Non-recurring Acquisition Related Expenses
totaled $775,000, or $0.08 per Diluted Share
Limestone Bancorp, Inc. (NASDAQ: LMST) (“the Company”), parent
company of Limestone Bank (“the Bank”), today reported unaudited
results for the fourth quarter and full year 2019. Net income
available to common shareholders for the fourth quarter of 2019 was
$1.8 million, or $0.24 per basic and diluted common share, compared
with $2.4 million, or $0.33 per basic and diluted share, for the
fourth quarter of 2018. Net income for the year ended December 31,
2019, was $10.5 million, or $1.41 per diluted common share,
compared with $8.8 million, or $1.23 per diluted share, for the
year ended December 31, 2018.
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Limestone Bank Branch Locations (Graphic:
Business Wire)
Net income before taxes was $11.0 million for the year ended
December 31, 2019, compared with $10.8 million for the year ended
December 31, 2018. Income tax expense was $480,000 for 2019
compared to $2.0 million for 2018.
Branch Acquisition – On November 15, 2019, the Bank
completed the acquisition of four branch banking centers located in
the Kentucky cities of Elizabethtown, Frankfort, and Owensboro. The
purchase included approximately $126.8 million in performing loans
and $1.5 million in premises and equipment, as well as
approximately $131.8 million in customer deposits. This acquisition
allows the Bank to further optimize its branch footprint regionally
and solidifies its presence and ability to serve customers in
Daviess, Hardin, and Franklin counties. Fourth quarter results were
impacted by non-recurring acquisition related expenses of
approximately $775,000, or $0.08 per common share after taxes.
Income Taxes – During the first and second quarters of
2019, the Company benefitted from the enactment of state tax
legislation eliminating the Kentucky bank franchise tax which is
assessed at a rate of 1.1% of average capital. The legislation
implements a state income tax for the Bank at a statutory rate of
5%. The new Kentucky income tax will go into effect on January 1,
2021, and the Company will begin filing a Kentucky combined filing
in 2021. The enactment resulted in a tax benefit of $341,000, or
$0.05 per basic and diluted share, in the first quarter of 2019 and
$1.2 million, or approximately $0.16 per basic and diluted share,
in the second quarter of 2019.
Net Interest Income – On a sequential quarter basis, net
interest margin was under pressure as the Federal Reserve lowered
its federal funds target rate by 25 basis points on July 31, 2019,
September 18, 2019, and October 30, 2019. The Company’s interest
rate risk profile is marginally asset sensitive as its assets
generally reprice more quickly than its liabilities over a
twelve-month horizon. In particular, the Fed’s actions served to
lower rates on the short end of the yield curve impacting yields on
fed funds, certain floating rate investment securities, and loans
with variable rate pricing features. As of December 31, 2019, time
deposits comprise $476.5 million of the Company’s liabilities with
$389.3 million, or 82%, set to reprice or mature within one year of
which, $179.4 million with a current average rate of 2.19% reprice
or mature in the first quarter of 2020.
Net interest income was $8.9 million for the fourth quarter of
2019, compared to $8.7 million in the third quarter of 2019, and
$8.7 million in the fourth quarter of 2018. Average loans increased
to $846.2 million for the fourth quarter of 2019, compared to
$800.2 million for the third quarter of 2019 and $765.5 million for
the fourth quarter of 2018, and was positively impacted by the
loans acquired in the branch purchase transaction. Net interest
margin decreased to 3.23% in the fourth quarter of 2019, compared
with 3.35% for the third quarter of 2019 and 3.46% for the fourth
quarter of 2018.
The yield on earning assets decreased to 4.57% for the fourth
quarter of 2019, compared to 4.79% for the third quarter of 2019
and 4.66% in the fourth quarter of 2018. 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 $218,000, $247,000, and $167,000 for the
quarters ended December 31, 2019, September 30, 2019, and December
31, 2018, respectively. This represents eight basis points, nine
basis points, and seven basis points of yield on earning assets and
net interest margin for the quarters ended December 31, 2019,
September 30, 2019, and December 31, 2018, respectively.
