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Limestone Bancorp Reports Net Income of $3.4 Million, or $0.45 Per Diluted Share, for the 4th Quarter of 2021 and $14.9 Million, or $1.96 Per Diluted Share, for the Twelve Months Ended December 31, 2021

Limestone Bancorp, Inc. (NASDAQ: LMST) (the “Company”), parent company of Limestone Bank, Inc. (the “Bank”), today reported unaudited results for the fourth quarter of 2021. Net income available to common shareholders for the fourth quarter of 2021 was $3.4 million, or $0.45 per basic and diluted common share, compared with $3.1 million, or $0.42 per basic and diluted share, for the fourth quarter of 2020. Net income for the twelve months ended December 31, 2021, was $14.9 million, or $1.96 per diluted common share, compared with net income of $9.0 million, or $1.20 per diluted share, for the twelve months ended December 31, 2020.

“Our Limestone team went above and beyond over the past year to serve our customers in a difficult environment. Through their efforts, we achieved 4% loan growth, 8% deposit growth, and nearly 13% tangible book value1 growth,” said John T. Taylor, President and CEO. “Since the second quarter of 2020, Limestone has assisted customers and communities through the SBA Paycheck Protection Program (“PPP”). I commend our team of community bankers who helped our customers obtain approximately 1,500 PPP loans, which totaled $65.9 million and resulted in fee income of $2.8 million in 2021 and $1.1 million in 2020.”

Assets increased $62.8 million, or 4.6%, during the fourth quarter. The loan portfolio increased $33.8 million, or 3.5%, during the fourth quarter to $1.0 billion at December 31, 2021, compared to $968.1 million at September 30, 2021, and $962.1 million at December 31, 2020. PPP loans totaled $1.2 million at December 31, 2021, compared to $5.7 million at September 30, 2021, and $20.3 million at December 31, 2020.

Net Interest Income and Average Earning Assets – Net interest income decreased to $11.0 million for the fourth quarter of 2021, compared to $11.6 million for the third quarter of 2021, and increased compared to $10.8 million for the fourth quarter of 2020. Average loans increased to $955.5 million for the fourth quarter of 2021, compared to $952.6 million for the third quarter of 2021, and decreased from $965.3 million for the fourth quarter of 2020.

Net interest margin decreased to 3.32% for the fourth quarter of 2021, compared with 3.61% for the third quarter of 2021, and 3.53% for the fourth quarter of 2020. The yield on earning assets decreased to 3.71% in the fourth quarter of 2021, compared to 4.03% in the third quarter of 2021, and 4.12% in the fourth quarter of 2020. The yield on earning assets for the year ended December 31, 2021, was negatively impacted by lower interest rates on the Bank’s fed funds, certain floating rate investment securities, loans with variable rate pricing features, and new loans originated in the lower interest rate environment, including PPP loans which carry a rate of 1.0%. The negative impact of lower rates was offset by an increase in loan fee income discussed below.

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 $967,000, $1.5 million, and $1.0 million for the quarters ended December 31, 2021, September 30, 2021, and December 31, 2020, respectively. This represents 29 basis points, 48 basis points, and 33 basis points of yield on earning assets and net interest margin for the quarters ended December 31, 2021, September 30, 2021, and December 31, 2020, respectively. Loan fee income for the fourth quarter of 2021 included $261,000 in fees earned on SBA PPP loans, compared to $1.4 million in the third quarter of 2021, and $767,000 in the fourth quarter of 2020, which represents eight basis points, 43 basis points, and 25 basis points of earning asset yield and net interest margin for those quarters, respectively. Unearned PPP loan origination fees totaled $45,000 at December 31, 2021.

The cost of interest-bearing liabilities was 0.53% for the fourth quarter of 2021, compared to 0.56% in the third quarter of 2021, and 0.76% in the fourth quarter of 2020. The cost of interest-bearing liabilities continued to decline as a result of continued improvement in deposit mix, as well as the downward repricing of time deposits. Time deposits declined $14.5 million during the fourth quarter of 2021 as approximately $48.2 million of time deposits with an average rate of 0.32% matured and redeemed or repriced at lower interest rates. During the fourth quarter of 2021, newly originated or renewed time deposits had an average rate of 0.16% and an average term of approximately 11 months.

