|
|
|
|
|
(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.
|
☐
|
|
Exhibit No.
|
|
Description of Exhibit
|
|
|
||
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
|
LIMESTONE BANCORP, INC.
|
|||
|
Date: April 21, 2021
|
By
|
/s/ Phillip W. Barnhouse | |
| Phillip W. Barnhouse | |||
| Chief Financial Officer | |||
LOUISVILLE, Ky.--(BUSINESS WIRE)--April 21, 2021--Limestone Bancorp, Inc. (NASDAQ: LMST) (“the Company”), parent company of Limestone Bank (“the Bank”), today reported unaudited results for the first quarter of 2021. Net income available to common shareholders for the first quarter of 2021 was $3.2 million, or $0.43 per basic and diluted common share, compared with $1.8 million, or $0.25 per basic and diluted common share, for the first quarter of 2020.
John T. Taylor, Chief Executive Officer, stated, “After navigating a challenging environment throughout 2020, we are well-pleased with Limestone’s performance in the first quarter of 2021. Our Limestone Bank associates continue to demonstrate their commitment to delivering high quality banking products and services to our customers. We reopened many of our lobbies during the first quarter and also opened a new banking center in our Louisville metro market, which will enable us to better serve those customers.”
Total assets grew to $1.36 billion as of March 31, 2021, compared to $1.31 billion at December 31, 2020. The loan portfolio increased $16.8 million, or 1.7%, during the quarter. Loans increased to $978.9 million at March 31, 2021, compared to $962.1 million at December 31, 2020.
Net Interest Income and Average Earning Assets – Net interest income was $10.7 million for the first quarter of 2021, compared to $10.8 million for the fourth quarter of 2020, and $9.8 million for the first quarter of 2020. Average loans decreased to $964.4 million for the first quarter of 2021, compared to $965.3 million for the fourth quarter of 2020, and increased compared to $949.2 million for the first quarter of 2020. Average loans for the first quarter of 2021 were positively impacted by $18.6 million of loan originations under the SBA Paycheck Protection Program (“PPP”) and $42.4 million during 2020. PPP loan balances totaled $27.9 million at March 31, 2021, compared to $20.3 million at December 31, 2020.
Net interest margin was 3.53% for the first quarter of 2021 and the fourth quarter of 2020, compared to 3.31% for the first quarter of 2020. The yield on earning assets decreased to 4.05% in the first quarter of 2021, compared to 4.12% in the fourth quarter of 2020, and 4.50% in the first quarter of 2020. The yield on earning assets in the first quarter of 2021 and fourth quarter 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 $844,000, $1.0 million, and $216,000 for the quarters ended March 31, 2021, December 31, 2020, and March 31, 2020, respectively. This represents 28 basis points, 33 basis points, and eight basis points of yield on earning assets and net interest margin for the quarters ended March 31, 2021, December 31, 2020, and March 31, 2020, respectively. Loan fee income for the first quarter of 2021 included $436,000 in fees earned on SBA PPP loans, as compared to $767,000 in the fourth quarter of 2020.
The cost of interest-bearing liabilities was 0.68% for the first quarter of 2021, compared to 0.76% in the fourth quarter of 2020, and 1.45% in the first quarter of 2020. The cost of interest-bearing liabilities continued to decline primarily based on the downward repricing of time deposits. Time deposits declined $12.2 million during the first quarter of 2021 as approximately $104.9 million of time deposits with an average rate of 0.99% matured or repriced at lower interest rates. During the first quarter of 2021, newly originated or renewed time deposits had an average rate of 0.23% and a weighted average term of approximately 14 months.
