LNKB LINKBANCORP Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 27, 2025

 

 

LINKBANCORP, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Pennsylvania			001-41505	82-5130531
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
1250 Camp Hill Bypass, Suite 202
Camp Hill, Pennsylvania				17011
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 855 569-2265

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01		LNKB		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

On January 27, 2025, LINKBANCORP, Inc. (the “Company”) issued a press release reporting its financial results as of and for the three and twelve months ended December 31, 2024.

A copy of the press release is attached as Exhibit 99.1 to this report and is being furnished to the Securities and Exchange Commission and shall not be deemed filed for any purpose.

Item 7.01 Regulation FD

A copy of LINKBANCORP, Inc.’s investor presentation based on December 31, 2024 financial information is furnished as Exhibit 99.2 hereto.

The information in Exhibit 99.2 to this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, or otherwise subject to the liabilities thereof, nor shall it be deemed to be incorporated by reference in any filing under the Securities and Exchange Act of 1934 or under the Securities Act of 1933, except to the extent specifically provided in any such filing.

Item 8.01 Other Events.

On January 23, 2025, the Board of Directors of LINKBANCORP, Inc. (the “Company”) declared a quarterly cash dividend of $0.075 per share, payable on March 14, 2025 to shareholders of record at the close of business on February 28, 2025.

Item 9.01 Financial Statements and Exhibits.

(a)	Financial statements of businesses acquired. None.
(b)	Pro forma financial information. None.
(c)	Shell company transactions. None.
(d)	Exhibits.
	99.1     Press release dated January 27, 2025
	99.2     Investor Presentation
	104 Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			LINKBANCORP, INC.
Date:	January 27, 2025	By:	/s/ Carl D. Lundblad
			Carl D. Lundblad President

 

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Exhibit 99.1

FOR IMMEDIATE RELEASE

 

Contact:

Nicole Davis

Corporate and Investor Relations Officer

717.803.8895

IR@LINKBANCORP.COM

 

LINKBANCORP, Inc. Announces Record Fourth Quarter 2024 and Full Year 2024 Financial Results and Declares Dividend

January 27, 2025 – HARRISBURG, PA – 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.

Fourth Quarter 2024 Highlights

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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

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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%.

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

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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.

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.

 

 

 

 

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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.

 

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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

 

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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

 

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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.

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(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

 

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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

 

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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

 

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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

 

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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	)

 

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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

 

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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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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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	%

 

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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	%

 

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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

 

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January 2025 FOUTH QUARTER AND YEAR END 2024 Nasdaq: LNKB ir.linkbancorp.com

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IMPORTANT INFORMATION / DISCLAIMERS LINKBANCORP, Inc. (Nasdaq: LNKB) (“LINKBANCORP” or the “Company”) is the parent company of LINKBANK (the “Bank”). Company and Bank data reflect the November 30, 2023 effective date of Partners Bancorp, Inc. (“Partners”) merger with and into the Company and the merger of Partners Bancorp’s the Bank of Delmarva & Virginia Partners Bank subsidiaries with and into LINKBANK (the “Merger”). Given that the Merger with Partners was completed on November 30, 2023, fourth quarter 2023 results do not represent a full quarter of comparable combined earnings. Reported results prior to the fourth quarter of 2023 reflect legacy LINKBANCORP results only. Financial data for the most recent quarter (“MRQ”) and last twelve months (“LTM”) is for periods ended December 31, 2024. Market-pricing data is as of January 24, 2025 (Source: S&P Capital IQ Pro). Forward looking statements: This presentation may contain 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 Merger with Partners; the timing and receipt of regulatory approvals to complete the pending sale of three New Jersey branches and associated loans and deposits; 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. Disclosures regarding non-GAAP financial information: To the extent that supplemental Company or Bank financial metrics presented herein are not financial measures under generally accepted accounting principles (“GAAP”), these non-GAAP metrics will be reconciled with comparable GAAP measures in the appendix to this presentation. Management may use non-GAAP measures in the analysis of the performance of the Company or the Bank, and they 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.