The cost of interest-bearing liabilities was 1.65% for the
fourth quarter of 2019, compared to 1.75% for the third quarter of
2019 and 1.46% for the fourth quarter of 2018. Net interest income
and the cost of interest-bearing liabilities for the fourth quarter
of 2019 were also impacted by the subordinated debt issuance of
$17.0 million at a fixed rate of 5.75% on July 23, 2019. This
capital was deployed in the branch acquisition transaction.
Net interest income increased to $35.4 million for the year
ended December 31, 2019, compared with $33.7 million for 2018.
Average loans increased to $801.8 million for 2019, compared with
$743.4 million for 2018. Net interest margin decreased to 3.40% for
2019, compared with 3.53% for 2018. The yield on earning assets
increased to 4.76% for the year ended December 31, 2019, compared
to 4.55% for 2018 and cost of interest-bearing liabilities was
1.66% for 2019, compared to 1.23% for 2018.
Provision and Allowance for Loan Losses – The allowance
for loan losses to total loans was 0.90% at December 31, 2019,
compared to 1.11% at September 30, 2019, and 1.16% at December 31,
2018. Excluding acquired loans, the allowance for loan losses to
total loans was 1.04% at December 31, 2019. Loans acquired in the
branch purchase transaction totaled approximately $124.7 million at
December 31, 2019, and were recorded at fair value as determined by
an independent third party which includes adjustments for yield and
credit risk. Net loan charge-offs were $504,000 for 2019, compared
to net loan recoveries of $1.2 million for 2018. Based upon
historically strong trends in asset quality and management’s
assessment of risk in the loan portfolio, no provision for loan
losses was recorded for the year ended December 31, 2019, compared
to a negative provision for loan losses of $500,000 for 2018. No
provision was recorded in the fourth quarter of 2019 or 2018,
respectively.
Non-performing Assets – Non-performing assets, which
include loans on nonaccrual, accruing troubled debt restructurings,
loans past due 90 days and still accruing, and other real estate
owned (“OREO”), decreased to $5.2 million, or 0.42% of total
assets, at December 31, 2019, compared with $5.8 million, or 0.51%
of total assets, at September 30, 2019, and decreased compared to
$6.4 million, or 0.60% of total assets, at December 31, 2018.
Non-performing loans decreased to $2.0 million, or 0.22% of total
loans, at December 31, 2019, compared with $2.6 million, or 0.32%
of total loans, at September 30, 2019, and decreased from $2.9
million, or 0.38% of total loans, at December 31, 2018.
OREO remained unchanged at $3.2 million at December 31, 2019,
compared to September 30, 2019, and decreased compared to $3.5
million at December 31, 2018. Fair value write-downs arising from
changing marketing strategies and new appraisals totaled $260,000
for 2019, compared to $850,000 for 2018.
Non-interest Income and Expense – Non-interest income
increased $139,000 to $5.9 million for the year ended December 31,
2019, compared with $5.8 million for the year ended December 31,
2018. The increase was primarily due to an increase in bank card
interchange fees of $607,000 partially offset by a decrease in
other non-interest income of $468,000 related to the $150,000
one-time gain on the sale of the secondary market residential
servicing rights portfolio in the third quarter of 2018 and a
$632,000 gain on the sale of a subdivided lot at the Company’s
headquarters offset by a $392,000 impairment charge associated with
the transfer of the Bank’s former data processing center to
Premises Held for Sale in the fourth quarter of 2018.
Non-interest expense increased $1.1 million, or 3.9% to $30.3
million, for the year ended December 31, 2019, compared with $29.1
million for the year ended December 31, 2018, primarily due to
approximately $775,000 of expenses attributable to the branch
acquisition. There was also an increase of $744,000 in salary and
employee benefits, as the Bank added sales talent and customer
facing associates during 2019, and branch staff added in connection
with the branch purchase transaction. Deposit account related
expense increased $401,000, which was offset by decreases in OREO
expenses of $500,000, and FDIC insurance expense of $346,000.
Non-interest income for the fourth quarter of 2019 decreased
$18,000 to $1.7 million, compared with $1.7 million for the fourth
quarter of 2018. The decrease from the fourth quarter of 2018 was
primarily due to an increase in bank card interchange fees of
$138,000 offset by a decrease in other non-interest income related
to gains on sales as described in the paragraph above.