Net interest income increased to $44.2 million for the year ended December 31, 2021, compared with $40.6 million for 2020. Average loans decreased to $958.5 million for 2021, compared to $964.1 million for 2020. PPP loans averaged $15.5 million and $22.5 million for year ended December 31, 2021 and 2020, respectively.

Net interest margin increased to 3.48% for 2021, compared with 3.36% for 2020. The yield on earning assets decreased to 3.92% for the year ended December 31, 2021, compared to 4.20% for 2020. The amount of loan fee income included in total interest income was $4.3 million and $2.1 million for year ended December 31, 2021 and 2020, respectively. This represents 33 basis points and 18 basis points of yield on earning assets and net interest margin for 2021 and 2020, respectively. Loan fee income included PPP fees of $2.8 million and $1.1 million for year ended December 31, 2021 and 2020, respectively, which represents 21 basis points and 10 basis points of earning asset yield and net interest margin, respectively. The cost of interest-bearing liabilities was 0.59% for 2021, compared to 1.05% for 2020.

As of December 31, 2021, time deposits comprise $266.0 million of the Company’s liabilities including $55.0 million with a current average rate of 0.33%, which reprice or mature in the first quarter of 2022. The following table denotes contractual time deposit maturities and average rates as of December 31, 2021:

Maturity

Quarter

 

As of

December 31,

2021

(in thousands)

Weighted

Average

Rate

 

 

 

 

 

Q1-2022

 

 

55,049

0.33

 

Q2-2022

 

 

55,081

0.30

 

Q3-2022

 

 

28,528

0.37

 

Q4-2022

 

 

23,259

0.28

 

Thereafter

 

 

104,094

0.87

 

Total time deposits

 

$

266,011

0.53

%

 

 

Provision and Allowance for Loan Losses – The allowance for loan losses to total loans was 1.15% at December 31, 2021, compared to 1.34% at September 30, 2021, and 1.29% at December 31, 2020.

Net loan charge-offs were $2.1 million for 2021, compared to net loan charge-offs of $333,000 for 2020. At the beginning of the fourth quarter, the Bank had one remaining commercial real estate loan secured by a retail entertainment facility that remained subject to an eligible loan modification under Section 4013 of the CARES Act. This loan totaled $4.4 million, had been graded substandard, evaluated under ASC-310-10, and allocated a specific reserve of $2.2 million since December 2020. Given the uncertainty of the borrower’s ability to return to amortizing principal and interest payments, this loan was placed on nonaccrual during the fourth quarter of 2021 and a partial charge-off of the specifically allocated $2.2 million reserve was recognized. The remaining balance of this loan was $2.2 million at December 31, 2021.

A provision for loan loss of $500,000 and $1.2 million, or $0.05 and $0.11 per common share after taxes, was recorded in the fourth quarter and the year ended December 31, 2021, respectively, compared to $900,000 and $4.4 million, or $0.09 and $0.46 per common share after taxes, in the fourth quarter and the year ended December 31, 2020, respectively. The 2021 loan loss provisions were attributable to net loan charge-offs impacting historical loss percentages and growth trends within the portfolio during the fourth quarter and year, while the provisions for 2020 were largely attributable to the uncertainty surrounding the COVID-19 pandemic related economic and business disruptions.

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 continued uncertainty surrounding the COVID-19 pandemic.

Non-interest Income and Expense – Non-interest income for the fourth quarter of 2021 increased $207,000 to $2.0 million, compared with $1.8 million for the fourth quarter of 2020. The increase was primarily related to an increase in bank card interchange fees of $157,000 due to an increase in debit card transactions. Non-interest expense increased $117,000, or 1.5%, to $8.0 million for the fourth quarter of 2021, compared with $7.9 million for the fourth quarter of 2020. The increase in the fourth quarter of 2021 was primarily due to an increase in salaries and employee benefits of $434,000 as a result of an increase in average FTEs as well as a moderate increase in performance-based incentive compensation. This increase was partially offset by a decrease in deposit and state franchise tax expense of $290,000, as a result of the elimination of the Kentucky bank franchise tax discussed below.

