Limestone Bancorp Reports Net Income of $3.9 million, or $0.51 per Share, for the 2nd Quarter of 2021 and $7.1 million, or $0.94 per Diluted Share, for the Six Months Ended June 30, 2021

Rhea-AI Summary

Limestone Bancorp reported a net income of $3.9 million for Q2 2021, up from $2.0 million in Q2 2020. For the first six months, net income increased to $7.1 million from $3.8 million year-over-year. Total assets slightly declined to $1.34 billion, while the loan portfolio decreased by 3.2% to $947.4 million. Net interest income rose to $10.9 million in Q2 2021. The cost of interest-bearing liabilities decreased to 0.61%. No provision for loan losses was recorded for Q2 2021. Non-interest income grew, while expenses decreased, reflecting operational efficiency.

Positive

• Net income for Q2 2021 rose to $3.9 million, a 95% increase from Q2 2020.
• Net interest income increased to $10.9 million for Q2 2021, compared to $10.1 million in Q2 2020.
• Non-interest income for Q2 2021 increased by $534,000 to $2.1 million year-over-year.
• Non-interest expense decreased by 3.4% to $8.0 million, indicating improved efficiency.

Negative

• Loan portfolio decreased by 3.2% or $31.4 million in Q2 2021.
• Net interest margin declined to 3.45% from 3.53% in Q1 2021.
• The yield on earning assets decreased to 3.91% in Q2 2021 from 4.21% in Q2 2020.

Limestone Bancorp, Inc. (NASDAQ: LMST) (“the Company”), parent company of Limestone Bank (“the Bank”), today reported unaudited results for the second quarter of 2021. Net income available to common shareholders for the second quarter of 2021 was $3.9 million, or $0.51 per basic and diluted common share, compared with $2.0 million, or $0.26 per basic and diluted share, for the second quarter of 2020. Net income for the six months ended June 30, 2021, was $7.1 million, or $0.94 per diluted common share, compared with net income of $3.8 million, or $0.51 per diluted share, for the six months ended June 30, 2020.

Total assets declined nominally to $1.34 billion as of June 30, 2021, compared to $1.36 billion at March 31, 2021, and increased nominally compared to $1.31 billion at December 31, 2020. The loan portfolio decreased $31.4 million, or 3.2%, during the quarter as loan payoffs outpaced loan originations during the period. Loans decreased to $947.4 million at June 30, 2021, compared to $978.9 million at March 31, 2021, and $962.1 million at December 31, 2020. SBA Paycheck Protection Program (“PPP”) loans totaled $21.0 million at June 30, 2021, compared to $27.9 million at March 31, 2021, and $20.3 million at December 31, 2020.

Net Interest Income and Average Earning Assets – Net interest income increased to $10.9 million for the second quarter of 2021, compared to $10.7 million for the first quarter of 2021, and $10.1 million for the second quarter of 2020. Average loans decreased to $961.9 million for the second quarter of 2021, compared to $964.4 million for the first quarter of 2021, and $978.3 million for the second quarter of 2020.

Net interest margin decreased to 3.45% for the second quarter of 2021, compared with 3.53% for the first quarter of 2021, and increased from 3.33% for the second quarter of 2020. The yield on earning assets decreased to 3.91% in the second quarter of 2021, compared to 4.05% in the first quarter of 2021, and 4.21% in the second quarter of 2020. The yield on earning assets for the first and second quarters of 2021 were negatively impacted by lower interest rates on the Bank’s fed funds, certain floating rate investment securities, and loans with variable rate repricing features.

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 $933,000, $844,000, and $535,000 for the quarters ended June 30, 2021, March 31, 2021, and June 30, 2020, respectively. This represents 29 basis points, 28 basis points, and 17 basis points of yield on earning assets and net interest margin for the quarters ended June 30, 2021, March 31, 2021, and June 30, 2020, respectively. Loan fee income for the second quarter of 2021 included $692,000 in fees earned on SBA PPP loans, compared to $436,000 in the first quarter of 2021, and $179,000 in the second quarter of 2020, which represents 22 basis points, 14 basis points, and six basis points of earning asset yield and net interest margin for those quarters, respectively.

The cost of interest-bearing liabilities was 0.61% for the second quarter of 2021, compared to 0.68% in the first quarter of 2021, and 1.11% in the second quarter of 2020. The cost of interest-bearing liabilities continued to decline based on the declining volume of the time deposit portfolio, as well as the downward repricing of time deposits. Time deposits declined $51.6 million during the second quarter of 2021 as approximately $105.6 million of time deposits with an average rate of 0.56% matured and redeemed or repriced at lower interest rates. During the second quarter of 2021, newly originated or renewed time deposits had an average rate of 0.21% and an average term of approximately 14 months.

