Limestone Bancorp, Inc. (NASDAQ: LMST) (the “Company”), parent
company of Limestone Bank, Inc. (the “Bank”), today reported
unaudited results for the second quarter of 2022. Net income
available to common shareholders for the second quarter of 2022 was
$4.0 million, or $0.53 per basic and diluted common share, compared
with $3.9 million, or $0.51 per basic and diluted common share, for
the second quarter of 2021. Net income for the six months ended
June 30, 2022, was $7.6 million, or $1.00 per basic and diluted
common share, compared with net income of $7.1 million, or $0.94
per basic and diluted common share, for the six months ended June
30, 2021.
John T. Taylor, Chief Executive Officer, noted, “We continue to
be pleased with the Company’s strong financial performance and
remain focused on our disciplined approach to community banking and
credit underwriting. Our efforts are proving successful as loan
growth was 2.5% for the second quarter of 2022 after posting an
increase of 4.5% in the first quarter. Asset quality remains strong
and net interest margin expanded nine basis points quarter over
quarter, which is directionally consistent with the Fed’s
tightening actions and our approach to interest rate risk
management. I also want to commend our associates for their
commitment to the Bank and I am proud to report that Limestone was
again, in 2022, named one of the Best Places to Work in
Kentucky.”
Total assets were $1.42 billion at June 30, 2022, up $8.4
million from the previous quarter. The loan portfolio increased
$26.5 million, or 2.5%, during the quarter to $1.07 billion at June
30, 2022, while securities and fed funds sold declined $16.3
million.
Net Interest Income and Average Earning Assets – Net
interest income increased to $11.7 million for the second quarter
of 2022, compared to $11.1 million for the first quarter of 2022,
and $10.9 million for the second quarter of 2021. Net interest
margin increased to 3.51% for the second quarter of 2022, compared
with 3.42% for the first quarter of 2022, and 3.45% for the second
quarter of 2021.
The yield on earning assets increased to 3.95% in the second
quarter of 2022, compared to 3.82% in the first quarter of 2022,
and 3.91% in the second quarter of 2021. Quarter over quarter,
average loans increased $24.5 million to $1.05 billion, while
average lower yielding fed funds sold decreased $8.3 million. PPP
loans averaged $172,000 for the second quarter of 2022 and $605,000
for the first quarter of 2022. Compared to the prior year second
quarter, average loans increased $91.1 million and average
investment securities increased $31.1 million, while average lower
yielding fed funds sold decreased $57.4 million. PPP loans averaged
$26.9 million for the second quarter of 2021.
While the Federal Reserve increased the fed funds target by 25
basis points on March 16, 2022, 50 basis points on May 4, 2022, and
75 basis points on June 15, 2022, the yield on earning assets for
fiscal year 2021 and the first quarter of 2022 were impacted by the
low interest rate environment. During the second quarter of 2022,
the Bank’s fed funds sold, floating rate investment securities,
loans with variable rate pricing features, and new loan
originations began to benefit from the upward movement in
short-term rates and are expected to continue to benefit as rates
continue to rise. The cost of interest-bearing liabilities was also
impacted to a lesser extent, but is also expected to increase as
short-term interest rates continue to rise.
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 $173,000, $324,000, and
$933,000 for the quarters ended June 30, 2022, March 31, 2022, and
June 30, 2021, respectively. This represents six basis points, 10
basis points, and 29 basis points of yield on earning assets and
net interest margin for the quarters ended June 30, 2022, March 31,
2022, and June 30, 2021, respectively. Loan fee income for the
second quarter of 2022 did not include any fees earned on PPP
loans, compared to $45,000 in the first quarter of 2022, and
$692,000 in the second quarter of 2021, which represents two basis
points, and 22 basis points of earning asset yield and net interest
margin for those quarters, respectively.
The following table reconciles the as reported yield on earning
assets to the yield on earning assets excluding PPP fees, a
non-GAAP financial measure:
Three Months Ended
6/30/22
3/31/22
12/31/21
9/30/21
6/30/21
(in thousands)
Yield on Earning Assets, as reported
3.95
%
3.82
%
3.71
%
4.03
%
3.91
%
Less Impact of PPP Fees
—
0.02
0.08
0.43
0.22
Yield on Earning Asset excluding PPP
Fees
3.95
%
3.80
%
3.63
%
3.60
%
3.69
%
The cost of interest-bearing liabilities was 0.58% for the
second quarter of 2022, compared to 0.53% in the first quarter of
2022, and 0.61% in the second quarter of 2021. Quarter over
quarter, average deposits decreased and were replaced with higher
cost FHLB funding. Compared to the prior year second quarter, the
cost of interest-bearing liabilities benefitted as a result of an
improvement in deposit mix, as well as the downward repricing of
time deposits between periods.
