Limestone Bancorp Reviews Internet Revenue of $3.2 million, or $0.43 per Share, for the first Quarter of 2021

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Limestone Bancorp Reports Net Income of $3.2 million, or $0.43 per Share, for the 1st Quarter of 2021

LOUISVILLE, Ky.–(BUSINESS WIRE)–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

March 31,

2021

(in thousands)

Weighted

Average Rate

 

 

 

 

 

 

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

%