As of March 31, 2021, time deposits comprise $355.3 million of the Company’s liabilities including $105.6 million with a current average rate of 0.56%, which reprice or mature in the second quarter of 2021. The following table denotes contractual time deposit maturities and average rates as of March 31, 2021:
|
Maturity Quarter |
|
As of |
Weighted |
|||
|
|
|
|
|
|
|
|
|
Q2-2021 |
|
|
105,560 |
0.56 |
|
|
|
Q3-2021 |
|
|
64,819 |
0.44 |
|
|
|
Q4-2021 |
|
|
34,653 |
0.38 |
|
|
|
Q1-2022 |
|
|
41,536 |
0.39 |
|
|
|
Q2-2022 |
|
|
12,267 |
0.66 |
|
|
|
Thereafter |
|
|
96,474 |
1.02 |
|
|
|
Total time deposits |
|
$ |
355,309 |
0.63 |
% |
|
Provision and Allowance for Loan Losses – The allowance for loan losses to total loans was 1.30% at March 31, 2021, compared to 1.29% at December 31, 2020, and 0.95% at March 31, 2020. A provision for loan loss of $350,000, or $0.04 per common share after taxes, was recorded in the first quarter of 2021, compared to $1.05 million, or $0.11 per common share after taxes, in the first quarter of 2020. The 2021 loan loss provision was attributable to the net loan charge-offs and growth within the portfolio during the quarter, while the provision for 2020 was largely attributable to the uncertainty surrounding the COVID-19 pandemic related economic and business disruptions. Net loan charge-offs were $38,000 for the first quarter of 2021, compared to net loan charge-offs of $276,000 for the first quarter of 2020.
While 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 continue to maintain its qualitative environmental factor in the allowance for loan losses to account for the pandemic risk. The Bank also granted eligible short-term loan modifications under Section 4013 of the CARES Act. Short-term loan modifications declined to $4.7 million as of March 31, 2021, compared to $15.3 million at December 31, 2020. Included in the $4.7 million of short-term modifications, is one commercial real estate loan secured by a retail facility totaling $4.4 million, which remains subject to, and is performing in accordance with, an interest only short-term 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 March 31, 2021 and December 31, 2020.
Non-interest Income and Expense – Non-interest income for the first quarter of 2021 increased $160,000 to $1.9 million, compared with $1.7 million for the first quarter of 2020. The increase was primarily related to bank card interchange fees of $210,000, partially offset by a decrease of $120,000 in service charges on deposit accounts. Non-interest expense decreased $251,000, or 3.0%, to $8.0 million for the first quarter of 2021, compared with $8.2 million for the first quarter of 2020. Deposit and state franchise tax expense decreased $270,000 as a result of the elimination of the Kentucky bank franchise tax as discussed below.
Income Taxes – Income tax expense was $1.0 million for the first quarter of 2021, compared with $361,000 for the first quarter of 2020. Effective January 1, 2021, the state of Kentucky eliminated the bank franchise tax, which was previously recorded as a non-interest expense, and implemented a state income tax at a statutory rate of 5%. State income tax expense was $214,000 for the first quarter of 2021, compared to a state income tax benefit of $72,000 for the first quarter of 2020, which was related to the establishment of a net deferred tax asset due to the tax law change.
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, 2020.
Additional Information
Unaudited supplemental financial information for the first quarter ending March 31, 2021, follows.