Non-interest income for the year ended December 31, 2021, increased $1.6 million to $8.4 million, compared with $6.8 million for the year ended December 31, 2020. The increase was primarily due to an increase in bank card interchange fees of $740,000 as a result of an increase in debit card transactions, a $191,000 gain on the sale of OREO from the second quarter of 2021, and a $465,000 gain on the call of a corporate bond from the Bank’s available for sale securities portfolio from the third quarter of 2021. Non-interest expense decreased $445,000, or 1.4%, to $32.0 million for the year ended December 31, 2021, compared with $32.4 million for the year ended December 31, 2020. The decrease was primarily attributable to a decrease of $1.1 million in deposit and state franchise tax expense. This decrease was partially offset by an increase in salaries and employee benefits of $381,000 attributable to moderate merit increases in compensation and performance-based incentive compensation partially offset in 2021 by year over year average FTE reductions. Additionally, deposit account related expense increased $268,000 due to an increase in debit card transactions.

Income Taxes Income tax expense was $1.1 million and $4.6 million for the fourth quarter of 2021 and for the year ended December 31, 2021, respectively, compared with $680,000 and $1.6 million for the fourth quarter of 2020 and for the year ended December 31, 2020, respectively. 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 $215,000 and $939,000 for the fourth quarter of 2021 and for the year ended December 31, 2021, respectively, compared to a state income tax benefit of $82,000 and $478,000 for the fourth quarter of 2020 and for the year ended December 31, 2020, respectively, which were 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 and regulation, 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 fourth quarter ending December 31, 2021, follows.

LIMESTONE BANCORP, INC.

Unaudited Financial Information

(in thousands, except share and per share data)

 

 

Three

 

Three

 

Twelve

 

Twelve

 

 

Months

 

Months

 

Months

 

Months

 

 

Ended

 

Ended

 

Ended

 

Ended

 

 

12/31/21

 

12/31/20

 

12/31/21

 

12/31/20

 

 

Income Statement Data

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

12,314

 

$

12,606

 

$

49,915

 

$

50,753

 

Interest expense

 

1,307

 

 

1,820

 

 

5,693

 

 

10,152

 

Net interest income

 

11,007

 

 

10,786

 

 

44,222

 

 

40,601

 

Provision for loan losses

 

500

 

 

900

 

 

1,150

 

 

4,400

 

Net interest income after provision

 

10,507

 

 

9,886

 

 

43,072

 

 

36,201

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

605

 

 

594

 

 

2,256

 

 

2,268

 

Bank card interchange fees

 

1,039

 

 

882

 

 

4,116

 

 

3,376

 

Bank owned life insurance income

 

106

 

 

99

 

 

526

 

 

424

 

Gain on sale of OREO

 

 

 

 

 

191

 

 

 

Gain (loss) on sales and calls of securities, net

 

 

 

 

 

460

 

 

(5

)

Other

 

234

 

 

202

 

 

890

 

 

781

 

Non-interest income

 

1,984

 

 

1,777

 

 

8,439

 

 

6,844

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries & employee benefits

 

4,601

 

 

4,167

 

 

18,132

 

 

17,751

 

Occupancy and equipment

 

978

 

 

1,011

 

 

4,041

 

 

4,001

 

Professional fees

 

251

 

 

233

 

 

952

 

 

937

 

Marketing expense

 

166

 

 

177

 

 

727

 

 

629

 

FDIC insurance

 

90

 

 

81

 

 

405

 

 

229

 

Data processing expense

 

379

 

 

381

 

 

1,512

 

 

1,502

 

Deposit and state franchise tax

 

105

 

 

395

 

 

375

 

 

1,475

 

Deposit account related expense

 

566

 

 

492

 

 

2,158

 

 

1,890

 

Communications expense

 

161

 

 

190

 

 

681

 

 

856

 

Insurance expense

 

91

 

 

112

 

 

415

 

 

428

 

Postage and delivery

 

145

 

 

151

 

 

605

 

 

627

 

Other

 

450

 

 

476

 

 

1,968

 

 

2,091

 

Non-interest expense

 

7,983

 

 

7,866

 

 

31,971

 

 

32,416

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

4,508

 

 

3,797

 

 

19,540

 

 

10,629

 

Income tax expense

 

1,063

 

 

680

 

 

4,631

 

 

1,624

 

Net income

$

3,445

 

$

3,117

 

$

14,909

 

$

9,005

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares – Basic

 

7,597,256

 

 

7,499,323

 

 

7,593,176

 

 

7,492,190

 

Weighted average shares – Diluted

 

7,597,256

 

 

7,499,323

 

 

7,593,176

 

 

7,492,190

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

0.45

 

$

0.42

 

$

1.96

 

$

1.20

 

Diluted earnings per common share

$

0.45

 

$

0.42

 

