LINKBANCORP, Inc. Announces Record Third Quarter Net Income of $7.1 Million
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 ha riportato un reddito netto record di $7,1 milioni ($0,19 per azione diluita) per il terzo trimestre del 2024, in aumento dai $5,8 milioni del secondo trimestre del 2024. I depositi totali sono aumentati di $9,3 miliardi, raggiungendo i $2,47 miliardi, con una forte crescita nei depositi a vista ($54,5 milioni) e nei depositi a termine retail ($21,4 milioni). Il reddito netto da interessi ha raggiunto i $25,0 milioni, con un margine di interesse netto del 3,82%. Le attività totali dell'azienda ammontavano a $2,88 miliardi, con attività non performanti pari a $17,4 milioni (0,60% delle attività totali). La vendita pianificata delle filiali nel New Jersey dovrebbe concludersi nel quarto trimestre del 2024 o nel primo trimestre del 2025.
LINKBANCORP reportó un ingreso neto récord de $7.1 millones ($0.19 por acción diluida) para el tercer trimestre de 2024, un aumento desde los $5.8 millones en el segundo trimestre de 2024. Los depósitos totales aumentaron en $9.3 mil millones, alcanzando los $2.47 mil millones, con un fuerte crecimiento en los depósitos a la vista ($54.5 millones) y los depósitos a plazo minoristas ($21.4 millones). El ingreso neto por intereses alcanzó los $25.0 millones, con un margen de interés neto del 3.82%. Los activos totales de la empresa se situaron en $2.88 mil millones, con activos no productivos de $17.4 millones (0.60% de los activos totales). Se espera que la venta planificada de las sucursales de Nueva Jersey se cierre en el cuarto trimestre de 2024 o el primer trimestre de 2025.
LINKBANCORP는 2024년 3분기 순이익으로 $7.1백만 ($0.19 희석 주당 수익)을 발표했으며, 이는 2024년 2분기의 $5.8백만에서 증가한 수치입니다. 총 예금은 $9.3억 증가하여 $2.47억에 도달했으며, 수요 예금($54.5백만)과 소매 정기 예금($21.4백만)에서 강한 성장이 있었습니다. 순이자 수익은 $25.0백만에 도달했으며, 순이자 마진은 3.82%입니다. 회사의 총 자산은 $2.88억에 달하며, 부실 자산은 $17.4백만으로 총 자산의 0.60%를 차지합니다. 뉴저지 지점의 계획된 매각은 2024년 4분기 또는 2025년 1분기에 성사될 것으로 예상됩니다.
LINKBANCORP a rapporté un revenu net record de 7,1 millions de dollars (0,19 $ par action diluée) pour le troisième trimestre 2024, en hausse par rapport à 5,8 millions de dollars au deuxième trimestre 2024. Les dépôts totaux ont augmenté de 9,3 milliards de dollars pour atteindre 2,47 milliards de dollars, avec une forte croissance des dépôts à vue (54,5 millions de dollars) et des dépôts à terme de détail (21,4 millions de dollars). Les revenus nets d'intérêts ont atteint 25,0 millions de dollars, avec une marge d'intérêt nette de 3,82 %. Les actifs totaux de l'entreprise se sont élevés à 2,88 milliards de dollars, avec des actifs non performants s'élevant à 17,4 millions de dollars (0,60 % des actifs totaux). La vente prévue des succursales du New Jersey devrait être finalisée au quatrième trimestre 2024 ou au premier trimestre 2025.
LINKBANCORP berichtete im dritten Quartal 2024 über einen Rekordnettoeinkommen von $7,1 Millionen ($0,19 pro verwässerter Aktie), was einem Anstieg von $5,8 Millionen im zweiten Quartal 2024 entspricht. Die Gesamteinlagen stiegen um $9,3 Milliarden auf $2,47 Milliarden, mit starkem Wachstum bei den Sichteinlagen ($54,5 Millionen) und den Einzelhandelsfestgeldanlagen ($21,4 Millionen). Die Zinserträge beliefen sich auf $25,0 Millionen, mit einer Nettomarge von 3,82%. Die Gesamtsumme der Vermögenswerte des Unternehmens betrug $2,88 Milliarden, mit notleidenden Vermögenswerten von $17,4 Millionen (0,60% der gesamten Vermögenswerte). Der geplante Verkauf der Filialen in New Jersey wird für das vierte Quartal 2024 oder das erste Quartal 2025 erwartet.
