company background image
LMST

Limestone Bancorp NasdaqCM:LMST Stock Report

Last Price

US$19.75

Market Cap

US$148.2m

7D

-0.9%

1Y

9.9%

Updated

29 Sep, 2022

Data

Company Financials +
LMST fundamental analysis
Snowflake Score
Valuation3/6
Future Growth1/6
Past Performance5/6
Financial Health6/6
Dividends1/6

LMST Stock Overview

Limestone Bancorp, Inc. operates as the bank holding company for Limestone Bank, Inc.

Limestone Bancorp Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Limestone Bancorp
Historical stock prices
Current Share PriceUS$19.75
52 Week HighUS$23.70
52 Week LowUS$17.62
Beta0.74
1 Month Change0.36%
3 Month Change5.33%
1 Year Change9.91%
3 Year Change27.42%
5 Year Change72.34%
Change since IPO-80.12%

Recent News & Updates

Aug 17

Limestone Bancorp declares $0.05 dividend

Limestone Bancorp (NASDAQ:LMST) declares $0.05/share quarterly dividend, in line with previous. Forward yield 0.98% Payable Oct. 1; for shareholders of record Sept. 16; ex-div Sept. 15. See LMST Dividend Scorecard, Yield Chart, & Dividend Growth.

Jul 20

Limestone Bancorp GAAP EPS of $0.53 beats by $0.06, revenue of $13.94M beats by $2.79M

Limestone Bancorp press release (NASDAQ:LMST): Q2 GAAP EPS of $0.53 beats by $0.06. Revenue of $13.94M (+6.8% Y/Y) beats by $2.79M.

Shareholder Returns

LMSTUS BanksUS Market
7D-0.9%-4.2%-3.1%
1Y9.9%-23.9%-21.5%

Return vs Industry: LMST exceeded the US Banks industry which returned -23.8% over the past year.

Return vs Market: LMST exceeded the US Market which returned -20.3% over the past year.

Price Volatility

Is LMST's price volatile compared to industry and market?
LMST volatility
LMST Average Weekly Movement4.5%
Banks Industry Average Movement3.4%
Market Average Movement6.9%
10% most volatile stocks in US Market15.7%
10% least volatile stocks in US Market2.8%

Stable Share Price: LMST is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: LMST's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1902227John Taylorhttps://www.limestonebank.com

Limestone Bancorp, Inc. operates as the bank holding company for Limestone Bank, Inc. that provides a range of personal and business banking products and services. The company’s deposit products include savings, interest checking, and money market accounts, as well as fixed rate certificates with varying maturities. It also provides commercial loans for equipment purchases, working capital, and other financing needs of business enterprises; and commercial real estate loans that comprise loans on properties occupied by borrowers and tenants, as well as construction and development loans secured by land under development, or homes and commercial buildings under construction.

Limestone Bancorp Fundamentals Summary

How do Limestone Bancorp's earnings and revenue compare to its market cap?
LMST fundamental statistics
Market CapUS$148.17m
Earnings (TTM)US$15.16m
Revenue (TTM)US$52.34m

9.8x

P/E Ratio

1.2x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
LMST income statement (TTM)
RevenueUS$52.34m
Cost of RevenueUS$0
Gross ProfitUS$52.34m
Other ExpensesUS$37.18m
EarningsUS$15.16m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)2.02
Gross Margin100.00%
Net Profit Margin28.96%
Debt/Equity Ratio91.6%

How did LMST perform over the long term?

See historical performance and comparison

Dividends

1.0%

Current Dividend Yield

5%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is LMST undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for LMST?

Other financial metrics that can be useful for relative valuation.

LMST key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio1.2x

Price to Earnings Ratio vs Peers

How does LMST's PE Ratio compare to its peers?

LMST PE Ratio vs Peers
The above table shows the PE ratio for LMST vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average9.6x
OVLY Oak Valley Bancorp
10.1xn/aUS$147.6m
SAL Salisbury Bancorp
9.2xn/aUS$135.9m
AVBH Avidbank Holdings
10.3x22.2%US$161.1m
MBCN Middlefield Banc
8.7x20.3%US$156.6m
LMST Limestone Bancorp
9.8x8.2%US$148.2m

Price-To-Earnings vs Peers: LMST is expensive based on its Price-To-Earnings Ratio (9.8x) compared to the peer average (9.6x).


Price to Earnings Ratio vs Industry

How does LMST's PE Ratio compare vs other companies in the US Banks Industry?

