Announces $3.0 Million Share Repurchase
Program
Limestone Bancorp, Inc. (NASDAQ: LMST) (“the Company”), parent
company of Limestone Bank (“the Bank”), today reported unaudited
results for the third quarter of 2021. Net income available to
common shareholders for the third quarter of 2021 was $4.3 million,
or $0.57 per basic and diluted common share, compared with $2.1
million, or $0.28 per basic and diluted share, for the third
quarter of 2020. Net income for the nine months ended September 30,
2021, was $11.5 million, or $1.51 per diluted common share,
compared with net income of $5.9 million, or $0.79 per diluted
share, for the nine months ended September 30, 2020.
At its meeting on October 20, 2021, the Board of Directors
approved a share repurchase program authorizing the Company to
purchase up to $3.0 million of the Company’s Common Shares over
time. Subject to applicable rules and regulations, the shares may
be purchased from time to time in the open market or in privately
negotiated transactions. Such purchases will be at times and in
amounts as the Company deems appropriate, based on factors such as
availability of shares, market conditions, the trading price of the
shares, the Company’s financial performance and liquidity, legal
and regulatory capital requirements, and other business conditions.
The repurchase program does not obligate the Company to acquire any
particular number of common shares, and it may be modified,
terminated, or suspended at any time at the Company’s discretion.
The share repurchase program expires on December 31, 2022.
Assets increased $13.9 million, or 1.0%, during the third
quarter. The Company grew deposits by $8.9 million, or 0.8%, and
reduced lower earning cash and cash equivalents by $26.6 million
quarter over quarter. The loan portfolio increased $20.7 million,
or 2.2%, during the third quarter to $968.1 million at September
30, 2021, compared to $947.4 million at June 30, 2021, and
decreased from $974.5 million at September 30, 2020. SBA Paycheck
Protection Program (“PPP”) loans totaled $5.7 million at September
30, 2021, compared to $21.0 million at June 30, 2021, and $42.3
million at September 30, 2020.
Net Interest Income and Average Earning Assets – Net
interest income increased to $11.6 million for the third quarter of
2021, compared to $10.9 million for the second quarter of 2021, and
$9.9 million for the third quarter of 2020. Average loans decreased
to $952.6 million for the third quarter of 2021, compared to $961.9
million for the second quarter of 2021, and $963.5 million for the
third quarter of 2020.
Net interest margin increased to 3.61% for the third quarter of
2021, compared with 3.45% for the second quarter of 2021, and 3.27%
for the third quarter of 2020. The yield on earning assets
increased to 4.03% in the third quarter of 2021, compared to 3.91%
in the second quarter of 2021, and 3.98% in the third quarter of
2020. The yield on earning assets in the first nine months of 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 $1.5 million, $933,000, and
$387,000 for the quarters ended September 30, 2021, June 30, 2021,
and September 30, 2020, respectively. This represents 48 basis
points, 29 basis points, and 13 basis points of yield on earning
assets and net interest margin for the quarters ended September 30,
2021, June 30, 2021, and September 30, 2020, respectively. Loan fee
income for the third quarter of 2021 included $1.4 million in fees
earned on SBA PPP loans, compared to $692,000 in the second quarter
of 2021, and $195,000 in the third quarter of 2020, which
represents 43 basis points, 22 basis points, and six basis points
of earning asset yield and net interest margin for those quarters,
respectively.
The cost of interest-bearing liabilities was 0.56% for the third
quarter of 2021, compared to 0.61% in the second quarter of 2021,
and 0.90% in the third 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 $23.1 million
during the third quarter of 2021 as approximately $66.0 million of
time deposits with an average rate of 0.43% matured and redeemed or
repriced at lower interest rates. During the third quarter of 2021,
newly originated or renewed time deposits had an average rate of
0.17% and an average term of approximately 14 months.
Net interest income increased to $33.2 million for the first
nine months of 2021, compared with $29.8 million for the first nine
months of 2020. Average loans decreased to $959.6 million for the
first nine months of 2021, compared to $963.7 million for the first
nine months of 2020. PPP loans averaged $19.4 million and $20.6
million for the first nine months of 2021 and 2020,
respectively.
