HARRISBURG, Pa., Jan. 27,
2025 /PRNewswire/ -- LINKBANCORP, Inc. (NASDAQ:
LNKB) (the "Company"), the parent company of LINKBANK (the "Bank")
reported record net income of $7.6
million, or $0.20 per diluted
share, for the quarter ended December 31,
2024, compared to net income of $7.1
million, or $0.19 per diluted
share, for the quarter ended September
30, 2024. Excluding expenses associated with the
pending sale of its New Jersey branches and branch consolidations,
adjusted earnings were $7.6
million1, or $0.211 per diluted share for the
fourth quarter of 2024, compared with $7.2
million1, or $0.191 per diluted share for the third
quarter of 2024. Net income for the year ended December 31, 2024 was $26.2 million, or $0.71 per diluted share. Excluding merger and
restructuring related expenses, adjusted net income was
$26.91 million, or
$0.731 per diluted share
for the year ended December 31,
2024.
Additionally, the Company announced that the Board of Directors
declared a quarterly cash dividend of $0.075 per share of common stock which is
expected to be paid on March 14, 2025
to shareholders of record on February 28,
2025.
|
1 See
Appendix A – Reconciliation to Non-GAAP Financial Measures for the
computation of this non-GAAP measure.
|
Fourth Quarter 2024 Highlights
- Annualized return on average assets was 1.06% for the fourth
quarter of 2024, compared to 1.00% for the third quarter of 2024.
Adjusted return on average assets was 1.07%1 for the
fourth quarter of 2024, compared to 1.02%1 for the third
quarter of 2024.
- Excluding deposits held for sale, total deposits2
increased $161.8 million, or 7.36%,
from $2.20 billion at December 31, 2023 to $2.36
billion at December 31, 2024.
While total deposits decreased slightly quarter over quarter,
average deposits2 grew $26.9
million from $2.35 billion for
the quarter ended September 30, 2024
to $2.38 billion for the quarter
ended December 31, 2024. Excluding
loans held for sale, total loans2 increased $127.5 million, or 5.99% from $2.13 billion at December
31, 2023 to $2.26 billion at
December 31, 2024.
- Net interest margin expanded to 3.85% for the fourth quarter of
2024 from 3.82% for the third quarter of 2024. For the full year,
net interest margin expanded 79 basis points to 3.88% for the year
ended December 31, 2024 from 3.09%
for the year ended December 31,
2023.
- Net interest income before provision for credit losses
improved to $25.5 million for the
fourth quarter of 2024 compared to $25.0
million for the third quarter of 2024.
- Noninterest expense decreased $150
thousand quarter over quarter to $18.3 million for the fourth quarter of 2024. The
Company's efficiency ratio continued to improve to 65.04% for the
fourth quarter of 2024 compared to 66.71% for the third quarter of
2024 and 72.33% for the first quarter of 2024 as the Company
continues to execute on post-merger cost-saving
initiatives.
- On May 9, 2024, the Company
announced that LINKBANK had entered into a definitive purchase and
assumption agreement for the sale of the Bank's banking operations
and three branches in New Jersey,
including related loans and deposits (the "Branch Sale") to
American Heritage Federal Credit Union. The Federal Deposit
Insurance Corporation ("FDIC") has approved the Branch Sale and the
transaction is expected to close in the first quarter of 2025,
subject to customary closing conditions, including regulatory
approval from the National Credit Union Administration
("NCUA").
|
1 See
Appendix A – Reconciliation to Non-GAAP Financial Measures for the
computation of this non-GAAP measure.
|
|
2 Total
loans and total deposits include balances held for sale in the
Branch Sale of $91.8 million and $93.6 million, respectively, at
December 31, 2024. These balances were $102.3 million and
$94.0 million respectively at September 30, 2024. Average
deposits include deposits held for sale in the Branch
Sale.
|
As a result of the Branch Sale announcement, associated loans
and deposits were reclassified as held for sale, impacting the
Company's allowance for credit losses and purchase accounting
amortization related to the loans held for sale.
"We are very pleased to announce record earnings for both the
fourth quarter and the full year 2024, after a full year of
implementing and executing on strategic initiatives to improve our
performance. Our teams have continued to focus on reducing costs,
generating additional fee income and growing interest income with
solid growth in quality loans and core deposits throughout the
year," said Andrew Samuel, Chief
Executive Officer of LINKBANCORP. "As we move into 2025, we
are excited to continue to leverage the talent we have in place
with an emphasis on operational efficiency and further earnings
growth."
Income Statement
Net interest income before the
provision for credit losses for the fourth quarter of 2024 was
$25.5 million compared to
$25.0 million in the third quarter of
2024. Net interest margin expanded to 3.85% for the fourth quarter
of 2024 compared to 3.82% for the third quarter of 2024. The
improvement in net interest margin was driven by a 10 basis points
decrease in cost of funds to 2.32% for the fourth quarter of 2024
compared to 2.42% for the third quarter of 2024, while the average
yield on interest earning assets decreased seven basis points to
6.09% for the fourth quarter of 2024 from 6.16% for the third
quarter of 2024 due to the cut in the target federal funds
rate.
Noninterest income decreased slightly quarter-over-quarter to
$2.6 million for the fourth quarter
of 2024 compared to $2.7 million for
the third quarter of 2024, as decreases in swap fee income and gain
on sale of loans were partially offset by continued growth in
service charges on deposit accounts.
Noninterest expense for the fourth quarter of 2024 was
$18.3 million compared to
$18.5 million for the third
quarter of 2024. Excluding one-time costs associated with the
Branch Sale and branch consolidations of $56
thousand in the fourth quarter of 2024 and $171 thousand in the third quarter of 2024,
adjusted noninterest expense was generally flat at $18.3 million1 for the third and
fourth quarter of 2024, as increases in salaries and employee
benefits and equipment and data processing costs were offset by
decreases in professional fees and FDIC deposit insurance and
supervisory fees. The increase in salaries and employee benefits
was primarily related to a $250
thousand expense resulting from a change in paid time off
(PTO) accrual policy.
Income tax expense was $2.1
million for the fourth quarter of 2024, reflecting an
effective tax rate of 21.9%.
|
1 See Appendix A – Reconciliation to
Non-GAAP Financial Measures for the computation of this non-GAAP
measure.
|
Balance Sheet
Total assets were $2.88 billion at December
31, 2024 compared to $2.88
billion at September 30, 2024
and $2.67 billion at December 31, 2023. Deposits and net loans
as of December 31, 2024 totaled
$2.36 billion and $2.23 billion, respectively, compared to deposits
and net loans of $2.37 billion and
$2.19 billion, respectively, at
September 30, 2024 and $2.20 billion and $2.10
billion, respectively, at December
31, 2023. Deposits and net loans exclude balances held
for sale in the Branch Sale of $93.6
million and $91.8 million,
respectively, at December 31, 2024,
which are reflected in liabilities held for sale and assets held
for sale. These balances were $94.0
million and $102.3 million
respectively, at September 30,
2024.
Including loans held for sale, total loans increased
$29.4 million, from $2.32 billion at September
30, 2024 to $2.35 billion at
December 31, 2024. Total
commercial loan commitments for the fourth quarter of 2024 were
$176.3 million with funded balances
of $93.7 million. The average
commercial loan commitment originated during the fourth quarter of
2024 totaled approximately $979
thousand with an average outstanding funded balance of
$521 thousand.
Including deposits held for sale, total deposits at December 31, 2024 totaled $2.45 billion, a decrease of $12.5 million from $2.47
billion at September 30, 2024.
Average deposits increased $26.9
million from $2.35 billion for
the quarter ended September 30, 2024
to $2.38 billion for the quarter
ended December 31, 2024. Noninterest
bearing deposits totaled $686.5
million at December 31, 2024,
representing 28.0% of total deposits.
The Company continues to focus on maintaining strong on-balance
sheet liquidity, as cash and cash equivalents increased to
$166.1 million at December 31, 2024 compared to $80.2 million at December
31, 2023.