Net interest income increased to $21.6 million for the first six months of 2021, compared with $19.9 million in the first six months of 2020. Average loans decreased nominally to $963.1 million for the first six months of 2021, compared to $963.8 million for the first six months of 2020.

Net interest margin increased to 3.49% in the first six months of 2021, compared with 3.32% for the first six months of 2020. The yield on earning assets decreased to 3.98% for the first six months of 2021, compared to 4.35% for the first six months of 2020. The amount of loan fee income included in total interest income was $1.8 million and $751,000 for the six months ended June 30, 2021 and June 30, 2020, respectively. This represents 29 basis points and 12 basis points of yield on earning assets and net interest margin for the six months ended June 30, 2021 and 2020, respectively. Loan fee income included PPP fees of $1.1 million and $179,000 for the six months ended June 30, 2021 and 2020, respectively, which represents 18 basis points and three basis points of earning asset yield and net interest margin for those six-month periods, respectively. The cost of interest-bearing liabilities was 0.64% for the first six months of 2021, compared to 1.28% in the first six months of 2020.

As of June 30, 2021, time deposits comprise $303.7 million of the Company’s liabilities including $66.0 million with a current average rate of 0.43%, which reprice or mature in the third quarter of 2021. The following table denotes contractual time deposit maturities and average rates as of June 30, 2021:

Maturity Quarter		As of June 30, 2021 (in thousands)			Weighted Average Rate
Q3-2021			66,017		0.43
Q4-2021			46,336		0.33
Q1-2022			46,891		0.37
Q2-2022			31,877		0.40
Thereafter			112,547		0.90
Total time deposits		$	303,668		0.58	%

Provision and Allowance for Loan Losses – The allowance for loan losses to total loans was 1.33% at June 30, 2021, compared to 1.30% at March 31, 2021, and 1.05% at June 30, 2020. There was no provision for loan loss recorded in the second quarter of 2021 and a $350,000 provision for loan losses, or $0.03 per common share after taxes, for the first six months of 2021, respectively, compared to $1.1 million and $2.2 million, or $0.12 and $0.23 per common shares after taxes, in the second quarter and the first six months of 2020, respectively. The 2021 loan loss provision was attributable to the net loan charge-offs and trends within the portfolio during the year, while the provisions for 2020 were largely attributable to the uncertainty surrounding the COVID-19 pandemic related economic and business disruptions. Net loan charge-offs were $118,000 and $156,000, for the three and six months ended June 30, 2021, respectively, compared to net loan charge-offs of $22,000 and $298,000, for the three and six months ended June 30, 2020, respectively.

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 pandemic risk. The Bank also granted eligible short-term loan modifications under Section 4013 of the CARES Act. Short-term loan modifications were $4.7 million as of June 30, 2021 and March 31, 2021, and $15.3 million at December 31, 2020. Included in the $4.7 million of short-term modifications is one commercial real estate loan secured by a retail entertainment facility totaling $4.4 million, which remains subject to, and is performing in accordance with, a short-term COVID-19 modification. The loan is graded substandard, has been evaluated under ASC-310-10, and allocated a specific reserve of $2.2 million as of June 30, 2021, March 31, 2021 and December 31, 2020.

Non-interest Income and Expense – Non-interest income for the second quarter of 2021 increased $534,000 to $2.1 million, compared with $1.6 million for the second quarter of 2020. The increase was primarily related to an increase in bank card interchange fees of $210,000 due to an increase in debit card transactions, and a $191,000 gain on the sale of OREO. Non-interest expense decreased $282,000, or 3.4%, to $8.0 million for the second quarter of 2021, compared with $8.2 million for the second quarter of 2020. The decrease in the second quarter of 2021 was primarily due to a decrease in deposit and state franchise tax expense of $270,000, as a result of the elimination of the Kentucky bank franchise tax discussed below.

Non-interest income for the first six months of 2021 increased $694,000 to $4.0 million, compared with $3.3 million for the first six months of 2020. The increase was primarily due to an increase in bank card interchange fees of $420,000 and a $191,000 gain on the sale of OREO. Non-interest expense decreased $533,000, or 3.2%, to $15.9 million for the first six months of 2021, compared with $16.5 million for the first six months of 2020. The decrease was primarily due to a decrease of $540,000 in deposit and state franchise tax expense.