|
LIMESTONE BANCORP, INC. |
||||||
|
Unaudited Financial Information |
||||||
|
(in thousands, except share and per share data) |
||||||
|
|
Three Months Ended |
|||||
|
|
3/31/21 |
|
3/31/20 |
|||
|
|
|
|
|
|||
|
Income Statement Data |
|
|
|
|
|
|
|
Interest income |
$ |
12,250 |
|
$ |
13,267 |
|
|
Interest expense |
|
1,570 |
|
|
3,505 |
|
|
Net interest income |
|
10,680 |
|
|
9,762 |
|
|
Provision for loan losses |
|
350 |
|
|
1,050 |
|
|
Net interest income after provision |
|
10,330 |
|
|
8,712 |
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
548 |
|
|
668 |
|
|
Bank card interchange fees |
|
960 |
|
|
750 |
|
|
Bank owned life insurance income |
|
165 |
|
|
96 |
|
|
Other |
|
211 |
|
|
210 |
|
|
Non-interest income |
|
1,884 |
|
|
1,724 |
|
|
|
|
|
|
|
|
|
|
Salaries & employee benefits |
|
4,482 |
|
|
4,538 |
|
|
Occupancy and equipment |
|
1,060 |
|
|
999 |
|
|
Professional fees |
|
236 |
|
|
208 |
|
|
Marketing expense |
|
182 |
|
|
214 |
|
|
FDIC insurance |
|
135 |
|
|
— |
|
|
Data processing expense |
|
378 |
|
|
359 |
|
|
Deposit and state franchise tax |
|
90 |
|
|
360 |
|
|
Deposit account related expense |
|
491 |
|
|
451 |
|
|
Communications expense |
|
173 |
|
|
218 |
|
|
Insurance expense |
|
104 |
|
|
103 |
|
|
Postage and delivery |
|
152 |
|
|
168 |
|
|
Other |
|
501 |
|
|
617 |
|
|
Non-interest expense |
|
7,984 |
|
|
8,235 |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
4,230 |
|
|
2,201 |
|
|
Income tax expense |
|
1,008 |
|
|
361 |
|
|
Net income |
|
3,222 |
|
|
1,840 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
Weighted average shares – Basic |
|
7,575,211 |
|
|
7,481,884 |
|
|
Weighted average shares – Diluted |
|
7,575,211 |
|
|
7,481,884 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.43 |
|
$ |
0.25 |
|
|
Diluted earnings per common share |
$ |
0.43 |
|
$ |
0.25 |
|
|
Cash dividends declared per common share |
$ |
0.00 |
|
$ |
0.00 |
|
|
LIMESTONE BANCORP, INC. |
||||||||||||||
|
Unaudited Financial Information |
||||||||||||||
|
(in thousands, except share and per share data) |
||||||||||||||
|
|
|
Three |
|
Three |
|
Three |
|
|
Three |
|
|
Three |
||
|
|
|
Months |
|
Months |
|
Months |
|
|
Months |
|
|
Months |
||
|
|
|
Ended |
|
Ended |
|
Ended |
|
|
Ended |
|
|
Ended |
||
|
|
|
3/31/21 |
|
12/31/20 |
|
9/30/20 |
|
|
6/30/20 |
|
|
3/31/20 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
12,250 |
|
$ |
12,606 |
|
$ |
12,094 |
|
$ |
12,786 |
|
$ |
13,267 |
|
Interest expense |
|
1,570 |
|
|
1,820 |
|
|
2,151 |
|
|
2,676 |
|
|
3,505 |
|
Net interest income |
|
10,680 |
|
|
10,786 |
|
|
9,943 |
|
|
10,110 |
|
|
9,762 |
|
Provision for loan losses |
|
350 |
|
|
900 |
|
|
1,350 |
|
|
1,100 |
|
|
1,050 |
|
Net interest income after provision |
|
10,330 |
|
|
9,886 |
|
|
8,593 |
|
|
9,010 |
|
|