Shareholders' equity increased from $277.4 million at September 30, 2024 to $280.2 million at December
31, 2024 primarily as a result of a $4.8 million increase in retained earnings offset
by a $2.3 million increase in
accumulated other comprehensive loss resulting from the rate
environment. Book value per share increased to $7.50 at December 31,
2024 compared to $7.42 at
September 30, 2024. Tangible
book value per share increased to $5.36 at December 31,
2024 compared to $5.26 at
September 30, 2024 and $4.90 at December 31,
20231, representing 9.4% annual growth.
1 See Appendix A –
Reconciliation to Non-GAAP Financial Measures for the computation
of this non-GAAP measure.
Asset Quality
The Company recorded a $132 thousand provision for credit losses during
the fourth quarter of 2024, after recording a $84 thousand provision for credit losses in the
third quarter of 2024.
As of December 31, 2024, the
Company's non-performing assets were $17.2
million, representing 0.60% of total assets, compared to
$17.4 million, representing 0.60% of
total assets at September 30,
2024.
Loans 30-89 days past due at December 31,
2024 were $4.6 million,
representing 0.21% of total loans compared to $2.7 million or 0.12% of total loans at
September 30, 2024 and $4.7 million or 0.22% of total loans at
December 31, 2023.
The allowance for credit losses-loans was $26.4 million, or 1.17% of total loans held for
investment at December 31, 2024,
compared to $26.5 million, or 1.20%
of total loans held for investment at September 30, 2024. The allowance for
credit losses-loans to nonperforming assets ratio was 153.95% at
December 31, 2024, compared to
152.73% at September 30, 2024.
Capital
The Bank's regulatory capital ratios were well
in excess of regulatory minimums to be considered "well
capitalized" as of December 31, 2024.
The Bank's Total Capital Ratio and Tier 1 Capital Ratio were 11.55%
and 10.74% respectively, at December
31, 2024, compared to 11.44% and 10.62%, respectively, at
September 30, 2024 and 10.62% and
9.92%, respectively, at December 31,
2023. The Company's ratio of Tangible Common Equity to
Tangible Assets was 7.16%1 at December 31, 2024.
|
1 See Appendix A – Reconciliation to
Non-GAAP Financial Measures for the computation of this non-GAAP
measure.
|
ABOUT LINKBANCORP, Inc.
LINKBANCORP, Inc. was formed
in 2018 with a mission to positively impact lives through community
banking. Its subsidiary bank, LINKBANK, is a Pennsylvania state-chartered bank serving
individuals, families, nonprofits and business clients throughout
Pennsylvania, Maryland, Delaware, Virginia, and New
Jersey through 26 client solutions centers
and www.linkbank.com. LINKBANCORP, Inc. common stock is traded
on the Nasdaq Capital Market under the symbol "LNKB". For
further company information, visit ir.linkbancorp.com.
Forward Looking Statements
This press release
contains forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are not statements of current or historical fact and
involve substantial risks and uncertainties. Words such as
"anticipates," "believes," "estimates," "expects," "forecasts,"
"intends," "plans," "projects," "may," "will," "should," and other
similar expressions can be used to identify forward-looking
statements. Such statements are subject to factors that could cause
actual results to differ materially from anticipated results. Among
the risks and uncertainties that could cause actual results to
differ from those described in the forward-looking statements
include, but are not limited to the following: costs or
difficulties associated with newly developed or acquired
operations; risks related to the integration of the Partners
Merger; the timing and receipt of regulatory approvals to complete
the Branch Sale; changes in general economic trends, including
inflation and changes in interest rates; increased competition;
changes in consumer demand for financial services; our ability to
control costs and expenses; adverse developments in borrower
industries and, in particular, declines in real estate values;
changes in and compliance with federal and state laws that regulate
our business and capital levels; our ability to raise capital as
needed; and the effects of any cybersecurity breaches. The Company
does not undertake, and specifically disclaims, any obligation to
publicly revise any forward-looking statements to reflect the
occurrence of anticipated or unanticipated events or circumstances
after the date of such statements, except as required by law.
Accordingly, you should not place undue reliance on forward-looking
statements.
LB-E
LB-D
|
LINKBANCORP, Inc. and
Subsidiaries
|
|
Consolidated Balance Sheet
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024
|
|
September 30, 2024
|
|
June 30, 2024
|
|
March 31, 2024
|
|
December 31, 2023
|
|
(In Thousands, except share and per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
cash equivalents
|
|
$
13,834
|
|
$
15,295
|
|
$
14,516
|
|
$
13,552
|
|
$
13,089
|
|
Interest-bearing
deposits with other institutions
|
|
152,266
|
|
175,937
|
|
167,141
|
|
158,731
|
|
67,101
|
|
Cash and cash
equivalents
|
|
166,100
|
|
191,232
|
|
181,657
|
|
172,283
|
|
80,190
|
|
Securities available
for sale, at fair value
|
|
145,590
|
|
149,315
|
|
140,121
|
|
133,949
|
|
115,490
|
|
Securities held to
maturity, net of allowance for credit losses
|
|
31,508
|
|
34,155
|
|
35,343
|
|
36,109
|
|
36,223
|
|
Loans receivable,
gross
|
|
2,255,749
|
|
2,215,868
|
|
2,193,197
|
|
2,129,919
|
|
2,128,284
|
|
Allowance for credit
losses - loans
|
|
(26,435)
|
|
(26,542)
|
|
(26,288)
|
|
(23,842)
|
|
(23,767)
|
|
Loans receivable,
net
|
|
2,229,314
|
|
2,189,326
|
|
2,166,909
|
|
2,106,077
|
|
2,104,517
|
|
Investments in
restricted bank stock
|
|
5,209
|
|
4,904
|
|
4,928
|
|
4,286
|
|
3,965
|
|
Premises and
equipment, net
|
|
18,029
|
|
17,623
|
|
18,364
|
|
20,102
|
|
20,130
|
|