Income Taxes – Income tax expense was $1.2 million and $2.2 million for the second quarter of 2021 and for the first six months of 2021, respectively, compared with $393,000 and $754,000 for the second quarter of 2020 and for the first six months of 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 $235,000 and $449,000 for the second quarter of 2021 and for the first six months of 2021, respectively, compared to a state income tax benefit of $79,000 and $151,000 for the second quarter of 2020 and for the first six months of 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 second quarter ending June 30, 2021, 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
	6/30/21			6/30/20			6/30/21			6/30/20
Income Statement Data
Interest income	$	12,376		$	12,786		$	24,626		$	26,053
Interest expense		1,462			2,676			3,032			6,181
Net interest income		10,914			10,110			21,594			19,872
Provision for loan losses		—			1,100			350			2,150
Net interest income after provision		10,914			9,010			21,244			17,722
Service charges on deposit accounts		520			441			1,068			1,109
Bank card interchange fees		1,073			863			2,033			1,613
Bank owned life insurance income		143			116			308			212
Gain on sale of OREO		191			—			191			—
Other		208			181			419			391
Non-interest income		2,135			1,601			4,019			3,325
Salaries & employee benefits		4,467			4,633			8,949			9,171
Occupancy and equipment		979			983			2,039			1,982
Professional fees		246			235			482			443
Marketing expense		179			104			361			318
FDIC insurance		90			67			225			67
Data processing expense		377			380			755			739
Deposit and state franchise tax		90			360			180			720
Deposit account related expense		556			460			1,047			911
Communications expense		194			247			367			465
Insurance expense		115			111			219			214
Postage and delivery		139			152			291			320
Other		522			504			1,023			1,121
Non-interest expense		7,954			8,236			15,938			16,471
Income before income taxes		5,095			2,375			9,325			4,576
Income tax expense		1,194			393			2,202			754
Net income	$	3,901		$	1,982		$	7,123		$	3,822
Weighted average shares – Basic		7,597,202			7,488,173			7,586,267			7,485,028
Weighted average shares – Diluted		7,597,202			7,488,173			7,586,267			7,485,028
Basic earnings per common share	$	0.51		$	0.26		$	0.94		$	0.51
Diluted earnings per common share	$	0.51		$	0.26		$	0.94		$	0.51
Cash dividends declared per common share	$	0.00		$	0.00		$	0.00		$	0.00

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
	6/30/21			3/31/21			12/31/20			9/30/20			6/30/20
Income Statement Data
Interest income	$	12,376		$	12,250		$	12,606		$	12,094		$	12,786
Interest expense		1,462			1,570			1,820			2,151			2,676
Net interest income		10,914			10,680			10,786			9,943			10,110
Provision for loan losses		—			350			900			1,350			1,100
Net interest income after provision		10,914			10,330			9,886			8,593			9,010
Service charges on deposit accounts		520			548			594			565			441
Bank card interchange fees		1,073			960			882			881			863
Bank owned life insurance income		143			165			99			113			116
Gain on sale of OREO		191			—			—			—			—
Other		208			211			202			183			181
Non-interest income		2,135			1,884			1,777			1,742			1,601
Salaries & employee benefits		4,467			4,482			4,167			4,413			4,633
Occupancy and equipment		979			1,060			1,011			1,008			983
Professional fees		246			236			233			261			235
Marketing expense		179			182			177			134			104
FDIC insurance		90			135			81			81			67
Data processing expense		377			378			381			382			380
Deposit and state franchise tax		90			90			395			360			360
Deposit account related expense		556			491			492			487			460
Communications expense		194			173			190			201			247
Insurance expense		115			104			112			102			111
Postage and delivery		139			152			151			156			152
Other		522			501			476			494			504
Non-interest expense		7,954			7,984			7,866			8,079			8,236
Income before income taxes		5,095			4,230			3,797			2,256			2,375
Income tax expense		1,194			1,008			680			190			393
Net income	$	3,901		$	3,222		$	3,117		$	2,066		$	1,982
Weighted average shares – Basic		7,597,202			7,575,211			7,499,323			7,499,223			7,488,173
Weighted average shares – Diluted		7,597,202			7,575,211			7,499,323			7,499,223			7,488,173
Basic earnings per common share	$	0.51		$	0.43		$	0.42		$	0.28		$	0.26
Diluted earnings per common share	$	0.51		$	0.43		$	0.42		$	0.28		$	0.26
Cash dividends declared per common share	$	0.00		$	0.00		$	0.00		$	0.00		$	0.00