Net interest income increased to $22.8 million for the first six
months of 2022, compared with $21.6 million in the first six months
of 2021. Net interest margin decreased to 3.47% in the first six
months of 2022, compared with 3.49% for the first six months of
2021.
The yield on earning assets decreased to 3.88% for the first six
months of 2022, compared to 3.98% for the first six months of 2021.
Average loans for the first six months of 2022 increased $77.7
million to $1.04 billion and average investment securities
increased $42.6 million, while average lower yielding fed funds
sold decreased $39.9 million compared to the first six months of
2021. Average PPP loans were $419,000 and $23.5 million for the
first six months of 2022 and 2021, respectively. The amount of loan
fee income included in total interest income was $497,000 and $1.8
million for the six months ended June 30, 2022 and 2021,
respectively. This represents seven basis points and 29 basis
points of yield on earning assets and net interest margin for the
six months ended June 30, 2022 and 2021, respectively. Loan fee
income included PPP fees of $45,000 and $1.1 million for the six
months ended June 30, 2022 and 2021, respectively, which
represented less than one basis point and 18 basis points of
earning asset yield and net interest margin for those six-month
periods, respectively.
The cost of interest-bearing liabilities was 0.56% for the first
six months of 2022, compared to 0.64% in the first six months of
2021. The cost of interest-bearing liabilities for the first six
months of 2022 benefitted from an improvement in deposit mix, as
well as the downward repricing of time deposits between periods
compared to the first six months of 2021.
The cost of interest-bearing liabilities was impacted by the
recent increases in short-term interest rates and is expected to
continue to increase as short-term interest rates continue to rise.
Time deposits declined $3.9 million during the second quarter of
2022 as approximately $59.4 million of time deposits with an
average rate of 0.29% matured and were redeemed or repriced at
lower interest rates. During the second quarter of 2022, newly
originated or renewed time deposits had an average rate of 0.75%
and an average term of approximately 10 months. As of June 30,
2022, time deposits comprised $256.1 million of the Company’s
liabilities including $47.9 million with a current average rate of
0.58%, which reprice or mature in the third quarter of 2022. The
following table denotes contractual time deposit maturities and
average rates as of June 30, 2022:
Maturity
Quarter
As of June 30, 2022 (in
thousands)
Weighted Average Rate
Q3-2022
47,894
0.58
Q4-2022
51,494
0.55
Q1-2023
52,568
0.50
Q2-2023
26,461
0.74
Thereafter
77,724
0.79
Total time deposits
$
256,141
0.64
%
Provision and Allowance for Loan Losses – The allowance
for loan losses to total loans was 1.17% at June 30, 2022, compared
to 1.16% at March 31, 2022, and 1.33% at June 30, 2021.
Net loan charge-offs were $95,000 and $181,000, for the three
and six months ended June 30, 2022, compared to net loan
charge-offs of $118,000 and $156,000, for the three and six months
ended June 30, 2021. A provision for loan loss of $450,000 and $1.2
million, or $0.04 and $0.12 per common share after taxes, was
recorded in the second quarter and the first six months of 2022,
respectively, compared to no provision for loan loss in the second
quarter of 2021 and $350,000, or $0.03 per common share after
taxes, for the first six months of 2021. The 2022 and 2021 loan
loss provisions were attributable to growth trends within the
portfolio and net loan charge-offs impacting historical loss
percentages during the periods.
Non-interest Income and Expense – Non-interest income for
the second quarter of 2022 increased $121,000 to $2.3 million,
compared with $2.1 million for the second quarter of 2021. The
increase was primarily related to an increase in transaction
volumes which led to an increase in service charges on deposit
accounts of $170,000 and an increase in bank owned life insurance
income of $106,000 due to additional policies being purchased in
March 2022, offset by a non-recurring $191,000 gain on the sale of
OREO from the second quarter of 2021. Non-interest expense
increased $273,000, or 3.4%, to $8.2 million for the second quarter
of 2022, compared with $8.0 million for the second quarter of 2021.