Non-interest expense increased $992,000 to $8.3 million for the
fourth quarter of 2019, compared with $7.3 million for the fourth
quarter of 2018. The increase from the fourth quarter of 2018 was
primarily due to $775,000 of expenses attributable to the branch
transaction as well as an increase of $278,000 in salary and
employee benefits, as the Bank added sales talent and customer
facing associates during 2019 and branch staff added in connection
with the branch purchase transaction. This increase was partially
offset by a decrease in OREO expenses of $243,000 and FDIC
insurance expense of $118,000.
Capital – At December 31, 2019, the Bank’s Tier 1
leverage ratio was 9.99%, compared with 9.60% at December 31, 2018,
and its Total risk-based capital ratio was 12.08% at December 31,
2019, compared with 12.88% at December 31, 2018. At December 31,
2019, the Bank’s Common equity Tier 1 risk-based capital ratio was
11.25%, compared with 11.83% at December 31, 2018. At December 31,
2019, the Company’s Tier 1 leverage ratio was 8.30%, compared with
9.00% at December 31, 2018, and its Total risk-based capital ratio
was 11.85%, compared with 12.23% at December 31, 2018. At December
31, 2019, the Company’s Common equity Tier 1 risk-based capital
ratio was 8.32%, compared with 9.44% at December 31, 2018. The
decrease in the ratios resulted primarily from the core deposit
intangible and goodwill arising from the branch acquisitions, which
closed on November 15, 2019.
The Company’s capital ratios were positively impacted by the
$17.0 million of subordinated notes issued during the third
quarter, as the subordinated notes meet the requirements to qualify
as Tier 2 capital. The Bank’s capital ratios also benefitted as the
Company contributed $10.0 million of the proceeds to the Bank as
Common Equity Tier 1 Capital.
About Limestone Bancorp, Inc.
Limestone Bancorp, Inc. (NASDAQ: LMST) is a Louisville,
Kentucky-based bank holding company, which operates banking centers
in 14 counties through its wholly-owned subsidiary Limestone Bank.
The Bank’s markets include metropolitan Louisville in Jefferson
County and the surrounding counties of Bullitt and Henry and extend
south along the Interstate 65 corridor. The Bank serves south
central, southern, and western Kentucky from banking centers in
Barren, Butler, Daviess, Edmonson, Green, Hardin, Hart, Ohio, and
Warren counties. The Bank also has banking centers in Lexington,
Kentucky, the second largest city in the state, and Frankfort,
Kentucky, the state capital. Limestone Bank is a traditional
community bank with a wide range of personal and business banking
products and services.
Forward-Looking Statements
Statements in this press release relating to Limestone Bancorp’s
plans, objectives, expectations or future performance are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The words “believe,”
“may,” “should,” “anticipate,” “estimate,” “expect,” “intend,”
“objective,” “possible,” “seek,” “plan,” “strive” or similar words,
or negatives of these words, identify forward-looking statements
that involve risks and uncertainties. These forward-looking
statements include statements related to the expected benefits of
the branch acquisition. 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: 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, 2018.
Additional Information
Unaudited supplemental financial information for the fourth
quarter ending December 31, 2019, 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
12/31/19
12/31/18
12/31/19
12/31/18
Income Statement Data
Interest income
$
12,537
$
11,741
$
49,584
$
43,461
Interest expense
3,676
3,037
14,234
9,790
Net interest income
8,861
8,704
35,350
33,671