LIMESTONE BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share data)
	As of
	6/30/21			3/31/21			12/31/20			9/30/20			6/30/20
Assets
Loans	$	947,425		$	978,865		$	962,081		$	974,468		$	975,759
Allowance for loan losses		(12,637	)		(12,755	)		(12,443	)		(11,481	)		(10,228	)
Net loans		934,788			966,110			949,638			962,987			965,531
Securities held to maturity		46,717			41,254			—			—			—
Securities available for sale		182,154			177,690			203,862			203,544			202,596
Federal funds sold & interest-bearing deposits		75,536			74,047			56,863			24,358			39,027
Cash and due from financial institutions		9,584			9,800			10,830			7,593			9,990
Premises and equipment		21,912			20,405			18,533			18,572			19,000
Premises held for sale		980			1,035			1,060			1,110			1,149
Bank owned life insurance		23,738			23,601			23,441			23,347			16,238
FHLB Stock		5,449			5,810			5,887			5,962			6,142
Other real estate owned		—			1,765			1,765			1,625			1,625
Deferred taxes, net		23,452			24,992			25,714			26,540			27,054
Goodwill		6,252			6,252			6,252			6,252			6,252
Intangible assets		2,117			2,181			2,244			2,308			2,372
Accrued interest receivable and other assets		6,231			6,769			6,213			7,426			7,532
Total Assets	$	1,338,910		$	1,361,711		$	1,312,302		$	1,291,624		$	1,304,508
Liabilities and Equity
Certificates of deposit	$	303,668		$	355,309		$	367,552		$	398,429		$	446,370
Interest checking		216,344			211,322			190,625			168,735			167,814
Money market		191,773			180,137			175,785			174,588			166,376
Savings		160,257			151,340			142,623			134,962			119,327
Total interest-bearing deposits		872,042			898,108			876,585			876,714			899,887
Demand deposits		267,059			268,882			243,022			217,675			224,901
Total deposits		1,139,101			1,166,990			1,119,607			1,094,389			1,124,788
FHLB advances		20,000			20,613			20,623			30,634			20,644
Junior subordinated debentures		21,000			21,000			21,000			21,000			21,000
Subordinated capital note		25,000			25,000			25,000			25,000			17,000
Senior debt		—			—			—			—			5,000
Accrued interest payable and other liabilities		9,850			8,588			10,048			8,315			7,020
Total liabilities		1,214,951			1,242,191			1,196,278			1,179,338			1,195,452
Total stockholders’ equity		123,959			119,520			116,024			112,286			109,056
Total Liabilities and Stockholders’ Equity	$	1,338,910		$	1,361,711		$	1,312,302		$	1,291,624		$	1,304,508
Ending shares outstanding		7,602,686			7,594,499			7,498,865			7,499,183			7,485,872
Book value per common share	$	16.30		$	15.74		$	15.47		$	14.97		$	14.57
Tangible book value per common share		15.20			14.63			14.34			13.83			13.42

LIMESTONE BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share data)
	As of
	6/30/21			3/31/21			12/31/20			9/30/20			6/30/20
Average Balance Sheet Data
Assets	$	1,361,080		$	1,316,878		$	1,304,715		$	1,295,814		$	1,305,923
Loans		961,922			964,353			965,339			963,486			978,316
Earning assets		1,275,363			1,230,610			1,220,043			1,213,039			1,222,760
Deposits		1,164,524			1,125,943			1,115,985			1,111,865			1,116,420
Long-term debt and advances		66,000			66,617			67,280			65,769			75,259
Interest bearing liabilities		956,172			941,342			951,620			955,661			971,770
Stockholders’ equity		121,386			117,663			113,868			110,930			107,348
Quarterly Performance Ratios
Return on average assets		1.15	%		0.99	%		0.95	%		0.63	%		0.61	%
Return on average equity		12.89			11.11			10.89			7.41			7.43
Yield on average earning assets (tax equivalent)		3.91			4.05			4.12			3.98			4.21
Cost of interest-bearing liabilities		0.61			0.68			0.76			0.90			1.11
Net interest margin (tax equivalent)		3.45			3.53			3.53			3.27			3.33
Efficiency ratio		60.93			63.55			62.61			69.14			70.30
Non-interest expense to average assets		2.34			2.46			2.40			2.48			2.54
Asset Quality Data
Nonaccrual loans	$	1,530		$	1,996		$	1,676		$	2,038		$	1,410
Troubled debt restructurings on accrual		390			399			480			489			462
Loan 90 days or more past due still on accrual		—			—			—			—			—
Total non-performing loans		1,920			2,395			2,156			2,527			1,872
Real estate acquired through foreclosures		—			1,765			1,765			1,625			1,625
Other repossessed assets		—			—			—			—			—
Total non-performing assets	$	1,920		$	4,160		$	3,921		$	4,152		$	3,497
Non-performing loans to total loans		0.20	%		0.24	%		0.22	%		0.26	%		0.19	%
Non-performing assets to total assets		0.14			0.31			0.30			0.32			0.27
Allowance for loan losses to non-performing loans		658.18			532.57			577.13			454.33			546.37
Allowance for loan losses to total loans		1.33	%		1.30	%		1.29	%		1.18	%		1.05	%
Loan Charge-off Data
Loans charged off	$	(178	)	$	(77	)	$	(124	)	$	(150	)	$	(193	)
Recoveries		60			39			186			53			171
Net (charge-offs) recoveries	$	(118	)	$	(38	)	$	62		$	(97	)	$	(22	)
Loans by Risk Category
Pass	$	913,753		$	942,492		$	926,025		$	923,895		$	925,558
Watch		15,888			17,929			18,879			27,782			43,014
Special Mention		—			—			—			364			—
Substandard		17,784			18,444			17,177			22,427			7,187
Doubtful		—			—			—			—			—
Total	$	947,425		$	978,865		$	962,081		$	974,468		$	975,759
Loans by Past Due Status
Past due loans:
30 – 59 days	$	181		$	677		$	1,537		$	482		$	458
60 – 89 days		252			254			372			265			197
90 days or more		—			—			—			—			—
Nonaccrual loans		1,530			1,996			1,676			2,038			1,410
Total past due and nonaccrual loans	$	1,963		$	2,927		$	3,585		$	2,785		$	2,065