Salaries and benefits expense increased $184,000 from the second
quarter of 2021. While FTEs declined between the periods, salaries
expense increased as a result of the inflationary impact on talent
acquisition and the administration of annual salary
adjustments.
Non-interest income for the first six months of 2022 increased
$475,000 to $4.5 million, compared with $4.0 million for the first
six months of 2021. The increase was primarily due to an increase
in service charges on deposit accounts of $256,000 and $143,000 in
bank owned life insurance income as discussed above. Non-interest
income for the first six months of 2022 also included a $163,000
non-recurring gain on sale of premises held for sale from the first
quarter of 2022, while the first six months of 2021 included a
$191,000 non-recurring gain on sale of OREO from the second quarter
of 2021. Non-interest expense increased $260,000, or 1.6%, to $16.2
million for the first six months of 2022, compared with $15.9
million for the first six months of 2021. The increase was
primarily due to an increase of $266,000 in salaries and benefits
as discussed above.
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;
economic conditions both generally and more specifically in the
markets in which the Company and its subsidiaries operate;
competition for the Company's customers from other providers of
financial services; government legislation and regulation, which
change from time to time and over which the Company has no control;
changes in inflation and efforts to control it; changes in interest
rates; material unforeseen changes in liquidity, results of
operations, or financial condition of the Company's customers; and
other risks detailed in the Company's filings with the Securities
and Exchange Commission, all of which are difficult to predict and
many of which are beyond the control of the Company. See Risk
Factors outlined in the Company's Form 10-K for the year ended
December 31, 2021.
Additional Information Unaudited supplemental financial
information for the second quarter ending June 30, 2022,
follows.
LIMESTONE BANCORP, INC. Unaudited
Financial Information (in thousands, except share and per share
data)
Three
Three
Six
Six
Months
Months
Months
Months
Ended
Ended
Ended
Ended
6/30/22
6/30/21
6/30/22
6/30/21
Income Statement Data
Interest income
$
13,122
$
12,376
$
25,549
$
24,626
Interest expense
1,442
1,462
2,755
3,032
Net interest income
11,680
10,914
22,794
21,594
Provision for loan losses
450
—
1,200
350
Net interest income after provision
11,230
10,914
21,594
21,244
Service charges on deposit accounts
690
520
1,324
1,068
Bank card interchange fees
1,087
1,073
2,090
2,033
Bank owned life insurance income
249
143
451
308
Gain on sale of OREO
—
191
—
191
Gain (loss) on sales and calls of
securities, net
(3
)
(5
)
(3
)
(5
)
Gain on sale of premises held for sale
—
—
163
—
Other
233
213
469
424
Non-interest income
2,256
2,135
4,494
4,019
Salaries & employee benefits
4,651
4,467
9,215
8,949
Occupancy and equipment
1,055
979
2,084
2,039
Deposit account related expense
574
556
1,121
1,047
Data processing expense
403
377
789
755
Professional fees
236
246
457
482
Marketing expense
172
179
305
361
FDIC insurance
90
90
180
225
Deposit tax
99
90
198
180
Communications expense
121
194
185
367
Insurance expense
109
115
214
219
Postage and delivery
150
139
313
291
Other
567
522
1,137
1,023
Non-interest expense
8,227
7,954
16,198
15,938
Income before income taxes
5,259
5,095
9,890
9,325
Income tax expense
1,223
1,194
2,275
2,202
Net income
$
4,036
$
3,901
$
7,615
$
7,123
Weighted average shares – Basic