Price-To-Earnings vs Industry: LMST is expensive based on its Price-To-Earnings Ratio (9.8x) compared to the US Banks industry average (9.5x)


Price to Earnings Ratio vs Fair Ratio

What is LMST's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

LMST PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.8x
Fair PE Ratio11.7x

Price-To-Earnings vs Fair Ratio: LMST is good value based on its Price-To-Earnings Ratio (9.8x) compared to the estimated Fair Price-To-Earnings Ratio (11.7x).


Share Price vs Fair Value

What is the Fair Price of LMST when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: LMST ($19.75) is trading below our estimate of fair value ($34.65)

Significantly Below Fair Value: LMST is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.


Discover undervalued companies

Future Growth

How is Limestone Bancorp forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


8.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: LMST's forecast earnings growth (8.2% per year) is above the savings rate (1.9%).

Earnings vs Market: LMST's earnings (8.2% per year) are forecast to grow slower than the US market (14.8% per year).

High Growth Earnings: LMST's earnings are forecast to grow, but not significantly.

Revenue vs Market: LMST's revenue (1.4% per year) is forecast to grow slower than the US market (7.7% per year).

High Growth Revenue: LMST's revenue (1.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if LMST's Return on Equity is forecast to be high in 3 years time


Discover growth companies

Past Performance

How has Limestone Bancorp performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-11.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: LMST has high quality earnings.

Growing Profit Margin: LMST's current net profit margins (29%) are higher than last year (25.8%).


Past Earnings Growth Analysis

Earnings Trend: LMST has become profitable over the past 5 years, growing earnings by -11.5% per year.

Accelerating Growth: LMST's earnings growth over the past year (24.6%) exceeds its 5-year average (-11.5% per year).

Earnings vs Industry: LMST earnings growth over the past year (24.6%) exceeded the Banks industry 8.7%.


Return on Equity

High ROE: LMST's Return on Equity (12.2%) is considered low.


Discover strong past performing companies

Financial Health

How is Limestone Bancorp's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

6/6

Financial Health Score 6/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: LMST's Assets to Equity ratio (11.2x) is moderate.

Allowance for Bad Loans: LMST has a sufficient allowance for bad loans (398%).

Low Risk Liabilities: 90% of LMST's liabilities are made up of primarily low risk sources of funding.

Loan Level: LMST has an appropriate level of Loans to Assets ratio (75%).

Low Risk Deposits: LMST's Loans to Deposits ratio (91%) is appropriate.

Level of Bad Loans: LMST has an appropriate level of bad loans (0.3%).


Discover healthy companies

Dividend

What is Limestone Bancorp current dividend yield, its reliability and sustainability?

Dividend Score

1/6

Dividend Score 1/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


1.01%

Current Dividend Yield

Dividend Yield vs Market

Limestone Bancorp Dividend Yield vs Market
How does Limestone Bancorp dividend yield compare to the market?
SegmentDividend Yield
Company (Limestone Bancorp)1.0%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Banks)3.4%
Analyst forecast in 3 Years (Limestone Bancorp)1.0%

Notable Dividend: LMST's dividend (1.01%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.64%).

High Dividend: LMST's dividend (1.01%) is low compared to the top 25% of dividend payers in the US market (4.61%).


Stability and Growth of Payments

Stable Dividend: Too early to tell whether LMST's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if LMST's dividend payments are increasing as they only just started paying a dividend.


Current Payout to Shareholders

Earnings Coverage: With its low payout ratio (4.9%), LMST's dividend payments are thoroughly covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years or that it will be covered by earnings.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

10.0yrs

Average management tenure


CEO

John Taylor (62 yo)

10.67yrs

Tenure

US$811,982

Compensation

Mr. John T. Taylor has been the President of Limestone Bancorp, Inc. (formerly, Porter Bancorp, Inc.) since July 19, 2012 and has been its Chief Executive Officer since July 31, 2013. He has been the Chair...