- Record quarterly net income of $7.1 million, up from $5.8 million in Q2
- Strong deposit growth with $54.5 million increase in demand deposits
- Net interest income increased to $25.0 million from $24.5 million
- Noninterest income grew by $822,000 quarter-over-quarter to $2.7 million
- Book value per share increased to $7.42 from $7.27
- Non-performing assets increased to $17.4 million (0.60% of total assets) from $10.6 million (0.37%)
- Net interest margin slightly decreased to 3.82% from 3.83%
- Average yield on interest-earning assets declined to 6.16% from 6.19%
Insights
LINKBANCORP delivered a strong third quarter with
- Net interest margin remained stable at
3.82% despite rate pressures - Core deposit growth was robust with
$54.5 million increase in demand deposits - Cost of funds improved slightly to
2.42% - Return on average assets reached
1.00% , up from0.84%
While non-performing assets increased to
Third Quarter 2024 Highlights
- Annualized return on average assets was
1.00% for the third quarter of 2024, compared to0.84% for the the second quarter of 2024. Adjusted return on average assets was1.02% 1 for the third quarter of 2024, compared to0.91% 1 for the second quarter of 2024. - Total deposits2 increased
from$9.3 million at June 30, 2024 to$2.46 billion at September 30, 2024, as strong growth in demand deposit accounts of$2.47 billion and retail time deposits of$54.5 million exceeded a$21.4 million decrease in brokered deposits. Excluding loans held for sale, total loans increased$69.4 million to$22.7 million at September 30, 2024, compared to$2.22 billion at June 30, 2024. Total loans2 increased$2.19 billion from$8.8 million at June 30, 2024 to$2.31 billion at September 30, 2024.$2.32 billion - Noninterest income increased
quarter-over-quarter to$822 thousand for the third quarter of 2024 compared to$2.7 million for the second quarter of 2024.$1.9 million - Noninterest expense decreased
quarter over quarter to$448 thousand in the third quarter of 2024, as the Company continued to execute on post-merger efficiency strategies.$18.5 million - Net interest income before provision for credit losses was
for the third quarter of 2024 compared to$25.0 million in the second quarter of 2024. Net interest margin was$24.5 million 3.82% for the third quarter of 2024 compared to3.83% for the second quarter of 2024. - Non-performing assets were
, representing$17.4 million 0.60% of total assets at September 30, 2024, compared to , representing$10.6 million 0.37% of total assets at June 30, 2024. Loans 30-89 days past due at September 30, 2024 were , representing$2.7 million 0.12% of total loans, an improvement compared to or$5.2 million 0.24% of total loans at June 30, 2024. The allowance for credit losses-loans was1.20% of total loans held for investment at September 30, 2024, unchanged from June 30, 2024. - 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"). The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of 2024 or the first quarter of 2025.
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 pleased to announce another quarter of record earnings for the third quarter of 2024, representing an annualized
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 |
Income Statement
Net interest income before the provision for credit losses for the third quarter of 2024 was
Noninterest income increased
Noninterest expense for the third quarter of 2024 was
Income tax expense was
1 See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP measure. |
Balance Sheet
Total assets were
Including loans held for sale, total loans increased
Including deposits held for sale, total deposits at September 30, 2024 totaled
The Company maintains strong on-balance sheet liquidity, as cash and cash equivalents increased to
Shareholders' equity increased from
1 See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP measure. |
Asset Quality
The Company recorded a
As of September 30, 2024, the Company's non-performing assets were
Loans 30-89 days past due at September 30, 2024 were
The allowance for credit losses-loans was
Capital
The Bank's regulatory capital ratios were well in excess of regulatory minimums to be considered "well capitalized" as of September 30, 2024. The Bank's Total Capital Ratio and Tier 1 Capital Ratio were
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
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.
