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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Limestone Bancorp Inc | NASDAQ:LMST | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.42 | 21.42 | 25.42 | 0 | 01:00:00 |
Limestone Bancorp, Inc. (NASDAQ: LMST) (the “Company”), parent company of Limestone Bank, Inc. (the “Bank”), today reported unaudited results for the first quarter of 2023. Please see attached financial results and data tables for more information.
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 Company’s pending merger transaction with Peoples Bancorp, Inc., merger-related expenses and requirements during the pendency of the merger transaction and conditions that must be satisfied for the merger transaction to be completed, including the receipt of required regulatory and shareholder approvals (all of which has been obtained); the impact and duration of the COVID-19 pandemic; 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 and regulation, which change from time to time and over which the Company has no control; changes in inflation and efforts to control it; 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, 2022.
The Company’s Annual Report on Form 10-K, which also constitutes the 2022 annual report to shareholders, is accessible at no cost on the Company’s website at www.limestonebank.com, under the Investor Relations section. Shareholders of the Company may receive a hard copy free of charge upon request to the Company at 2500 Eastpoint Parkway, Louisville, Kentucky 40223-4156, Attention: Investor Relations; (502) 499-4773.
Additional Information
Unaudited supplemental financial information for the first quarter ending March 31, 2023, follows.
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
3/31/23
12/31/22
9/30/22
6/30/22
3/31/22
Income Statement Data
Interest income
$
17,704
$
17,140
$
15,121
$
13,122
$
12,427
Interest expense
5,365
3,768
2,209
1,442
1,313
Net interest income
12,339
13,372
12,912
11,680
11,114
Provision (negative provision) for credit losses
654
130
(1,250
)
450
750
Net interest income after provision
11,685
13,242
14,162
11,230
10,364
Service charges on deposit accounts
653
703
748
690
634
Bank card interchange fees
1,006
1,127
1,061
1,087
1,003
Bank owned life insurance income
147
107
148
249
202
Gain (loss) on sales and calls of securities, net
—
—
—
(3
)
—
Gain on sale of premises held for sale
—
—
—
—
163
Other
254
218
271
233
236
Non-interest income
2,060
2,155
2,228
2,256
2,238
Salaries & employee benefits
4,493
4,847
4,959
4,651
4,564
Occupancy and equipment
1,036
983
1,134
1,055
1,029
Deposit account related expense
561
557
571
574
547
Data processing expense
425
400
402
403
386
Professional fees
226
155
206
236
221
Marketing expense
94
141
159
172
133
FDIC insurance
90
90
90
90
90
Deposit tax
105
99
99
99
99
Communications expense
102
126
108
121
64
Insurance expense
112
102
104
109
105
Postage and delivery
152
153
156
150
163
Merger expenses
417
691
—
—
—
Other
490
518
709
567
570
Non-interest expense
8,303
8,862
8,697
8,227
7,971
Income before income taxes1
5,442
6,535
7,693
5,259
4,631
Income tax expense
1,259
1,621
1,880
1,223
1,052
Net income
$
4,183
$
4,914
$
5,813
$
4,036
$
3,579
Weighted average shares – Basic
7,632,028
7,638,855
7,639,492
7,631,883
7,614,382
Weighted average shares – Diluted
7,632,028
7,638,855
7,639,492
7,631,883
7,614,382
Basic earnings per common share