8,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
548 |
|
|
594 |
|
|
565 |
|
|
441 |
|
|
668 |
|
Bank card interchange fees |
|
960 |
|
|
882 |
|
|
881 |
|
|
863 |
|
|
750 |
|
Bank owned life insurance income |
|
165 |
|
|
99 |
|
|
113 |
|
|
116 |
|
|
96 |
|
Gain (loss) on sales and calls of securities, net |
|
— |
|
|
— |
|
|
— |
|
|
(5 |
) |
|
— |
|
Other |
|
211 |
|
|
202 |
|
|
183 |
|
|
186 |
|
|
210 |
|
Non-interest income |
|
1,884 |
|
|
1,777 |
|
|
1,742 |
|
|
1,601 |
|
|
1,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries & employee benefits |
|
4,482 |
|
|
4,167 |
|
|
4,413 |
|
|
4,633 |
|
|
4,538 |
|
Occupancy and equipment |
|
1,060 |
|
|
1,011 |
|
|
1,008 |
|
|
983 |
|
|
999 |
|
Professional fees |
|
236 |
|
|
233 |
|
|
261 |
|
|
235 |
|
|
208 |
|
Marketing expense |
|
182 |
|
|
177 |
|
|
134 |
|
|
104 |
|
|
214 |
|
FDIC insurance |
|
135 |
|
|
81 |
|
|
81 |
|
|
67 |
|
|
— |
|
Data processing expense |
|
378 |
|
|
381 |
|
|
382 |
|
|
380 |
|
|
359 |
|
Deposit and state franchise tax |
|
90 |
|
|
395 |
|
|
360 |
|
|
360 |
|
|
360 |
|
Deposit account related expense |
|
491 |
|
|
492 |
|
|
487 |
|
|
460 |
|
|
451 |
|
Communications expense |
|
173 |
|
|
190 |
|
|
201 |
|
|
247 |
|
|
218 |
|
Insurance expense |
|
104 |
|
|
112 |
|
|
102 |
|
|
111 |
|
|
103 |
|
Postage and delivery |
|
152 |
|
|
151 |
|
|
156 |
|
|
152 |
|
|
168 |
|
Other |
|
501 |
|
|
476 |
|
|
494 |
|
|
504 |
|
|
617 |
|
Non-interest expense |
|
7,984 |
|
|
7,866 |
|
|
8,079 |
|
|
8,236 |
|
|
8,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
4,230 |
|
|
3,797 |
|
|
2,256 |
|
|
2,375 |
|
|
2,201 |
|
Income tax expense |
|
1,008 |
|
|
680 |
|
|
190 |
|
|
393 |
|
|
361 |
|
Net income |
$ |
3,222 |
|
$ |
3,117 |
|
$ |
2,066 |
|
$ |
1,982 |
|
$ |
1,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares – Basic |
|
7,575,211 |
|
|
7,499,323 |
|
|
7,499,223 |
|
|
7,488,173 |
|
|
7,481,884 |
|
Weighted average shares – Diluted |
|
7,575,211 |
|
|
7,499,323 |
|
|
7,499,223 |
|
|
7,488,173 |
|
|
7,481,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.43 |
|
$ |
0.42 |
|
$ |
0.28 |
|
$ |
0.26 |
|
$ |
0.25 |
|
Diluted earnings per common share |
$ |
0.43 |
|
$ |
0.42 |
|
$ |
0.28 |
|
$ |
0.26 |
|
$ |
0.25 |
|
Cash dividends declared per common share |
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
LIMESTONE BANCORP, INC. |
||||||||||||||
|
Unaudited Financial Information |
||||||||||||||
|
(in thousands, except share and per share data) |
||||||||||||||
|
|
|
As of |
||||||||||||
|
|
|
3/31/21 |
|
12/31/20 |
|
9/30/20 |
|
|
6/30/20 |
|
|
3/31/20 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
978,865 |
|
$ |
962,081 |
|
$ |
974,468 |
|
$ |
975,759 |
|
$ |
961,561 |
|
Allowance for loan losses |
|
(12,755 |
) |
|
(12,443 |
) |
|
(11,481 |
) |
|
(10,228 |
) |
|
(9,150) |
|
Net loans |
|
966,110 |