Right-of-Use Asset –
premises
|
|
14,913
|
|
14,150
|
|
13,970
|
|
14,577
|
|
15,497
|
|
Bank-owned life
insurance
|
|
52,079
|
|
51,646
|
|
49,616
|
|
49,230
|
|
48,847
|
|
Goodwill and other
intangible assets
|
|
79,761
|
|
80,924
|
|
82,129
|
|
81,494
|
|
82,701
|
|
Deferred tax
asset
|
|
22,280
|
|
21,662
|
|
22,024
|
|
22,717
|
|
24,153
|
|
Assets held for
sale
|
|
94,146
|
|
104,660
|
|
118,362
|
|
118,115
|
|
115,499
|
|
Accrued interest
receivable and other assets
|
|
22,405
|
|
20,344
|
|
25,170
|
|
26,730
|
|
22,113
|
|
TOTAL ASSETS
|
|
$
2,881,334
|
|
$
2,879,941
|
|
$
2,858,593
|
|
$
2,785,669
|
|
$
2,669,325
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Demand, noninterest
bearing
|
|
$
658,646
|
|
$
658,473
|
|
$ 661,292
|
|
$
618,277
|
|
$
624,780
|
|
Interest
bearing
|
|
1,701,936
|
|
1,714,179
|
|
1,699,220
|
|
1,662,124
|
|
1,574,019
|
|
Total
deposits
|
|
2,360,582
|
|
2,372,652
|
|
2,360,512
|
|
2,280,401
|
|
2,198,799
|
|
Long-term
borrowings
|
|
40,000
|
|
40,000
|
|
40,000
|
|
40,000
|
|
—
|
|
Short-term
borrowings
|
|
10,000
|
|
—
|
|
—
|
|
—
|
|
10,000
|
|
Note
payable
|
|
565
|
|
572
|
|
578
|
|
584
|
|
590
|
|
Subordinated
debt
|
|
61,984
|
|
61,843
|
|
61,706
|
|
61,573
|
|
61,444
|
|
Lease
liabilities
|
|
15,666
|
|
14,911
|
|
14,746
|
|
15,357
|
|
16,361
|
|
Liabilities held for
sale
|
|
93,777
|
|
94,228
|
|
96,916
|
|
105,716
|
|
99,777
|
|
Accrued interest
payable and other liabilities
|
|
18,539
|
|
18,382
|
|
12,726
|
|
13,795
|
|
16,558
|
|
TOTAL LIABILITIES
|
|
2,601,113
|
|
2,602,588
|
|
2,587,184
|
|
2,517,426
|
|
2,403,529
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Common
stock
|
|
370
|
|
370
|
|
370
|
|
369
|
|
369
|
|
Surplus
|
|
264,449
|
|
264,059
|
|
263,795
|
|
263,577
|
|
263,310
|
|
Retained
earnings
|
|
19,947
|
|
15,147
|
|
10,826
|
|
7,724
|
|
4,843
|
|
Accumulated other
comprehensive loss
|
|
(4,545)
|
|
(2,223)
|
|
(3,582)
|
|
(3,427)
|
|
(3,209)
|
|
Total
equity attributable to parent
|
|
280,221
|
|
277,353
|
|
271,409
|
|
268,243
|
|
265,313
|
|
Noncontrolling interest in consolidated subsidiary
|
|
—
|
|
—
|
|
—
|
|
—
|
|
483
|
|
TOTAL SHAREHOLDERS' EQUITY
|
|
280,221
|
|
277,353
|
|
271,409
|
|
268,243
|
|
265,796
|
|
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
$
2,881,334
|
|
$
2,879,941
|
|
$
2,858,593
|
|
$
2,785,669
|
|
$
2,669,325
|
|
Common shares
outstanding
|
|
37,370,917
|
|
37,361,560
|
|
37,356,278
|
|
37,348,151
|
|
37,340,700
|
|
|
|
|
|
|
|
|
|
|
|
|
LINKBANCORP, Inc. and
Subsidiaries
|
|
Consolidated Statements of Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
12/31/2024
|
|
9/30/2024
|
|
12/31/2023
|
|
|
|
12/31/2024
|
|
12/31/2023
|
|
(In Thousands, except share and per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST AND DIVIDEND
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable,
including fees
|
|
$
37,082
|
|
$
36,856
|
|
$
21,461
|
|
|
|
$
146,175
|
|
$
58,791
|
|
Other
|
|
3,224
|
|
3,338
|
|
1,642
|
|
|
|
12,549
|
|
6,407
|
|
Total interest and
dividend income
|
|
40,306
|
|
40,194
|
|
23,103
|
|
|
|
158,724
|
|
65,198
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
12,823
|
|
13,292
|
|
7,445
|
|
|
|
51,033
|
|
22,638
|
|
Other
Borrowings
|
|
962
|
|
949
|
|
727
|
|
|
|
3,929
|
|
1,923
|
|
Subordinated
Debt
|
|
976
|
|
972
|
|
615
|
|
|
|
3,868
|
|
1,926
|
|
Total interest
expense
|
|
14,761
|
|
15,213
|
|
8,787
|
|
|
|
58,830
|
|
26,487
|
|
NET INTEREST INCOME
BEFORE
PROVISION FOR CREDIT LOSSES
|
|
25,545
|
|
24,981
|
|
14,316
|
|
|
|
99,894
|
|
38,711
|
|
Provision for credit
losses
|
|
132
|
|
84
|
|
9,844
|
|
|
|
257
|
|
9,295
|
|
NET INTEREST INCOME
AFTER
PROVISION FOR CREDIT LOSSES
|
|
25,413
|
|
24,897
|
|
4,472
|
|
|
|
99,637
|
|
29,416
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
1,339
|
|
1,052
|
|
385
|
|
|
|
4,036
|
|
978
|
|
Bank-owned life
insurance
|
|
433
|
|
430
|
|
250
|
|
|
|
1,633
|
|
738
|
|
Net realized gains
(losses) on the sale of debt securities
|
|
—
|
|
—
|
|
—
|
|
|
|
4
|
|
(2,370)
|
|
Gain on sale of
loans
|
|
70
|
|
138
|
|
166
|
|
|
|
270
|
|
465
|
|
Other
|
|
752
|
|
1,060
|
|
374
|
|
|
|
2,919
|
|
1,276
|
|
Total noninterest
income
|
|
2,594
|
|
2,680
|
|
1,175
|
|
|
|
8,862
|
|
1,087
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
10,147
|
|
9,855
|
|
8,262
|
|
|
|
41,061
|
|
20,612
|
|
Occupancy
|
|
1,368
|
|
1,440
|
|
911
|
|
|
|
5,945
|
|
3,015
|
|
Equipment and data
processing
|
|
1,884
|
|
1,640
|
|
1,201
|
|
|
|
7,174
|
|
3,720
|
|
Professional
fees
|
|
531
|
|
763
|
|
536
|
|
|
|
2,830
|
|
1,698
|
|
FDIC insurance and
supervisory fees
|
|
687
|
|
812
|
|
198
|
|
|
|
2,396
|
|
817
|
|
Bank Shares
Tax
|
|
693
|
|
752
|
|
323
|
|
|
|
2,796
|
|
1,158
|
|
Intangible
amortization
|
|
1,162
|
|
1,205
|
|
484
|
|
|
|
4,778
|
|
663
|
|
Merger &
restructuring expenses
|
|
56
|
|
171
|
|
9,496
|
|
|
|
914
|
|
11,176
|
|
Advertising
|
|
128
|
|
163
|
|
61
|
|
|
|
633
|
|
329
|
|
Other
|
|
1,646
|
|
1,651
|
|
813
|
|
|
|
6,377
|
|
2,644
|
|
Total noninterest
expense
|
|
18,302
|
|
18,452
|
|
22,285
|
|
|
|
74,904
|
|
45,832
|
|
Income (loss) before
income tax expense
|
|
9,705
|
|
9,125
|
|
(16,638)
|
|
|
|
33,595
|
|
(15,329)
|
|
Income tax expense
(benefit)
|
|
2,121
|
|
2,030
|
|
(3,641)
|
|
|
|
7,386
|
|
(3,361)
|
|
NET INCOME
(LOSS)
|
|
$
7,584
|
|
$
7,095
|
|
$
(12,997)
|
|
|
|
$
26,209
|
|
$
(11,968)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) PER
SHARE, BASIC
|
|
$
0.20
|
|
$
0.19
|
|
$
(0.56)
|
|
|
|
$
0.71
|
|
$
(0.67)
|
|
EARNINGS
(LOSS) PER SHARE, DILUTED
|
|
$
0.20
|
|
$
0.19
|
|
$
(0.56)
|
|
|
|
$
0.71
|
|
$
(0.67)
|
|
WEIGHTED-AVERAGE COMMON
SHARES
OUTSTANDING,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
37,045,701
|
|
36,983,637
|
|
23,063,202
|
|
|
|
36,990,672
|
|
17,753,914
|
|
DILUTED
|
|
37,166,107
|
|
37,090,111
|
|
23,063,202
|
|
|
|
37,105,614
|
|
17,753,914
|
|
LINKBANCORP, Inc. and