$

1.96

 

$

1.20

 

Cash dividends declared per common share

$

0.00

 

$

0.00

 

$

0.00

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Ratios

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

0.97

%

 

0.95

%

 

1.09

%

 

0.70

%

Return on average equity

 

10.51

 

 

10.89

 

 

12.03

 

 

8.19

 

Yield on average earning assets (tax equivalent)

 

3.71

 

 

4.12

 

 

3.92

 

 

4.20

 

Cost of interest-bearing liabilities

 

0.53

 

 

0.76

 

 

0.59

 

 

1.05

 

Net interest margin (tax equivalent)

 

3.32

 

 

3.53

 

 

3.48

 

 

3.36

 

Efficiency ratio2

 

61.45

 

 

62.61

 

 

61.25

 

 

68.32

 

Non-interest expense to average assets

 

2.25

 

 

2.40

 

 

2.34

 

 

2.50

 

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

 

 

12/31/21

 

9/30/21

 

6/30/21

 

3/31/21

 

12/31/20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement Data

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

12,314

 

$

12,975

 

$

12,376

 

$

12,250

 

$

12,606

 

Interest expense

 

1,307

 

 

1,354

 

 

1,462

 

 

1,570

 

 

1,820

 

Net interest income

 

11,007

 

 

11,621

 

 

10,914

 

 

10,680

 

 

10,786

 

Provision for loan losses

 

500

 

 

300

 

 

 

 

350

 

 

900

 

Net interest income after provision

 

10,507

 

 

11,321

 

 

10,914

 

 

10,330

 

 

9,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

605

 

 

583

 

 

520

 

 

548

 

 

594

 

Bank card interchange fees

 

1,039

 

 

1,044

 

 

1,073

 

 

960

 

 

882

 

Bank owned life insurance income

 

106

 

 

112

 

 

143

 

 

165

 

 

99

 

Gain on sale of OREO

 

 

 

 

 

191

 

 

 

 

 

Gain (loss) on sales and calls of securities, net

 

 

 

465

 

 

(5

)

 

 

 

 

Other

 

234

 

 

232

 

 

213

 

 

211

 

 

202

 

Non-interest income

 

1,984

 

 

2,436

 

 

2,135

 

 

1,884

 

 

1,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries & employee benefits

 

4,601

 

 

4,582

 

 

4,467

 

 

4,482

 

 

4,167

 

Occupancy and equipment

 

978

 

 

1,024

 

 

979

 

 

1,060

 

 

1,011

 

Professional fees

 

251

 

 

219

 

 

246

 

 

236

 

 

233

 

Marketing expense

 

166

 

 

200

 

 

179

 

 

182

 

 

177

 

FDIC insurance

 

90

 

 

90

 

 

90

 

 

135

 

 

81

 

Data processing expense

 

379

 

 

378

 

 

377

 

 

378

 

 

381

 

Deposit and state franchise tax

 

105

 

 

90

 

 

90

 

 

90

 

 

395

 

Deposit account related expense

 

566

 

 

545

 

 

556

 

 

491

 

 

492

 

Communications expense

 

161

 

 

153

 

 

194

 

 

173

 

 

190

 

Insurance expense

 

91

 

 

105

 

 

115

 

 

104

 

 

112

 

Postage and delivery

 

145

 

 

169

 

 

139

 

 

152

 

 

151

 

Other

 

450

 

 

495

 

 

522

 

 

501

 

 

476

 

Non-interest expense

 

7,983

 

 

8,050

 

 

7,954

 

 

7,984

 

 

7,866

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

4,508

 

 

5,707

 

 

5,095

 

 

4,230

 

 

3,797

 

Income tax expense

 

1,063

 

 

1,366

 

 

1,194

 

 

1,008

 

 

680

 

Net income

$

3,445

 

$

4,341

 

$

3,901

 

$

3,222

 

$

3,117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares – Basic

 

7,597,256

 

 

7,602,686

 

 

7,597,202

 

 

7,575,211

 

 

7,499,323

 

Weighted average shares – Diluted

 

7,597,256

 

 

7,602,686

 

 

7,597,202

 

 

7,575,211

 

 

7,499,323

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

0.45

 

$

0.57

 

$

0.51

 

$

0.43

 

$

0.42

 

Diluted earnings per common share

$

0.45

 

$

0.57

 

$

0.51

 

$

0.43

 

$

0.42

 