|
|
949,638 |
|
|
962,987 |
|
|
965,531 |
|
|
952,411 |
|
Securities held to maturity |
|
41,254 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Securities available for sale |
|
177,690 |
|
|
203,862 |
|
|
203,544 |
|
|
202,596 |
|
|
198,657 |
|
Federal funds sold & interest-bearing deposits |
|
74,047 |
|
|
56,863 |
|
|
24,358 |
|
|
39,027 |
|
|
23,639 |
|
Cash and due from financial institutions |
|
9,800 |
|
|
10,830 |
|
|
7,593 |
|
|
9,990 |
|
|
9,509 |
|
Premises and equipment |
|
20,405 |
|
|
18,533 |
|
|
18,572 |
|
|
19,000 |
|
|
19,282 |
|
Premises held for sale |
|
1,035 |
|
|
1,060 |
|
|
1,110 |
|
|
1,149 |
|
|
1,185 |
|
Bank owned life insurance |
|
23,601 |
|
|
23,441 |
|
|
23,347 |
|
|
16,238 |
|
|
16,128 |
|
FHLB Stock |
|
5,810 |
|
|
5,887 |
|
|
5,962 |
|
|
6,142 |
|
|
6,837 |
|
Other real estate owned |
|
1,765 |
|
|
1,765 |
|
|
1,625 |
|
|
1,625 |
|
|
3,225 |
|
Deferred taxes, net |
|
24,992 |
|
|
25,714 |
|
|
26,540 |
|
|
27,054 |
|
|
28,208 |
|
Goodwill |
|
6,252 |
|
|
6,252 |
|
|
6,252 |
|
|
6,252 |
|
|
6,252 |
|
Intangible assets |
|
2,181 |
|
|
2,244 |
|
|
2,308 |
|
|
2,372 |
|
|
2,436 |
|
Accrued interest receivable and other assets |
|
6,769 |
|
|
6,213 |
|
|
7,426 |
|
|
7,532 |
|
|
6,441 |
|
Total Assets |
$ |
1,361,711 |
|
$ |
1,312,302 |
|
$ |
1,291,624 |
|
$ |
1,304,508 |
|
$ |
1,274,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
$ |
355,309 |
|
$ |
367,552 |
|
$ |
398,429 |
|
$ |
446,370 |
|
$ |
467,535 |
|
Interest checking |
|
211,322 |
|
|
190,625 |
|
|
168,735 |
|
|
167,814 |
|
|
157,621 |
|
Money market |
|
180,137 |
|
|
175,785 |
|
|
174,588 |
|
|
166,376 |
|
|
154,851 |
|
Savings |
|
151,340 |
|
|
142,623 |
|
|
134,962 |
|
|
119,327 |
|
|
92,235 |
|
Total interest-bearing deposits |
|
898,108 |
|
|
876,585 |
|
|
876,714 |
|
|
899,887 |
|
|
872,242 |
|
Demand deposits |
|
268,882 |
|
|
243,022 |
|
|
217,675 |
|
|
224,901 |
|
|
185,658 |
|
Total deposits |
|
1,166,990 |
|
|
1,119,607 |
|
|
1,094,389 |
|
|
1,124,788 |
|
|
1,057,900 |
|
FHLB advances |
|
20,613 |
|
|
20,623 |
|
|
30,634 |
|
|
20,644 |
|
|
61,349 |
|
Junior subordinated debentures |
|
21,000 |
|
|
21,000 |
|
|
21,000 |
|
|
21,000 |
|
|
21,000 |
|
Subordinated capital note |
|
25,000 |
|
|
25,000 |
|
|
25,000 |
|
|
17,000 |
|
|
17,000 |
|
Senior debt |
|
— |
|
|
— |
|
|
— |
|
|
5,000 |
|
|
5,000 |
|
Accrued interest payable and other liabilities |
|
8,588 |
|
|
10,048 |
|
|
8,315 |
|
|
7,020 |
|
|
7,450 |
|
Total liabilities |
|
1,242,191 |
|
|
1,196,278 |
|
|
1,179,338 |
|
|
1,195,452 |
|
|
1,169,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
119,520 |
|
|
116,024 |
|
|
112,286 |
|
|
109,056 |
|
|
104,511 |
|
Total Liabilities and Stockholders’ Equity |
$ |
1,361,711 |
|
$ |
1,312,302 |
|
$ |
1,291,624 |
|
$ |
1,304,508 |
|
$ |