$
0.55
$
0.64
$
0.76
$
0.53
$
0.47
Diluted earnings per common share
$
0.55
$
0.64
$
0.76
$
0.53
$
0.47
Cash dividends declared per common share
$
0.05
$
0.05
$
0.05
$
0.05
$
0.05
Performance Ratios
Return on average assets
1.15
%
1.33
%
1.59
%
1.14
%
1.03
%
Return on average equity
12.45
15.05
17.83
12.66
11.07
Yield on average earning assets (tax equivalent)
5.13
4.89
4.37
3.95
3.82
Cost of interest-bearing liabilities
2.05
1.44
0.85
0.58
0.53
Net interest margin (tax equivalent)
3.58
3.82
3.73
3.51
3.42
Efficiency ratio2
54.77
52.62
57.44
59.02
59.70
Non-interest expense to average assets
2.29
2.41
2.38
2.33
2.30
LIMESTONE BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share data)
As of
3/31/23
12/31/22
9/30/22
6/30/22
3/31/22
Assets
Loans
$
1,139,208
$
1,111,854
$
1,127,945
$
1,073,815
$
1,047,285
Allowance for credit losses3
(14,391
)
(13,030
)
(13,031
)
(12,550
)
(12,195
)
Net loans
1,124,817
1,098,824
1,114,914
1,061,265
1,035,090
Securities held to maturity3, 4
43,185
43,282
43,350
44,205
45,639
Securities available for sale4
186,978
180,173
181,292
193,022
204,071
Federal funds sold & interest-bearing deposits
40,378
37,476
50,940
18,244
22,040
Cash and due from financial institutions
7,121
7,159
6,430
7,742
10,009
Premises and equipment
21,749
22,103
22,503
22,747
23,043
Bank owned life insurance
31,273
31,132
31,032
30,888
30,643
FHLB Stock
5,626
5,176
5,176
5,116
5,116
Deferred taxes, net
19,689
21,283
23,002
23,343
22,648
Goodwill
6,252
6,252
6,252
6,252
6,252
Intangible assets
1,669
1,733
1,797
1,861
1,925
Accrued interest receivable and other assets
7,694
7,862
7,007
6,383
6,230
Total Assets
$
1,496,431
$
1,462,455
$
1,493,695
$
1,421,068
$
1,412,706
Liabilities and Equity
Certificates of deposit5
$
344,697
$
290,161
$
273,780
$
256,141
$
260,064
Interest checking
291,661
314,082
286,867
269,240
274,054
Money market
161,021
179,035
215,450
209,183
216,845
Savings
163,357
148,552
154,545
163,573
166,135
Total interest-bearing deposits
960,736
931,830
930,642
898,137
917,098
Demand deposits
261,582
268,954
287,938
269,425
281,533
Total deposits
1,222,318
1,200,784
1,218,580
1,167,562
1,198,631
FHLB advances
80,000
70,000
90,000
70,000
30,000
Junior subordinated debentures
21,000
21,000
21,000
21,000
21,000
Subordinated capital note
25,000
25,000
25,000
25,000
25,000
Accrued interest payable and other liabilities
9,722
11,813
10,744
10,888
9,855
Total liabilities
1,358,040
1,328,597
1,365,324
1,294,450
1,284,486
Common stock
140,639
140,639
140,639
140,639
140,639
Additional paid-in capital
26,210
26,312
26,101
25,889
25,733
Retained deficit
(11,793
)
(14,954
)
(19,486
)
(24,917
)
(28,571
)
Accumulated other comprehensive loss
(16,665
)
(18,139
)
(18,883
)
(14,993
)
(9,581
)
Total stockholders’ equity
138,391
133,858
128,371
126,618
128,220
Total Liabilities and Stockholders’ Equity
$
1,496,431
$
1,462,455
$
1,493,695
$
1,421,068
$
1,412,706
Ending shares outstanding
7,629,402
7,638,633
7,639,033
7,640,680
7,622,157
Book value per common share
$
18.14
$
17.52
$
16.80
$
16.57
$
16.82
Tangible book value per common share6
17.10
16.48
15.75
15.51
15.75
LIMESTONE BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share data)
As of
3/31/23
12/31/22
9/30/22
6/30/22
3/31/22
Average Balance Sheet Data
Assets
$
1,470,834
$
1,461,199
$
1,451,647
$
1,417,087
$
1,407,030
Loans
1,120,482
1,110,078
1,096,478
1,053,057
1,028,546
Earning assets