7,631,883
7,597,202
7,623,181
7,586,267
Weighted average shares – Diluted
7,631,883
7,597,202
7,623,181
7,586,267
Basic earnings per common share
$
0.53
$
0.51
$
1.00
$
0.94
Diluted earnings per common share
$
0.53
$
0.51
$
1.00
$
0.94
Cash dividends declared per common
share
$
0.05
$
0.00
$
0.10
$
0.00
Performance Ratios
Return on average assets
1.14
%
1.15
%
1.09
%
1.07
%
Return on average equity
12.66
12.89
11.86
12.02
Yield on average earning assets (tax
equivalent)
3.95
3.91
3.88
3.98
Cost of interest-bearing liabilities
0.58
0.61
0.56
0.64
Net interest margin (tax equivalent)
3.51
3.45
3.47
3.49
Efficiency ratio1
59.02
60.93
59.35
62.21
Non-interest expense to average assets
2.33
2.34
2.31
2.40
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
6/30/22
3/31/22
12/31/21
9/30/21
6/30/21
Income Statement Data
Interest income
$
13,122
$
12,427
$
12,314
$
12,975
$
12,376
Interest expense
1,442
1,313
1,307
1,354
1,462
Net interest income
11,680
11,114
11,007
11,621
10,914
Provision for loan losses
450
750
500
300
—
Net interest income after provision
11,230
10,364
10,507
11,321
10,914
Service charges on deposit accounts
690
634
605
583
520
Bank card interchange fees
1,087
1,003
1,039
1,044
1,073
Bank owned life insurance income
249
202
106
112
143
Gain on sale of OREO
—
—
—
—
191
Gain (loss) on sales and calls of
securities, net
(3
)
—
—
465
(5
)
Gain on sale of premises held for sale
—
163
—
—
—
Other
233
236
234
232
213
Non-interest income
2,256
2,238
1,984
2,436
2,135
Salaries & employee benefits
4,651
4,564
4,601
4,582
4,467
Occupancy and equipment
1,055
1,029
978
1,024
979
Deposit account related expense
574
547
566
545
556
Data processing expense
403
386
379
378
377
Professional fees
236
221
251
219
246
Marketing expense
172
133
166
200
179
FDIC insurance
90
90
90
90
90
Deposit tax
99
99
105
90
90
Communications expense
121
64
161
153
194
Insurance expense
109
105
91
105
115
Postage and delivery
150
163
145
169
139
Other
567
570
450
495
522
Non-interest expense
8,227
7,971
7,983
8,050
7,954
Income before income taxes
5,259
4,631
4,508
5,707
5,095
Income tax expense
1,223
1,052
1,063
1,366
1,194
Net income
$
4,036
$
3,579
$
3,445
$
4,341
$
3,901
Weighted average shares – Basic
7,631,883
7,614,382
7,597,256
7,602,686
7,597,202
Weighted average shares – Diluted
7,631,883
7,614,382
7,597,256
7,602,686
7,597,202
Basic earnings per common share
$
0.53
$
0.47
$
0.45
$
0.57
$
0.51
Diluted earnings per common share
$
0.53
$
0.47
$
0.45
$
0.57
$
0.51
Cash dividends declared per common
share
$
0.05
$
0.05
$
0.00
$
0.00
$
0.00
Performance Ratios
Return on average assets
1.14
%
1.03
%
0.97
%
1.26
%
1.15
%
Return on average equity
12.66
11.07
10.51
13.61
12.89
Yield on average earning assets (tax
equivalent)
3.95
3.82
3.71
4.03
3.91
Cost of interest-bearing liabilities
0.58
0.53
0.53
0.56
0.61
Net interest margin (tax equivalent)
3.51
3.42
3.32
3.61
3.45
Efficiency ratio1
59.02
59.70
61.45
59.23
60.93
Non-interest expense to average assets
2.33
2.30
2.25
2.33
2.34
LIMESTONE BANCORP, INC. Unaudited
Financial Information (in thousands, except share and per share
data)
As of
6/30/22
3/31/22
12/31/21
9/30/21
6/30/21
Assets
Loans
$
1,073,815
$
1,047,285
$
1,001,840
$
968,088
$
947,425
Allowance for loan losses
(12,550
)
(12,195
)
(11,531
)
(12,973
)
(12,637
)
Net loans
1,061,265
1,035,090
990,309
955,115
934,788
Securities held to maturity2
44,205
45,639
46,460
47,539
46,717
Securities available for sale2
193,022
204,071
214,213
203,548
182,154
Federal funds sold & interest-bearing
deposits
18,244
22,040
67,110
44,909
75,536
Cash and due from financial
