$ |
1,982 |
|
$ |
1,840 |
|
$ |
1,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares – Basic |
|
7,499,323 |
|
|
7,499,223 |
|
|
7,488,173 |
|
|
7,481,884 |
|
|
7,471,680 |
|
Weighted average shares – Diluted |
|
7,499,323 |
|
|
7,499,223 |
|
|
7,488,173 |
|
|
7,481,884 |
|
|
7,471,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.42 |
|
$ |
0.28 |
|
$ |
0.26 |
|
$ |
0.25 |
|
$ |
0.24 |
|
Diluted earnings per common share |
$ |
0.42 |
|
$ |
0.28 |
|
$ |
0.26 |
|
$ |
0.25 |
|
$ |
0.24 |
|
Cash dividends declared per common share |
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
LIMESTONE BANCORP, INC. |
|||||||||||||||
|
|
As of |
|
||||||||||||
|
|
12/31/20 |
|
9/30/20 |
|
6/30/20 |
|
|
3/31/20 |
|
|
12/31/19 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
962,081 |
|
$ |
974,468 |
|
$ |
975,759 |
|
$ |
961,561 |
|
$ |
926,271 |
|
Allowance for loan losses |
|
(12,443 |
) |
|
(11,481 |
) |
|
(10,228 |
) |
|
(9,150 |
) |
|
(8,376 |
) |
Net loans |
|
949,638 |
|
|
962,987 |
|
|
965,531 |
|
|
952,411 |
|
|
917,895 |
|
Securities available for sale |
|
203,862 |
|
|
203,544 |
|
|
202,596 |
|
|
198,657 |
|
|
209,000 |
|
Federal funds sold & interest-bearing deposits |
|
56,863 |
|
|
24,358 |
|
|
39,027 |
|
|
23,639 |
|
|
21,962 |
|
Cash and due from financial institutions |
|
10,830 |
|
|
7,593 |
|
|
9,990 |
|
|
9,509 |
|
|
8,241 |
|
Premises and equipment |
|
18,533 |
|
|
18,572 |
|
|
19,000 |
|
|
19,282 |
|
|
19,658 |
|
Premises held for sale |
|
1,060 |
|
|
1,110 |
|
|
1,149 |
|
|
1,185 |
|
|
900 |
|
Bank owned life insurance |
|
23,441 |
|
|
23,347 |
|
|
16,238 |
|
|
16,128 |
|
|
16,037 |
|
FHLB Stock |
|
5,887 |
|
|
5,962 |
|
|
6,142 |
|
|
6,837 |
|
|
6,237 |
|
Other real estate owned |
|
1,765 |
|
|
1,625 |
|
|
1,625 |
|
|
3,225 |
|
|
3,225 |
|
Deferred taxes, net |
|
25,714 |
|
|
26,540 |
|
|
27,054 |
|
|
28,208 |
|
|
27,765 |
|
Goodwill |
|
6,252 |
|
|
6,252 |
|
|
6,252 |
|
|
6,252 |
|
|
6,252 |
|
Intangible assets |
|
2,244 |
|
|
2,308 |
|
|
2,372 |
|
|
2,436 |
|
|
2,500 |
|
Accrued interest receivable and other assets |
|
6,213 |
|
|
7,426 |
|
|
7,532 |
|
|
6,441 |
|
|
6,107 |
|
Total Assets |
$ |
1,312,302 |
|
$ |
1,291,624 |
|
$ |
1,304,508 |
|
$ |
1,274,210 |
|
$ |
1,245,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
$ |
367,552 |
|
$ |
398,429 |
|
$ |
446,370 |
|
$ |
467,535 |
|
$ |
476,534 |
|
Interest checking |
|
190,625 |
|
|
168,735 |
|
|
167,814 |
|
|
157,621 |
|
|
146,038 |
|
Money market |
|
175,785 |
|
|
174,588 |
|
|
166,376 |
|
|
154,851 |
|
|
160,837 |
|
Savings |
|
142,623 |
|
|
134,962 |
|
|
119,327 |
|
|
92,235 |
|
|
56,015 |
|
Total interest-bearing deposits |
|
876,585 |
|
|
876,714 |
|
|
899,887 |
|
|
872,242 |
|
|
839,424 |
|
Demand deposits |
|
243,022 |
|
|
217,675 |
|
|
224,901 |
|
|
185,658 |
|
|
187,551 |
|
Total deposits |
|
1,119,607 |
|
|
1,094,389 |
|
|
1,124,788 |
|
|
1,057,900 |
|
|
1,026,975 |
|
FHLB advances |
|
20,623 |
|
|
30,634 |
|
|
20,644 |
|
|
61,349 |
|
|
61,389 |
|
Junior subordinated debentures |
|
21,000 |
|
|
21,000 |
|
|
21,000 |
|
|
21,000 |
|
|
21,000 |
|
Subordinated capital note |
|
25,000 |
|
|
25,000 |
|
|
17,000 |
|
|
17,000 |
|
|
17,000 |
|
Senior debt |
|
— |
|
|
— |
|
|
5,000 |
|
|
5,000 |
|
|
5,000 |
|
Accrued interest payable and other liabilities |
|
10,048 |
|
|
8,315 |
|
|
7,020 |
|