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Organized in 2018 with acquisition and recapitalization of distressed Stonebridge Bank High quality talent, strong culture & relationship-oriented business model Core focus on organic growth and improving profitability through operating leverage LNKB FINANCIAL HIGHLIGHTS Total Assets $2.88 B Market Capitalization $265.7 M Total Loans $2.26 B Dividend Yield 4.19% Total Deposits $2.36 B Insider Ownership 33.5% ROA (MRQ, annualized) 1.06% ROE (MRQ, annualized) 10.82% ROTCE* (MRQ, annualized) 15.15% Company data as of most recent quarter 12/31/24 (“MRQ”) end and market data as of January 24, 2025.      *Refer to appendix for reconciliation of this non-GAAP financial measure to its comparable GAAP measures M&A HISTORY  MID-ATLANTIC GROWTH FRANCHISE ACQUIROR BANK TARGET BANKS TRANSACTION ANNOUNCE DATE TRANSACTION CLOSE DATE TARGET TOTAL ASSETS AT ANNOUNCE 1. 6/26/2018 10/5/2018 $58 M 2. 12/10/2020 9/18/2021 $437 M 3. 2/22/2023 11/30/2023 $1.6 B LINKBANK is a premier Mid-Atlantic community bank, serving clients throughout central and southeast Pennsylvania, Maryland, Delaware, northern Virginia, and New Jersey.​

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KRISTOFER PAUL - CFO | LINKBANCORP 21 years of bank credit administration and portfolio management experience also includes Susquehanna Bank, Sovereign Bank, and Waypoint Financial Experience in development and maintenance of commercial loan portfolios for more than 6 M&A transactions Named to Next 2021: Most Powerful Women in Banking by American Banker magazine TIFFANIE HORTON - Chief Credit Officer  | LINKBANCORP Long track record of industry success Been involved in M&A of more than 10 companies with aggregate deal value surpassing $1.5 billion Successfully transitioned private community banks to public companies on NASDAQ Demonstrated track record of value creation: Waypoint Financial (PA), Tower Bancorp (PA), Sunshine Bancorp (FL) CARL LUNDBLAD - President | LINKBANCORP 28 years of banking, legal and other executive experience Extensive bank executive experience overseeing M&A, strategy development, regulatory and governance matters Strong transaction and value creation history, overseeing sales of Tower Bancorp and Susquehanna Bancshares BRENT SMITH - President | LINKBANK Consistent leader in growth initiatives with 20 years of banking experience Been involved in M&A of more than 5 companies with aggregate deal value surpassing $700 million Led on transformational acquisitions, private placements, debt issuances and branch acquisitions DEE BONORA - Chief Operations and Technology Officer  | LINKBANCORP 20+ YEAR HISTORY OF WORKING TOGETHER IN THE MID ATLANTIC REGION 22 years of banking and financial services industry experience Oversaw financial reporting and accounting of various public companies, including Hersha Hospitality Trust and Tower Bancorp Involved in transactions totaling over $700M SEASONED EXECUTIVE TEAM Strong background in bank operations, data management and systems architecture Record of value creation through efficiencies, bringing a wealth of technology and software engineering experience 30 years of technology experience in highly regulated industries also includes Orrstown Bank and Rite Aid Corp ANDREW SAMUEL - CEO | LINKBANCORP & LINKBANK  CATE EISEL - Chief Risk Officer  | LINKBANK Over 10 years of risk management experience Served in a variety of roles with the FDIC including financial institution examiner, senior bank examination training specialist and supervisory training administrator

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OUR KEY ACCOMPLISHMENTS GROWTH IN TOTAL ASSETS* ($ IN MILLIONS) 2018 2019 2021 2020 2022 GNBF merger 2018 Closed acquisition of Stonebridge Bank - Total assets were $83.7 million JAN 2019 Completed $45.5 million common stock private placement JUNE 2019 Opened Client Solutions Centers in Camp Hill and Lancaster FALL 2020 Raised $5.0 million common stock private placement and issued $20.0 million in subordinated debt SEPT 2021 Completed merger with GNBF 2021 YEAR END Total assets at Dec 31, 2021 were $932.8 million and the Company achieved $788,000 in quarterly net income SEPT 2022 Completed Initial Public Offering, raising net proceeds of $34.7 million APRIL 2022 Completed a $20.0 million sub debt capital raise JAN 2022 Hired Regional Presidents for the York/Lancaster & Delaware Valley Regions DEC 2020 Crossed over $400 million in total assets 2020 YEAR END Announced our strategic merger with GNBF 2024 FEB 2023 Announced transformational merger with PTRS FEB 2023 Raised $10.0 million common stock private placement PTRS merger NOV 2023 Completed merger with PTRS *Measured as of 12/31 2023 MAY 2024 Announced sale of New Jersey operations JUNE 2024 Consolidated 3 Client Solutions Centers 2024 YEAR END Achieved $26.2 million in annual net income and a return on assets of 0.94%

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Central to the LINKBANCORP culture and brand are the core “L-I-N-K” values, which support the mission of positively impacting lives. In pursuit of the mission, LINKBANCORP: Invests in the development of strong future leaders for the banking industry and our communities Contributes to economically and socially flourishing communities Seeks to demonstrate the continued viability of and integral role of community banking for our economic and social development Our well-defined brand reflects a purpose-driven, entrepreneurial and relational organization that is highly responsive to client needs and attracts best-in-class bank professionals. Our focus on culture and brand supports: Enhanced productivity Lower employee turnover Consistent brand experience High customer loyalty DIFFERENTIATED BRAND & CULTURE The LINKBANCORP corporate culture is a differentiating factor in the Company’s demonstrated growth and ability to gain market share.

