Company Quick10K Filing
Limestone Bancorp
Price15.31 EPS2
Shares7 P/E10
MCap113 P/FCF12
Net Debt-58 EBIT22
TEV55 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-03-08
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-03-25
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-30
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-06-30 Filed 2014-11-14
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-13
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-15
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-13
10-Q 2012-06-30 Filed 2012-08-01
10-Q 2012-03-31 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-03-30
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-06-30 Filed 2011-08-15
10-Q 2011-03-31 Filed 2011-05-16
10-K 2010-12-31 Filed 2011-03-31
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-11
10-K 2009-12-31 Filed 2010-03-16
8-K 2020-09-08 Regulation FD
8-K 2020-07-22 Earnings, Regulation FD, Exhibits
8-K 2020-07-22 Earnings, Exhibits
8-K 2020-07-21 Enter Agreement, Off-BS Arrangement, Sale of Shares, Exhibits
8-K 2020-06-17
8-K 2020-05-04
8-K 2020-04-16
8-K 2020-01-22
8-K 2019-11-25
8-K 2019-11-15
8-K 2019-11-12
8-K 2019-10-23
8-K 2019-08-30
8-K 2019-07-24
8-K 2019-07-23
8-K 2019-06-19
8-K 2019-04-24
8-K 2019-04-24
8-K 2019-01-25
8-K 2019-01-23
8-K 2018-11-07
8-K 2018-10-23
8-K 2018-09-26
8-K 2018-07-18
8-K 2018-07-18
8-K 2018-06-25
8-K 2018-06-18
8-K 2018-05-23
8-K 2018-05-21
8-K 2018-04-18
8-K 2018-04-10
8-K 2018-03-30
8-K 2018-01-24

LMST 10Q Quarterly Report

Note 1 – Basis of Presentation and Summary of Significant Accounting Policies
Note 2 – Securities
Note 3 – Loans
Note 4 – Leases
Note 5 – Other Real Estate Owned
Note 6 – Goodwill and Intangible Assets
Note 7 – Deposits
Note 8 – Advances From The Federal Home Loan Bank
Note 9 – Borrowings
Note 10 – Fair Values Measurement
Note 11 – Income Taxes
Note 12 – Stock Plans and Stock Based Compensation
Note 13 – Earnings per Share
Note 14 – Regulatory Capital Matters
Note 15 – Off Balance Sheet Risks, Commitments, and Contingent Liabilities
Note 16 – Revenue From Contracts with Customers
Item 1. Legal Proceedings
EX-4.7 ex_196196.htm
EX-31.1 ex_195114.htm
EX-31.2 ex_195115.htm
EX-32.1 ex_195116.htm
EX-32.2 ex_195117.htm

Limestone Bancorp Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.21.00.70.50.20.02012201420172020
Assets, Equity
0.10.10.10.00.00.02018201820192020
Rev, G Profit, Net Income
0.10.0-0.0-0.1-0.1-0.22012201420172020
Ops, Inv, Fin

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Table of Contents


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 


FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended June 30, 2020

 

Or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to             

 

Commission file number: 001-33033

 

LIMESTONE BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

Kentucky

  

61-1142247

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

  

  

2500 Eastpoint Parkway, Louisville, Kentucky

  

40223

(Address of principal executive offices)

  

(Zip Code)

 

(502) 499-4800

(Registrant’s telephone number, including area code)

 


Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common shares

LMST

Nasdaq

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒     No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer  ☐    

Accelerated filer  ☒    

Non-accelerated filer  ☐ 

Smaller reporting company  

 

Emerging growth company  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  ☒

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

6,499,249 Common Shares and 1,000,000 Non-Voting Common Shares were outstanding at July 31, 2020.

 

 


 

 

INDEX

 

  

  

Page

PART I –

FINANCIAL INFORMATION

  

ITEM 1.

FINANCIAL STATEMENTS

3

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

  

  

CONDITION AND RESULTS OF OPERATIONS

31

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

48

ITEM 4.