LIMESTONE BANCORP, INC.
Unaudited Financial Information
(in thousands, except share and per share data)
		As of
		6/30/21			3/31/21			12/31/20			9/30/20			6/30/20
Risk-based Capital Ratios - Company
Tier I leverage ratio		8.70	%		8.59	%		8.24	%		8.17	%		8.05	%
Common equity Tier I risk-based capital ratio		9.48			8.96			8.72			8.54			8.45
Tier I risk-based capital ratio		10.63			10.00			9.67			9.77			9.93
Total risk-based capital ratio		14.09			13.42			13.14			13.22			12.57
Risk-based Capital Ratios – Limestone Bank
Tier I leverage ratio		10.55	%		10.44	%		10.21	%		9.90	%		9.54	%
Common equity Tier I risk-based capital ratio		12.95			12.21			12.05			11.88			11.79
Tier I risk-based capital ratio		12.95			12.21			12.05			11.88			11.79
Total risk-based capital ratio		14.11			13.37			13.20			12.97			12.78
FTE employees, end of period		231			225			219			224			228

Non-GAAP Financial Measures Reconciliation

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 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 intangible assets from the calculation of risk-based capital.

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.

	As of
	6/30/21			3/31/21			12/31/20			9/30/20			6/30/20
Tangible Book Value Per Share	(in thousands, except share and per share data)
Common stockholders’ equity	$	123,959		$	119,520		$	116,024		$	112,286		$	109,056
Less: Goodwill		6,252			6,252			6,252			6,252			6,252
Less: Intangible assets		2,117			2,181			2,244			2,308			2,372
Tangible common equity		115,590			111,087			107,528			103,726			100,432
Shares outstanding		7,602,686			7,594,499			7,498,865			7,499,183			7,485,872
Tangible book value per common share	$	15.20		$	14.63		$	14.34		$	13.83		$	13.42
Book value per common share		16.30			15.74			15.47			14.97			14.57
	Three Months Ended
	6/30/21			3/31/21			12/31/20			9/30/20			6/30/20
Efficiency Ratio	(in thousands)
Net interest income	$	10,914		$	10,680		$	10,786		$	9,943		$	10,110
Non-interest income		2,135			1,884			1,777			1,742			1,601
Less: Net gain (loss) on securities		(5	)		—			—			—			(5	)
Revenue used for efficiency ratio		13,054			12,564			12,563			11,685			11,716
Non-interest expense		7,954			7,984			7,866			8,079			8,236
Efficiency ratio		60.93	%		63.55	%		62.61	%		69.14	%		70.30	%

 

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FAQ

What is the net income of Limestone Bancorp for Q2 2021?

Limestone Bancorp reported a net income of $3.9 million for Q2 2021.

How much did Limestone Bancorp's net interest income increase in Q2 2021?

Net interest income increased to $10.9 million in Q2 2021, up from $10.1 million in Q2 2020.

What was the total assets of Limestone Bancorp as of June 30, 2021?

Total assets were $1.34 billion as of June 30, 2021.

Did Limestone Bancorp record a provision for loan losses in Q2 2021?

No provision for loan losses was recorded in Q2 2021.