institutions
7,742
10,009
10,493
13,579
9,584
Premises and equipment
22,747
23,043
21,575
21,623
21,912
Premises held for sale
—
—
310
980
980
Bank owned life insurance
30,888
30,643
23,946
23,845
23,738
FHLB Stock
5,116
5,116
5,116
5,116
5,449
Deferred taxes, net
23,343
22,648
21,583
22,161
23,452
Goodwill
6,252
6,252
6,252
6,252
6,252
Intangible assets
1,861
1,925
1,989
2,053
2,117
Accrued interest receivable and other
assets
6,383
6,230
6,336
6,128
6,231
Total Assets
$
1,421,068
$
1,412,706
$
1,415,692
$
1,352,848
$
1,338,910
Liabilities and Equity
Certificates of deposit
$
256,141
$
260,064
$
266,011
$
280,545
$
303,668
Interest checking
269,240
274,054
287,208
239,923
216,344
Money market
209,183
216,845
217,943
198,470
191,773
Savings
163,573
166,135
163,423
163,018
160,257
Total interest-bearing deposits
898,137
917,098
934,585
881,956
872,042
Demand deposits
269,425
281,533
274,083
266,035
267,059
Total deposits
1,167,562
1,198,631
1,208,668
1,147,991
1,139,101
FHLB advances
70,000
30,000
20,000
20,000
20,000
Junior subordinated debentures
21,000
21,000
21,000
21,000
21,000
Subordinated capital note
25,000
25,000
25,000
25,000
25,000
Accrued interest payable and other
liabilities
10,888
9,855
10,065
10,193
9,850
Total liabilities
1,294,450
1,284,486
1,284,733
1,224,184
1,214,951
Total stockholders’ equity
126,618
128,220
130,959
128,664
123,959
Total Liabilities and Stockholders’
Equity
$
1,421,068
$
1,412,706
$
1,415,692
$
1,352,848
$
1,338,910
Ending shares outstanding
7,640,680
7,622,157
7,594,749
7,602,686
7,602,686
Book value per common share
$
16.57
$
16.82
$
17.24
$
16.92
$
16.30
Tangible book value per common
share3
15.51
15.75
16.16
15.83
15.20
LIMESTONE BANCORP, INC. Unaudited
Financial Information (in thousands, except share and per share
data)
As of
6/30/22
3/31/22
12/31/21
9/30/21
6/30/21
Average Balance Sheet Data
Assets
$
1,417,087
$
1,407,030
$
1,405,219
$
1,369,372
$
1,361,080
Loans
1,053,057
1,028,546
955,516
952,567
961,922
Earning assets
1,339,555
1,326,234
1,322,821
1,284,188
1,275,363
Deposits
1,184,426
1,199,174
1,199,334
1,166,785
1,164,524
Long-term debt and advances
93,968
67,667
66,000
66,000
66,000
Interest bearing liabilities
1,000,367
996,710
982,132
954,007
956,172
Stockholders’ equity
127,827
131,097
129,998
126,556
121,386
Asset Quality Data
Nonaccrual loans
$
3,007
$
3,447
$
3,124
$
1,627
$
1,530
Troubled debt restructurings on
accrual
150
333
340
561
390
Loan 90 days or more past due still on
accrual
—
—
—
—
—
Total non-performing loans
3,157
3,780
3,464
2,188
1,920
Real estate acquired through
foreclosures
—
—
—
—
—
Other repossessed assets
—
—
—
—
—
Total non-performing assets
$
3,157
$
3,780
$
3,464
$
2,188
$
1,920
Non-performing loans to total loans
0.29
%
0.36
%
0.35
%
0.23
%
0.20
%
Non-performing assets to total assets
0.22
0.27
0.24
0.16
0.14
Allowance for loan losses to
non-performing loans
397.53
322.62
332.88
592.92
658.18
Allowance for loan losses to total
loans
1.17
%
1.16
%
1.15
%
1.34
%
1.33
%
Loan Charge-off Data
Loans charged off
$
(367
)
$
(227
)
$
(2,246
)
$
(25
)
$
(178
)
Recoveries
272
141
304
61
60
Net (charge-offs) recoveries
$
(95
)
$
(86
)
$
(1,942
)
$
36
$
(118
)
Loans by Risk Category4
Pass
$
1,052,624
$
1,023,039
$
977,962
$
945,396
$
913,753
Watch
6,426
8,567
7,856
3,407
15,888
Special Mention
—
—
—
—
—
Substandard
14,765
15,679
16,022
19,285
17,784
Doubtful
—
—
—
—
—
Total
$
1,073,815
$
1,047,285
$
1,001,840
$
968,088
$
947,425
Loans by Past Due Status
Past due loans:
30 – 59 days
$
600
$
1,108
$
556
$
630
$
181
60 – 89 days
209
89
210
142
252
90 days or more
—
—
—
—
—