1,404,469
1,395,860
1,378,771
1,339,555
1,326,234
Deposits
1,186,981
1,204,804
1,203,098
1,184,426
1,199,174
Long-term debt and advances
136,389
114,586
108,229
93,968
67,667
Interest bearing liabilities
1,062,281
1,037,991
1,029,131
1,000,367
996,710
Stockholders’ equity
136,242
129,560
129,346
127,827
131,097
Asset Quality Data
Nonaccrual loans
$
879
$
856
$
1,054
$
3,007
$
3,447
Troubled debt restructurings on accrual
—
133
146
150
333
Loan 90 days or more past due still on accrual
—
—
—
—
—
Total non-performing loans
879
989
1,200
3,157
3,780
Real estate acquired through foreclosures
—
—
—
—
—
Other repossessed assets
—
—
—
—
—
Total non-performing assets
$
879
$
989
$
1,200
$
3,157
$
3,780
Non-performing loans to total loans
0.08
%
0.09
%
0.11
%
0.29
%
0.36
%
Non-performing assets to total assets
0.06
0.07
0.08
0.22
0.27
Allowance for credit losses to non-performing loans
1,637.20
1,317.49
1,085.92
397.53
322.62
Allowance for credit losses to total loans3
1.26
%
1.17
%
1.16
%
1.17
%
1.16
%
Loan Charge-off Data
Loans charged off
$
(130
)
$
(158
)
$
(86
)
$
(367
)
$
(227
)
Recoveries
237
27
1,817
272
141
Net (charge-offs) recoveries
$
107
$
(131
)
$
1,731
$
(95
)
$
(86
)
Loans by Risk Category7
Pass
$
1,113,804
$
1,089,330
$
1,116,009
$
1,052,624
$
1,023,039
Watch
17,450
15,189
3,177
6,426
8,567
Special Mention
—
—
—
—
—
Substandard
7,954
7,335
8,759
14,765
15,679
Doubtful
—
—
—
—
—
Total
$
1,139,208
$
1,111,854
$
1,127,945
$
1,073,815
$
1,047,285
Loans by Past Due Status
Past due loans:
30 – 59 days
$
2,015
$
1,919
$
300
$
600
$
1,108
60 – 89 days
207
268
57
209
89
90 days or more
—
—
—
—
—
Nonaccrual loans
879
856
1,054
3,007
3,447
Total past due and nonaccrual loans
$
3,101
$
3,043
$
1,411
$
3,816
$
4,644
LIMESTONE BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share data)
As of
3/31/23
12/31/22
9/30/22
6/30/22
3/31/22
Risk-based Capital Ratios - Company
Tier I leverage ratio
10.72
%
10.44
%
10.04
%
9.68
%
9.38
%
Common equity Tier I risk-based capital ratio
10.23
10.14
9.46
9.16
8.93
Tier I risk-based capital ratio
11.81
11.71
10.89
10.49
10.19
Total risk-based capital ratio
14.76
14.63
13.75
13.39
13.12
Risk-based Capital Ratios – Limestone Bank
Tier I leverage ratio
11.80
%
11.59
%
11.56
%
11.39
%
11.20
%
Common equity Tier I risk-based capital ratio
13.00
13.01
12.55
12.38
12.21
Tier I risk-based capital ratio
13.00
13.01
12.55
12.38
12.21
Total risk-based capital ratio
14.08
14.01
13.53
13.35
13.17
FTE employees, end of period
208
222
226
225
222
Footnotes:
(1) Pretax, pre-provision income (PTPI) is a non-GAAP financial measure calculated by adjusting pretax income or income before income taxes to add back provision for credit losses. Management believes that PTPI is a useful financial measure as it enables the assessment of the Company’s ability to generate earnings to cover credit losses through a credit cycle and provides an additional basis for comparing results of operations between periods by isolating the impact of provision for credit losses, which can vary significantly between periods.
Three Months Ended
3/31/23
12/31/22
9/30/22
6/30/22
3/31/22
Pretax, Pre-Provision Income
(in thousands)
Income before income taxes
$
5,442
$
6,535
$
7,693
$
5,259
$
4,631
Provision for credit losses
654
130
(1,250
)
450
750
Pretax, pre-provision income
6,096
6,665
6,443
5,709
5,381
(2) 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.