1,274,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shares outstanding |
|
7,594,499 |
|
|
7,498,865 |
|
|
7,499,183 |
|
|
7,485,872 |
|
|
7,489,305 |
|
Book value per common share |
$ |
15.74 |
|
$ |
15.47 |
|
$ |
14.97 |
|
$ |
14.57 |
|
$ |
13.95 |
|
Tangible book value per common share |
|
14.63 |
|
|
14.34 |
|
|
13.83 |
|
|
13.42 |
|
|
12.79 |
|
LIMESTONE BANCORP, INC. |
|||||||||||||||
|
Unaudited Financial Information |
|||||||||||||||
|
(in thousands, except share and per share data) |
|||||||||||||||
|
|
|
As of |
|||||||||||||
|
|
|
3/31/21 |
|
|
12/31/20 |
|
|
9/30/20 |
|
|
6/30/20 |
|
|
3/31/20 |
|
|
Average Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
$ |
1,316,878 |
|
$ |
1,304,715 |
|
$ |
1,295,814 |
|
$ |
1,305,923 |
|
$ |
1,273,167 |
|
|
Loans |
|
964,353 |
|
|
965,339 |
|
|
963,486 |
|
|
978,316 |
|
|
949,204 |
|
|
Earning assets |
|
1,230,610 |
|
|
1,220,043 |
|
|
1,213,039 |
|
|
1,222,760 |
|
|
1,188,314 |
|
|
Deposits |
|
1,125,943 |
|
|
1,115,985 |
|
|
1,111,865 |
|
|
1,116,420 |
|
|
1,052,944 |
|
|
Long-term debt and advances |
|
66,617 |
|
|
67,280 |
|
|
65,769 |
|
|
75,259 |
|
|
105,407 |
|
|
Interest bearing liabilities |
|
941,342 |
|
|
951,620 |
|
|
955,661 |
|
|
971,770 |
|
|
971,554 |
|
|
Stockholders’ equity |
|
117,663 |
|
|
113,868 |
|
|
110,930 |
|
|
107,348 |
|
|
107,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.99 |
% |
|
0.95 |
% |
|
0.63 |
% |
|
0.61 |
% |
|
0.58 |
% |
|
Return on average equity |
|
11.11 |
|
|
10.89 |
|
|
7.41 |
|
|
7.43 |
|
|
6.88 |
|
|
Yield on average earning assets (tax equivalent) |
|
4.05 |
|
|
4.12 |
|
|
3.98 |
|
|
4.21 |
|
|
4.50 |
|
|
Cost of interest-bearing liabilities |
|
0.68 |
|
|
0.76 |
|
|
0.90 |
|
|
1.11 |
|
|
1.45 |
|
|
Net interest margin (tax equivalent) |
|
3.53 |
|
|
3.53 |
|
|
3.27 |
|
|
3.33 |
|
|
3.31 |
|
|
Efficiency ratio |
|
63.55 |
|
|
62.61 |
|
|
69.14 |
|
|
70.30 |
|
|
71.70 |
|
|
Non-interest expense to average assets |
|
2.46 |
|
|
2.40 |
|
|
2.48 |
|
|
2.54 |
|
|
2.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
1,996 |
|
$ |
1,676 |
|
$ |
2,038 |
|
$ |
1,410 |
|
$ |
1,500 |
|
|
Troubled debt restructurings on accrual |
|
399 |
|
|
480 |
|
|
489 |
|
|
462 |
|
|
466 |
|
|
Loan 90 days or more past due still on accrual |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Total non-performing loans |
|
2,395 |
|
|
2,156 |
|
|
2,527 |
|
|
1,872 |
|
|
1,966 |
|
|
Real estate acquired through foreclosures |
|
1,765 |
|
|
1,765 |
|
|
1,625 |
|
|
1,625 |
|
|
3,225 |
|
|
Other repossessed assets |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Total non-performing assets |
$ |
4,160 |
|
$ |
3,921 |
|
$ |
4,152 |
|
$ |
3,497 |
|
$ |
5,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans |
|
0.24 |
% |
|
0.22 |
% |
|
0.26 |
% |
|
0.19 |
% |
|
0.20 |
% |
|
Non-performing assets to total assets |