Nonaccrual loans
3,007
3,447
3,124
1,627
1,530
Total past due and nonaccrual
loans
$
3,816
$
4,644
$
3,890
$
2,399
$
1,963
LIMESTONE BANCORP, INC. Unaudited
Financial Information (in thousands, except share and per share
data)
As of
6/30/22
3/31/22
12/31/21
9/30/21
6/30/21
Risk-based Capital Ratios -
Company
Tier I leverage ratio
9.68
%
9.38
%
9.14
%
9.39
%
8.70
%
Common equity Tier I risk-based capital
ratio
9.16
8.93
9.00
9.37
9.48
Tier I risk-based capital ratio
10.49
10.19
10.38
10.86
10.63
Total risk-based capital ratio
13.39
13.12
13.41
14.13
14.09
Risk-based Capital Ratios – Limestone
Bank
Tier I leverage ratio
11.39
%
11.20
%
10.84
%
10.96
%
10.55
%
Common equity Tier I risk-based capital
ratio
12.38
12.21
12.35
12.68
12.95
Tier I risk-based capital ratio
12.38
12.21
12.35
12.68
12.95
Total risk-based capital ratio
13.35
13.17
13.31
13.80
14.11
FTE employees, end of period
225
222
227
232
231
Footnotes:
(1) 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
6/30/22
3/31/22
12/31/21
9/30/21
6/30/21
Efficiency Ratio
(in thousands)
Net interest income
$
11,680
$
11,114
$
11,007
$
11,621
$
10,914
Non-interest income
2,256
2,238
1,984
2,436
2,135
Less: Net gain (loss) on securities
(3
)
—
—
465
(5
)
Revenue used for efficiency ratio
13,939
13,352
12,991
13,592
13,054
Non-interest expense
8,227
7,971
7,983
8,050
7,954
Efficiency ratio
59.02
%
59.70
%
61.45
%
59.23
%
60.93
%
Six Months Ended
6/30/22
6/30/21
(in thousands)
Efficiency Ratio
Net interest income
$
22,794
$
21,594
Non-interest income
4,494
4,019
Less: Net gain (loss) on securities
(3
)
(5
)
Revenue used for efficiency ratio
27,291
25,618
Non-interest expense
16,198
15,938
Efficiency ratio
59.35
%
62.21
%
(2) Investment Securities – The following
table sets forth the amortized cost and fair value of our
securities portfolio at the dates indicated.
June 30, 2022
March 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(dollars in thousands)
Securities available for sale
U.S. Government and federal agencies
$
26,438
$
—
$
(2,062
)
$
24,376
$
26,952
$
—
$
(1,196
)
$
25,756
Agency mortgage-backed residential
87,182
42
(8,864
)
78,360
90,589
177
(5,097
)
85,669
Collateralized loan obligations
48,216
—
(2,038
)
46,178
48,221
—
(297
)
47,924
Corporate bonds
45,473
16
(1,381
)
44,108
45,453
221
(952
)
44,722
Total available for sale
$
207,309
$
58
$
(14,345
)
$
193,022
$
211,215
$
398
$
(7,542
)
$
204,071
Amortized
Cost
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
Amortized
Cost
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
(dollars in thousands)
Securities held to maturity
State and municipal
$
44,205
$
3
$
(7,985
)
$
36,223
$
45,639
$
24
$
(4,873
)
$
40,790
Total held to maturity
$
44,205
$
3
$
(7,985
)
$
36,223
$
45,639
$
24
$
(4,873
)
$
40,790
(3) 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
6/30/22
3/31/22
12/31/21
9/30/21
6/30/21
Tangible Book Value Per Share
(in thousands, except share and
per share data)
Common stockholders’ equity
$
126,618
$
128,220
$
130,959
$
128,664
$
123,959
Less: Goodwill
6,252
6,252
6,252
6,252
6,252
Less: Intangible assets
1,861
1,925
1,989
2,053
2,117
Tangible common equity
118,505
120,043
122,718
120,359
115,590
Shares outstanding
7,640,680
7,622,157
7,594,749
7,602,686
7,602,686
Tangible book value per common share
$
15.51
$
15.75
$
16.16
$
15.83
$
15.20
Book value per common share
16.57
16.82
17.24
16.92
16.30
(4) 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/20220720005073/en/
John T. Taylor Chief Executive Officer (502) 499-4800
Limestone Bancorp (NASDAQ:LMST)
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