|
7,450 |
|
|
8,665 |
|
Total liabilities |
|
1,196,278 |
|
|
1,179,338 |
|
|
1,195,452 |
|
|
1,169,699 |
|
|
1,140,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
116,024 |
|
|
112,286 |
|
|
109,056 |
|
|
104,511 |
|
|
105,750 |
|
Total Liabilities and Stockholders’ Equity |
$ |
1,312,302 |
|
$ |
1,291,624 |
|
$ |
1,304,508 |
|
$ |
1,274,210 |
|
$ |
1,245,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shares outstanding |
|
7,498,865 |
|
|
7,499,183 |
|
|
7,485,872 |
|
|
7,489,305 |
|
|
7,471,975 |
|
Book value per common share |
$ |
15.47 |
|
$ |
14.97 |
|
$ |
14.57 |
|
$ |
13.95 |
|
$ |
14.15 |
|
Tangible book value per common share |
|
14.34 |
|
|
13.83 |
|
|
13.42 |
|
|
12.79 |
|
|
12.98 |
|
LIMESTONE BANCORP, INC. |
|||||||||||||||
|
|
As of |
|
||||||||||||
|
|
12/31/20 |
|
|
9/30/20 |
|
|
6/30/20 |
|
|
3/31/20 |
|
|
12/31/19 |
|
Average Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
$ |
1,304,715 |
|
$ |
1,295,814 |
|
$ |
1,305,923 |
|
$ |
1,273,167 |
|
$ |
1,167,179 |
|
Loans |
|
965,339 |
|
|
963,486 |
|
|
978,316 |
|
|
949,204 |
|
|
846,235 |
|
Earning assets |
|
1,220,043 |
|
|
1,213,039 |
|
|
1,222,760 |
|
|
1,188,314 |
|
|
1,090,752 |
|
Deposits |
|
1,115,985 |
|
|
1,111,865 |
|
|
1,116,420 |
|
|
1,052,944 |
|
|
982,991 |
|
Long-term debt and advances |
|
67,280 |
|
|
65,769 |
|
|
75,259 |
|
|
105,407 |
|
|
73,695 |
|
Interest bearing liabilities |
|
951,620 |
|
|
955,661 |
|
|
971,770 |
|
|
971,554 |
|
|
882,473 |
|
Stockholders’ equity |
|
113,868 |
|
|
110,930 |
|
|
107,348 |
|
|
107,632 |
|
|
105,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.95 |
% |
|
0.63 |
% |
|
0.61 |
% |
|
0.58 |
% |
|
0.60 |
% |
Return on average equity |
|
10.89 |
|
|
7.41 |
|
|
7.43 |
|
|
6.88 |
|
|
6.65 |
|
Yield on average earning assets (tax equivalent) |
|
4.12 |
|
|
3.98 |
|
|
4.21 |
|
|
4.50 |
|
|
4.57 |
|
Cost of interest-bearing liabilities |
|
0.76 |
|
|
0.90 |
|
|
1.11 |
|
|
1.45 |
|
|
1.65 |
|
Net interest margin (tax equivalent) |
|
3.53 |
|
|
3.27 |
|
|
3.33 |
|
|
3.31 |
|
|
3.23 |
|
Efficiency ratio |
|
62.61 |
|
|
69.14 |
|
|
70.30 |
|
|
71.70 |
|
|
71.70 |
|
Non-interest expense to average assets |
|
2.40 |
|
|
2.48 |
|
|
2.54 |
|
|
2.60 |
|
|
2.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
1,676 |
|
$ |
2,038 |
|
$ |
1,410 |
|
$ |
1,500 |
|
$ |
1,528 |
|
Troubled debt restructurings on accrual |
|
480 |
|
|
489 |
|
|
462 |
|
|
466 |
|
|
475 |
|
Loan 90 days or more past due still on accrual |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total non-performing loans |
|
2,156 |
|
|
2,527 |
|
|
1,872 |
|
|
1,966 |
|
|
2,003 |
|
Real estate acquired through foreclosures |
|
1,765 |
|
|
1,625 |
|
|
1,625 |
|
|
3,225 |
|
|
3,225 |
|
Other repossessed assets |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total non-performing assets |
$ |
3,921 |
|
$ |
4,152 |
|
$ |
3,497 |
|
$ |
5,191 |
|
$ |
5,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans |
|
0.22 |
% |
|
0.26 |
% |
|
0.19 |
% |
|
0.20 |
% |
|
0.22 |
% |
Non-performing assets to total assets |
|
0.30 |
|
|
0.32 |
|
|
0.27 |
|
|
0.41 |
|
|
0.42 |
|
Allowance for loan losses to non-performing loans |
|
577.13 |
|
|
454.33 |
|
|
546.37 |
|
|
465.41 |
|
|
418.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to total loans |
|
1.29 |
% |
|
1.18 |
% |
|
1.05 |
% |
|
0.95 |