Subsidiaries
|
|
Financial Highlights
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
For the Twelve Months Ended
|
|
(Dollars In Thousands, except per share
data)
|
12/31/2024
|
|
9/30/2024
|
|
12/31/2023
|
|
12/31/2024
|
|
12/31/2023
|
|
Operating Highlights
|
|
|
|
|
|
|
|
|
|
|
Net Income
(loss)
|
$
7,584
|
|
$
7,095
|
|
$
(12,997)
|
|
$
26,209
|
|
$
(11,968)
|
|
Net Interest
Income
|
25,545
|
|
24,981
|
|
14,316
|
|
99,894
|
|
38,711
|
|
Provision for Credit
Losses
|
132
|
|
84
|
|
9,844
|
|
257
|
|
9,295
|
|
Non-Interest
Income
|
2,594
|
|
2,680
|
|
1,175
|
|
8,862
|
|
1,087
|
|
Non-Interest
Expense
|
18,302
|
|
18,452
|
|
22,285
|
|
74,904
|
|
45,832
|
|
Earnings (loss) per
Share, Basic
|
0.20
|
|
0.19
|
|
(0.56)
|
|
0.71
|
|
(0.67)
|
|
Adjusted Earnings per
Share, Basic (2)
|
0.21
|
|
0.20
|
|
0.09
|
|
0.73
|
|
0.36
|
|
Earnings (loss) per
Share, Diluted
|
0.20
|
|
0.19
|
|
(0.56)
|
|
0.71
|
|
(0.67)
|
|
Adjusted Earnings per
Share, Diluted (2)
|
0.21
|
|
0.19
|
|
0.09
|
|
0.73
|
|
0.36
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating Ratios
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin
|
3.85 %
|
|
3.82 %
|
|
3.55 %
|
|
3.88 %
|
|
3.09 %
|
|
Annualized Return on
Assets ("ROA")
|
1.06 %
|
|
1.00 %
|
|
-2.96 %
|
|
0.94 %
|
|
-0.88 %
|
|
Adjusted
ROA2
|
1.07 %
|
|
1.02 %
|
|
0.49 %
|
|
0.97 %
|
|
0.47 %
|
|
Annualized Return on
Equity ("ROE")
|
10.82 %
|
|
10.30 %
|
|
-28.24 %
|
|
9.62 %
|
|
-7.88 %
|
|
Adjusted
ROE2
|
10.88 %
|
|
10.50 %
|
|
4.70 %
|
|
9.89 %
|
|
4.21 %
|
|
Efficiency
Ratio
|
65.04 %
|
|
66.71 %
|
|
143.86 %
|
|
68.87 %
|
|
115.16 %
|
|
Adjusted Efficiency
Ratio3
|
64.84 %
|
|
66.09 %
|
|
82.56 %
|
|
68.04 %
|
|
82.19 %
|
|
Noninterest Income to
Avg. Assets
|
0.36 %
|
|
0.38 %
|
|
0.27 %
|
|
0.43 %
|
|
0.08 %
|
|
Noninterest Expense to
Avg. Assets
|
2.56 %
|
|
2.61 %
|
|
5.08 %
|
|
3.60 %
|
|
3.38 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2024
|
|
9/30/2024
|
|
6/30/2024
|
|
3/31/2024
|
|
12/31/2023
|
|
Financial Condition Data
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
$ 2,881,334
|
|
$ 2,879,941
|
|
$
2,858,593
|
|
$
2,785,669
|
|
$
2,669,325
|
|
Loans Receivable,
Net
|
2,229,314
|
|
2,189,326
|
|
2,166,909
|
|
2,106,077
|
|
2,104,517
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
Deposits
|
658,646
|
|
658,473
|
|
661,292
|
|
618,277
|
|
624,780
|
|
Interest-bearing
Deposits
|
1,701,936
|
|
1,714,179
|
|
1,699,220
|
|
1,662,124
|
|
1,574,019
|
|
Total
Deposits
|
2,360,582
|
|
2,372,652
|
|
2,360,512
|
|
2,280,401
|
|
2,198,799
|
|
|
|
|
|
|
|
|
|
|
|
Selected Balance Sheet Ratios
|
|
|
|
|
|
|
|
|
|
|
Total Capital
Ratio1
|
11.55 %
|
|
11.44 %
|
|
11.09 %
|
|
11.04 %
|
|
10.62 %
|
|
Tier 1 Capital
Ratio1
|
10.74 %
|
|
10.62 %
|
|
10.30 %
|
|
10.24 %
|
|
9.92 %
|
|
Common Equity Tier 1
Capital Ratio1
|
10.74 %
|
|
10.62 %
|
|
10.30 %
|
|
10.24 %
|
|
9.92 %
|
|
Leverage
Ratio1
|
9.49 %
|
|
9.41 %
|
|
9.17 %
|
|
9.23 %
|
|
14.13 %
|
|
Tangible Common Equity
to Tangible Assets4
|
7.16 %
|
|
7.02 %
|
|
6.82 %
|
|
6.91 %
|
|
7.08 %
|
|
Tangible Book Value per
Share5
|
$
5.36
|
|
$
5.26
|
|
$
5.07
|
|
$
5.00
|
|
$
4.90
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data
|
|
|
|
|
|
|
|
|
|
|
Non-performing
Assets
|
$ 17,171
|
|
$
17,378
|
|
$
10,589
|
|
$
6,675
|
|
$
7,250
|
|
Non-performing Assets
to Total Assets
|
0.60 %
|
|
0.60 %
|
|
0.37 %
|
|
0.24 %
|
|
0.27 %
|
|
Non-performing Loans to
Total Loans
|
0.76 %
|
|
0.78 %
|
|
0.48 %
|
|
0.31 %
|
|
0.34 %
|
|
Allowance for Credit
Losses - Loans ("ACLL")
|
$ 26,435
|
|
$
26,542
|
|
$
26,288
|
|
$
23,842
|
|
$
23,767
|
|
ACLL to Total
Loans6
|
1.17 %
|
|
1.20 %
|
|
1.20 %
|
|
1.06 %
|
|
1.06 %
|
|
ACLL to Nonperforming
Assets
|
153.95 %
|
|
152.73 %
|
|
248.26 %
|
|
357.18 %
|
|
327.82 %
|
|
Net chargeoffs
(recoveries)
|
$
252
|
|
$
(28)
|
|
$
(20)
|
|
$
70
|
|
$
195
|
|
|
|
|
|
|
|
|
|
|
|
(1) - These capital
ratios have been calculated using bank-level capital
|
|
(2) - This is a
non-GAAP financial measure. See our reconciliation of non-GAAP
financial measures to their most directly comparable GAAP financial
measures at the end of this release.
|
|
(3) - The efficiency
ratio, as adjusted represents noninterest expense divided by the
sum of net interest income and noninterest income, excluding gains
or losses from securities sales and merger related expenses. This
is a non-GAAP financial measure. See our reconciliation of non-GAAP
financial measures to their most directly comparable GAAP financial
measures at the end of this release.
|
|
(4) - We calculate
tangible common equity as total shareholders' equity less goodwill
and other intangibles, and we calculate tangible assets as total
assets less goodwill and other intangibles. This is a non-GAAP
financial measure. See our reconciliation of non-GAAP financial
measures to their most directly comparable GAAP financial measures
at the end of this release.
|
|
(5) - We calculate
tangible book value per common share as total shareholders' equity
less goodwill and other intangibles, divided by the outstanding
number of shares of our common stock at the end of the relevant
period. Tangible book value per common share is a non-GAAP
financial measure, and, as we calculate tangible book value per
common share, the most directly comparable GAAP financial measure
is book value per common share. See our reconciliation of
non-GAAP financial measures to their most directly comparable GAAP
financial measures at the end of this release.
|
|
(6) - The historical
ratios have not been recast for the reclassification of loans held
for sale.
|
|
LINKBANCORP, Inc. and
Subsidiaries
|
|
Net Interest Margin - Quarter-To-Date
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December
31,
|
|
|
2024
|
|
2023
|
|
(Dollars in thousands)
|
|
Avg Bal
|
|
Interest (2)
|
|
Yield/Rate
|
|
Avg Bal
|
|
Interest (2)
|
|
Yield/Rate
|
|
Int. Earn.