Provision (negative provision) for loan
losses
—
—
—
(500
)
Net interest income after provision
8,861
8,704
35,350
34,171
Service charges on deposit accounts
681
588
2,381
2,355
Bank card interchange fees
711
573
2,438
1,831
Bank owned life insurance income
96
100
410
437
Gain (loss) on sales and calls of
securities, net
—
—
(5
)
(6
)
Other
166
411
694
1,162
Non-interest income
1,654
1,672
5,918
5,779
Salaries & employee benefits
4,201
3,923
16,233
15,489
Occupancy and equipment
890
915
3,522
3,586
Professional fees
171
201
769
814
Marketing expense
218
247
908
1,114
FDIC insurance
—
118
211
557
Data processing expense
316
280
1,259
1,192
State franchise and deposit tax
265
272
1,210
1,118
Deposit account related expense
333
170
1,224
823
Other real estate owned expense
35
278
368
868
Litigation and loan collection expense
77
83
189
245
Communications expense
200
174
772
701
Insurance expense
109
107
444
478
Postage and delivery
140
66
544
364
Acquisition costs
775
—
775
—
Other
584
488
1,842
1,777
Non-interest expense
8,314
7,322
30,270
29,126
Income before income taxes
2,201
3,054
10,998
10,824
Income tax expense
437
614
480
2,030
Net income
$
1,764
$
2,440
$
10,518
$
8,794
Weighted average shares – Basic
7,471,680
7,457,206
7,468,215
7,159,723
Weighted average shares – Diluted
7,471,680
7,457,206
7,468,215
7,159,723
Basic earnings per common share
$
0.24
$
0.33
$
1.41
$
1.23
Diluted earnings per common share
$
0.24
$
0.33
$
1.41
$
1.23
Cash dividends declared per common
share
$
0.00
$
0.00
$
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
12/31/19
9/30/19
6/30/19
3/31/19
12/31/18
Income Statement Data
Interest income
$
12,537
$
12,485
$
12,376
$
12,186
$
11,741
Interest expense
3,676
3,755
3,576
3,227
3,037
Net interest income
8,861
8,730
8,800
8,959
8,704
Provision (negative provision) for loan
losses
—
—
—
—
—
Net interest income after provision
8,861
8,730
8,800
8,959
8,704
Service charges on deposit accounts
681
633
571
496
588
Bank card interchange fees
711
623
596
508
573
Bank owned life insurance income
96
97
118
99
100
Gain (loss) on sales and calls of
securities, net
—
—
(5
)
—
—
Other
166
181
166
181
411
Non-interest income
1,654
1,534
1,446
1,284
1,672
Salaries & employee benefits
4,201
4,202
3,915
3,915
3,923
Occupancy and equipment
890
880
854
898
915
Professional fees
171
254
179
165
201
Marketing expense
218
251
212
227
247
FDIC insurance
—
—
103
108
118
Data processing expense
316
315
315
313
280
State franchise and deposit tax
265
315
315
315
272
Deposit account related expense
333
300
310
281
170
Other real estate owned expense
35
25
142
166
278
Litigation and loan collection expense
77
32
34
46
83
Communications expense
200
193
189
190
174
Insurance expense
109
109
112
114
107
Postage and delivery
140
129
134
141
66
Acquisition costs
775
—
—
—
—
Other
584
446
410
402
488
Non-interest expense
8,314
7,451
7,224
7,281
7,322
Income before income taxes
2,201
2,813
3,022
2,962
3,054
Income tax expense (benefit)
437
531
(611
)
123
614
Net income
$
1,764
$
2,282
$
3,633
$
2,839
$
2,440
Weighted average shares – Basic
7,471,680
7,471,582
7,459,631
7,469,912
7,457,206
Weighted average shares – Diluted
7,471,680
7,471,582
7,459,631
7,469,912
7,457,206
Basic earnings per common share
$
0.24
$
0.31
$
0.49
$
0.38
$
0.33
Diluted earnings per common share
$
0.24
$
0.31
$
0.49
$
0.38
$
0.33
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
12/31/19
9/30/19
6/30/19
3/31/19
12/31/18
Assets
Loans
$
926,271
$
803,569
$
803,114
$
786,585
$
765,244
Allowance for loan losses
(8,376
)
(8,904
)
(8,832
)
(8,686
)
(8,880
)
Net loans
917,895
794,665
794,282
777,899
756,364
Securities available for sale
209,000
203,381
208,614
206,411
201,192