CONTROLS AND PROCEDURES

48

  

  

  

PART II –

OTHER INFORMATION

  

ITEM 1.

LEGAL PROCEEDINGS

49

ITEM 1A.

RISK FACTORS

49

ITEM 2.

UNREGISTERED SALES ON EQUITY SECURITIES AND USE OF PROCEEDS

50

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

50

ITEM 4.

MINE SAFETY DISCLOSURES

50

ITEM 5.

OTHER INFORMATION

50

ITEM 6.

EXHIBITS

50

 

 


 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

The following consolidated financial statements of Limestone Bancorp, Inc. and subsidiary, Limestone Bank, Inc. are submitted:

 

Unaudited Consolidated Balance Sheets for June 30, 2020 and December 31, 2019

Unaudited Consolidated Statements of Income for the three and six months ended June 30, 2020 and 2019

Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2020 and 2019

Unaudited Consolidated Statement of Changes in Stockholders’ Equity for the three and six months ended June 30, 2020 and 2019

Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

Notes to Unaudited Consolidated Financial Statements

 

 

 

LIMESTONE BANCORP, INC.

Unaudited Consolidated Balance Sheets

(dollars in thousands except share data)

 

  

June 30,

2020

  

December 31,

2019

 

Assets

        

Cash and due from banks

 $9,990  $8,241 

Interest bearing deposits in banks

  39,027   21,962 

Cash and cash equivalents

  49,017   30,203 

Securities available for sale

  202,596   209,000 

Loans, net of allowance of $10,228 and $8,376, respectively

  965,531   917,895 

Premises and equipment, net

  19,000   19,658 

Premises held for sale

  1,149   900 

Other real estate owned

  1,625   3,225 

Federal Home Loan Bank stock

  6,142   6,237 

Bank owned life insurance

  16,238   16,037 

Deferred taxes, net

  27,054   27,765 

Goodwill

  6,252   6,252 

Other intangible assets, net

  2,372   2,500 

Accrued interest receivable and other assets

  7,532   6,107 

Total assets

 $1,304,508  $1,245,779 
         

Liabilities and Stockholders’ Equity

        

Deposits

        

Non-interest bearing

 $224,901  $187,551 

Interest bearing

  899,887   839,424 

Total deposits

  1,124,788   1,026,975 

Federal Home Loan Bank advances

  20,644   61,389 

Accrued interest payable and other liabilities

  7,020   8,665 

Junior subordinated debentures

  21,000   21,000 

Subordinated capital notes

  17,000   17,000 

Senior debt

  5,000   5,000 

Total liabilities

  1,195,452   1,140,029 

Commitments and contingent liabilities (Note 15)

      

Stockholders’ equity

        

Common stock, no par, 39,000,000 shares authorized, 6,265,872 and 6,251,975 voting, and 1,220,000 and 1,220,000 non-voting issued and outstanding, respectively

  140,639   140,639 

Additional paid-in capital

  24,643   24,508 

Retained deficit

  (51,861

)

  (55,683

)

Accumulated other comprehensive loss

  (4,365

)

  (3,714

)

Total stockholders' equity

  109,056   105,750 

Total liabilities and stockholders’ equity

 $1,304,508  $1,245,779 

 

See accompanying notes to unaudited consolidated financial statements.

 

 

 

LIMESTONE BANCORP, INC.

Unaudited Consolidated Statements of Income

(dollars in thousands, except per share data)

 

   

Three Months Ended

June 30,

   

Six Months Ended

June 30,

 
   

2020

   

2019

   

2020

   

2019

 
Interest income                                

Loans, including fees

  $ 11,356     $ 10,465     $ 22,967     $ 20,719  

Taxable securities

    1,307       1,608       2,774       3,181  

Tax exempt securities

    77       88       147       181  

Federal funds sold and other

    46       215       165       481  
      12,786       12,376       26,053       24,562  

Interest expense

                               