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MARKET FOCUS: PENNSYLVANIA & NEW JERSEY BRENT SMITH Market Leader &LINKBANK President Joined LINKBANK at its 2018 inception. More than 15 years of Pennsylvania banking experience and nearly two decades in the industry. 11 Pennsylvania and New Jersey client solution centers Regions including its West Chester office in the state’s highest-household-median income county, Chester County. High-growth regions, such as the Delaware Valley suburbs of Philadelphia, complement stable, diverse Central Pennsylvania communities.  Highly experienced middle-market commercial lending and underwriting teams manage a growing portfolio, with particular strength in serving multi-generational businesses and entrepreneurs in a wide range of industries, professional services firms, health care providers, and commercial real estate owners and operators. **Does not include purchase accounting. Includes loans held for sale. TOTAL LOANS** AT 12/31/24 DEPOSITS* AT 12/31/24 *Does not include brokered deposits or professional services deposits. Includes deposits held for sale. Market includes the following counties: Cumberland, Dauphin, Schuylkill, Chester, Lancaster, Northumberland, York, Burlington, and Camden. Includes loans and deposits related to the pending sale of New Jersey operations.

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MARKET FOCUS: MARYLAND & DELAWARE JOHN BREDA Maryland & Delaware Market CEO Joined LINKBANK through merger with Partners, where he served as President & CEO, including its subsidiary The Bank of Delmarva. More than 29 years of Maryland and Delaware banking experience and 38 years of industry experience. 11 Maryland and Delaware client solution centers High-growth regions, including the Central Maryland Baltimore-Washington corridor and Annapolis, complement Delmar Peninsula communities. Highly experienced middle-market commercial lending and underwriting teams manage a growing portfolio, with particular strength in tourism, real estate development, hospitality and small family-owned businesses. TOTAL LOANS** AT 12/31/24 DEPOSITS* AT 12/31/24 *Does not include brokered deposits or professional services deposits Market includes the following counties: Sussex, Wicomico, Charles, Worcester, and Anne Arundel **Does not include purchase accounting.

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MARKET FOCUS: VIRGINIA ADAM NALLS Virginia Market CEO DAVID TALEBIAN Virginia Market President LOANS* 4 Virginia client solution centers High-growth regions, including Fairfax County and the Washington metropolitan area of Northern Virginia, complement growing, diverse Fredericksburg-area communities. Highly experienced middle-market commercial lending and underwriting teams manage a growing portfolio, with particular strength in government contracting, professional services, industry, medical, and technology. DEPOSITS Joined LINKBANK through the merger with Partners subsidiary Virginia Partners Bank. They each have more than 15 years of Virginia banking experience and almost two decades in the industry. **Does not include purchase accounting TOTAL LOANS** AT 12/31/24 DEPOSITS* AT 12/31/24 *Does not include brokered deposits or professional services deposits Market includes the following counties: Fredericksburg (City), Spotsylvania and Fairfax

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*Pro forma for the effect of the sale of the three branches in New Jersey and the associated held for sale deposits. EXECUTING ESTABLISHED STRATEGY TO MAINTAIN A BRANCH-LITE MODEL THAT TAKES FULL ADVANTAGE OF: LINKBANCORP’s organic growth engine, strategically located regional Client Solutions Centers with no teller lines and 3-4 FTEs, and innovative technology. AT THE END OF Q4 2024, LINKBANCORP: Maintained 26 client solutions centers, following the consolidation of three client solution centers in Pennsylvania and Maryland on June 30, 2024. DURING 2025, LINKBANCORP INTENDS TO: Complete sale of New Jersey operations, including three branches and associated loans and deposits. Continue to optimize client solution center operating hours. Open full-service client solutions center in Annapolis, MD, enhancing growth initiatives and capabilities in Central Maryland. ONGOING, LINKBANCORP INTENDS TO: Continuously evaluate its retail operations for opportunities to leverage andoptimize efficiencies while maintaining its commitment to providing exceptional service to the customers and communities it serves. Target average deposits per client solutions center of at least $100 million. EXECUTING A BRANCH-LITE STRATEGY +