Cash
|
|
$
128,802
|
|
$
1,300
|
|
4.02 %
|
|
$
63,572
|
|
$
405
|
|
2.53 %
|
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
(1)
|
|
138,168
|
|
1,540
|
|
4.43 %
|
|
88,632
|
|
951
|
|
4.26 %
|
|
Tax-Exempt
|
|
44,958
|
|
486
|
|
4.30 %
|
|
38,269
|
|
362
|
|
3.75 %
|
|
Total
Securities
|
|
183,126
|
|
2,026
|
|
4.40 %
|
|
126,901
|
|
1,313
|
|
4.10 %
|
|
Total Cash Equiv. and
Investments
|
|
311,928
|
|
3,326
|
|
4.24 %
|
|
190,473
|
|
1,718
|
|
3.58 %
|
|
Total Loans
(3)(4)
|
|
2,327,829
|
|
37,082
|
|
6.34 %
|
|
1,411,129
|
|
21,461
|
|
6.03 %
|
|
Total Earning Assets
|
|
2,639,757
|
|
40,408
|
|
6.09 %
|
|
1,601,602
|
|
23,179
|
|
5.74 %
|
|
Other Assets
|
|
202,693
|
|
|
|
|
|
138,537
|
|
|
|
|
|
Total Assets
|
|
$
2,842,450
|
|
|
|
|
|
$
1,740,139
|
|
|
|
|
|
Interest bearing
demand(5)
|
|
$
537,856
|
|
$
3,043
|
|
2.25 %
|
|
$
328,342
|
|
$
1,746
|
|
2.11 %
|
|
Money market
demand(5)
|
|
567,593
|
|
3,139
|
|
2.20 %
|
|
367,821
|
|
2,287
|
|
2.47 %
|
|
Time
deposits(5)
|
|
607,231
|
|
6,641
|
|
4.35 %
|
|
348,580
|
|
3,412
|
|
3.88 %
|
|
Total
Borrowings
|
|
153,117
|
|
1,938
|
|
5.04 %
|
|
113,492
|
|
1,342
|
|
4.69 %
|
|
Total Interest-Bearing
Liabilities
|
|
1,865,797
|
|
14,761
|
|
3.15 %
|
|
1,158,235
|
|
8,787
|
|
3.01 %
|
|
Non Interest-Bearing
Deposits(5)
|
|
665,276
|
|
|
|
|
|
371,051
|
|
|
|
|
|
Total Cost of Funds
|
|
$
2,531,073
|
|
$
14,761
|
|
2.32 %
|
|
$
1,529,286
|
|
$
8,787
|
|
2.28 %
|
|
Other
Liabilities
|
|
32,493
|
|
|
|
|
|
28,244
|
|
|
|
|
|
Total Liabilities
|
|
$
2,563,566
|
|
|
|
|
|
$
1,557,530
|
|
|
|
|
|
Shareholders' Equity
|
|
$
278,884
|
|
|
|
|
|
$
182,609
|
|
|
|
|
|
Total Liabilities & Shareholders'
Equity
|
|
$
2,842,450
|
|
|
|
|
|
$
1,740,139
|
|
|
|
|
|
Net Interest Income/Spread
(FTE)
|
|
|
|
25,647
|
|
2.94 %
|
|
|
|
14,392
|
|
2.73 %
|
|
Tax-Equivalent Basis Adjustment
|
|
|
|
(102)
|
|
|
|
|
|
(76)
|
|
|
|
Net Interest Income
|
|
|
|
$
25,545
|
|
|
|
|
|
$
14,316
|
|
|
|
Net Interest Margin
|
|
|
|
|
|
3.85 %
|
|
|
|
|
|
3.55 %
|
|
|
(1) Taxable
income on securities includes income from available for sale
securities and income from certificates of deposits with other
banks.
|
|
(2) Income
stated on a tax equivalent basis which is a non-GAAP measure and
reconciled to GAAP at the bottom of the table
|
|
(3) Includes
the balances of nonaccrual loans
|
|
(4) Includes
the balances of loans held for sale
|
|
(5) Includes
the balances of deposits held for sale
|
|
LINKBANCORP, Inc. and
Subsidiaries
|
|
Net Interest Margin - Linked Quarter-To-Date
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
December 31, 2024
|
|
September 30, 2024
|
|
(Dollars in thousands)
|
|
Avg Bal
|
|
Interest (2)
|
|
Yield/Rate
|
|
Avg Bal
|
|
Interest (2)
|
|
Yield/Rate
|
|
Int. Earn.
Cash
|
|
$
128,802
|
|
$
1,300
|
|
4.02 %
|
|
$
114,383
|
|
$
1,296
|
|
4.51 %
|
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
(1)
|
|
138,168
|
|
1,540
|
|
4.43 %
|
|
133,443
|
|
1,683
|
|
5.02 %
|
|
Tax-Exempt
|
|
44,958
|
|
486
|
|
4.30 %
|
|
42,800
|
|
453
|
|
4.21 %
|
|
Total
Securities
|
|
183,126
|
|
2,026
|
|
4.40 %
|
|
176,243
|
|
2,136
|
|
4.82 %
|
|
Total Cash Equiv. and
Investments
|
|
311,928
|
|
3,326
|
|
4.24 %
|
|
290,626
|
|
3,432
|
|
4.70 %
|
|
Total Loans
(3)(4)
|
|
2,327,829
|
|
37,082
|
|
6.34 %
|
|
2,313,228
|
|
36,856
|
|
6.34 %
|
|
Total Earning Assets
|
|
2,639,757
|
|
40,408
|
|
6.09 %
|
|
2,603,854
|
|
40,288
|
|
6.16 %
|
|
Other Assets
|
|
202,693
|
|
|
|
|
|
208,407
|
|
|
|
|
|
Total Assets
|
|
$
2,842,450
|
|
|
|
|
|
$
2,812,261
|
|
|
|
|
|
Interest bearing
demand(5)
|
|
$
537,856
|
|
3,043
|
|
2.25 %
|
|
$
497,100
|
|
$
2,902
|
|
2.32 %
|
|
Money market
demand(5)
|
|
567,593
|
|
3,139
|
|
2.20 %
|
|
580,766
|
|
3,396
|
|
2.33 %
|
|
Time
deposits(5)
|
|
607,231
|
|
6,641
|
|
4.35 %
|
|
613,402
|
|
6,993
|
|
4.54 %
|
|
Total
Borrowings
|
|
153,117
|
|
1,938
|
|
5.04 %
|
|
153,699
|
|
1,922
|
|
4.97 %
|
|
Total Interest-Bearing
Liabilities
|
|
1,865,797
|
|
14,761
|
|
3.15 %
|
|
1,844,967
|
|
15,213
|
|
3.28 %
|
|
Non Interest-Bearing
Deposits(5)
|
|
665,276
|
|
|
|
|
|
659,825
|
|
|
|
|
|
Total Cost of Funds
|
|
$
2,531,073
|
|
$
14,761
|
|
2.32 %
|
|
$
2,504,792
|
|
$
15,213
|
|
2.42 %
|
|
Other
Liabilities
|
|
32,493
|
|
|
|
|
|
33,534
|
|
|
|
|
|
Total Liabilities
|
|
$
2,563,566
|
|
|
|
|
|
$
2,538,326
|
|
|
|
|
|
Shareholders' Equity
|
|
$
278,884
|
|
|
|
|
|
$
273,935
|
|
|
|
|
|
Total Liabilities & Shareholders'
Equity
|
|
$
2,842,450
|
|
|
|
|
|
$
2,812,261
|
|
|
|
|
|
Net Interest Income/Spread
(FTE)
|
|
|
|
25,647
|
|
2.94 %
|
|
|
|
25,075
|
|
2.88 %
|
|
Tax-Equivalent Basis Adjustment
|
|
|
|
(102)
|
|
|
|
|
|
(94)
|
|
|
|
Net Interest Income
|
|
|
|
$
25,545
|
|
|
|
|
|
$
24,981
|
|
|
|
Net Interest Margin
|
|
|
|
|
|
3.85 %
|
|
|
|
|
|
3.82 %
|
|
|
(1) Taxable
income on securities includes income from available for sale
securities and income from certificates of deposits with other
banks.
|
|
(2) Income
stated on a tax equivalent basis which is a non-GAAP measure and
reconciled to GAAP at the bottom of the table
|
|
(3) Includes
the balances of nonaccrual loans
|
|
(4) Includes
the balances of loans held for sale
|
|
(5) Includes
the balances of deposits held for sale
|
|
LINKBANCORP, Inc. and
Subsidiaries
|
|
Net Interest Margin - Year-To-Date
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended December
31,
|
|
|
2024
|
|
2023
|
|
(Dollars in thousands)
|
|
Avg Bal
|
|
Interest (2)
|
|
Yield/Rate
|
|
Avg Bal
|
|
Interest (2)
|
|
Yield/Rate
|
|
Int. Earn.