CEO Compensation Analysis

John Taylor's Compensation vs Limestone Bancorp Earnings
How has John Taylor's remuneration changed compared to Limestone Bancorp's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$15m

Mar 31 2022n/an/a

US$15m

Dec 31 2021US$812kUS$450k

US$15m

Sep 30 2021n/an/a

US$14m

Jun 30 2021n/an/a

US$12m

Mar 31 2021n/an/a

US$10m

Dec 31 2020US$662kUS$431k

US$9m

Sep 30 2020n/an/a

US$8m

Jun 30 2020n/an/a

US$8m

Mar 31 2020n/an/a

US$9m

Dec 31 2019US$631kUS$425k

US$10m

Sep 30 2019n/an/a

US$11m

Jun 30 2019n/an/a

US$11m

Mar 31 2019n/an/a

US$10m

Dec 31 2018US$616kUS$425k

US$9m

Sep 30 2018n/an/a

US$39m

Jun 30 2018n/an/a

US$38m

Mar 31 2018n/an/a

US$38m

Dec 31 2017US$619kUS$412k

US$37m

Sep 30 2017n/an/a

-US$1m

Jun 30 2017n/an/a

-US$2m

Mar 31 2017n/an/a

-US$2m

Dec 31 2016US$509kUS$382k

-US$3m

Sep 30 2016n/an/a

US$3m

Jun 30 2016n/an/a

US$798k

Mar 31 2016n/an/a

-US$2m

Dec 31 2015US$824kUS$375k

-US$3m

Compensation vs Market: John's total compensation ($USD811.98K) is about average for companies of similar size in the US market ($USD770.27K).

Compensation vs Earnings: John's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: LMST's management team is seasoned and experienced (10 years average tenure).


Board Members

Experienced Board: LMST's board of directors are considered experienced (7.4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: LMST insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NasdaqCM:LMST Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
26 Jul 22BuyUS$2,039James ParsonsIndividual100US$20.39

Ownership Breakdown

What is the ownership structure of LMST?
Owner TypeNumber of SharesOwnership Percentage
Private Companies266,8793.6%
Hedge Funds780,85910.4%
Institutions1,351,74018.0%
Individual Insiders1,662,37822.2%
VC/PE Firms1,718,99622.9%
General Public1,721,59822.9%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 73.32% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
17.58%
Patriot Financial Partners, L.P.
1,319,118$26.1m0%6.87%
6.51%
William Hogan
488,314$9.6m0.26%no data
5.36%
FJ Capital Management, LLC
402,000$7.9m2.44%0.76%
5.33%
Banc Funds Company, L.L.C.
399,878$7.9m-5.37%0.71%
5.25%
Maria Bouvette
393,717$7.8m0%no data
5.05%
Elizabeth Park Capital Advisors, Ltd.
378,859$7.5m0%3.06%
3.99%
EJF Capital LLC
299,219$5.9m-0.62%0.97%
3.56%
J. Chester Porter Trust Fund A
266,879$5.3m0%no data
3.31%
AllianceBernstein L.P.
248,345$4.9m6.04%no data
2.47%
The Vanguard Group, Inc.
185,554$3.7m2.82%no data
2.06%
Manulife Asset Management
154,193$3.0m0.12%no data
1.97%
John Taylor
147,757$2.9m0%no data
1.38%
Walter Wycoff
103,542$2.0m0%no data
1.12%
Edmond Seifried
84,152$1.7m1.51%no data
1.11%
James Lynch
83,298$1.6m0%no data
1.09%
Michael Levy
81,677$1.6m1.56%no data
0.99%
Bradford Ray
74,068$1.5m1.72%no data
0.79%
Bridgeway Capital Management, LLC
59,450$1.2m0%0.03%
0.72%
BHZ Capital Management, LP
54,110$1.1m-0.55%0.51%
0.65%
John Davis
48,611$960.1k0%no data
0.64%
Benjamin Partners, LLC
47,643$940.9k0%0.56%
0.62%
Phillip Barnhouse
46,495$918.3k0%no data
0.61%
James Parsons
46,008$908.7k0.22%no data
0.6%
Mendon Capital Advisors Corp.
45,000$888.8k0%0.35%
0.57%
Millennium Management LLC
43,090$851.0k0.01%no data

Company Information

Limestone Bancorp, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Limestone Bancorp, Inc.
  • Ticker: LMST
  • Exchange: NasdaqCM
  • Founded: 1902
  • Industry: Regional Banks
  • Sector: Banks
  • Implied Market Cap: US$148.173m
  • Shares outstanding: 7.50m
  • Website: https://www.limestonebank.com

Number of Employees


Location

  • Limestone Bancorp, Inc.
  • 2500 Eastpoint Parkway
  • Louisville
  • Kentucky
  • 40223
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LMSTNasdaqCM (Nasdaq Capital Market)YesCommon StockUSUSDSep 2006

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/29 00:00
End of Day Share Price2022/09/29 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.