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FOURTH QUARTER 2024 HIGHLIGHTS2 Annualized return on assets and adjusted return on assets1 were 1.06% and 1.07%, respectively, for the fourth quarter. Total loans3 increased $29.4 million over the quarter to $2.35 billion at December 31, 2024. Total deposits3 decreased to $2.45 billion at December 31, 2024 compared to $2.47 billion at September 30, 2024. Average deposits increased $26.9 million quarter over quarter to $2.38 billion at December 31, 2024. Noninterest expense decreased $149 thousand quarter over quarter to $18.3 million in the fourth quarter of 2024. The Company’s efficiency ratio improved to 65.04% with an adjusted efficiency ratio of 64.84%1 for the fourth quarter of 2024. Net income equaled $7.59 million with adjusted pre-tax pre-provision net income of $9.89 million for the fourth quarter1. BALANCE SHEET INCOME STATEMENT $25.5 million in net interest income Noninterest income of $2.6 million Net income of $7.6 million for the fourth quarter of 2024 Earnings per share of $0.20 and adjusted earnings per share of $0.211 per diluted share FOURTH QUARTER 2024 $2.88 billion total assets $26.4 million allowance for credit losses - loans Total shareholders’ equity of $280.2 million 3.85% Net Interest Margin 1.06% Return on Assets 10.88% 15.15% ROE ROTCE1 65.04% Efficiency Ratio $7.50 $5.36 BVPS TBVPS1 $0.20 Earnings per Share 1 See appendix for reconciliation of this non-GAAP financial measure to its comparable GAAP measure. 2 Balance Sheet comparison between December 31, 2024 and September 30, 2024 and comparisons between Q4 2024 and Q4 2023. 3 Total loans and total deposits include balances held for sale in connection with the pending sale of three New Jersey branches of $91.8 million and $93.6 million at end of period December 31, 2024. These balances were $102.3 million and $94.0 million respectively at end of period September 30, 2024.

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2024 HIGHLIGHTS2 Return on assets and adjusted return on assets1 were 0.94% and 0.97%, respectively, for the year ended December 31, 2024. Total loans3 increased $106.0 million over the year to $2.35 billion at December 31, 2024. Total deposits3 increased $155.7 million over the year to $2.45 billion at December 31, 2024. Excluding brokered deposits and deposits held for sale, total deposits increased $171.5 million year over year. Net income equaled $26.2 million with adjusted pre-tax pre-provision net income of $34.8 million for the year ended December 31, 20241. BALANCE SHEET INCOME STATEMENT $99.9 million in net interest income Noninterest income of $8.9 million Noninterest expense of $74.9 million with adjusted noninterest expense of $74.0 million1 Earnings per share of $0.71 with adjusted earnings per share of $0.731 per diluted share FULL YEAR 2024 $166.1 million of cash and cash equivalents $30.6 million annual growth in noninterest bearing deposits 3.88% Net Interest Margin 0.94% Return on Assets 9.62% 13.61% ROE ROTCE1 68.87% Efficiency Ratio 9.4% Growth in TBVPS $0.71 Earnings per Share 1 See appendix for reconciliation of this non-GAAP financial measure to its comparable GAAP measure. 2 Balance Sheet comparison between December 31, 2024 and September 30, 2024 and comparisons between Q4 2024 and Q4 2023. 3 Total loans and total deposits include balances held for sale in connection with the pending sale of three New Jersey branches of $91.8 million and $93.6 million at end of period December 31, 2024. These balances were $102.3 million and $94.0 million respectively at end of period September 30, 2024 and $113.3 million and $99.7 million at end of period December 31, 2023.

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*See appendix for reconciliation of this non-GAAP financial measure to its comparable GAAP measure. REVENUE & EARNINGS FOURTH QUARTER 2024 Net Interest Income $25.5 million Net Income $7.6 million Noninterest Income $2.6 million Adjusted Net Income* $7.6 million Diluted EPS $0.20 Adjusted EPS* (Diluted) $0.21 GAAP Comparisons Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Net Income ($000s) (12,997) 5,726 5,804 7,095 7,584 Diluted EPS ($) (0.56) 0.15 0.16 0.19 0.20

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FOURTH QUARTER 2024 HIGHLIGHTS* Net interest margin expanded to 3.85% for the fourth quarter of 2024 from 3.82% for the third quarter of 2024. Cost of funds decreased to 2.32% for the fourth quarter of 2024 compared to 2.42% for the third quarter of 2024 with cost of deposits decreasing from 2.25% for the third quarter of 2024 to 2.15% for the fourth quarter of 2024. NET INTEREST MARGIN *Comparisons between Q4 2024 and Q3 2024

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Noninterest expense decreased $150 thousand to $18.3 million in the fourth quarter of 2024 compared to $18.5 million in the third quarter of 2024. Adjusted noninterest expense was $18.3 million* for the fourth quarter of 2024 which was consistent with the prior quarter, 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. NONINTEREST EXPENSE *See appendix for reconciliation of this non-GAAP financial measure to its comparable GAAP measure.