Net interest margin increased to 3.53% in the first nine months
of 2021, compared with 3.30% for the first nine months of 2020. The
yield on earning assets decreased to 4.00% for the first nine
months of 2021, compared to 4.23% for the first nine months of
2020. The amount of loan fee income included in total interest
income was $3.3 million and $1.1 million for the nine months ended
September 30, 2021 and 2020, respectively. This represents 35 basis
points and 13 basis points of yield on earning assets and net
interest margin for the nine months ended September 30, 2021 and
2020, respectively. Loan fee income included PPP fees of $2.5
million and $373,000 for the nine months ended September 30, 2021
and 2020, respectively, which represents 27 basis points and five
basis points of earning asset yield and net interest margin for
those nine-month periods, respectively. The cost of
interest-bearing liabilities was 0.62% for the first nine months of
2021, compared to 1.15% in the first nine months of 2020.
As of September 30, 2021, time deposits comprise $280.5 million
of the Company’s liabilities including $48.2 million with a current
average rate of 0.32%, which reprice or mature in the fourth
quarter of 2021. The following table denotes contractual time
deposit maturities and average rates as of September 30, 2021:
Maturity
Quarter
As of
September 30,
2021
(in thousands)
Weighted Average Rate
Q4-2021
48,216
0.32
Q1-2022
53,977
0.34
Q2-2022
43,044
0.34
Q3-2022
21,846
0.43
Thereafter
113,462
0.84
Total time deposits
$
280,545
0.55
%
Provision and Allowance for Loan Losses – The allowance
for loan losses to total loans was 1.34% at September 30, 2021,
compared to 1.33% at June 30, 2021, and 1.18% at September 30,
2020. A provision for loan loss of $300,000 and $650,000, or $0.03
and $0.06 per common share after taxes, was recorded in the third
quarter and first nine months of 2021, respectively, compared to
$1.4 million and $3.5 million, or $0.14 and $0.37 per common share
after taxes, in the third quarter and the first nine months of
2020, respectively. The 2021 loan loss provisions were attributable
to net loan charge-offs and growth trends within the portfolio
during the third quarter and year, while the provisions for 2020
were largely attributable to the uncertainty surrounding the
COVID-19 pandemic related economic and business disruptions. Net
loan recoveries were $36,000 and net loan charge-offs were
$120,000, for the three and nine months ended September 30, 2021,
respectively, compared to net loan charge-offs of $97,000 and
$395,000, for the three and nine months ended September 30, 2020,
respectively. At September 30, 2021, the allowance for loan losses
remained elevated in relation to recent historical levels due to
continued uncertainty surrounding the COVID-19 pandemic.
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 ongoing pandemic risk.
The Bank also granted eligible loan modifications under Section
4013 of the CARES Act. CARES Act loan modifications were $4.5
million as of September 30, 2021 and June 30, 2021, and $64.9
million at September 30, 2020. At September 30, 2021, there is one
commercial real estate loan secured by a retail entertainment
facility totaling $4.4 million, which remains subject to, and is
performing in accordance with, a COVID-19 modification. The loan is
graded substandard, has been evaluated under ASC-310-10, and
allocated a specific reserve of $2.2 million.
Non-interest Income and Expense – Non-interest income for
the third quarter of 2021 increased $694,000 to $2.4 million,
compared with $1.7 million for the third quarter of 2020. The
increase was primarily related to a $465,000 gain on the call of a
corporate bond from the Bank’s available for sale securities
portfolio. The bond was called before maturity and owned at a
discount to par value. Bank card interchange fees also increased
$163,000 from the third quarter of 2020 due to an increase in debit
card transactions. Non-interest expense decreased $29,000, or 0.4%,
to $8.1 million for the third quarter of 2021, compared with $8.1
million for the third quarter of 2020. The decrease in the third
quarter of 2021 was primarily due to a decrease in deposit and
state franchise tax expense of $270,000, as a result of the
elimination of the Kentucky bank franchise tax discussed below.
This decrease was partially offset by an increase in salaries and
employee benefits of $169,000 as a result of an increase in average
FTEs as compared to the third quarter of 2020.
Non-interest income for the first nine months of 2021 increased
$1.4 million to $6.5 million, compared with $5.1 million for the
first nine months of 2020. The increase was primarily due to an
increase in bank card interchange fees of $583,000 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 an available for sale bond discussed above. Non-interest
expense decreased $562,000, or 2.3%, to $24.0 million for the first
nine months of 2021, compared with $24.6 million for the first nine
months of 2020. The decrease was primarily attributable to a
decrease of $810,000 in deposit and state franchise tax expense.
This decrease was partially offset by an increase in deposit
account related expense of $194,000 due to an increase in debit
card transactions and an increase in FDIC insurance of $167,000 due
to no expense being recorded during the first quarter of 2020 as
the Bank was utilizing assessment credits.