Cash dividends declared per common share

$

0.00

 

$

0.00

 

$

0.00

 

$

0.00

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Ratios

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

0.97

%

 

1.26

%

 

1.15

%

 

0.99

%

 

0.95

%

Return on average equity

 

10.51

 

 

13.61

 

 

12.89

 

 

11.11

 

 

10.89

 

Yield on average earning assets (tax equivalent)

 

3.71

 

 

4.03

 

 

3.91

 

 

4.05

 

 

4.12

 

Cost of interest-bearing liabilities

 

0.53

 

 

0.56

 

 

0.61

 

 

0.68

 

 

0.76

 

Net interest margin (tax equivalent)

 

3.32

 

 

3.61

 

 

3.45

 

 

3.53

 

 

3.53

 

Efficiency ratio

 

61.45

 

 

59.23

 

 

60.93

 

 

63.55

 

 

62.61

 

Non-interest expense to average assets

2.25

2.33

2.34

2.46

2.40

LIMESTONE BANCORP, INC.

Unaudited Financial Information

(in thousands, except share and per share data)

 

 

 

As of

 

 

 

12/31/21

 

9/30/21

 

6/30/21

 

3/31/21

 

12/31/20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

$

1,001,840

 

$

968,088

 

$

947,425

 

$

978,865

 

$

962,081

 

Allowance for loan losses

 

(11,531

)

 

(12,973

)

 

(12,637

)

 

(12,755

)

 

(12,443

)

Net loans

 

990,309

 

 

955,115

 

 

934,788

 

 

966,110

 

 

949,638

 

Securities held to maturity

 

46,460

 

 

47,539

 

 

46,717

 

 

41,254

 

 

 

Securities available for sale

 

214,213

 

 

203,548

 

 

182,154

 

 

177,690

 

 

203,862

 

Federal funds sold & interest-bearing deposits

 

67,110

 

 

44,909

 

 

75,536

 

 

74,047

 

 

56,863

 

Cash and due from financial institutions

 

10,493

 

 

13,579

 

 

9,584

 

 

9,800

 

 

10,830

 

Premises and equipment

 

21,575

 

 

21,623

 

 

21,912

 

 

20,405

 

 

18,533

 

Premises held for sale

 

310

 

 

980

 

 

980

 

 

1,035

 

 

1,060

 

Bank owned life insurance

 

23,946

 

 

23,845

 

 

23,738

 

 

23,601

 

 

23,441

 

FHLB Stock

 

5,116

 

 

5,116

 

 

5,449

 

 

5,810

 

 

5,887

 

Other real estate owned

 

 

 

 

 

 

 

1,765

 

 

1,765

 

Deferred taxes, net

 

21,583

 

 

22,161

 

 

23,452

 

 

24,992

 

 

25,714

 

Goodwill

 

6,252

 

 

6,252

 

 

6,252

 

 

6,252

 

 

6,252

 

Intangible assets

 

1,989

 

 

2,053

 

 

2,117

 

 

2,181

 

 

2,244

 

Accrued interest receivable and other assets

 

6,336

 

 

6,128

 

 

6,231

 

 

6,769

 

 

6,213

 

Total Assets

$

1,415,692

 

$

1,352,848

 

$

1,338,910

 

$

1,361,711

 

$

1,312,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

$

266,011

 

$

280,545

 

$

303,668

 

$

355,309

 

$

367,552

 

Interest checking

 

287,208

 

 

239,923

 

 

216,344

 

 

211,322

 

 

190,625

 

Money market

 

217,943

 

 

198,470

 

 

191,773

 

 

180,137

 

 

175,785

 

Savings

 

163,423

 

 

163,018

 

 

160,257

 

 

151,340

 

 

142,623

 

Total interest-bearing deposits

 

934,585

 

 

881,956

 

 

872,042

 

 

898,108

 

 

876,585

 

Demand deposits

 

274,083

 

 

266,035

 

 

267,059

 

 

268,882

 

 

243,022

 

Total deposits

 

1,208,668

 

 

1,147,991

 

 

1,139,101

 

 

1,166,990

 

 

1,119,607

 

FHLB advances

 

20,000

 

 

20,000

 

 

20,000

 

 

20,613

 

 

20,623

 

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

 

10,065

 

 

10,193

 

 

9,850

 

 

8,588

 

 

10,048

 

Total liabilities

 

1,284,733

 

 

1,224,184

 