Given that the Company's merger with Partners Bancorp was completed on November 30, 2023 , reported results prior to the fourth quarter of 2023 included in the following tables reflect legacy LINKBANCORP results only.
LB-E
LB-D
LINKBANCORP, Inc. and Subsidiaries | ||||||||||
Consolidated Balance Sheet (Unaudited) | ||||||||||
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||
(In Thousands, except share and per share data) | ||||||||||
ASSETS | ||||||||||
Noninterest-bearing cash equivalents | $ 15,295 | $ 14,516 | $ 13,552 | $ 13,089 | $ 5,447 | |||||
Interest-bearing deposits with other institutions | 175,937 | 167,141 | 158,731 | 67,101 | 62,532 | |||||
Cash and cash equivalents | 191,232 | 181,657 | 172,283 | 80,190 | 67,979 | |||||
Certificates of deposit with other banks | — | — | — | — | 249 | |||||
Securities available for sale, at fair value | 149,315 | 140,121 | 133,949 | 115,490 | 78,779 | |||||
Securities held to maturity, net of allowance for credit losses | 34,155 | 35,343 | 36,109 | 36,223 | 37,266 | |||||
Loans receivable, gross | 2,215,868 | 2,193,197 | 2,129,919 | 2,128,284 | 978,912 | |||||
Allowance for credit losses - loans | (26,542) | (26,288) | (23,842) | (23,767) | (9,964) | |||||
Loans receivable, net | 2,189,326 | 2,166,909 | 2,106,077 | 2,104,517 | 968,948 | |||||
Investments in restricted bank stock | 4,904 | 4,928 | 4,286 | 3,965 | 3,107 | |||||
Premises and equipment, net | 17,623 | 18,364 | 20,102 | 20,130 | 6,414 | |||||
Right-of-Use Asset – premises | 14,150 | 13,970 | 14,577 | 15,497 | 9,727 | |||||
Bank-owned life insurance | 51,646 | 49,616 | 49,230 | 48,847 | 24,732 | |||||
Goodwill and other intangible assets | 80,924 | 82,129 | 81,494 | 82,701 | 36,715 | |||||
Deferred tax asset | 21,662 | 22,024 | 22,717 | 24,153 | 6,880 | |||||
Assets held for sale | 104,660 | 118,362 | 118,115 | 115,499 | — | |||||
Accrued interest receivable and other assets | 20,344 | 25,170 | 26,730 | 22,113 | 14,899 | |||||
TOTAL ASSETS | $ 2,879,941 | $ 2,858,593 | $ 2,785,669 | $ 2,669,325 | $ 1,255,695 | |||||
LIABILITIES | ||||||||||
Deposits: | ||||||||||
Demand, noninterest bearing | $ 658,473 | $ 661,292 | $ 618,277 | $ 624,780 | $ 210,404 | |||||
Interest bearing | 1,714,179 | 1,699,220 | 1,662,124 | 1,574,019 | 831,368 | |||||
Total deposits | 2,372,652 | 2,360,512 | 2,280,401 | 2,198,799 | 1,041,772 | |||||
Long-term borrowings | 40,000 | 40,000 | 40,000 | — | — | |||||
Short-term borrowings | — | — | — | 10,000 | 15,000 | |||||
Note payable | 572 | 578 | 584 | 590 | — | |||||
Subordinated debt | 61,843 | 61,706 | 61,573 | 61,444 | 40,354 | |||||
Lease liabilities | 14,911 | 14,746 | 15,357 | 16,361 | 9,728 | |||||
Liabilities held for sale | 94,228 | 96,916 | 105,716 | 99,777 | — | |||||
Accrued interest payable and other liabilities | 18,382 | 12,726 | 13,795 | 16,558 | 7,490 | |||||
TOTAL LIABILITIES | 2,602,588 | 2,587,184 | 2,517,426 | 2,403,529 | 1,114,344 | |||||
SHAREHOLDERS' EQUITY | ||||||||||
Preferred stock | — | — | — | — | — | |||||
Common stock | 370 | 370 | 369 | 369 | 162 | |||||
Surplus | 264,059 | 263,795 | 263,577 | 263,310 | 127,856 | |||||
Retained earnings | 15,147 | 10,826 | 7,724 | 4,843 | 19,062 | |||||
Accumulated other comprehensive loss | (2,223) | (3,582) | (3,427) | (3,209) | (5,729) | |||||
Total equity attributable to parent | 277,353 | 271,409 | 268,243 | 265,313 | 141,351 | |||||
Noncontrolling interest in consolidated subsidiary | — | — | — | 483 | — | |||||
TOTAL SHAREHOLDERS' EQUITY | 277,353 | 271,409 | 268,243 | 265,796 | 141,351 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 2,879,941 | $ 2,858,593 | $ 2,785,669 | $ 2,669,325 | $ 1,255,695 | |||||
Common shares outstanding | 37,361,560 | 37,356,278 | 37,348,151 | 37,340,700 | 16,235,871 |
LINKBANCORP, Inc. and Subsidiaries | ||||||||||||
Consolidated Statements of Operations (Unaudited) | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
9/30/2024 | 6/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 | ||||||||
(In Thousands, except share and per share data) | ||||||||||||
INTEREST AND DIVIDEND INCOME | ||||||||||||
Loans receivable, including fees | $ 36,856 | $ 36,112 | $ 13,068 | $ 109,093 | $ 37,330 | |||||||
Other | 3,338 | 3,337 | 1,710 | 9,325 | 4,765 | |||||||
Total interest and dividend income | 40,194 | 39,449 | 14,778 | 118,418 | 42,095 | |||||||
INTEREST EXPENSE | ||||||||||||
Deposits | 13,292 | 13,071 | 5,434 | 38,210 | 15,193 | |||||||
