Company Quick10K Filing
⚲
Limestone Bancorp
Financials
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
Filings
10-Q 2020-09-30 Filed 2020-10-30
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 2014-11-14
10-Q 2014-06-30 Filed 2014-08-08
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
Reports
8-K 2020-10-21
8-K 2020-09-08
8-K 2020-07-22
8-K 2020-07-22
8-K 2020-07-21
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

Content
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
Exhibits
EX-31.1 ex_208439.htm
EX-31.2 ex_208440.htm
EX-32.1 ex_208441.htm
EX-32.2 ex_208442.htm

Limestone Bancorp Earnings 2020-09-30

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
lmst20200930_10q.htm
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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 September 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.

 

6,500,157 Common Shares and 1,000,000 Non-Voting Common Shares were outstanding at October 30, 2020.

 

 

1
Table of Contents

 

 

 

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

32

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

49

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

49

ITEM 4.

MINE SAFETY DISCLOSURES

50

ITEM 5.

OTHER INFORMATION

50

ITEM 6.

EXHIBITS

50

 

2
Table of Contents

 

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 September 30, 2020 and December 31, 2019

Unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2019

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

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

Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019

Notes to Unaudited Consolidated Financial Statements

 

3
Table of Contents

 

 

LIMESTONE BANCORP, INC.

Unaudited Consolidated Balance Sheets

(dollars in thousands except share data)

 

 

  

September 30,

2020

  

December 31,

2019

 

Assets

        

Cash and due from banks

 $7,593  $8,241 

Interest bearing deposits in banks

  24,358   21,962 

Cash and cash equivalents

  31,951   30,203 

Securities available for sale

  203,544   209,000 

Loans, net of allowance of $11,481 and $8,376, respectively

  962,987   917,895 

Premises and equipment, net

  18,572   19,658 

Premises held for sale

  1,110   900 

Other real estate owned

  1,625   3,225 

Federal Home Loan Bank stock

  5,962   6,237 

Bank owned life insurance

  23,347   16,037 

Deferred taxes, net

  26,540   27,765 

Goodwill

  6,252   6,252 

Other intangible assets, net

  2,308   2,500 

Accrued interest receivable and other assets

  7,426   6,107 

Total assets

 $1,291,624  $1,245,779 
         

Liabilities and Stockholders’ Equity

        

Deposits

        

Non-interest bearing

 $217,675  $187,551 

Interest bearing

  876,714   839,424 

Total deposits

  1,094,389   1,026,975 

Federal Home Loan Bank advances

  30,634   61,389 

Accrued interest payable and other liabilities

  8,315   8,665 

Junior subordinated debentures

  21,000   21,000 

Subordinated capital notes

  25,000   17,000 

Senior debt

  —   5,000 

Total liabilities

  1,179,338   1,140,029 

Commitments and contingent liabilities (Note 15)

  —   — 

Stockholders’ equity

        

Common stock, no par, 39,000,000 shares authorized, 6,499,183 and 6,251,975 voting, and 1,000,000 and 1,220,000 non-voting issued and outstanding, respectively

  140,639   140,639 

Additional paid-in capital

  24,831   24,508 

Retained deficit

  (49,795

)

  (55,683

)

Accumulated other comprehensive loss

  (3,389

)

  (3,714

)

Total stockholders' equity

  112,286   105,750 

Total liabilities and stockholders’ equity

 $1,291,624  $1,245,779 

 

See accompanying notes to unaudited consolidated financial statements.

 

4
Table of Contents

 

 

LIMESTONE BANCORP, INC.

Unaudited Consolidated Statements of Income

(dollars in thousands, except per share data)

 

 

   

Three Months Ended

September 30,

    

Nine Months Ended

September 30,

  
   

2020

    

2019

    

2020

    

2019

  
Interest income                                

Loans, including fees

   $ 10,805     $ 10,671     $ 33,772     $ 31,390  

Taxable securities

     1,139       1,553       3,913       4,734  

Tax exempt securities

     108       76       255       257  

Interest-bearing deposits and other

     42       185       207       666  
      12,094       12,485       38,147       37,047  

Interest expense

                                

Deposits

     1,627       3,105       6,526       8,657  

Federal Home Loan Bank advances

     39       132       332       668  

Junior subordinated debentures

     138       251       525       772  

Subordinated capital notes

     335       190       830       190  

Senior debt

     12       77       119       271  
      2,151       3,755       8,332       10,558  

Net interest income

     9,943       8,730       29,815       26,489  

Provision for loan losses

     1,350       —       3,500       —  

Net interest income after provision for loan losses

     8,593       8,730       26,315       26,489  
                                 

Non-interest income

                                

Service charges on deposit accounts

     565       633       1,674       1,700  

Bank card interchange fees

     881       623       2,494       1,727  

Income from bank owned life insurance

     113       97       325       314  

Net loss on sales and calls of investment securities

     —       —       (5

)

     (5

)

Other

     183       181       579       528  
      1,742       1,534       5,067       4,264  

Non-interest expense

                                

Salaries and employee benefits

     4,413       4,202       13,584       12,032  

Occupancy and equipment

     1,008       880       2,990       2,632  

Professional fees

     261       254       704       598  

Marketing expense

     134       251       452       690  

FDIC Insurance

     81       —       148       211  

Data processing expense

     382       315       1,121       943  

State franchise and deposit tax

     360       315       1,080       945  

Deposit account related expense

     487       300       1,398       891  

Other real estate owned expense

     20       25       58       333  

Litigation and loan collection expense

     54       32       178       112  

Communications expense

     201       193       666       572  

Insurance expense

     102       109       316       335  

Postage and delivery

     156       129       476       404  

Other

     420       446       1,379       1,258  
      8,079       7,451       24,550       21,956  

Income before income taxes

     2,256       2,813       6,832       8,797  

Income tax expense

     190       531       944       43  

Net income

     2,066       2,282       5,888       8,754  

Basic and diluted income per common share

   $ 0.28     $ 0.31     $ 0.79     $ 1.17  

 

See accompanying notes to unaudited consolidated financial statements.

 

5
Table of Contents

 

 

LIMESTONE BANCORP, INC.

Unaudited Consolidated Statements of Comprehensive Income

(in thousands)

                                              

 

   

Three Months Ended

September 30,

    

Nine Months Ended

September 30,

  
   

2020

    

2019

    

2020

    

2019

  

Net income

   $ 2,066     $ 2,282     $ 5,888     $ 8,754  

Other comprehensive income (loss):

                                

Unrealized gain on securities:

                                

Unrealized gain arising during the period

     1,300       588       428       4,465  

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

     —       —       (5

)

     (5

)

Net unrealized gain recognized in comprehensive income

     1,300       588       433       4,470  

Tax effect

     (324

)

     (146

)

     (108

)

     (1,035

)

Other comprehensive income

     976       442       325       3,435  
                                 

Comprehensive income

   $ 3,042     $ 2,724     $ 6,213     $ 12,189  

 

See accompanying notes to unaudited consolidated financial statements.

 

6
Table of Contents

 

 

LIMESTONE BANCORP, INC.

Unaudited Consolidated Statements of Changes in Stockholders’ Equity

For Three and Nine Months Ended September 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