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Limestone Bancorp, parent of Limestone Bank, reported Q1 2021 net income of $3.2 million, up from $1.8 million YoY. Total assets increased to $1.36 billion, and the loan portfolio rose by 1.7% to $978.9 million. Net interest income stood at $10.7 million, while net interest margin was stable at 3.53%. The company maintained an allowance for loan losses of 1.30%. Non-interest income improved to $1.9 million, and expenses decreased to $8.0 million. The elimination of Kentucky’s bank franchise tax positively impacted net income.
Limestone Bank, a subsidiary of Limestone Bancorp (NASDAQ: LMST), has opened a new banking center at 4304 Shelbyville Road, St. Matthews, Louisville, expanding its total to 21 centers across 14 counties.
This full-service location features 3 drive-thru lanes, an ATM, and aims to enhance customer access to banking services. The opening reflects the bank's commitment to investing in infrastructure and community services, as stated by CEO John T. Taylor. A ribbon-cutting ceremony will be held on March 30, 2021, open to the public with safety measures in place.
Limestone Bank, along with nine community banks, successfully secured a $10 million loan to fund the Louisville Urban League’s Norton Healthcare Sports & Learning Center project. This collaborative effort aims to bolster economic development in Louisville's west end, reflecting a commitment to community support. The facility, a 24-acre track and field center, opened on February 15, enhancing local infrastructure. John T. Taylor, President and CEO of Limestone Bank, expressed pride in supporting this significant initiative.
Limestone Bancorp (NASDAQ: LMST) reported a net income of $3.1 million for Q4 2020, up from $1.8 million in Q4 2019. For 2020, total net income reached $9.0 million, a decrease from $10.5 million in 2019. The net interest income rose to $10.8 million in Q4 compared to $9.9 million in Q3 2020, driven by a growth in loans due to SBA PPP participation. However, net interest margin decreased to 3.36% for 2020. The provision for loan losses was $900,000 in Q4, influenced by COVID-19 risks. Capital ratios improved after issuing $8 million in subordinated notes.
Limestone Bank announces the launch of its newly redesigned website, LimestoneBank.com, enhancing the digital experience for customers. The redesign aims to improve access to mobile and online banking, ensuring secure remote account management. Additionally, the bank introduces 'Curbside Banking' at seven locations, allowing customers to perform transactions from their vehicles. CEO John T. Taylor emphasizes the bank's commitment to adapting to customer needs amidst challenges, reiterating the importance of modernizing the banking experience while maintaining community service.
Limestone Bank has appointed Brad Smither as the new market president for its Frankfort banking center. With over 25 years in banking, Smither has significant expertise in business development and commercial lending, previously serving as market president at Citizens Commerce Bank. His community involvement includes leadership roles in local organizations. This leadership change follows Limestone Bank's recent acquisition of the Frankfort center and three additional branches from Republic Bank and Trust. The addition of Smither aims to strengthen the Bank's connections in Frankfort.
Limestone Bancorp (NASDAQ: LMST) reported third-quarter 2020 net income of $2.1 million, down from $2.3 million a year prior. For the first nine months, net income dropped to $5.9 million from $8.8 million in 2019. Net interest income decreased to $9.9 million, compared to $10.1 million in Q2 2020. The bank's loan portfolio grew, reflecting the impact of a branch acquisition and Paycheck Protection Program loans. However, net interest margin fell to 3.27%. Non-performing loans increased to 0.26% of total loans. The company aims to address COVID-19-related risks through increased loan loss provisions.