Other Borrowings | 949 | 932 | 550 | 2,967 | 1,196 | |||||||
Subordinated Debt | 972 | 962 | 442 | 2,892 | 1,311 | |||||||
Total interest expense | 15,213 | 14,965 | 6,426 | 44,069 | 17,700 | |||||||
NET INTEREST INCOME BEFORE | 24,981 | 24,484 | 8,352 | 74,349 | 24,395 | |||||||
Provision for (credit to) credit losses | 84 | — | (349) | 125 | (549) | |||||||
NET INTEREST INCOME AFTER | 24,897 | 24,484 | 8,701 | 74,224 | 24,944 | |||||||
NONINTEREST INCOME | ||||||||||||
Service charges on deposit accounts | 1,052 | 865 | 198 | 2,697 | 593 | |||||||
Bank-owned life insurance | 430 | 386 | 177 | 1,199 | 488 | |||||||
Net realized gains (losses) on the sale of debt securities | — | 4 | — | 4 | (2,370) | |||||||
Gain on sale of loans | 138 | 12 | — | 200 | 296 | |||||||
Other | 1,060 | 591 | 505 | 2,167 | 905 | |||||||
Total noninterest income | 2,680 | 1,858 | 880 | 6,267 | (88) | |||||||
NONINTEREST EXPENSE | ||||||||||||
Salaries and employee benefits | 9,855 | 9,941 | 4,193 | 30,914 | 12,350 | |||||||
Occupancy | 1,440 | 1,559 | 701 | 4,577 | 2,104 | |||||||
Equipment and data processing | 1,640 | 1,824 | 934 | 5,290 | 2,519 | |||||||
Professional fees | 763 | 788 | 363 | 2,299 | 1,162 | |||||||
FDIC insurance and supervisory fees | 812 | 545 | 276 | 1,709 | 619 | |||||||
Bank Shares Tax | 752 | 760 | 278 | 2,103 | 834 | |||||||
Intangible amortization | 1,205 | 1,204 | 59 | 3,616 | 179 | |||||||
Merger & restructuring expenses | 171 | 631 | 777 | 858 | 1,679 | |||||||
Advertising | 163 | 241 | 77 | 505 | 268 | |||||||
Other | 1,651 | 1,407 | 336 | 4,730 | 1,833 | |||||||
Total noninterest expense | 18,452 | 18,900 | 7,994 | 56,601 | 23,547 | |||||||
Income before income tax expense | 9,125 | 7,442 | 1,587 | 23,890 | 1,309 | |||||||
Income tax expense | 2,030 | 1,638 | 347 | 5,265 | 276 | |||||||
NET INCOME | $ 7,095 | $ 5,804 | $ 1,240 | $ 18,625 | $ 1,033 | |||||||
EARNINGS PER SHARE, BASIC | $ 0.19 | $ 0.16 | $ 0.08 | $ 0.50 | $ 0.06 | |||||||
EARNINGS PER SHARE, DILUTED | $ 0.19 | $ 0.16 | $ 0.08 | $ 0.50 | $ 0.06 | |||||||
WEIGHTED-AVERAGE COMMON SHARES | ||||||||||||
BASIC | 36,983,637 | 36,970,768 | 16,235,144 | 36,972,127 | 15,984,151 | |||||||
DILUTED | 37,090,111 | 37,040,748 | 16,235,144 | 37,061,512 | 15,984,151 | |||||||
(106,474) | (69,980) | — | (89,385) | — |
LINKBANCORP, Inc. and Subsidiaries | |||||||||
Financial Highlights (Unaudited) | |||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||
('Dollars In Thousands, except per share data) | 9/30/2024 | 6/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 | ||||
Operating Highlights | |||||||||
Net Income | $ 7,095 | $ 5,804 | $ 1,240 | $ 18,625 | $ 1,033 | ||||
Net Interest Income | 24,981 | 24,484 | 8,352 | 74,349 | 24,395 | ||||
Provision for (credit to) Credit Losses | 84 | - | (349) | 125 | (549) | ||||
Non-Interest Income | 2,680 | 1,858 | 880 | 6,267 | (88) | ||||
Non-Interest Expense | 18,452 | 18,900 | 7,994 | 56,601 | 23,547 | ||||
Earnings per Share, Basic | 0.19 | 0.16 | 0.08 | 0.50 | 0.06 | ||||
Adjusted Earnings per Share, Basic (2) | 0.20 | 0.17 | 0.11 | 0.52 | 0.26 | ||||
Earnings per Share, Diluted | 0.19 | 0.16 | 0.08 | 0.50 | 0.06 | ||||
Adjusted Earnings per Share, Diluted (2) | 0.19 | 0.17 | 0.11 | 0.52 | 0.26 | ||||
Selected Operating Ratios | |||||||||
Net Interest Margin | 3.82 % | 3.83 % | 2.89 % | 3.89 % | 2.88 % | ||||
Annualized Return on Assets ("ROA") | 1.00 % | 0.84 % | 0.39 % | 0.90 % | 0.11 % | ||||
Adjusted ROA2 | 1.02 % | 0.91 % | 0.59 % | 0.93 % | 0.46 % | ||||
Annualized Return on Equity ("ROE") | 10.30 % | 8.65 % | 3.46 % | 9.20 % | 0.99 % | ||||
Adjusted ROE2 | 10.50 % | 9.39 % | 5.17 % | 9.53 % | 4.04 % | ||||
Efficiency Ratio | 66.71 % | 71.75 % | 86.59 % | 70.21 % | 96.87 % | ||||
Adjusted Efficiency Ratio3 | 66.09 % | 69.36 % | 78.17 % | 69.15 % | 81.97 % | ||||
Noninterest Income to Avg. Assets | 0.38 % | 0.27 % | 0.28 % | 0.30 % | -0.01 % | ||||
Noninterest Expense to Avg. Assets | 2.61 % | 2.73 % | 2.54 % | 2.73 % | 2.56 % | ||||
9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | |||||
Financial Condition Data | |||||||||
Total Assets | $ 2,858,593 | $ 2,785,669 | $ 2,669,325 | $ 1,255,695 | |||||
Loans Receivable, Net | 2,189,326 | 2,166,909 | 2,106,077 | 2,104,517 | 968,948 | ||||
Noninterest-bearing Deposits | 658,473 | 661,292 | 618,277 | 624,780 | 210,404 | ||||
Interest-bearing Deposits | 1,714,179 | 1,699,220 | 1,662,124 | 1,574,019 | 831,368 | ||||
