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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220119005093/en/
John T. Taylor Chief Executive Officer (502) 499-4800
Limestone Bancorp (NASDAQ:LMST)
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