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FOURTH QUARTER 2024 DEPOSIT TRENDS Cost of deposits was 2.15% for the fourth quarter. 28.0% of total deposits* are noninterest bearing deposits. Expected to continue comparing favorably to $2B-$5B asset commercial bank peers Average deposits* increased $26.9 million to $2.38 billion for the fourth quarter of 2024 compared to $2.35 for the third quarter of 2024. VALUABLE CORE DEPOSIT FRANCHISE *Includes deposits held for sale

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FOURTH QUARTER 2024 LOAN PORTFOLIO TRENDS Average yield on loans of 6.34%, inclusive of purchase accounting There is no concentration of commitments over 10% Total commercial loan commitments for the fourth quarter of $176.3 million with funded balances of $93.7 million.  Average commercial loan commitment originated during the fourth quarter of approximately $979 thousand with the average outstanding funded balance of $521 thousand. IN-MARKET, WELL-BALANCED LOAN PORTFOLIO **Does not include purchase accounting. Includes loans held for sale. OFFICE PORTFOLIO: Total office is approximately 7.6% of the entire portfolio Average LTV of approximately 60% Largest office loan = $7.6 million Approximately 82% of the office portfolio has personal guarantees Typical property types are small office buildings in non-urban markets within the Bank’s footprint *Includes consumer, agriculture, municipal, and other.

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ASSET QUALITY

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Committed to a quarterly dividend of $0.075 per share of common stock through the merger with GNB Financial in 2020 Capital ratios anticipated to increase with earnings growth trajectory $166.1 million cash & cash equivalents at December 31, 2024 Total available funding of $1.30 billion at December 31, 2024 CAPITAL MANAGEMENT AND LIQUIDITY *Wholesale deposit capacity is calculated as 10% of total deposits, less current outstanding brokered **See appendix for reconciliation of this non-GAAP financial measure to its comparable GAAP measure.

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Targeted loan growth of 7% – 10% for 2025, excluding impact of loans held for sale Self-funding loan growth with organic deposit growth, with a targeted loan to deposit ratio of 90% - 95% Net Interest Margin expectation 3.90% - 4.00% for the full year 2025 Targeting 1.10% core operating ROA for full year 2025 (excluding impact of NJ Branch Sale) Targeting noninterest expense to average assets of 2.50% - 2.55% for full year 2025 Assume effective tax rate of 22% *Except otherwise noted, above assumes completion of New Jersey Branch Sale in Q1 2025, which has an estimated net gain of approximately $9 million after tax. 2025 OUTLOOK*

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Strong alignment with shareholder returns – 33.5% insider ownership Disciplined underwriting & robust enterprise risk management Highly opportunistic M&A strategy with disciplined acquisition criteria Nimble and innovative tech operating platform focused on modular architecture and cloud-based infrastructure Focused organic growth strategy, uniquely positioned in the attractive and coveted mid-Atlantic market (Harrisburg > Philadelphia > Baltimore > D.C. corridor) Seasoned executive team, led by Andrew Samuel, has significant experience and success with building, operating and creating shareholder value in the markets of focus Strong funding franchise coupled with best-in-class loan growth engine implementing a branch-lite model INVESTMENT RATIONALE

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THANK YOU!

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CONTACT US: NICOLE DAVIS Corporate & Investor Relations Officer IR@linkbancorp.com   |   (717) 803-8895

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APPENDIX

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NON-GAAP RECONCILIATION

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NON-GAAP RECONCILIATION

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NON-GAAP RECONCILIATION

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NON-GAAP RECONCILIATION

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NON-GAAP RECONCILIATION

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NON-GAAP RECONCILIATION

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NON-GAAP RECONCILIATION

v3.24.4

Document And Entity Information	Jan. 27, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 27, 2025
Entity Registrant Name	LINKBANCORP, Inc.
Entity Central Index Key	0001756701
Entity Emerging Growth Company	true
Entity File Number	001-41505
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	82-5130531
Entity Address, Address Line One	1250 Camp Hill Bypass, Suite 202
Entity Address, City or Town	Camp Hill
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17011
City Area Code	855
Local Phone Number	569-2265
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	LNKB
Security Exchange Name	NASDAQ

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