Total Deposits | 2,372,652 | 2,360,512 | 2,280,401 | 2,198,799 | 1,041,772 | ||||
Selected Balance Sheet Ratios | |||||||||
Total Capital Ratio1 | 11.44 % | 11.09 % | 11.04 % | 10.62 % | 12.92 % | ||||
Tier 1 Capital Ratio1 | 10.62 % | 10.30 % | 10.24 % | 9.92 % | 12.37 % | ||||
Common Equity Tier 1 Capital Ratio1 | 10.62 % | 10.30 % | 10.24 % | 9.92 % | 12.37 % | ||||
Leverage Ratio1 | 9.41 % | 9.17 % | 9.23 % | 14.13 % | 10.71 % | ||||
Tangible Common Equity to Tangible Assets4 | 7.02 % | 6.82 % | 6.91 % | 7.08 % | 8.58 % | ||||
Tangible Book Value per Share5 | $ 5.26 | $ 5.07 | $ 5.00 | $ 4.90 | $ 6.44 | ||||
Asset Quality Data | |||||||||
Non-performing Assets | $ 17,378 | $ 10,589 | $ 6,675 | $ 7,250 | $ 2,958 | ||||
Non-performing Assets to Total Assets | 0.60 % | 0.37 % | 0.24 % | 0.27 % | 0.24 % | ||||
Non-performing Loans to Total Loans | 0.78 % | 0.48 % | 0.31 % | 0.34 % | 0.30 % | ||||
Allowance for Credit Losses - Loans ("ACLL") | $ 26,542 | $ 26,288 | $ 23,842 | $ 23,767 | $ 9,964 | ||||
ACLL to Total Loans6 | 1.20 % | 1.20 % | 1.06 % | 1.06 % | 1.02 % | ||||
ACLL to Nonperforming Assets | 152.73 % | 248.26 % | 357.18 % | 327.82 % | 336.85 % | ||||
Net (recoveries) chargeoffs | $ (28) | $ (20) | $ 70 | $ 195 | $ (12) | ||||
(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 September 30, | ||||||||||||
2024 | 2023 | |||||||||||
(Dollars in thousands) | Avg Bal | Interest (2) | Yield/Rate | Avg Bal | Interest (2) | Yield/Rate | ||||||
Int. Earn. Cash | $ 114,383 | $ 1,296 | 4.51 % | $ 55,514 | $ 577 | 4.12 % | ||||||
Securities | ||||||||||||
Taxable (1) | 133,443 | 1,683 | 5.02 % | 82,499 | 833 | 4.01 % | ||||||
Tax-Exempt | 42,800 | 453 | 4.21 % | 38,589 | 378 | 3.89 % | ||||||
Total Securities | 176,243 | 2,136 | 4.82 % | 121,088 | 1,211 | 3.97 % | ||||||
Total Cash Equiv. and Investments | 290,626 | 3,432 | 4.70 % | 176,602 | 1,788 | 4.02 % | ||||||
Total Loans (3)(4) | 2,313,228 | 36,856 | 6.34 % | 971,877 | 13,068 | 5.33 % | ||||||
Total Earning Assets | 2,603,854 | 40,288 | 6.16 % | 1,148,479 | 14,856 | 5.13 % | ||||||
Other Assets | 208,407 | 97,995 | ||||||||||
Total Assets | $ 2,812,261 | $ 1,246,474 | ||||||||||
Interest bearing demand(5) | $ 497,100 | $ 2,902 | 2.32 % | $ 254,725 | $ 1,490 | 2.32 % | ||||||
Money market demand(5) | 580,766 | 3,396 | 2.33 % | 254,849 | 1,827 | 2.84 % | ||||||
Time deposits(5) | 613,402 | 6,993 | 4.54 % | 265,573 | 2,117 | 3.16 % | ||||||
Total Borrowings | 153,699 | 1,922 | 0.00 % | 102,669 | 992 | 3.83 % | ||||||
Total Interest-Bearing Liabilities | 1,844,967 | 15,213 | 3.28 % | 877,816 | 6,426 | 2.90 % | ||||||
Non Interest-Bearing Deposits(5) | 659,825 | 209,054 | ||||||||||
Total Cost of Funds | $ 2,504,792 | $ 15,213 | 2.42 % | $ 1,086,870 | $ 6,426 | 2.35 % | ||||||
Other Liabilities | 33,534 | 17,230 | ||||||||||
Total Liabilities | $ 2,538,326 | $ 1,104,100 | ||||||||||
Shareholders' Equity | $ 273,935 | $ 142,374 | ||||||||||
Total Liabilities & Shareholders' Equity | $ 2,812,261 | $ 1,246,474 | ||||||||||
Net Interest Income/Spread (FTE) | 25,075 | 2.88 % | 8,430 | 2.23 % | ||||||||
Tax-Equivalent Basis Adjustment | (94) | (78) | ||||||||||
Net Interest Income | $ 24,981 | $ 8,352 | ||||||||||
Net Interest Margin | 3.82 % | 2.89 % | ||||||||||
(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 | ||||||||||||
September 30, 2024 | June 30, 2024 | |||||||||||
(Dollars in thousands) | Avg Bal | Interest (2) | Yield/Rate | Avg Bal | Interest (2) | Yield/Rate | ||||||
Int. Earn. Cash | $ 114,383 | $ 1,296 | 4.51 % | $ 121,340 | $ 1,395 | 4.62 % | ||||||
Securities | ||||||||||||
Taxable (1) | 133,443 | 1,683 | 5.02 % | 125,885 | 1,592 | 5.09 % | ||||||
Tax-Exempt | 42,800 | 453 | 4.21 % | 41,776 | 443 | 4.26 % | ||||||
Total Securities | 176,243 | 2,136 | 4.82 % | 167,661 | 2,035 | 4.88 % | ||||||
Total Cash Equiv. and Investments | 290,626 | 3,432 | 4.70 % | 289,001 | 3,430 | 4.77 % | ||||||
Total Loans (3)(4) | 2,313,228 | 36,856 | 6.34 % | 2,280,041 | 36,112 | 6.37 % | ||||||
Total Earning Assets | 2,603,854 | 40,288 | 6.16 % | 2,569,042 | 39,542 | 6.19 % | ||||||
Other Assets | 208,407 | 212,097 | ||||||||||
Total Assets | $ 2,812,261 | $ 2,781,139 | ||||||||||
Interest bearing demand(5) | $ 497,100 | 2,902 | 2.32 % | $ 446,109 | $ 2,457 | 2.22 % | ||||||
Money market demand(5) | 580,766 | 3,396 | 2.33 % | 581,223 | 3,271 | 2.26 % | ||||||