Deposits

    2,127       2,965       4,899       5,552  

Federal Home Loan Bank advances

    73       255       293       536  

Senior debt

    51       98       107       194  

Junior subordinated debentures

    172       258       387       521  

Subordinated capital notes

    253             495        
      2,676       3,576       6,181       6,803  

Net interest income

    10,110       8,800       19,872       17,759  

Provision for loan losses

    1,100             2,150        

Net interest income after provision for loan losses

    9,010       8,800       17,722       17,759  
                                 

Non-interest income

                               

Service charges on deposit accounts

    441       571       1,109       1,067  

Bank card interchange fees

    863       596       1,613       1,104  

Income from bank owned life insurance

    116       118       212       217  

Net loss on sales and calls of investment securities

    (5

)

    (5

)

    (5

)

    (5

)

Other

    186       166       396       347  
      1,601       1,446       3,325       2,730  

Non-interest expense

                               

Salaries and employee benefits

    4,633       3,915       9,171       7,830  

Occupancy and equipment

    983       854       1,982       1,752  

Professional fees

    235       179       443       344  

Marketing expense

    104       212       318       439  

FDIC Insurance

    67       103       67       211  

Data processing expense

    380       315       739       628  

State franchise and deposit tax

    360       315       720       630  

Deposit account related expense

    460       310       911       591  

Other real estate owned expense

    22       142       38       308  

Litigation and loan collection expense

    59       34       124       80  

Communications expense

    247       189       465       379  

Insurance expense

    111       112       214       226  

Postage and delivery

    152       134       320       275  

Other

    423       410       959       812  
      8,236       7,224       16,471       14,505  

Income before income taxes

    2,375       3,022       4,576       5,984  

Income tax expense (benefit)

    393       (611

)

    754       (488

)

Net income

    1,982       3,633       3,822       6,472  

Basic and diluted income per common share

  $ 0.26     $ 0.49     $ 0.51     $ 0.87  

 

See accompanying notes to unaudited consolidated financial statements.

 

 

 

LIMESTONE BANCORP, INC.

Unaudited Consolidated Statements of Comprehensive Income

(in thousands)

                                          

   

Three Months Ended

June 30,

   

Six Months Ended

June 30,

 
   

2020

   

2019

   

2020

   

2019

 

Net income

  $ 1,982     $ 3,633     $ 3,822     $ 6,472  

Other comprehensive income (loss):

                               

Unrealized gain (loss) on securities:

                               

Unrealized gain (loss) arising during the period

    3,254       1,882       (872

)

    3,877  

Less reclassification adjustment for gains (losses) included in net income

    (5

)

    (5

)

    (5

)

    (5

)

Net unrealized gain (loss) recognized in comprehensive income (loss)

    3,259       1,887       (867

)

    3,882  

Tax effect

    (762

)

    (471

)

    216       (889

)

Other comprehensive income (loss)

    2,497       1,416       (651

)

    2,993  
                                 

Comprehensive income

  $ 4,479     $ 5,049     $ 3,171     $ 9,465  

 

See accompanying notes to unaudited consolidated financial statements.

 

 

 

LIMESTONE BANCORP, INC.

Unaudited Consolidated Statements of Changes in Stockholders’ Equity

For Three and Six Months Ended June 30, 2020 and 2019

(Dollar amounts in thousands except share and per share data)

 

    Shares     Amount  
    Common     Common  
   

Common

   

Non-Voting

Common

   

Total

Common

   

Common and Non-Voting Common

   

Additional

Paid-In Capital

   

 

 

Retained Deficit

   

Accumulated Other Comprehensive Loss

   

Total

 
                                                                 

Balances, January 1, 2020

    6,251,975       1,220,000       7,471,975     $ 140,639     $ 24,508     $ (55,683

)

  $ (3,714

)

  $ 105,750  

Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award

    17,330             17,330             (37

)

                (37

)

Forfeited unvested stock

                                               

Stock-based compensation expense

                            106                   106  

Net income

                                  1,840             1,840  

Net change in accumulated other comprehensive loss, net of taxes

                                        (3,148

)

    (3,148

)

Balances, March 31, 2020

    6,269,305