LOUISVILLE, Ky. — Limestone Bank parent Limestone Bancorp Inc. said Thursday that shareholders approved its acquisition by Marietta, Ohio-based Peoples Bancorp Inc.
Limestone shareholders approved, in a non-binding advisory vote, compensation to their executive officers in connection with the merger as set forth in the joint proxy statement of the company and prospectus of Peoples Bancorp Inc. for the special meeting.
Louisville-based Limestone Bank, a traditional community bank with personal and business banking services, reported assets of $1.4 billion at the end of 2022. It operates banking centers in 14 counties that include metropolitan Louisville 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. It has banking centers in Lexington and Frankfort, the state capital.
For the fourth quarter of 2022, Limestone Bancorp reported net income available to common shareholders of $4.9 million, or $0.64 per basic and diluted common share, compared with $3.4 million, or $0.45 per basic and diluted common share, for the fourth quarter of 2021.
Net income for the year ended December 31, 2022, was $18.3 million, or $2.40 per common share, compared with net income of $14.9 million, or $1.96 per share, for the year ended December 31, 2021. The fourth quarter and year ended 2022 included $691,000 of merger expenses related to the merger transaction with Peoples Bancorp Inc. and its subsidiary, Peoples Bank, or $0.07 per basic and diluted common share.
“Over the past year, the Limestone team delivered solid results for shareholders and continued to execute for our customers while managing risk in an inflationary environment,” CEO John T. Taylor said in mid-January. “The team achieved 11% loan growth, 17% pretax, pre-provision income1 growth, and a 14% return on average equity. Asset quality remains strong and net interest margin expanded 14 basis points year over year, which is directionally consistent with the Federal Reserve’s tightening actions and our approach to interest rate risk management. Additionally, our team continues to work diligently with the Peoples Bank team to plan and prepare for the completion of our pending merger after required regulatory and shareholder approvals are received.”