Time deposits(5) | 613,402 | 6,993 | 4.54 % | 642,919 | 7,343 | 4.59 % | ||||||
Total Borrowings | 153,699 | 1,922 | 4.97 % | 151,596 | 1,894 | 5.02 % | ||||||
Total Interest-Bearing Liabilities | 1,844,967 | 15,213 | 3.28 % | 1,821,847 | 14,965 | 3.30 % | ||||||
Non Interest-Bearing Deposits(5) | 659,825 | 657,939 | ||||||||||
Total Cost of Funds | $ 2,504,792 | $ 15,213 | 2.42 % | $ 2,479,786 | $ 14,965 | 2.43 % | ||||||
Other Liabilities | 33,534 | 31,519 | ||||||||||
Total Liabilities | $ 2,538,326 | $ 2,511,305 | ||||||||||
Shareholders' Equity | $ 273,935 | $ 269,834 | ||||||||||
Total Liabilities & Shareholders' Equity | $ 2,812,261 | $ 2,781,139 | ||||||||||
Net Interest Income/Spread (FTE) | 25,075 | 2.88 % | 24,577 | 2.89 % | ||||||||
Tax-Equivalent Basis Adjustment | (94) | (93) | ||||||||||
Net Interest Income | $ 24,981 | $ 24,484 | ||||||||||
Net Interest Margin | 3.82 % | 3.83 % | ||||||||||
(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 Nine Months Ended September 30, | ||||||||||||
2024 | 2023 | |||||||||||
(Dollars in thousands) | Avg Bal | Interest (2) | Yield/Rate | Avg Bal | Interest (2) | Yield/Rate | ||||||
Int. Earn. Cash | $ 106,334 | $ 3,590 | 4.51 % | $ 51,547 | $ 1,561 | 4.05 % | ||||||
Securities | ||||||||||||
Taxable (1) | 125,264 | 4,666 | 4.98 % | 83,449 | 2,309 | 3.70 % | ||||||
Tax-Exempt | 42,606 | 1,353 | 4.24 % | 38,617 | 1,133 | 3.92 % | ||||||
Total Securities | 167,870 | 6,019 | 4.79 % | 122,066 | 3,442 | 3.77 % | ||||||
Total Cash Equiv. and Investments | 274,204 | 9,609 | 4.68 % | 173,613 | 5,003 | 3.85 % | ||||||
Total Loans (3)(4) | 2,279,378 | 109,093 | 6.39 % | 958,382 | 37,330 | 5.21 % | ||||||
Total Earning Assets | 2,553,582 | 118,702 | 6.21 % | 1,131,995 | 42,333 | 5.00 % | ||||||
Other Assets | 210,962 | 95,400 | ||||||||||
Total Assets | $ 2,764,544 | $ 1,227,395 | ||||||||||
Interest bearing demand(5) | $ 458,184 | $ 7,301 | 2.13 % | $ 250,830 | $ 3,938 | 2.10 % | ||||||
Money market demand(5) | 582,998 | 9,841 | 2.25 % | 248,731 | 4,766 | 2.56 % | ||||||
Time deposits(5) | 621,881 | 21,068 | 4.53 % | 285,666 | 6,489 | 3.04 % | ||||||
Total Borrowings | 147,557 | 5,859 | 5.30 % | 81,749 | 2,507 | 4.10 % | ||||||
Total Interest-Bearing Liabilities | 1,810,620 | 44,069 | 3.25 % | 866,976 | 17,700 | 2.73 % | ||||||
Non Interest-Bearing Deposits(5) | 650,384 | 203,284 | ||||||||||
Total Cost of Funds | $ 2,461,004 | $ 44,069 | 2.39 % | $ 1,070,260 | $ 17,700 | 2.21 % | ||||||
Other Liabilities | 33,086 | 17,024 | ||||||||||
Total Liabilities | $ 2,494,090 | $ 1,087,284 | ||||||||||
Shareholders' Equity | $ 270,454 | $ 140,005 | ||||||||||
Total Liabilities & Shareholders' Equity | $ 2,764,544 | $ 1,227,289 | ||||||||||
Net Interest Income/Spread (FTE) | 74,633 | 2.96 % | 24,633 | 2.27 % | ||||||||
Tax-Equivalent Basis Adjustment | (284) | (238) | ||||||||||
Net Interest Income | $ 74,349 | $ 24,395 | ||||||||||
Net Interest Margin | 3.89 % | 2.88 % | ||||||||||
(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) | September 30, | June 30, | March 31, | December 31, | September 30, | |||||
Agriculture and farmland loans | $ 65,166 | $ 66,937 | $ 67,359 | $ 65,861 | $ 50,584 | |||||
Construction loans | 175,373 | 201,174 | 194,391 | 178,483 | 65,836 | |||||
Commercial & industrial loans | 241,597 | 247,190 | 218,724 | 238,343 | 115,572 | |||||
Commercial real estate loans | ||||||||||
Multifamily | 212,444 | 199,740 | 190,146 | 180,788 | 111,853 | |||||
Owner occupied | 500,643 | 492,065 | 489,467 | 501,732 | 160,929 | |||||
Non-owner occupied | 626,030 | 610,649 | 589,731 | 580,972 | 257,344 | |||||
Residential real estate loans | ||||||||||
First liens | 400,869 | 400,098 | 403,300 | 402,433 | 172,481 | |||||
Second liens and lines of credit | 73,591 | 71,168 | 71,060 | 70,747 | 27,870 | |||||
Consumer and other loans | 17,498 | 15,514 | 16,810 | 16,756 | 11,869 | |||||
Municipal loans | 4,296 | 4,362 | 4,473 | 5,244 | 4,137 | |||||
2,317,507 | 2,308,897 | 2,245,461 | 2,241,359 | 978,475 | ||||||
Deferred costs | 634 | 478 | 356 | 174 | 437 | |||||
Total loans receivable | 2,318,141 | 2,309,375 | 2,245,817 | 2,241,533 | 978,912 | |||||
Less: Loans held for sale | 102,273 | 116,178 | 115,898 | 113,249 | - | |||||
Loans Held for Investment | $ 2,215,868 | $ 2,193,197 | $ 2,129,919 | $ 2,128,284 | $ 978,912 |
LINKBANCORP, Inc. and Subsidiaries | ||||||||
Investments in Securities Detail (Unaudited) | ||||||||
September 30, 2024 | ||||||||