|
0.31 |
|
|
0.30 |
|
|
0.32 |
|
|
0.27 |
|
|
0.41 |
|
|
Allowance for loan losses to non-performing loans |
|
532.57 |
|
|
577.13 |
|
|
454.33 |
|
|
546.37 |
|
|
465.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to total loans |
|
1.30 |
% |
|
1.29 |
% |
|
1.18 |
% |
|
1.05 |
% |
|
0.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Charge-off Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans charged off |
$ |
(77 |
) |
$ |
(124 |
) |
$ |
(150 |
) |
$ |
(193 |
) |
$ |
(335 |
) |
|
Recoveries |
|
39 |
|
|
186 |
|
|
53 |
|
|
171 |
|
|
59 |
|
|
Net (charge-offs) recoveries |
$ |
(38 |
) |
$ |
62 |
|
$ |
(97 |
) |
$ |
(22 |
) |
$ |
(276 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Risk Category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
$ |
942,492 |
|
$ |
926,025 |
|
$ |
923,895 |
|
$ |
925,558 |
|
$ |
915,985 |
|
|
Watch |
|
17,929 |
|
|
18,879 |
|
|
27,782 |
|
|
43,014 |
|
|
38,464 |
|
|
Special Mention |
|
— |
|
|
— |
|
|
364 |
|
|
— |
|
|
— |
|
|
Substandard |
|
18,444 |
|
|
17,177 |
|
|
22,427 |
|
|
7,187 |
|
|
7,112 |
|
|
Doubtful |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Total |
$ |
978,865 |
|
$ |
962,081 |
|
$ |
974,468 |
|
$ |
975,759 |
|
$ |
961,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans by Past Due Status |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 – 59 days |
$ |
677 |
|
$ |
1,537 |
|
$ |
482 |
|
$ |
458 |
|
$ |
1,158 |
|
|
60 – 89 days |
|
254 |
|
|
372 |
|
|
265 |
|
|
197 |
|
|
248 |
|
|
90 days or more |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Nonaccrual loans |
|
1,996 |
|
|
1,676 |
|
|
2,038 |
|
|
1,410 |
|
|
1,500 |
|
|
Total past due and nonaccrual loans |
$ |
2,927 |
$ |
3,585 |
|
$ |
2,785 |
$ |
2,065 |
$ |
2,906 |
||||
| LIMESTONE BANCORP, INC. | ||||||||||||||||
|
Unaudited Financial Information |
||||||||||||||||
|
(in thousands, except share and per share data) |
||||||||||||||||
|
|
|
As of |
||||||||||||||
|
|
|
3/31/21 |
|
|
12/31/20 |
|
|
9/30/20 |
|
|
6/30/20 |
|
|
3/31/20 |
|
|
|
Risk-based Capital Ratios - Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage ratio |
|
8.59 |
% |
|
8.24 |
% |
|
8.17 |
% |
|
8.05 |
% |
|
8.29 |
% |
|
|
Common equity Tier I risk-based capital ratio |
|
8.96 |
|
|
8.72 |
|
|
8.54 |
|
|
8.45 |
|
|
8.26 |
|
|
|
Tier I risk-based capital ratio |
|
10.00 |
|
|
9.67 |
|
|
9.77 |
|
|
9.93 |
|
|
9.86 |
|
|
|
Total risk-based capital ratio |
|
13.42 |
|
|
13.14 |
|
|
13.22 |
|
|
12.57 |
|
|
12.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-based Capital Ratios – Limestone Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage ratio |
|
10.44 |
% |
|
10.21 |
% |
|
9.90 |
% |
|
9.54 |
% |
|
9.67 |
% |
|
|
Common equity Tier I risk-based capital ratio |
|
12.21 |
|
|
12.05 |
|
|
11.88 |
|
|
11.79 |
|
|
11.50 |
|
|
|
Tier I risk-based capital ratio |