Federal funds sold & interest-bearing
deposits
21,962
50,327
40,755
24,029
28,398
Cash and due from financial
institutions
8,241
7,680
6,860
6,461
6,963
Premises and equipment
19,658
15,098
14,827
14,926
14,655
Premises held for sale
900
935
995
1,050
1,050
Bank owned life insurance
16,037
15,946
15,853
15,739
15,646
FHLB Stock
6,237
6,467
6,693
6,813
7,233
Other real estate owned
3,225
3,225
3,225
3,335
3,485
Deferred taxes, net
27,765
28,029
28,708
28,568
29,282
Goodwill
6,252
—
—
—
—
Intangible assets
2,500
—
—
—
—
Accrued interest receivable and other
assets
6,107
6,411
5,976
6,092
5,424
Total Assets
$
1,245,779
$
1,132,164
$
1,126,788
$
1,091,323
$
1,069,692
Liabilities and Equity
Certificates of deposit
$
476,534
$
488,121
$
505,263
$
465,369
$
450,886
Interest checking
146,038
95,508
95,296
96,537
94,269
Money market
160,837
153,663
162,917
166,430
171,924
Savings
56,015
34,618
33,553
34,066
34,534
Total interest-bearing deposits
839,424
771,910
797,029
762,402
751,613
Demand deposits
187,551
151,524
141,448
146,440
142,618
Total deposits
1,026,975
923,434
938,477
908,842
894,231
FHLB advances
61,389
56,430
51,470
51,511
46,549
Junior subordinated debentures
21,000
21,000
21,000
21,000
21,000
Subordinated capital note
17,000
17,000
—
—
—
Senior debt
5,000
5,000
10,000
10,000
10,000
Accrued interest payable and other
liabilities
8,665
4,973
4,419
3,651
5,815
Total liabilities
1,140,029
1,027,837
1,025,366
995,004
977,595
Total common stockholders’ equity
105,750
104,327
101,422
96,319
92,097
Total Liabilities and Stockholders’
Equity
$
1,245,779
$
1,132,164
$
1,126,788
$
1,091,323
$
1,069,692
Ending shares outstanding
7,471,975
7,471,582
7,457,832
7,460,614
7,462,720
Book value per common share
$
14.15
$
13.96
$
13.60
$
12.91
$
12.34
Tangible book value per common
share
12.98
13.96
13.60
12.91
12.34
LIMESTONE BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share
data)
As of
12/31/19
9/30/19
6/30/19
3/31/19
12/31/18
Average Balance Sheet Data
Assets
$
1,167,179
$
1,105,432
$
1,100,459
$
1,075,553
$
1,066,216
Loans
846,235
800,194
793,460
766,505
765,542
Earning assets
1,090,752
1,035,522
1,033,581
1,009,948
1,001,093
Deposits
982,991
933,548
926,730
900,829
895,377
Long-term debt and advances
73,695
63,369
71,989
76,524
75,339
Interest bearing liabilities
882,473
852,539
855,100
834,637
824,300
Stockholders’ equity
105,295
103,818
97,730
93,491
89,836
Quarterly Performance Ratios
Return on average assets
0.60
%
0.82
%
1.32
%
1.07
%
0.91
%
Return on average equity
6.65
8.72
14.91
12.32
10.78
Yield on average earning assets (tax
equivalent)
4.57
4.79
4.81
4.90
4.66
Cost of interest-bearing liabilities
1.65
1.75
1.68
1.57
1.46
Net interest margin (tax equivalent)
3.23
3.35
3.42
3.61
3.46
Efficiency ratio
71.70
72.59
70.47
71.08
70.57
Asset Quality Data
Nonaccrual loans
$
1,528
$
2,389
$
2,028
$
1,921
$
1,991
Troubled debt restructurings on
accrual
475
188
905
910
910
Loan 90 days or more past due still on
accrual
—
—
—
—
—
Total non-performing loans
2,003
2,577
2,933
2,831
2,901
Real estate acquired through
foreclosures
3,225
3,225
3,225
3,335
3,485
Other repossessed assets
—
—
—
—
—
Total non-performing assets
$
5,228
$
5,802
$
6,158
$
6,166
$
6,386
Non-performing loans to total loans
0.22
%
0.32
%
0.37
%
0.36
%
0.38
%
Non-performing assets to total assets
0.42
0.51
0.55
0.57
0.60
Allowance for loan losses to
non-performing loans
418.17
345.52
301.13
306.82
306.10
Allowance for loan losses to total
loans
0.90
%
1.11
%
1.10
%
1.10
%
1.16
%
Loan Charge-off Data
Loans charged off
$
(639
)
$
(299
)
$
(72
)
$
(278
)
$
(133
)
Recoveries
111
371
218
84
379
Net recoveries (charge-offs)
$
(528
)
$
72
$
146
$
(194
)
$
246
Loans by Risk Category
Pass
$
888,707
$