(In Thousands) | Amortized | Net | Fair | |||||
Available for Sale: | ||||||||
US Government Agency securities | $ 11,935 | $ 442 | $ 12,377 | |||||
Obligations of state and political subdivisions | 51,124 | (2,529) | 48,595 | |||||
Mortgage-backed securities in government-sponsored entities | 88,528 | (700) | 87,828 | |||||
Other securities | 524 | (9) | 515 | |||||
$ 152,111 | $ (2,796) | $ 149,315 | ||||||
Amortized | Net | Fair Value | Allowance for | |||||
Held to Maturity: | ||||||||
Corporate debentures | $ 15,000 | $ (1,198) | $ 13,802 | $ (471) | ||||
Structured mortgage-backed securities | 19,626 | (605) | 19,021 | - | ||||
$ 34,626 | $ (1,803) | $ 32,823 | $ (471) | |||||
December 31, 2023 | ||||||||
(In Thousands) | Amortized | Net | Fair | |||||
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 | Net | Fair Value | Allowance for | |||||
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) | September 30, | June 30, | March 31, | December 31, | September 30, | |||||
Demand, noninterest-bearing | $ 687,536 | $ 692,095 | $ 653,719 | $ 655,953 | $ 210,404 | |||||
Demand, interest-bearing | 547,099 | 488,043 | 447,412 | 438,765 | 273,673 | |||||
Money market and savings | 585,395 | 582,561 | 591,982 | 577,448 | 258,334 | |||||
Time deposits, | 169,616 | 156,621 | 147,898 | 134,324 | 51,563 | |||||
Time deposits, other | 401,976 | 393,603 | 398,365 | 372,572 | 172,798 | |||||
Brokered deposits | 75,000 | 144,429 | 146,653 | 119,411 | 75,000 | |||||
2,466,622 | 2,457,352 | 2,386,029 | 2,298,473 | 1,041,772 | ||||||
Less: Deposits held for sale | 93,970 | 96,840 | 105,628 | 99,674 | — | |||||
Total deposits | $ 2,372,652 | $ 2,360,512 | $ 2,280,401 | $ 2,198,799 | $ 1,041,772 | |||||
Average Deposits Detail, for the Three Months Ended (Unaudited) | ||||||||||
(In Thousands) | September 30, | June 30, | March 31, | December 31, | September 30, | |||||
Demand, noninterest-bearing | $ 659,825 | $ 657,939 | $ 632,637 | $ 371,051 | $ 209,054 | |||||
Demand, interest-bearing | 497,100 | 446,109 | 424,781 | 328,342 | 254,725 | |||||
Money market and savings | 580,766 | 581,223 | 587,455 | 367,821 | 254,849 | |||||
Time deposits | 560,815 | 547,582 | 518,929 | 317,747 | 236,869 | |||||
Brokered deposits | 52,587 | 95,337 | 89,263 | 30,832 | 28,705 | |||||
Total deposits | $ 2,351,093 | $ 2,328,190 | $ 2,253,065 | $ 1,415,793 | $ 984,202 | |||||
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
Adjusted Return on Average Assets | |||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||
(Dollars in thousands) | 9/30/2024 | 6/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 | ||||
Net income | $ 7,095 | $ 5,804 | $ 1,240 | $ 18,625 | $ 1,033 | ||||
Average assets | 2,812,261 | 2,781,139 | 1,246,474 | 2,764,544 | 1,227,395 | ||||
Return on average assets (annualized) | 1.00 % | 0.84 % | 0.39 % | 0.90 % | 0.11 % | ||||
Net income | 7,095 | 5,804 | 1,240 | 18,625 | 1,033 | ||||
Net (gains) losses on sale of securities | - | (4) | - | (4) | 2,370 | ||||
Tax effect at | - | 1 | - | 1 | (498) | ||||
Merger & restructuring expenses | 171 | 631 | 777 | 858 | 1,679 | ||||
Tax effect at | (36) | (133) | (163) | (180) | (353) | ||||
Adjusted Net Income (Non-GAAP) | 7,230 | 6,299 | 1,854 | 19,300 | 4,231 | ||||
Average assets | 2,812,261 | 2,781,139 | 1,246,474 | 2,764,544 | 1,227,395 | ||||
Adjusted return on average assets (annualized) | 1.02 % | 0.91 % | 0.59 % | 0.93 % | 0.46 % |
Adjusted Return on Average Shareholders' Equity | |||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||
(Dollars in thousands) | 9/30/2024 | 6/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 | ||||
Net income | $ 7,095 | $ 5,804 | $ 1,240 | $ 18,625 | $ 1,033 | ||||
Average shareholders' equity | 273,935 | 269,834 | 142,374 | 270,454 | 140,005 | ||||
Return on average shareholders' equity (annualized) | 10.30 % | 8.65 % | 3.46 % | 9.20 % | 0.99 % | ||||
Net income | 7,095 | 5,804 | 1,240 | 18,625 | 1,033 | ||||
Net (gains) losses on sale of securities | - | (4) | - | (4) | 2,370 | ||||
Tax effect at | - | 1 | - | 1 | (498) | ||||
Merger & restructuring expenses | 171 | 631 | 777 | 858 | 1,679 | ||||
Tax effect at | (36) | (133) | (163) | (180) | (353) | ||||
Adjusted Net Income (Non-GAAP) | 7,230 | 6,299 | 1,854 | 19,300 | 4,231 | ||||
Average shareholders' equity | 273,935 | 269,834 | 142,374 | 270,454 | 140,005 | ||||