% |
|
0.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Charge-off Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans charged off |
$ |
(124 |
) |
$ |
(150 |
) |
$ |
(193 |
) |
$ |
(335 |
) |
$ |
(639 |
) |
Recoveries |
|
186 |
|
|
53 |
|
|
171 |
|
|
59 |
|
|
111 |
|
Net recoveries (charge-offs) |
$ |
62 |
|
$ |
(97 |
) |
$ |
(22 |
) |
$ |
(276 |
) |
$ |
(528 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk Category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
$ |
926,025 |
|
$ |
923,895 |
|
$ |
925,558 |
|
$ |
915,985 |
|
$ |
888,707 |
|
Watch |
|
18,879 |
|
|
27,782 |
|
|
43,014 |
|
|
38,464 |
|
|
27,522 |
|
Special Mention |
|
— |
|
|
364 |
|
|
— |
|
|
— |
|
|
— |
|
Substandard |
|
17,177 |
|
|
22,427 |
|
|
7,187 |
|
|
7,112 |
|
|
10,042 |
|
Doubtful |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total |
$ |
962,081 |
|
$ |
974,468 |
|
$ |
975,759 |
|
$ |
961,561 |
|
$ |
926,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Past Due Status |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 – 59 days |
$ |
1,537 |
|
$ |
482 |
|
$ |
458 |
|
$ |
1,158 |
|
$ |
1,747 |
|
60 – 89 days |
|
372 |
|
|
265 |
|
|
197 |
|
|
248 |
|
|
670 |
|
90 days or more |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Nonaccrual loans |
|
1,676 |
|
|
2,038 |
|
|
1,410 |
|
|
1,500 |
|
|
1,528 |
|
Total past due and nonaccrual loans |
$ |
3,585 |
|
$ |
2,785 |
|
$ |
2,065 |
|
$ |
2,906 |
|
$ |
3,945 |
|
LIMESTONE BANCORP, INC. |
||||||||||||||||
|
|
As of |
||||||||||||||
|
|
12/31/20 |
|
|
9/30/20 |
|
|
6/30/20 |
|
|
3/31/20 |
|
|
12/31/19 |
|
|
Risk-based Capital Ratios - Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage ratio |
|
8.24 |
% |
|
8.17 |
% |
|
8.05 |
% |
|
8.29 |
% |
|
8.30 |
% |
|
Common equity Tier I risk-based capital ratio |
|
8.72 |
|
|
8.54 |
|
|
8.45 |
|
|
8.26 |
|
|
8.32 |
|
|
Tier I risk-based capital ratio |
|
9.67 |
|
|
9.77 |
|
|
9.93 |
|
|
9.86 |
|
|
9.32 |
|
|
Total risk-based capital ratio |
|
13.14 |
|
|
13.22 |
|
|
12.57 |
|
|
12.37 |
|
|
11.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-based Capital Ratios – Limestone Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage ratio |
|
10.21 |
% |
|
9.90 |
% |
|
9.54 |
% |
|
9.67 |
% |
|
9.99 |
% |
|
Common equity Tier I risk-based capital ratio |
|
12.05 |
|
|
11.88 |
|
|
11.79 |
|
|
11.50 |
|
|
11.25 |
|
|
Tier I risk-based capital ratio |
|
12.05 |
|
|
11.88 |
|
|
11.79 |
|
|
11.50 |
|
|
11.25 |
|
|
Total risk-based capital ratio |
|
13.20 |
|
|
12.97 |
|
|
12.78 |
|
|
12.38 |
|
|
12.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE employees, end of period |
|
219 |
|
|
224 |
|
|
228 |
|
|
248 |
|
|
244 |
|
|
Non-GAAP Financial Measures Reconciliation
Tangible book value per common share is a non-GAAP financial measure derived from GAAP based amounts. Tangible book value is calculated by excluding the balance of intangible assets from common stockholders’ equity. Tangible book value per common share is calculated by dividing tangible common equity by common shares outstanding, as compared to book value per common share, which is calculated by dividing common stockholders’ equity by common shares outstanding. Management believes this is consistent with bank regulatory agency treatment, which excludes tangible assets from the calculation of risk-based capital.