 

1,214,951

 

 

1,242,191

 

 

1,196,278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders’ equity

 

130,959

 

 

128,664

 

 

123,959

 

 

119,520

 

 

116,024

 

Total Liabilities and Stockholders’ Equity

$

1,415,692

 

$

1,352,848

 

$

1,338,910

 

$

1,361,711

 

$

1,312,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending shares outstanding

 

7,594,749

 

 

7,602,686

 

 

7,602,686

 

 

7,594,499

 

 

7,498,865

 

Book value per common share

$

17.24

 

$

16.92

 

$

16.30

 

$

15.74

 

$

15.47

 

Tangible book value per common share1

 

16.16

 

 

15.83

 

 

15.20

 

 

14.63

 

 

14.34

 

LIMESTONE BANCORP, INC.

Unaudited Financial Information

(in thousands, except share and per share data)
 

 

 

As of

 

 

 

12/31/21

 

 

9/30/21

 

 

6/30/21

 

 

3/31/21

 

 

12/31/20

 

 

Average Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

1,405,219

 

$

1,369,372

 

$

1,361,080

 

$

1,316,878

 

$

1,304,715

 

Loans

 

955,516

 

 

952,567

 

 

961,922

 

 

964,353

 

 

965,339

 

Earning assets

 

1,322,821

 

 

1,284,188

 

 

1,275,363

 

 

1,230,610

 

 

1,220,043

 

Deposits

 

1,199,334

 

 

1,166,785

 

 

1,164,524

 

 

1,125,943

 

 

1,115,985

 

Long-term debt and advances

 

66,000

 

 

66,000

 

 

66,000

 

 

66,617

 

 

67,280

 

Interest bearing liabilities

 

982,132

 

 

954,007

 

 

956,172

 

 

941,342

 

 

951,620

 

Stockholders’ equity

 

129,998

 

 

126,556

 

 

121,386

 

 

117,663

 

 

113,868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

$

3,124

 

$

1,627

 

$

1,530

 

$

1,996

 

$

1,676

 

Troubled debt restructurings on accrual

 

340

 

 

561

 

 

390

 

 

399

 

 

480

 

Loan 90 days or more past due still on accrual

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

3,464

 

 

2,188

 

 

1,920

 

 

2,395

 

 

2,156

 

Real estate acquired through foreclosures

 

 

 

 

 

 

 

1,765

 

 

1,765

 

Other repossessed assets

 

 

 

 

 

 

 

 

 

 

Total non-performing assets

$

3,464

 

$

2,188

 

$

1,920

 

$

4,160

 

$

3,921

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans to total loans

 

0.35

%

 

0.23

%

 

0.20

%

 

0.24

%

 

0.22

%

Non-performing assets to total assets

 

0.24

 

 

0.16

 

 

0.14

 

 

0.31

 

 

0.30

 

Allowance for loan losses to non-performing loans

 

332.88

 

 

592.92

 

 

658.18

 

 

532.57

 

 

577.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses to total loans

 

1.15

%

 

1.34

%

 

1.33

%

 

1.30

%

 

1.29

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan Charge-off Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans charged off

$

(2,246

)

$

(25

)

$

(178

)

$

(77

)

$

(124

)

Recoveries

 

304

 

 

61

 

 

60

 

 

39

 

 

186

 

Net (charge-offs) recoveries

$

(1,942

)

$

36

 

$

(118

)

$

(38

)

$

62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans by Risk Category3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

$

977,962

 

$

945,396

 

$

913,753

 

$

942,492

 

$

926,025

 

Watch

 

7,856

 

 

3,407

 

 

15,888

 

 

17,929

 

 

18,879

 

Special Mention

 

 

 

 

 

 

 

 

 

 

Substandard

 

16,022

 

 

19,285

 

 

17,784

 

 

18,444

 

 

17,177

 

Doubtful

 

 

 

 

 

 

 

 

 

 

Total

$

1,001,840

 

$

968,088

 

$

947,425

 

$

978,865

 

$

962,081

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans by Past Due Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past due loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30 – 59 days

$

556

 

$

630

 

$

181

 

$

677

 

$

1,537

 

60 – 89 days

 

210

 

 

142

 

 

252

 

 

254

 

 

372

 

90 days or more

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

 

3,124

 

 

1,627

 

 

1,530

 

 

1,996

 

 

1,676

 

Total past due and nonaccrual loans

$

3,890

$

2,399

$

1,963

 

$

2,927

$

3,585

LIMESTONE BANCORP, INC.