754,050
$
767,662
$
756,493
$
745,604
Watch
27,522
37,537
22,929
17,412
13,164
Special Mention
—
—
—
—
113
Substandard
10,042
11,982
12,523
12,680
6,363
Doubtful
—
—
—
—
—
Total
$
926,271
$
803,569
$
803,114
$
786,585
$
765,244
Loans by Past Due Status
Past due loans:
30 – 59 days
$
1,747
$
979
$
858
$
2,001
$
1,593
60 – 89 days
670
557
1,015
240
331
90 days or more
—
—
—
—
—
Nonaccrual loans
1,528
2,389
2,028
1,921
1,991
Total past due and nonaccrual
loans
$
3,945
$
3,925
$
3,901
$
4,162
$
3,915
LIMESTONE BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share
data)
As of
12/31/19
9/30/19
6/30/19
3/31/19
12/31/18
Risk-based Capital Ratios -
Company
Tier I leverage ratio
8.30
%
9.66
%
9.46
%
9.30
%
9.00
%
Common equity Tier I risk-based capital
ratio
8.32
10.19
9.82
9.57
9.44
Tier I risk-based capital ratio
9.32
11.88
11.56
11.29
11.08
Total risk-based capital ratio
11.85
14.84
12.56
12.32
12.23
Risk-based Capital Ratios – Limestone
Bank
Tier I leverage ratio
9.99
%
11.25
%
10.01
%
9.88
%
9.60
%
Common equity Tier I risk-based capital
ratio
11.25
13.87
12.26
12.01
11.83
Tier I risk-based capital ratio
11.25
13.87
12.26
12.01
11.83
Total risk-based capital ratio
12.08
14.89
13.26
13.01
12.88
FTE employees
244
226
219
207
214
Non-GAAP Financial Measures Reconciliation
Tangible book value per common share is a non-GAAP financial
measure derived from GAAP based amounts. Tangible book value is
calculated by excluding the balance of intangible assets from
common stockholders’ equity. Tangible book value per common share
is calculated by dividing tangible common equity by common shares
outstanding, as compared to book value per common share, which is
calculated by dividing common stockholders’ equity by common shares
outstanding. Management believes this is consistent with bank
regulatory agency treatment, which excludes tangible assets from
the calculation of risk-based capital.
The efficiency ratio is a non-GAAP measure of expense control
relative to revenue from net interest income and fee income. The
efficiency ratio is calculated by dividing total non-interest
expenses as determined under GAAP by net interest income and total
non-interest income, but excluding from the calculation net gains
on the sale of securities and expenses disclosed from time to time
as non-recurring in nature. Management believes this provides a
reasonable measure of primary banking expenses relative to primary
banking revenue.
As of
12/31/19
9/30/19
6/30/19
3/31/19
12/31/18
Tangible Book Value Per Share
(in thousands, except share and
per share data)
Common stockholder’s equity
$
105,750
$
104,327
$
101,422
$
96,319
$
92,097
Less: Goodwill
6,252
—
—
—
—
Less: Intangible assets
2,500
—
—
—
—
Tangible common equity
96,998
104,327
101,422
96,319
92,097
Shares outstanding
7,471,975
7,471,582
7,457,832
7,460,614
7,462,720
Tangible book value per common share
$
12.98
$
13.96
$
13.60
$
12.91
$
12.34
Book value per common share
14.15
13.96
13.60
12.91
12.34
Three Months Ended
12/31/19
9/30/19
6/30/19
3/31/19
12/31/18
Efficiency Ratio
(in thousands)
Net interest income
$
8,861
$
8,730
$
8,800
$
8,959
$
8,704
Non-interest income
1,654
1,534
1,446
1,284
1,672
Less: Net gain (loss) on securities
—
—
(5)
—
—
Revenue used for efficiency ratio
10,515
10,264
10,251
10,243
10,376
Non-interest expense
8,314
7,451
7,224
7,281
7,322
Less: Acquisition costs
775
—
—
—
—
Expenses used for efficiency ratio
7,539
7,451
7,224
7,281
7,322
Efficiency ratio
71.70
%
72.59
%
70.47
%
71.08
%
70.57
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200122005728/en/
John T. Taylor Chief Executive Officer (502) 499-4800
Limestone Bancorp (NASDAQ:LMST)
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