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Limestone Bancorp, Inc. (NASDAQ: LMST) released its unaudited financial results for Q1 2023, reflecting the company's performance in the banking sector. The report highlights key metrics that investors should note.
For Q1 2023, the Company demonstrated an increase in net income compared to the previous quarter. Additionally, assets rose by a significant margin, indicating robust growth in the banking operations.
However, potential risks and operational challenges remain as interest rates fluctuate and market conditions evolve. Investors are encouraged to review the complete financial tables provided in the report for a detailed analysis.
Peoples Bancorp Inc. (NASDAQ: PEBO) has received all regulatory approvals for its merger with Limestone Bancorp, Inc. (NASDAQ: LMST). This merger will position Peoples as the surviving corporation, streamlining operations as Peoples Bank merges with Limestone Bank, Inc. The Merger Agreement was initially made on October 24, 2022, receiving shareholder approval from both companies on February 23, 2023. With total assets of $7.2 billion and a wide service offering, Peoples aims to enhance its market presence across Ohio, Kentucky, West Virginia, Virginia, Washington D.C., and Maryland. This merger is expected to consolidate their resources, potentially leading to improved financial performance and service efficiency.
Limestone Bancorp, Inc. (NASDAQ: LMST) announced that its shareholders have approved the merger agreement with Peoples Bancorp Inc. dated October 24, 2022. This merger will result in Limestone being integrated into Peoples Bancorp. Additionally, shareholders voted on the compensation for the Company's executives connected to the merger, which was noted as a non-binding advisory vote. The merger marks a significant step in Limestone’s strategic growth, allowing for expanded market presence and potential revenue opportunities in the banking sector.
Limestone Bancorp, Inc. (LMST) reported a fourth-quarter net income of $4.9 million, or $0.64 per share, up from $3.4 million, or $0.45 per share, a year earlier. For the full year 2022, net income rose to $18.3 million, or $2.40 per share, compared to $14.9 million, or $1.96 per share in 2021. The results included $691,000 in merger expenses from the pending merger with Peoples Bancorp. The company's net interest income for Q4 2022 was $13.4 million, a growth from $11.0 million in Q4 2021. Additionally, the board declared a quarterly dividend of $0.05 per common share, with a payment date of February 21, 2023.
Limestone Bancorp (NASDAQ: LMST) has declared a cash dividend of
Limestone Bancorp, Inc. (NASDAQ: LMST) has announced the termination of its Tax Benefit Preservation Plan, initially established in 2015 to safeguard the company's tax assets. This move aligns with the recent merger agreement with Peoples Bancorp, Inc. (NASDAQ: PEBO), leading to an accelerated expiration of the plan as of October 24, 2022. Shareholders are not required to take any action regarding the termination. However, the company's Articles of Incorporation still enforce restrictions to protect its tax assets.
Peoples Bancorp Inc. (PEBO) and Limestone Bancorp, Inc. (LMST) have signed a definitive agreement for an all-stock merger valued at approximately $208.2 million. This merger will enhance Peoples' market presence by adding Limestone's 20 branches across Kentucky, increasing total assets to $8.5 billion upon completion. Shareholders of Limestone will receive 0.90 shares of Peoples common stock for each share of Limestone they own, with the merger expected to close in the second quarter of 2023.
Limestone Bancorp reported its third quarter 2022 financial results, showing net income of $5.8 million ($0.76 per share), up from $4.3 million ($0.57 per share) a year ago. For the first nine months, net income reached $13.4 million compared to $11.5 million in 2021. Total assets increased to $1.49 billion, with loans up 5.0% quarterly to $1.13 billion. Despite a 12 basis point rise in net interest margin to 3.73%, non-interest income fell to $2.2 million from $2.4 million a year prior. Total deposits rose to $1.22 billion, while non-interest expenses increased by 8.0% to $8.7 million.
Limestone Bancorp, Inc. (NASDAQ: LMST) announced a cash dividend of $0.05 per common share, set for payment on October 1, 2022, to shareholders of record as of September 16, 2022. The company, based in Louisville, Kentucky, has assets totaling $1.4 billion and operates through Limestone Bank across 14 counties, including key markets in Jefferson County and Lexington. The bank focuses on providing personal and business banking products and services, reinforcing its community banking role.
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