Unaudited Financial Information

(in thousands, except share and per share data)
 

 

 

As of

 

 

12/31/21

 

 

9/30/21

 

 

6/30/21

 

 

3/31/21

 

 

12/31/20

 

 

Risk-based Capital Ratios – Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier I leverage ratio

 

9.14

%

 

9.39

%

 

8.70

%

 

8.59

%

 

8.24

%

Common equity Tier I risk-based capital ratio

 

9.00

 

 

9.37

 

 

9.48

 

 

8.96

 

 

8.72

 

Tier I risk-based capital ratio

 

10.38

 

 

10.86

 

 

10.63

 

 

10.00

 

 

9.67

 

Total risk-based capital ratio

 

13.41

 

 

14.13

 

 

14.09

 

 

13.42

 

 

13.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-based Capital Ratios – Limestone Bank

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier I leverage ratio

 

10.84

%

 

10.96

%

 

10.55

%

 

10.44

%

 

10.21

%

Common equity Tier I risk-based capital ratio

 

12.35

 

 

12.68

 

 

12.95

 

 

12.21

 

 

12.05

 

Tier I risk-based capital ratio

 

12.35

 

 

12.68

 

 

12.95

 

 

12.21

 

 

12.05

 

Total risk-based capital ratio

 

13.31

 

 

13.80

 

 

14.11

 

 

13.37

 

 

13.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FTE employees, end of period

 

227

 

 

232

 

 

231

 

 

225

 

 

219

 

 

Footnotes:

(1) 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

 

 

12/31/21

 

 

9/30/21

 

 

6/30/21

 

 

3/31/21

 

 

12/31/20

Tangible Book Value Per Share

(in thousands, except share and per share data)

 

 

Common stockholders’ equity

$

130,959

 

$

128,664

 

$

123,959

 

$

119,520

 

$

116,024

Less: Goodwill

 

6,252

 

 

6,252

 

 

6,252

 

 

6,252

 

 

6,252

Less: Intangible assets

 

1,989

 

 

2,053

 

 

2,117

 

 

2,181

 

 

2,244

Tangible common equity

 

122,718

 

 

120,359

 

 

115,590

 

 

111,087

 

 

107,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding

 

7,594,749

 

 

7,602,686

 

 

7,602,686

 

 

7,594,499

 

 

7,498,865

Tangible book value per common share

$

16.16

 

$

15.83

 

$

15.20

 

$

14.63

 

$

14.34

Book value per common share

 

17.24

 

 

16.92

 

 

16.30

 

 

15.74

 

 

15.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

 

12/31/21

 

 

9/30/21

 

 

6/30/21

 

 

3/31/21

 

 

12/31/20

 

Efficiency Ratio

(in thousands)

 

 

 

 

Net interest income

$

11,007

 

$

11,621

 

$

10,914

 

$

10,680

 

$

10,786

 

Non-interest income

 

1,984

 

 

2,436

 

 

2,135

 

 

1,884

 

 

1,777

 

Less: Net gain (loss) on securities

 

 

 

465

 

 

(5

)

 

 

 

 

Revenue used for efficiency ratio

 

12,991

 

 

13,592

 

 

13,054

 

 

12,564

 

 

12,563

 

Non-interest expense

 

7,983

 

 

8,050

 

 

7,954

 

 

7,984

 

 

7,866

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio

 

61.45

%

 

59.23

%

 

60.93

%

 

63.55

%

 

62.61

%

 

 

 

 

 

Twelve Months Ended

 

 

 

 

12/31/21

 

 

12/31/20

 

 

Efficiency Ratio

 

 

 

 

 

Net interest income

$

44,222

 

$

40,601

 

 

Non-interest income

 

8,439

 

 

6,844

 

 

Less: Net gain (loss) on securities

 

460

 

 

(5

)

 

Revenue used for efficiency ratio

 

52,201

 

 

47,450

 

 

Non-interest expense

 

31,971

 

 

32,416

 

 

 

 

 

 

 

 

 

 

Efficiency ratio

 

61.25

%

 

68.32

%

 

(3) Loans by Risk Category reflect management’s risk ratings based on categories aligned with the bank regulatory definitions.

Contacts

John T. Taylor

Chief Executive Officer

(502) 499-4800

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