Income Taxes – Income tax expense was $1.4 million and
$3.6 million for the third quarter of 2021 and for the first nine
months of 2021, respectively, compared with $190,000 and $944,000
for the third quarter of 2020 and for the first nine months of
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
$275,000 and $724,000 for the third quarter of 2021 and for the
first nine months of 2021, respectively, compared to a state income
tax benefit of $244,000 and $395,000 for the third quarter of 2020
and for the first nine months of 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 third
quarter ending September 30, 2021, follows.
LIMESTONE BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share
data)
Three
Three
Nine
Nine
Months
Months
Months
Months
Ended
Ended
Ended
Ended
9/30/21
9/30/20
9/30/21
9/30/20
Income Statement Data
Interest income
$
12,975
$
12,094
$
37,601
$
38,147
Interest expense
1,354
2,151
4,386
8,332
Net interest income
11,621
9,943
33,215
29,815
Provision for loan losses
300
1,350
650
3,500
Net interest income after provision
11,321
8,593
32,565
26,315
Service charges on deposit accounts
583
565
1,651
1,674
Bank card interchange fees
1,044
881
3,077
2,494
Bank owned life insurance income
112
113
420
325
Gain on sale of OREO
—
—
191
—
Gain (loss) on sales and calls of
securities, net
465
—
460
(5
)
Other
232
183
656
579
Non-interest income
2,436
1,742
6,455
5,067
Salaries & employee benefits
4,582
4,413
13,531
13,584
Occupancy and equipment
1,024
1,008
3,063
2,990
Professional fees
219
261
701
704
Marketing expense
200
134
561
452
FDIC insurance
90
81
315
148
Data processing expense
378
382
1,133
1,121
Deposit and state franchise tax
90
360
270
1,080
Deposit account related expense
545
487
1,592
1,398
Communications expense
153
201
520
666
Insurance expense
105
102
324
316
Postage and delivery
169
156
460
476
Other
495
494
1,518
1,615
Non-interest expense
8,050
8,079
23,988
24,550
Income before income taxes
5,707
2,256
15,032
6,832
Income tax expense
1,366
190
3,568
944
Net income
$
4,341
$
2,066
$
11,464
$
5,888
Weighted average shares – Basic
7,602,686
7,499,223
7,591,800
7,489,795
Weighted average shares – Diluted
7,602,686
7,499,223
7,591,800
7,489,795
Basic earnings per common share
$
0.57
$
0.28
$
1.51
$
0.79
Diluted earnings per common share
$
0.57
$
0.28
$
1.51
$
0.79
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
9/30/21
6/30/21
3/31/21
12/31/20
9/30/20
Income Statement Data
Interest income
$
12,975
$
12,376
$
12,250
$
12,606
$
12,094
Interest expense
1,354
1,462
1,570
1,820
2,151
Net interest income
11,621
10,914
10,680
10,786
9,943
Provision for loan losses
300
—
350
900
1,350
Net interest income after provision
11,321
10,914
10,330
9,886
8,593
Service charges on deposit accounts
583
520
548
594
565
Bank card interchange fees
1,044
1,073
960
882
881
Bank owned life insurance income
112
143
165
99
113
Gain on sale of OREO
—
191
—
—
—
Gain (loss) on sales and calls of
securities, net
465
(5
)
—
—
—
Other
232
213
211
202
183
Non-interest income
2,436
2,135
1,884
1,777
1,742
Salaries & employee benefits
4,582
4,467
4,482
4,167
4,413
Occupancy and equipment
1,024
979
1,060
1,011
1,008
Professional fees
219
246
236
233
261
Marketing expense
200
179
182
177
134
FDIC insurance
90
90
135
81
81
Data processing expense
378
377
378
381
382
Deposit and state franchise tax
90
90
90
395
360
Deposit account related expense
545
556
491
492
487
Communications expense
153
194
173
190
201
Insurance expense
105
115
104
112
102
Postage and delivery
169
139
152
151
156
Other
495
522
501
476
494
Non-interest expense
8,050
7,954