Cash
|
|
$
111,790
|
|
$
4,890
|
|
4.37 %
|
|
$
55,501
|
|
$
1,966
|
|
3.54 %
|
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
(1)
|
|
128,140
|
|
6,206
|
|
4.84 %
|
|
84,860
|
|
3,260
|
|
3.84 %
|
|
Tax-Exempt
|
|
43,134
|
|
1,839
|
|
4.26 %
|
|
38,591
|
|
1,495
|
|
3.87 %
|
|
Total
Securities
|
|
171,274
|
|
8,045
|
|
4.70 %
|
|
123,451
|
|
4,755
|
|
3.85 %
|
|
Total Cash Equiv. and
Investments
|
|
283,064
|
|
12,935
|
|
4.57 %
|
|
178,952
|
|
6,721
|
|
3.76 %
|
|
Total Loans
(3)(4)
|
|
2,290,618
|
|
146,175
|
|
6.38 %
|
|
1,071,864
|
|
58,791
|
|
5.48 %
|
|
Total Earning Assets
|
|
2,573,682
|
|
159,110
|
|
6.18 %
|
|
1,250,816
|
|
65,512
|
|
5.24 %
|
|
Other Assets
|
|
205,568
|
|
|
|
|
|
106,267
|
|
|
|
|
|
Total Assets
|
|
$
2,779,250
|
|
|
|
|
|
$
1,357,083
|
|
|
|
|
|
Interest bearing
demand(5)
|
|
$
476,686
|
|
$
10,344
|
|
2.17 %
|
|
$
269,615
|
|
$
5,684
|
|
2.11 %
|
|
Money market
demand(5)
|
|
579,232
|
|
12,981
|
|
2.24 %
|
|
278,418
|
|
7,053
|
|
2.53 %
|
|
Time
deposits(5)
|
|
617,894
|
|
27,708
|
|
4.48 %
|
|
301,101
|
|
9,901
|
|
3.29 %
|
|
Total
Borrowings
|
|
149,572
|
|
7,797
|
|
5.21 %
|
|
90,468
|
|
3,849
|
|
4.25 %
|
|
Total Interest-Bearing
Liabilities
|
|
1,823,384
|
|
58,830
|
|
3.23 %
|
|
939,602
|
|
26,487
|
|
2.82 %
|
|
Non Interest-Bearing
Deposits(5)
|
|
653,966
|
|
|
|
|
|
245,703
|
|
|
|
|
|
Total Cost of Funds
|
|
$
2,477,350
|
|
$
58,830
|
|
2.37 %
|
|
$
1,185,305
|
|
$
26,487
|
|
2.23 %
|
|
Other
Liabilities
|
|
29,515
|
|
|
|
|
|
19,850
|
|
|
|
|
|
Total Liabilities
|
|
$
2,506,865
|
|
|
|
|
|
$
1,205,155
|
|
|
|
|
|
Shareholders' Equity
|
|
$
272,385
|
|
|
|
|
|
$
151,928
|
|
|
|
|
|
Total Liabilities & Shareholders'
Equity
|
|
$
2,779,250
|
|
|
|
|
|
$
1,357,083
|
|
|
|
|
|
Net Interest Income/Spread
(FTE)
|
|
|
|
100,280
|
|
2.95 %
|
|
|
|
39,025
|
|
2.42 %
|
|
Tax-Equivalent Basis Adjustment
|
|
|
|
(386)
|
|
|
|
|
|
(314)
|
|
|
|
Net Interest Income
|
|
|
|
$
99,894
|
|
|
|
|
|
$
38,711
|
|
|
|
Net Interest Margin
|
|
|
|
|
|
3.88 %
|
|
|
|
|
|
3.09 %
|
|
|
(1) Taxable
income on securities includes income from available for sale
securities and income from certificates of deposits with other
banks.
|
|
(2) Income
stated on a tax equivalent basis which is a non-GAAP measure and
reconciled to GAAP at the bottom of the table
|
|
(3) Includes
the balances of nonaccrual loans
|
|
(4) Includes
the balances of loans held for sale
|
|
(5) Includes
the balances of deposits held for sale
|
|
LINKBANCORP, Inc. and
Subsidiaries
|
|
Loans Receivable Detail
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands)
|
|
December 31, 2024
|
|
September 30, 2024
|
|
June 30, 2024
|
|
March 31, 2024
|
|
December 31, 2023
|
|
Agriculture and
farmland loans
|
|
$
67,741
|
|
$
65,166
|
|
$
66,937
|
|
$
67,359
|
|
$
65,861
|
|
Construction
loans
|
|
158,296
|
|
175,373
|
|
201,174
|
|
194,391
|
|
178,483
|
|
Commercial &
industrial loans
|
|
252,163
|
|
241,597
|
|
247,190
|
|
218,724
|
|
238,343
|
|
Commercial real
estate loans
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily
|
|
217,331
|
|
212,444
|
|
199,740
|
|
190,146
|
|
180,788
|
|
Owner
occupied
|
|
493,906
|
|
500,643
|
|
492,065
|
|
489,467
|
|
501,732
|
|
Non-owner
occupied
|
|
658,615
|
|
626,030
|
|
610,649
|
|
589,731
|
|
580,972
|
|
Residential real
estate loans
|
|
|
|
|
|
|
|
|
|
|
|
First liens
|
|
399,476
|
|
400,869
|
|
400,098
|
|
403,300
|
|
402,433
|
|
Second liens and lines
of credit
|
|
78,410
|
|
73,591
|
|
71,168
|
|
71,060
|
|
70,747
|
|
Consumer and
other loans
|
|
17,087
|
|
17,498
|
|
15,514
|
|
16,810
|
|
16,756
|
|
Municipal
loans
|
|
3,886
|
|
4,296
|
|
4,362
|
|
4,473
|
|
5,244
|
|
|
2,346,911
|
|
2,317,507
|
|
2,308,897
|
|
2,245,461
|
|
2,241,359
|
|
Deferred
costs
|
|
645
|
|
634
|
|
478
|
|
356
|
|
174
|
|
Total loans receivable
|
|
2,347,556
|
|
2,318,141
|
|
2,309,375
|
|
2,245,817
|
|
2,241,533
|
|
Less: Loans held for
sale
|
|
91,807
|
|
102,273
|
|
116,178
|
|
115,898
|
|
113,249
|
|
Loans Held for
Investment
|
|
$
2,255,749
|
|
$
2,215,868
|
|
$
2,193,197
|
|
$
2,129,919
|
|
$ 2,128,284
|
|
|
|
|
|
|
|
|
|
|
|
|
LINKBANCORP, Inc. and
Subsidiaries
|
|
|
|
Investments in Securities Detail
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024
|
|
|
|
(In Thousands)
|
|
Amortized
Cost
|
|
Net
Unrealized Gains
(Losses)
|
|
Fair
Value
|
|
|
|
Available for Sale:
|
|
|
|
|
|
|
|
|
|
US Government Agency
securities
|
|
$
13,017
|
|
$
56
|
|
$
13,073
|
|
|
|
Obligations of state
and political subdivisions
|
|
51,254
|
|
(4,053)
|
|
47,201
|
|
|
|
Mortgage-backed
securities in government-sponsored entities
|
|
88,289
|
|
(3,506)
|
|
84,783
|
|
|
|
Other
securities
|
|
542
|
|
(9)
|
|
533
|
|
|
|
|
$
153,102
|
|
$
(7,512)
|
|
$
145,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
Cost
|
|
Net Unrealized
Losses
|
|
Fair Value
|
|
Allowance for
Credit Losses
|
|
Held to Maturity:
|
|
|
|
|
|
|
|
|
|
Corporate
debentures
|
|
$
15,250
|
|
$
(984)
|
|
$
14,266
|
|
$
(459)
|
|
Structured
mortgage-backed securities
|
|
16,717
|
|
(699)
|
|
16,018
|
|
-
|
|
|
$
31,967
|
|
$
(1,683)
|
|
$
30,284
|
|
$
(459)
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023
|
|
|
|
(In Thousands)
|
|
Amortized
Cost
|
|
Net
Unrealized Gains
(Losses)
|
|
Fair
Value
|
|
|
|
Available for Sale:
|
|
|
|
|
|
|
|
|
|
US Government Agency
securities
|
|
$
12,711
|
|
$
274
|
|
$
12,985
|
|
|
|
US Government Treasury
securities
|
|
4,925
|
|
17
|
|
4,942
|
|
|
|
Obligations of state
and political subdivisions
|
|
49,640
|
|
(2,595)
|
|
47,045
|
|
|
|
Mortgage-backed
securities in government-sponsored entities
|
|
50,795
|
|
(2,614)
|
|
48,181
|
|
|
|
Other
securities
|
|
2,301
|
|
36
|
|
2,337
|
|
|