Three Months Ended
3/31/23
12/31/22
9/30/22
6/30/22
3/31/22
Efficiency Ratio
(in thousands)
Net interest income
$
12,339
$
13,372
$
12,912
$
11,680
$
11,114
Non-interest income
2,060
2,155
2,228
2,256
2,238
Less: Net gain (loss) on securities
—
—
—
(3
)
—
Revenue used for efficiency ratio
14,399
15,527
15,140
13,939
13,352
Non-interest expense
8,303
8,862
8,697
8,227
7,971
Less: Merger expenses
417
691
—
—
—
Expenses used for efficiency ratio
7,886
8,171
8,697
8,227
7,971
Efficiency ratio
54.77
%
52.62
%
57.44
%
59.02
%
59.70
%
(3) Effective January 1, 2023, the Company began accounting for credit losses under ASC 326, Financial Instruments – Credit Losses (CECL). Adoption resulted in the establishment of an allowance for credit losses for held to maturity securities of $30,000, an increase in allowance for credit losses for loans of $586,000, an increase of the allowance for credit losses related to unfunded commitments of $24,000, which is recorded in other liabilities, and a reduction in retained earnings of $480,000, net of tax.
(4) Investment Securities – The following table sets forth the amortized cost and fair value of the securities portfolio at the dates indicated.
March 31, 2023
December 31, 2022
Amortized Cost
Allowance for Credit Losses
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
$
30,987
$
—
$
—
$
(2,324
)
$
28,663
$
24,541
$
—
$
(2,784
)
$
21,757
Agency mortgage-backed residential
78,620
—
51
(9,397
)
69,274
80,283
9
(10,387
)
69,905
Collateralized loan obligations
48,192
—
—
(2,094
)
46,098
48,202
—
(2,161
)
46,041
Corporate bonds
45,526
—
116
(2,699
)
42,943
45,512
—
(3,042
)
42,470
Total available for sale
$
203,325
$
—
$
167
$
(16,514
)
$
186,978
$
198,538
$
9
$
(18,374
)
$
180,173
Amortized Cost
Allowance for Credit Losses
Gross Unrecognized Gains
Gross Unrecognized Losses
Fair Value
Amortized Cost
Gross Unrecognized Gains
Gross Unrecognized Losses
Fair Value
(dollars in thousands)
Securities held to maturity
State and municipal
$
43,215
$
(30
)
$
1
$
(7,637
)
$
35,549
$
43,282
$
—
$
(8,386
)
$
34,896
Total held to maturity
$
43,215
$
(30
)
$
1
$
(7,637
)
$
35,549
$
43,282
$
—
$
(8,386
)
$
34,896
(5) The following table denotes contractual time deposit maturities and average rates as of March 31, 2023:
Non-Brokered Time Deposits
Brokered Time Deposits
Maturity Quarter
As of March 31, 2023 (in thousands)
Weighted Average Rate
As of March 31, 2023 (in thousands)
Weighted Average Rate
Q2-2023
50,586
1.62
%
95,251
4.29
%
Q3-2023
43,303
1.70
45,933
5.09
Q4-2023
40,825
2.32
—
0.00
Q1-2024
21,062
0.67
—
0.00
Thereafter
47,737
0.72
—
0.00
Total time deposits
$
203,513
1.44
%
$
141,184
4.55
%
(6) Tangible book value per common share is a non-GAAP financial measure derived from GAAP based amounts. Tangible book value per common share is calculated by excluding the balance of goodwill and other 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 goodwill and other intangible assets from the calculation of risk-based capital.
As of
3/31/23
12/31/22
9/30/22
6/30/22
3/31/22
Tangible Book Value Per Share
(in thousands, except share and per share data)
Common stockholders’ equity
$
138,391
$
133,858
$
128,371
$
126,618
$
128,220
Less: Goodwill
6,252
6,252
6,252
6,252
6,252
Less: Intangible assets
1,669
1,733
1,797
1,861
1,925
Tangible common equity
130,470
125,873
120,322
118,505
120,043
Shares outstanding
7,629,402
7,638,633
7,639,033
7,640,680
7,622,157
Tangible book value per common share
$
17.10
$
16.48
$
15.75
$
15.51
$
15.75
Book value per common share
18.14
17.52
16.80
16.57
16.82
(7) Loans by Risk Category reflect management’s risk ratings based on categories aligned with the bank regulatory definitions.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230424005748/en/
John T. Taylor Chief Executive Officer (502) 499-4800
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