The efficiency ratio is a non-GAAP measure of expense control relative to revenue from net interest income and fee income. The efficiency ratio is calculated by dividing total non-interest expenses as determined under GAAP by net interest income and total non-interest income, but excluding from the calculation net gains on the sale of securities and expenses disclosed from time to time as non-recurring in nature. Management believes this provides a reasonable measure of primary banking expenses relative to primary banking revenue.
|
|
As of |
|
||||||||||||||
|
|
12/31/20 |
|
|
9/30/20 |
|
|
6/30/20 |
|
|
3/31/20 |
|
|
12/31/19 |
|
||
Tangible Book Value Per Share |
(in thousands, except share and per share data) |
|
|||||||||||||||
|
|
|
|||||||||||||||
Common stockholders’ equity |
$ |
116,024 |
|
$ |
112,286 |
|
$ |
109,056 |
|
$ |
104,511 |
|
$ |
105,750 |
|
||
Less: Goodwill |
|
6,252 |
|
|
6,252 |
|
|
6,252 |
|
|
6,252 |
|
|
6,252 |
|
||
Less: Intangible assets |
|
2,244 |
|
|
2,308 |
|
|
2,372 |
|
|
2,436 |
|
|
2,500 |
|
||
Tangible common equity |
|
107,528 |
|
|
103,726 |
|
|
100,432 |
|
|
95,823 |
|
|
96,998 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Shares outstanding |
|
7,498,865 |
|
|
7,499,183 |
|
|
7,485,872 |
|
|
7,489,305 |
|
|
7,471,975 |
|
||
Tangible book value per common share |
$ |
14.34 |
|
$ |
13.83 |
|
$ |
13.42 |
|
$ |
12.79 |
|
$ |
12.98 |
|
||
Book value per common share |
|
15.47 |
|
|
14.97 |
|
|
14.57 |
|
|
13.95 |
|
|
14.15 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Three Months Ended |
||||||||||||||||
|
|
12/31/20 |
|
|
9/30/20 |
|
|
6/30/20 |
|
|
3/31/20 |
|
|
12/31/19 |
|
||
Efficiency Ratio |
(in thousands) |
|
|||||||||||||||
|
|
|
|||||||||||||||
Net interest income |
$ |
10,786 |
|
$ |
9,943 |
|
$ |
10,110 |
|
$ |
9,762 |
|
$ |
8,861 |
|
||
Non-interest income |
|
1,777 |
|
|
1,742 |
|
|
1,601 |
|
|
1,724 |
|
|
1,654 |
|
||
Less: Net gain (loss) on securities |
|
— |
|
|
— |
|
|
(5 |
) |
|
— |
|
|
— |
|
||
Revenue used for efficiency ratio |
|
12,563 |
|
|
11,685 |
|
|
11,716 |
|
|
11,486 |
|
|
10,515 |
|
||
Non-interest expense |
|
7,866 |
|
|
8,079 |
|
|
8,236 |
|
|
8,235 |
|
|
8,314 |
|
||
Less: Acquisition costs |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
775 |
|
||
Expenses used for efficiency ratio |
|
7,866 |
|
|
8,079 |
|
|
8,236 |
|
|
8,235 |
|
|
7,539 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Efficiency ratio |
|
62.61 |
% |
|
69.14 |
% |
|
70.30 |
% |
|
71.70 |
% |
|
71.70 |
% |
||
John T. Taylor
Chief Executive Officer
(502) 499-4800
Document and Entity Information |
Jan. 20, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 20, 2021 |
Entity Registrant Name | LIMESTONE BANCORP, INC. |
Entity Incorporation, State or Country Code | KY |
Entity File Number | 001-33033 |
Entity Tax Identification Number | 61-1142247 |
Entity Address, Address Line One | 2500 Eastpoint Parkway |
Entity Address, City or Town | Louisville |
Entity Address, State or Province | KY |
Entity Address, Postal Zip Code | 40223 |
City Area Code | 502 |
Local Phone Number | 499-4800 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001358356 |
Title of 12(b) Security | Common Stock, no par value |
Trading Symbol | LMST |
Security Exchange Name | NASDAQ |
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