|
|
$
120,372
|
|
$
(4,882)
|
|
$
115,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
Cost
|
|
Net Unrealized
Losses
|
|
Fair Value
|
|
Allowance for
Credit Losses
|
|
Held to Maturity:
|
|
|
|
|
|
|
|
|
|
Corporate
debentures
|
|
$
15,000
|
|
$
(1,592)
|
|
$
13,408
|
|
$
(512)
|
|
Structured
mortgage-backed securities
|
|
21,735
|
|
(907)
|
|
20,828
|
|
-
|
|
|
$
36,735
|
|
$
(2,499)
|
|
$
34,236
|
|
$
(512)
|
|
|
|
|
|
|
|
|
|
|
LINKBANCORP, Inc. and
Subsidiaries
|
|
Deposits Detail (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands)
|
|
December 31, 2024
|
|
September 30, 2024
|
|
June 30, 2024
|
|
March 31, 2024
|
|
December 31, 2023
|
|
Demand,
noninterest-bearing
|
|
$
686,510
|
|
$
687,536
|
|
$
692,095
|
|
$
653,719
|
|
$
655,953
|
|
Demand,
interest-bearing
|
|
537,546
|
|
547,099
|
|
488,043
|
|
447,412
|
|
438,765
|
|
Money market and
savings
|
|
553,807
|
|
585,395
|
|
582,561
|
|
591,982
|
|
577,448
|
|
Time deposits, $250 and
over
|
|
167,165
|
|
169,616
|
|
156,621
|
|
147,898
|
|
134,324
|
|
Time deposits,
other
|
|
405,493
|
|
401,976
|
|
393,603
|
|
398,365
|
|
372,572
|
|
Brokered
deposits
|
|
103,615
|
|
75,000
|
|
144,429
|
|
146,653
|
|
119,411
|
|
|
2,454,136
|
|
2,466,622
|
|
2,457,352
|
|
2,386,029
|
|
2,298,473
|
|
Less: Deposits held for
sale
|
|
93,554
|
|
93,970
|
|
96,840
|
|
105,628
|
|
99,674
|
|
Total
deposits
|
|
$
2,360,582
|
|
$
2,372,652
|
|
$
2,360,512
|
|
$
2,280,401
|
|
$
2,198,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Deposits Detail, for the Three Months Ended
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands)
|
|
December 31, 2024
|
|
September 30, 2024
|
|
June 30, 2024
|
|
March 31, 2024
|
|
December 31, 2023
|
|
Demand,
noninterest-bearing
|
|
$
665,276
|
|
$
659,825
|
|
$
657,939
|
|
$
632,637
|
|
$
371,051
|
|
Demand,
interest-bearing
|
|
537,856
|
|
497,100
|
|
446,109
|
|
424,781
|
|
328,342
|
|
Money market and
savings
|
|
567,593
|
|
580,766
|
|
581,223
|
|
587,455
|
|
367,821
|
|
Time
deposits
|
|
568,615
|
|
560,815
|
|
547,582
|
|
518,929
|
|
317,747
|
|
Brokered
deposits
|
|
38,616
|
|
52,587
|
|
95,337
|
|
89,263
|
|
30,832
|
|
Total
deposits
|
|
$
2,377,956
|
|
$
2,351,093
|
|
$
2,328,190
|
|
$
2,253,065
|
|
$
1,415,793
|
|
Balances in table above
include deposits held for sale
|
Appendix A – Reconciliation to Non-GAAP Financial
Measures
This document contains supplemental financial
information determined by methods other than in accordance with
accounting principles generally accepted in the United States of America ("GAAP").
Management uses these non-GAAP measures in its analysis of the
Company's performance. These measures should not be considered a
substitute for GAAP basis measures nor should they be viewed as a
substitute for operating results determined in accordance with
GAAP. Management believes the presentation of non-GAAP financial
measures that exclude the impact of specified items provide useful
supplemental information that is essential to a proper
understanding of the Company's financial condition and results.
Non-GAAP measures are not formally defined under GAAP, and other
entities may use calculation methods that differ from those used by
us. As a complement to GAAP financial measures, our management
believes these non-GAAP financial measures assist investors in
comparing the financial condition and results of operations of
financial institutions due to the industry prevalence of such
non-GAAP measures. See the tables below for a reconciliation of
these non-GAAP measures to the most directly comparable GAAP
financial measures.
|
Adjusted Return on Average
Assets
|
|
For the Three Months Ended
|
|
For the Twelve Months Ended
|
|
(Dollars in thousands)
|
12/31/2024
|
|
9/30/2024
|
|
12/31/2023
|
|
12/31/2024
|
|
12/31/2023
|
|
Net income
(loss)
|
$
7,584
|
|
$
7,095
|
|
$
(12,997)
|
|
$
26,209
|
|
$
(11,968)
|
|
Average
assets
|
2,842,450
|
|
2,812,261
|
|
1,740,139
|
|
2,779,250
|
|
1,357,083
|
|
Return on average assets
(annualized)
|
1.06 %
|
|
1.00 %
|
|
-2.96 %
|
|
0.94 %
|
|
-0.88 %
|
|
Net income
(loss)
|
7,584
|
|
7,095
|
|
(12,997)
|
|
26,209
|
|
(11,968)
|
|
Net losses on sale of
securities
|
-
|
|
-
|
|
-
|
|
(4)
|
|
2,370
|
|
Tax effect at
21%
|
-
|
|
-
|
|
-
|
|
1
|
|
(498)
|
|
Merger &
restructuring expenses
|
56
|
|
171
|
|
9,496
|
|
914
|
|
11,176
|
|
Tax effect at
21%
|
(12)
|
|
(36)
|
|
(1,994)
|
|
(192)
|
|
(2,347)
|
|
Non-purchase credit
deteriorated provision for credit losses
|
-
|
|
-
|
|
9,694
|
|
-
|
|
9,694
|
|
Tax effect at
21%
|
-
|
|
-
|
|
(2,036)
|
|
-
|
|
(2,036)
|
|
Adjusted Net Income
(Non-GAAP)
|
7,628
|
|
7,230
|
|
2,163
|
|
26,928
|
|
6,391
|
|
Average
assets
|
2,842,450
|
|
2,812,261
|
|
1,740,139
|
|
2,779,250
|
|
1,357,083
|
|
Adjusted return on average assets (annualized)
(Non-GAAP)
|
1.07 %
|
|
1.02 %
|
|
0.49 %
|
|
0.97 %
|
|
0.47 %
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Return on Average Shareholders'
Equity
|
|
For the Three Months Ended
|
|
For the Twelve Months Ended
|
|
(Dollars in thousands)
|
12/31/2024
|
|
9/30/2024
|
|
12/31/2023
|
|
12/31/2024
|
|
12/31/2023
|
|
Net income
(loss)
|
$
7,584
|
|
$
7,095
|
|
$
(12,997)
|
|
$ 26,209
|
|
$
(11,968)
|
|
Average shareholders'
equity
|
278,884
|
|
273,935
|
|
182,609
|
|
272,385
|
|
151,928
|
|
Return on average shareholders' equity
(annualized)
|
10.82 %
|
|
10.30 %
|
|
-28.24 %
|
|
9.62 %
|
|
-7.88 %
|
|
Net income
(loss)
|
7,584
|
|
7,095
|
|
(12,997)
|
|
26,209
|
|
(11,968)
|
|
Net (gains) losses on
sale of securities
|
-
|
|
-
|
|
-
|
|
(4)
|
|
2,370
|
|
Tax effect at
21%
|
-
|
|
-
|
|
-
|
|
1
|
|
(498)
|
|
Merger &
restructuring expenses
|
56
|
|
171
|
|
9,496
|
|
914
|
|
11,176