7,984
7,866
8,079
Income before income taxes
5,707
5,095
4,230
3,797
2,256
Income tax expense
1,366
1,194
1,008
680
190
Net income
$
4,341
$
3,901
$
3,222
$
3,117
$
2,066
Weighted average shares – Basic
7,602,686
7,597,202
7,575,211
7,499,323
7,499,223
Weighted average shares – Diluted
7,602,686
7,597,202
7,575,211
7,499,323
7,499,223
Basic earnings per common share
$
0.57
$
0.51
$
0.43
$
0.42
$
0.28
Diluted earnings per common share
$
0.57
$
0.51
$
0.43
$
0.42
$
0.28
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
9/30/21
6/30/21
3/31/21
12/31/20
9/30/20
Assets
Loans
$
968,088
$
947,425
$
978,865
$
962,081
$
974,468
Allowance for loan losses
(12,973
)
(12,637
)
(12,755
)
(12,443
)
(11,481
)
Net loans
955,115
934,788
966,110
949,638
962,987
Securities held to maturity
47,539
46,717
41,254
—
—
Securities available for sale
203,548
182,154
177,690
203,862
203,544
Federal funds sold & interest-bearing
deposits
44,909
75,536
74,047
56,863
24,358
Cash and due from financial
institutions
13,579
9,584
9,800
10,830
7,593
Premises and equipment
21,623
21,912
20,405
18,533
18,572
Premises held for sale
980
980
1,035
1,060
1,110
Bank owned life insurance
23,845
23,738
23,601
23,441
23,347
FHLB Stock
5,116
5,449
5,810
5,887
5,962
Other real estate owned
—
—
1,765
1,765
1,625
Deferred taxes, net
22,161
23,452
24,992
25,714
26,540
Goodwill
6,252
6,252
6,252
6,252
6,252
Intangible assets
2,053
2,117
2,181
2,244
2,308
Accrued interest receivable and other
assets
6,128
6,231
6,769
6,213
7,426
Total Assets
$
1,352,848
$
1,338,910
$
1,361,711
$
1,312,302
$
1,291,624
Liabilities and Equity
Certificates of deposit
$
280,545
$
303,668
$
355,309
$
367,552
$
398,429
Interest checking
239,923
216,344
211,322
190,625
168,735
Money market
198,470
191,773
180,137
175,785
174,588
Savings
163,018
160,257
151,340
142,623
134,962
Total interest-bearing deposits
881,956
872,042
898,108
876,585
876,714
Demand deposits
266,035
267,059
268,882
243,022
217,675
Total deposits
1,147,991
1,139,101
1,166,990
1,119,607
1,094,389
FHLB advances
20,000
20,000
20,613
20,623
30,634
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
10,193
9,850
8,588
10,048
8,315
Total liabilities
1,224,184
1,214,951
1,242,191
1,196,278
1,179,338
Total stockholders’ equity
128,664
123,959
119,520
116,024
112,286
Total Liabilities and Stockholders’
Equity
$
1,352,848
$
1,338,910
$
1,361,711
$
1,312,302
$
1,291,624
Ending shares outstanding
7,602,686
7,602,686
7,594,499
7,498,865
7,499,183
Book value per common share
$
16.92
$
16.30
$
15.74
$
15.47
$
14.97
Tangible book value per common
share
15.83
15.20
14.63
14.34
13.83
LIMESTONE BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share
data)
As of
9/30/21
6/30/21
3/31/21
12/31/20
9/30/20
Average Balance Sheet Data
Assets
$
1,369,372
$
1,361,080
$
1,316,878
$
1,304,715
$
1,295,814
Loans
952,567
961,922
964,353
965,339
963,486
Earning assets
1,284,188
1,275,363
1,230,610
1,220,043
1,213,039
Deposits
1,166,785
1,164,524
1,125,943
1,115,985
1,111,865
Long-term debt and advances
66,000
66,000
66,617
67,280
65,769
Interest bearing liabilities
954,007
956,172
941,342
951,620
955,661
Stockholders’ equity
126,556
121,386
117,663
113,868
110,930
Quarterly Performance Ratios
Return on average assets
1.26
%
1.15
%
0.99
%
0.95
%
0.63
%
Return on average equity
13.61
12.89
11.11
10.89
7.41
Yield on average earning assets (tax
equivalent)
4.03
3.91
4.05
4.12
3.98
Cost of interest-bearing liabilities
0.56
0.61
0.68
0.76
0.90
Net interest margin (tax equivalent)
3.61
3.45
3.53
3.53
3.27
Efficiency ratio
59.23
60.93
63.55
62.61
69.14
Non-interest expense to average assets