|
12.21 |
|
|
12.05 |
|
|
11.88 |
|
|
11.79 |
|
|
11.50 |
|
|
|
Total risk-based capital ratio |
|
13.37 |
|
|
13.20 |
|
|
12.97 |
|
|
12.78 |
|
|
12.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE employees, end of period |
|
225 |
|
|
219 |
|
|
224 |
|
|
228 |
|
|
248 |
|
|
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 |
|||||||||||||||
|
|
|
3/31/21 |
|
|
12/31/20 |
|
|
9/30/20 |
|
|
6/30/20 |
|
|
3/31/20 |
|
||
|
Tangible Book Value Per Share |
(in thousands, except share and per share data) |
|
|||||||||||||||
|
|
|
|
|||||||||||||||
|
Common stockholders’ equity |
$ |
119,520 |
|
$ |
116,024 |
|
$ |
112,286 |
|
$ |
109,056 |
|
$ |
104,511 |
|
||
|
Less: Goodwill |
|
6,252 |
|
|
6,252 |
|
|
6,252 |
|
|
6,252 |
|
|
6,252 |
|
||
|
Less: Intangible assets |
|
2,181 |
|
|
2,244 |
|
|
2,308 |
|
|
2,372 |
|
|
2,436 |
|
||
|
Tangible common equity |
|
111,087 |
|
|
107,528 |
|
|
103,726 |
|
|
100,432 |
|
|
95,823 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Shares outstanding |
|
7,594,499 |
|
|
7,498,865 |
|
|
7,499,183 |
|
|
7,485,872 |
|
|
7,489,305 |
|
||
|
Tangible book value per common share |
$ |
14.63 |
|
$ |
14.34 |
|
$ |
13.83 |
|
$ |
13.42 |
|
$ |
12.79 |
|
||
|
Book value per common share |
|
15.74 |
|
|
15.47 |
|
|
14.97 |
|
|
14.57 |
|
|
13.95 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
||||||||||||||||
|
|
|
3/31/21 |
|
|
12/31/20 |
|
|
9/30/20 |
|
|
6/30/20 |
|
|
3/31/20 |
|
||
|
Efficiency Ratio |
(in thousands) |
|
|||||||||||||||
|
|
|
|
|||||||||||||||
|
Net interest income |
$ |
10,680 |
|
$ |
10,786 |
|
$ |
9,943 |
|
$ |
10,110 |
|
$ |
9,762 |
|
||
|
Non-interest income |
|
1,884 |
|
|
1,777 |
|
|
1,742 |
|
|
1,601 |
|
|
1,724 |
|
||
|
Less: Net gain (loss) on securities |
|
— |
|
|
— |
|
|
— |
|
|
(5 |
) |
|
— |
|
||
|
Revenue used for efficiency ratio |
|
12,564 |
|
|
12,563 |
|
|
11,685 |
|
|
11,716 |
|
|
11,486 |
|
||
|
Non-interest expense |
|
7,984 |
|
|
7,866 |
|
|
8,079 |
|
|
8,236 |
|
|
8,235 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Efficiency ratio |
|
63.55 |
% |
|
62.61 |
% |
|
69.14 |
% |
|
70.30 |
% |
|
71.70 |
% |
||
John T. Taylor
Chief Executive Officer
(502) 499-4800
Document and Entity Information |
Apr. 21, 2021 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Apr. 21, 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 shares |
| Trading Symbol | LMST |
| Security Exchange Name | NASDAQ |
%^@2O&+(=/EB>N$_NG_A.
M\SQ-LPRKZ'8;9;#%ZI9E\!>/AG$##RP/9'I;K?%NXQ/R^AQ@/7UM0K"=XI.(
M[12O-2#QNH%'GL>[C>4!#ZP+V.Q _G@>F*FX3YI"5S%NV G&D3S'$)C%^(QF
M&5*=##[Q_F"G)$WS/(X %F>0IA@"IQ%', ; 4/2='@//GL?)=-[*CG_5U/\
M!%!+ P04 " !7@952EXJ[', 3 @ "P %]R96QS+RYR96QSG9*Y
M;L,P#$!_Q=">, ?0(8@S9?$6!/D!5J(/V!(%BD6=OZ_:I7&0"QEY/3P2W!YI
M0.TXI+:+J1C]$%)I6M6X 4BV)8]ISI%"KM0L'C6'TD!$VV-#L%HL/D N&6:W
MO606IW.D5XA