|
|
Tax effect at
21%
|
(12)
|
|
(36)
|
|
(1,994)
|
|
(192)
|
|
(2,347)
|
|
Non-purchase credit
deteriorated provision for credit losses
|
-
|
|
-
|
|
9,694
|
|
-
|
|
9,694
|
|
Tax effect at
21%
|
-
|
|
-
|
|
(2,036)
|
|
-
|
|
(2,036)
|
|
Adjusted Net Income
(Non-GAAP)
|
7,628
|
|
7,230
|
|
2,163
|
|
26,928
|
|
6,391
|
|
Average shareholders'
equity
|
278,884
|
|
273,935
|
|
182,609
|
|
272,385
|
|
151,928
|
|
Adjusted return on average shareholders' equity
(annualized)
(Non-GAAP)
|
10.88 %
|
|
10.50 %
|
|
4.70 %
|
|
9.89 %
|
|
4.21 %
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Efficiency Ratio
|
|
For the Three Months Ended
|
|
For the Twelve Months Ended
|
|
(Dollars in thousands)
|
12/31/2024
|
|
9/30/2024
|
|
12/31/2023
|
|
12/31/2024
|
|
12/31/2023
|
|
GAAP-based efficiency ratio
|
65.04 %
|
|
66.71 %
|
|
143.86 %
|
|
68.87 %
|
|
115.16 %
|
|
Net interest
income
|
$ 25,545
|
|
$ 24,981
|
|
$ 14,316
|
|
$
99,894
|
|
$ 38,711
|
|
Noninterest
income
|
2,594
|
|
2,680
|
|
1,175
|
|
8,862
|
|
1,087
|
|
Less: net gains
(losses) on sales of securities
|
-
|
|
-
|
|
-
|
|
4
|
|
(2,370)
|
|
Adjusted revenue
(Non-GAAP)
|
28,139
|
|
27,661
|
|
15,491
|
|
108,752
|
|
42,168
|
|
Total noninterest
expense
|
18,302
|
|
18,452
|
|
22,285
|
|
74,904
|
|
45,832
|
|
Less: Merger &
restructuring expenses
|
56
|
|
171
|
|
9,496
|
|
914
|
|
11,176
|
|
Adjusted non-interest
expense
|
18,246
|
|
18,281
|
|
12,789
|
|
73,990
|
|
34,656
|
|
Efficiency ratio, as adjusted
(Non-GAAP)
|
64.84 %
|
|
66.09 %
|
|
82.56 %
|
|
68.04 %
|
|
82.19 %
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings Per Share
|
|
For the Three Months Ended
|
|
For the Twelve Months Ended
|
|
(Dollars in thousands, except per share
data)
|
12/31/2024
|
|
9/30/2024
|
|
12/31/2023
|
|
12/31/2024
|
|
12/31/2023
|
|
GAAP-Based Earnings (Loss) Per Share,
Basic
|
$
0.20
|
|
$
0.19
|
|
$
(0.56)
|
|
$
0.71
|
|
$
(0.67)
|
|
GAAP-Based Earnings (Loss) Per Share,
Diluted
|
$
0.20
|
|
$
0.19
|
|
$
(0.56)
|
|
$
0.71
|
|
$
(0.67)
|
|
Net Income
(Loss)
|
$
7,584
|
|
$
7,095
|
|
$
(12,997)
|
|
$ 26,209
|
|
$
(11,968)
|
|
Net (gains) losses on
sale of securities
|
-
|
|
-
|
|
-
|
|
(4)
|
|
2,370
|
|
Tax effect at
21%
|
-
|
|
-
|
|
-
|
|
1
|
|
(498)
|
|
Merger &
restructuring expenses
|
56
|
|
171
|
|
9,496
|
|
914
|
|
11,176
|
|
Tax effect at
21%
|
(12)
|
|
(36)
|
|
(1,994)
|
|
(192)
|
|
(2,347)
|
|
Non-purchase credit
deteriorated provision for credit losses
|
-
|
|
-
|
|
9,694
|
|
-
|
|
9,694
|
|
Tax effect at
21%
|
-
|
|
-
|
|
(2,036)
|
|
-
|
|
(2,036)
|
|
Adjusted Net Income
(Non-GAAP)
|
7,628
|
|
7,230
|
|
2,163
|
|
26,928
|
|
6,391
|
|
Adjusted Earnings per Share, Basic
(Non-GAAP)
|
$
0.21
|
|
$
0.20
|
|
$
0.09
|
|
$
0.73
|
|
$
0.36
|
|
Adjusted Earnings per Share, Diluted
(Non-GAAP)
|
$
0.21
|
|
$
0.19
|
|
$
0.09
|
|
$
0.73
|
|
$
0.36
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity and Tangible Book
Value
|
|
(Dollars in thousands, except per share
data)
|
|
12/31/2024
|
|
9/30/2024
|
|
6/30/2024
|
|
3/31/2024
|
|
12/31/2023
|
|
Tangible Common Equity
|
|
|
|
|
|
(Dollars in
thousands, except for share data)
|
|
Total shareholders'
equity
|
|
$
280,221
|
|
$
277,353
|
|
$
271,409
|
|
$
268,243
|
|
$
265,796
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
(58,806)
|
|
(58,806)
|
|
(58,806)
|
|
(56,968)
|
|
(56,968)
|
|
Other intangible
assets
|
|
(20,955)
|
|
(22,118)
|
|
(23,323)
|
|
(24,526)
|
|
(25,733)
|
|
Tangible common equity
(Non-GAAP)
|
|
$
200,460
|
|
$
196,429
|
|
$
189,280
|
|
$
186,749
|
|
$
183,095
|
|
Common shares
outstanding
|
|
37,370,917
|
|
37,361,560
|
|
37,356,278
|
|
37,348,151
|
|
37,340,700
|
|
Book value per common share
|
|
$
7.50
|
|
$
7.42
|
|
$
7.27
|
|
$
7.18
|
|
$
7.12
|
|
Tangible book value per common share
(Non-GAAP)
|
|
$
5.36
|
|
$
5.26
|
|
$
5.07
|
|
$
5.00
|
|
$
4.90
|
|
Tangible Assets
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ 2,881,334
|
|
$ 2,879,941
|
|
$
2,858,593
|
|
$ 2,785,669
|
|
$ 2,669,325
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
(58,806)
|
|
(58,806)
|
|
(58,806)
|
|
(56,968)
|
|
(56,968)
|
|
Other intangible
assets
|
|
(20,955)
|
|
(22,118)
|
|
(23,323)
|
|
(24,526)
|
|
(25,733)
|
|
Tangible assets
(Non-GAAP)
|
|
$ 2,801,573
|
|
$ 2,799,017
|
|
$
2,776,464
|
|
$ 2,704,175
|
|
$ 2,586,624
|
|
Tangible common equity to tangible
assets (Non-GAAP)
|
|
7.16 %
|
|
7.02 %
|
|
6.82 %
|
|
6.91 %
|
|
7.08 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Pre-tax, Pre-provision Net Income
(Non-GAAP)
|
|
For the Three Months Ended
|
|
For the Twelve Months Ended
|
|
(Dollars in thousands, except per share
data)
|
12/31/2024
|
|
9/30/2024
|
|
12/31/2023
|
|
12/31/2024
|
|
12/31/2023
|
|
Net Income (Loss) (GAAP)
|
$
7,584
|
|
$
7,095
|
|
$
(12,997)
|
|
$
26,209
|
|
$
(11,968)
|
|
Net (gains) losses on
sale of securities
|
-
|
|
-
|
|
-
|
|
(4)
|
|
2,370
|
|
Tax effect at
21%
|
-
|
|
-
|
|
-
|
|
1
|
|
(498)
|
|
Merger &
restructuring expenses
|
56
|
|
171
|
|
9,496
|
|
914
|
|
11,176
|
|
Tax effect at
21%
|
(12)
|
|
(36)
|
|
(1,994)
|
|
(192)
|
|
(2,347)
|
|
Adjusted Net Income (Non-GAAP)
|
7,628
|
|
7,230
|
|
(5,495)
|
|
26,928
|
|
(1,267)
|
|
Income tax expense
(benefit)
|
2,121
|
|
2,030
|
|
(3,641)
|
|
7,386
|
|
(3,361)
|
|
Provision for
credit losses
|
132
|
|
84
|
|
9,844
|
|
257
|
|
9,295
|
|
Tax effect included in
Adjusted Net Income
|
12
|
|
36
|
|
1,994
|
|
191
|
|
2,845
|
|
Adjusted Pre-tax, Pre-provision Net Income
(Non-GAAP)
|
$
9,893
|
|
$
9,380
|
|
$
2,702
|
|
$
34,762
|
|
$
7,512
|
|
|
|
|
|
|
|
|
|
|
Contact:
Nicole Davis
Corporate and Investor Relations Officer
717.803.8895
IR@LINKBANCORP.COM
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