Adjusted return on average shareholders' equity (annualized) | 10.50 % | 9.39 % | 5.17 % | 9.53 % | 4.04 % |
Adjusted Efficiency Ratio | |||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||
(Dollars in thousands) | 9/30/2024 | 6/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 | ||||
GAAP-based efficiency ratio | 66.71 % | 71.75 % | 86.59 % | 70.21 % | 96.87 % | ||||
Net interest income | $ 24,981 | $ 24,484 | $ 8,352 | $ 74,349 | $ 24,395 | ||||
Noninterest income | 2,680 | 1,858 | 880 | 6,267 | (88) | ||||
Less: net gains (losses) on sales of securities | - | 4 | - | 4 | (2,370) | ||||
Adjusted revenue (Non-GAAP) | 27,661 | 26,338 | 9,232 | 80,612 | 26,677 | ||||
Total noninterest expense | 18,452 | 18,900 | 7,994 | 56,601 | 23,547 | ||||
Less: Merger & restructuring expenses | 171 | 631 | 777 | 858 | 1,679 | ||||
Adjusted non-interest expense | 18,281 | 18,269 | 7,217 | 55,743 | 21,868 | ||||
Efficiency ratio, as adjusted (Non-GAAP) | 66.09 % | 69.36 % | 78.17 % | 69.15 % | 81.97 % |
Adjusted Earnings Per Share | |||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||
(Dollars in thousands, except per share data) | 9/30/2024 | 6/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 | ||||
GAAP-Based Earnings Per Share, Basic | $ 0.19 | $ 0.16 | $ 0.08 | $ 0.50 | $ 0.06 | ||||
GAAP-Based Earnings Per Share, Diluted | $ 0.19 | $ 0.16 | $ 0.08 | $ 0.50 | $ 0.06 | ||||
Net Income | $ 7,095 | $ 5,804 | $ 1,240 | $ 18,625 | $ 1,033 | ||||
Net (gains) losses on sale of securities | - | (4) | - | (4) | 2,370 | ||||
Tax effect at | - | 1 | - | 1 | (498) | ||||
Merger & restructuring expenses | 171 | 631 | 777 | 858 | 1,679 | ||||
Tax effect at | (36) | (133) | (163) | (180) | (353) | ||||
Adjusted Net Income (Non-GAAP) | 7,230 | 6,299 | 1,854 | 19,300 | 4,231 | ||||
Adjusted Earnings per Share, Basic (Non-GAAP) | $ 0.20 | $ 0.17 | $ 0.11 | $ 0.52 | $ 0.26 | ||||
Adjusted Earnings per Share, Diluted (Non-GAAP) | $ 0.19 | $ 0.17 | $ 0.11 | $ 0.52 | $ 0.26 |
Tangible Common Equity and Tangible Book Value | ||||||||||
9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | ||||||
Tangible Common Equity | (Dollars in thousands, except for share data) | |||||||||
Total shareholders' equity | $ 277,353 | $ 271,409 | $ 268,243 | $ 265,796 | $ 141,351 | |||||
Adjustments: | ||||||||||
Goodwill | (58,806) | (58,806) | (56,968) | (56,968) | (35,842) | |||||
Other intangible assets | (22,118) | (23,323) | (24,526) | (25,733) | (873) | |||||
Tangible common equity (Non-GAAP) | $ 196,429 | $ 189,280 | $ 186,749 | $ 183,095 | $ 104,636 | |||||
Common shares outstanding | 37,361,560 | 37,356,278 | 37,348,151 | 37,340,700 | 16,235,871 | |||||
Book value per common share | $ 7.42 | $ 7.27 | $ 7.18 | $ 7.12 | $ 8.71 | |||||
Tangible book value per common share | $ 5.26 | $ 5.07 | $ 5.00 | $ 4.90 | $ 6.44 | |||||
Tangible Assets | ||||||||||
Total assets | $ 2,879,941 | $ 2,858,593 | $ 2,785,669 | $ 2,669,325 | $ 1,255,695 | |||||
Adjustments: | ||||||||||
Goodwill | (58,806) | (58,806) | (56,968) | (56,968) | (35,842) | |||||
Other intangible assets | (22,118) | (23,323) | (24,526) | (25,733) | (873) | |||||
Tangible assets (Non-GAAP) | $ 2,799,017 | $ 2,776,464 | $ 2,704,175 | $ 2,586,624 | $ 1,218,980 | |||||
Tangible common equity to tangible assets (Non-GAAP) | 7.02 % | 6.82 % | 6.91 % | 7.08 % | 8.58 % |
Adjusted Pre-tax, Pre-provision Net Income (Non-GAAP) | |||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||
(Dollars in thousands, except per share data) | 9/30/2024 | 6/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 | ||||
Net Income - GAAP | $ 7,095 | $ 5,804 | $ 1,240 | $ 18,625 | $ 1,033 | ||||
Net (gains) losses on sale of securities | - | (4) | - | (4) | 2,370 | ||||
Tax effect at | - | 1 | - | 1 | (498) | ||||
Merger & restructuring expenses | 171 | 631 | 777 | 858 | 1,679 | ||||
Tax effect at | (36) | (133) | (163) | (180) | (353) | ||||
Adjusted Net Income (Non-GAAP) | 7,230 | 6,299 | 1,854 | 19,300 | 4,231 | ||||
Income tax expense | 2,030 | 1,638 | 347 | 5,265 | 276 | ||||
Provision for (credit to) credit losses | 84 | - | (349) | 125 | (549) | ||||
Tax effect included in Adjusted Net Income | 36 | 132 | 163 | 179 | 851 | ||||
Adjusted Pre-tax, Pre-provision Net Income (Non-GAAP) | $ 9,380 | $ 8,069 | $ 2,015 | $ 24,869 | $ 4,809 |
Contact:
Nicole Davis
Corporate and Investor Relations Officer
717.803.8895
IR@LINKBANCORP.COM
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