2.33
2.34
2.46
2.40
2.48
Asset Quality Data
Nonaccrual loans
$
1,627
$
1,530
$
1,996
$
1,676
$
2,038
Troubled debt restructurings on
accrual
561
390
399
480
489
Loan 90 days or more past due still on
accrual
—
—
—
—
—
Total non-performing loans
2,188
1,920
2,395
2,156
2,527
Real estate acquired through
foreclosures
—
—
1,765
1,765
1,625
Other repossessed assets
—
—
—
—
—
Total non-performing assets
$
2,188
$
1,920
$
4,160
$
3,921
$
4,152
Non-performing loans to total loans
0.23
%
0.20
%
0.24
%
0.22
%
0.26
%
Non-performing assets to total assets
0.16
0.14
0.31
0.30
0.32
Allowance for loan losses to
non-performing loans
592.92
658.18
532.57
577.13
454.33
Allowance for loan losses to total
loans
1.34
%
1.33
%
1.30
%
1.29
%
1.18
%
Loan Charge-off Data
Loans charged off
$
(25
)
$
(178
)
$
(77
)
$
(124
)
$
(150
)
Recoveries
61
60
39
186
53
Net (charge-offs) recoveries
$
36
$
(118
)
$
(38
)
$
62
$
(97
)
Loans by Risk Category
Pass
$
945,396
$
913,753
$
942,492
$
926,025
$
923,895
Watch
3,407
15,888
17,929
18,879
27,782
Special Mention
—
—
—
—
364
Substandard
19,285
17,784
18,444
17,177
22,427
Doubtful
—
—
—
—
—
Total
$
968,088
$
947,425
$
978,865
$
962,081
$
974,468
Loans by Past Due Status
Past due loans:
30 – 59 days
$
630
$
181
$
677
$
1,537
$
482
60 – 89 days
142
252
254
372
265
90 days or more
—
—
—
—
—
Nonaccrual loans
1,627
1,530
1,996
1,676
2,038
Total past due and nonaccrual
loans
$
2,399
$
1,963
$
2,927
$
3,585
$
2,785
LIMESTONE BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share
data)
As of
9/30/21
6/30/21
3/31/21
12/31/20
9/30/20
Risk-based Capital Ratios -
Company
Tier I leverage ratio
9.39
%
8.70
%
8.59
%
8.24
%
8.17
%
Common equity Tier I risk-based capital
ratio
9.37
9.48
8.96
8.72
8.54
Tier I risk-based capital ratio
10.86
10.63
10.00
9.67
9.77
Total risk-based capital ratio
14.13
14.09
13.42
13.14
13.22
Risk-based Capital Ratios – Limestone
Bank
Tier I leverage ratio
10.96
%
10.55
%
10.44
%
10.21
%
9.90
%
Common equity Tier I risk-based capital
ratio
12.68
12.95
12.21
12.05
11.88
Tier I risk-based capital ratio
12.68
12.95
12.21
12.05
11.88
Total risk-based capital ratio
13.80
14.11
13.37
13.20
12.97
FTE employees, end of period
232
231
225
219
224
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 per
common share 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
intangible 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
9/30/21
6/30/21
3/31/21
12/31/20
9/30/20
Tangible Book Value Per Share
(in thousands, except share and
per share data)
Common stockholders’ equity
$
128,664
$
123,959
$
119,520
$
116,024
$
112,286
Less: Goodwill
6,252
6,252
6,252
6,252
6,252
Less: Intangible assets
2,053
2,117
2,181
2,244
2,308
Tangible common equity
120,359
115,590
111,087
107,528
103,726
Shares outstanding
7,602,686
7,602,686
7,594,499
7,498,865
7,499,183
Tangible book value per common share
$
15.83
$
15.20
$
14.63
$
14.34
$
13.83
Book value per common share
16.92
16.30
15.74
15.47
14.97
Three Months Ended
9/30/21
6/30/21
3/31/21
12/31/20
9/30/20
Efficiency Ratio
(in thousands)
Net interest income
$
11,621
$
10,914
$
10,680
$
10,786
$
9,943
Non-interest income
2,436
2,135
1,884
1,777
1,742
Less: Net gain (loss) on securities
465
(5
)
—
—
—
Revenue used for efficiency ratio
13,592
13,054
12,564
12,563
11,685
Non-interest expense
8,050
7,954
7,984
7,866
8,079
Efficiency ratio
59.23
%
60.93
%
63.55
%
62.61
%
69.14
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211020006014/en/
John T. Taylor Chief Executive Officer (502) 499-4800
Limestone Bancorp (NASDAQ:LMST)
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