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Section 1: 10-Q (FORM 10-Q)

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.

 

 

 


 

 

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

 

 

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

 

 

 

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

 

 

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

 

 

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

 

 

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

    6,269,305       1,220,000       7,489,305     $ 140,639     $ 24,577     $ (53,843

)

  $ (6,862

)

  $ 104,511  

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

    (3,433

)

          (3,433

)

          (38

)

                (38

)

Forfeited unvested stock

                                               

Stock-based compensation expense

                            104                   104  

Net income

                                  1,982             1,982  

Net change in accumulated other comprehensive income, net of taxes

                                        2,497       2,497  

Balances, June 30, 2020

    6,265,872       1,220,000       7,485,872     $ 140,639     $ 24,643     $ (51,861

)

  $ (4,365

)

  $ 109,056  

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

    13,377             13,377                                

Forfeited unvested stock

    (66

)

          (66

)

                             

Stock-based compensation expense

                            188                   188  

Non-voting shares converted to voting

    220,000       (220,000

)

                                   

Net income

                                  2,066             2,066  

Net change in accumulated other comprehensive income, net of taxes

                                        976       976  

Balances, September 30, 2020

    6,499,183       1,000,000       7,499,183     $ 140,639     $ 24,831     $ (49,795

)

  $ (3,389

)

  $ 112,286  

 

See accompanying notes to unaudited consolidated financial statements.

 

7

 

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, 2019

    6,242,720       1,220,000       7,462,720     $ 140,639     $ 24,287     $ (66,201

)

  $ (6,628

)

  $ 92,097  

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

    1,642             1,642             (276

)

                (276

)

Forfeited unvested stock

    (3,748

)

          (3,748

)

                             

Stock-based compensation expense

                            82                   82  

Net income

                                  2,839             2,839  

Net change in accumulated other comprehensive income, net of taxes

                                        1,577       1,577  

Balances, March 31, 2019

    6,240,614       1,220,000       7,460,614     $ 140,639     $ 24,093     $ (63,362

)

  $ (5,051

)

  $ 96,319  

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

    (2,532

)

          (2,532

)

          (39

)

                (39

)

Forfeited unvested stock

    (250

)

          (250

)

                             

Stock-based compensation expense

                            93                   93  

Net income

                                  3,633             3,633  

Net change in accumulated other comprehensive income, net of taxes

                                        1,416       1,416  

Balances, June 30, 2019

    6,237,832       1,220,000       7,457,832     $ 140,639     $ 24,147     $ (59,729

)

  $ (3,635

)

  $ 101,422  

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

    13,750             13,750                                

Forfeited unvested stock

                                               

Stock-based compensation expense

                            181                   181  

Net income

                                  2,282             2,282  

Net change in accumulated other comprehensive income, net of taxes

                                        442       442  

Balances, September 30, 2019

    6,251,582       1,220,000       7,471,582     $ 140,639     $ 24,328     $ (57,447

)

  $ (3,193

)

  $ 104,327  

 

See accompanying notes to unaudited consolidated financial statements.

 

8

 

 

LIMESTONE BANCORP, INC.

Unaudited Consolidated Statements of Cash Flows

For Nine Months Ended September 30, 2020 and 2019

(dollars in thousands)

 

   

2020

   

2019

 

Cash flows from operating activities

               

Net income

  $ 5,888     $ 8,754  

Adjustments to reconcile net income to net cash from operating activities

               

Depreciation and amortization

    1,760       1,310  

Provision for loan losses

    3,500        

Net amortization on securities

    500       530  

Stock-based compensation expense

    398       356  

Deferred taxes, net

    1,117       215  

Net write-down of other real estate owned

          260  

Net gain on sales of premises and equipment

          (1

)

Net realized loss on sales and calls of investment securities

    5       5  

Net write-down on premises held for sale

    100       115  

Increase in cash surrender value of life insurance, net of premium expense

    (310

)

    (300

)

Amortization of operating lease right-of-use assets

    562       184  

Net change in accrued interest receivable and other assets

    (1,319

)

    (987

)

Net change in accrued interest payable and other liabilities

    (350

)

    (1,349

)

Net cash from operating activities

    11,851       9,092  
                 

Cash flows from investing activities

               

Purchases of available for sale securities

    (28,931

)

    (14,894

)

Proceeds from sales and calls of available for sale securities

    8,530       3,452  

Proceeds from maturities and prepayments of available for sale securities

    25,785       13,190  

Purchases of Federal Home Loan Bank stock

    (600

)

     

Proceeds from mandatory redemptions of Federal Home Loan Bank stock

    875       766  

Proceeds from sale of other real estate owned

    1,600        

Net change in loans

    (49,362

)

    (38,986

)

Purchases of premises and equipment

    (584

)

    (744

)

Proceeds from sale of premises and equipment

          1  

Purchase of bank owned life insurance

    (7,000 )      

Net cash from investing activities

    (49,687

)

    (37,215

)

                 

Cash flows from financing activities

               

Net change in deposits

    67,414       29,203  

Repayment of Federal Home Loan Bank advances

    (135,755

)

    (105,119

)

Advances from Federal Home Loan Bank

    105,000       115,000  

Proceeds from issuance of subordinated capital note

    8,000       17,000  

Repayment of senior debt

    (5,000

)

    (5,000

)

Common shares withheld for taxes

    (75

)

    (315

)

Net cash from financing activities

    39,584       50,769  

Net change in cash and cash equivalents

    1,748       22,646  

Beginning cash and cash equivalents

    30,203       35,361  

Ending cash and cash equivalents

  $ 31,951     $ 58,007  
                 

Supplemental cash flow information:

               

Interest paid

  $ 8,924     $ 10,364  

Income tax refund