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LINKBANCORP, Inc. (NASDAQ: LNKB) operates as the bank holding company for LINKBANK, providing a wide range of personal and business banking products and services in Pennsylvania, Maryland, Delaware, Virginia, and New Jersey. With a mission to positively impact lives through community banking, LINKBANCORP was founded in 2018 and is headquartered in Camp Hill, Pennsylvania.
The company's product offerings include various types of accounts such as checking and savings, and a diverse array of loans including small business, term, auto, and real estate loans, as well as lines of credit. LINKBANCORP also offers treasury management services like remote deposit capture, ACH collection and disbursement, merchant services, and wire transfers. Convenience services are also a hallmark, featuring ATMs, debit cards, online and mobile banking, bill pay, card valet, and e-statements.
In recent quarters, LINKBANCORP has shown strong financial performance. For example, in the second quarter of 2023, the company reported net income of $1.35 million and net interest income of $8.1 million. The third quarter of 2023 continued this positive momentum with net income of $1.24 million and a net interest margin of 2.89%.
The company's merger with Partners Bancorp, completed in November 2023, significantly expanded its footprint and financial position. This merger added $1.50 billion in assets, $1.24 billion in loans, and $1.30 billion in deposits, establishing LINKBANCORP as a premier Mid-Atlantic community banking franchise. Despite one-time merger-related expenses leading to a net loss in Q4 2023, LINKBANCORP's operational metrics remained robust. As of December 31, 2023, the company reported $2.66 billion in total assets and a strong capital position, with a tangible common equity ratio of 7.09%.
As of the first quarter of 2024, LINKBANCORP reported net income of $5.73 million, marking its first full quarter post-merger. The company continues to focus on integrating its operations and achieving operational efficiencies. Key performance indicators include a net interest margin of 4.03% and significant growth in commercial loan commitments.
LINKBANCORP's dedicated approach to risk management and strong asset quality metrics ensure stability and growth. As of March 31, 2024, non-performing assets were only 0.25% of total assets, reflecting prudent lending practices and robust risk management strategies.
LINKBANCORP reported record net income of $7.1 million ($0.19 per diluted share) for Q3 2024, up from $5.8 million in Q2 2024. Total deposits increased by $9.3 billion to $2.47 billion, with strong growth in demand deposits ($54.5 million) and retail time deposits ($21.4 million). Net interest income reached $25.0 million, with a 3.82% net interest margin. The company's total assets stood at $2.88 billion, with non-performing assets at $17.4 million (0.60% of total assets). The planned sale of New Jersey branches is expected to close in Q4 2024 or Q1 2025.
LINKBANCORP (NASDAQ: LNKB) reported net income of $5.8 million, or $0.16 per diluted share, for Q2 2024. Adjusted earnings were $6.3 million, or $0.17 per diluted share, excluding expenses related to branch sales and consolidations. Key highlights include:
- Total loans increased by $63.6 million (11.4% annualized) to $2.31 billion
- Total deposits grew by $71.3 million (12.0% annualized) to $2.46 billion
- Noninterest expense decreased by $350,000 to $18.9 million
- Net interest income was $24.5 million, with a net interest margin of 3.83%
- Non-performing assets were 0.37% of total assets
- Allowance for credit losses-loans was 1.20% of total loans held for investment
The company announced the sale of its New Jersey banking operations, expected to close in H2 2024. LINKBANCORP continues to focus on improving profitability and customer experience.
LINKBANCORP, Inc. (NASDAQ: LNKB) announced the sale of its New Jersey operations to American Heritage Federal Credit Union, involving $105 million in deposits and $123 million in loans. The transaction aims to reallocate capital towards core markets and accelerate growth in other regions. Expected to close in the second half of 2024, subject to regulatory approvals.
LINKBANCORP has appointed Catherine Eisel as Chief Risk Officer of the Company and its banking subsidiary, LINKBANK. Eisel, who joined LINKBANK as Deputy Chief Risk Officer, will oversee the Company's risk management program. With her extensive experience at the FDIC, Eisel is expected to enhance the enterprise-wide risk management program and contribute to the Company's growth strategy.
LINKBANCORP, Inc. reported strong first quarter earnings in 2024, with net income of $5.73 million and adjusted earnings of $5.77 million. Net interest income before provision was $24.9 million, and total deposits increased to $2.39 billion. Total loans slightly increased to $2.25 billion, and asset quality remained strong. The merger with Partners Bancorp in 2023 positively impacted results, leading to a reduction in headcount and increased efficiency.
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