LINKBANCORP, Inc. Announces Second Quarter 2024 Earnings
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 (NASDAQ: LNKB) ha riportato un reddito netto di 5,8 milioni di dollari, ovvero 0,16 dollari per azione diluita, per il secondo trimestre del 2024. Gli utili rettificati sono stati di 6,3 milioni di dollari, ovvero 0,17 dollari per azione diluita, escludendo le spese legate alla vendita e consolidamento delle filiali. I punti salienti includono:
- I prestiti totali sono aumentati di 63,6 milioni di dollari (11,4% annualizzato) a 2,31 miliardi di dollari
- I depositi totali sono cresciuti di 71,3 milioni di dollari (12,0% annualizzato) a 2,46 miliardi di dollari
- Le spese non di interesse sono diminuite di 350.000 dollari a 18,9 milioni di dollari
- Il reddito netto da interessi è stato di 24,5 milioni di dollari, con un margine di interesse netto del 3,83%
- Gli attivi non performanti rappresentavano lo 0,37% del totale degli attivi
- Le riserve per perdite creditizie sui prestiti erano dell'1,20% dei prestiti totali detenuti per investimento
La società ha annunciato la vendita delle sue operazioni bancarie nel New Jersey, prevista per la chiusura nel secondo semestre del 2024. LINKBANCORP continua a concentrarsi sul miglioramento della redditività e dell'esperienza del cliente.
LINKBANCORP (NASDAQ: LNKB) reportó un ingreso neto de 5.8 millones de dólares, o 0.16 dólares por acción diluida, para el segundo trimestre de 2024. Las ganancias ajustadas fueron de 6.3 millones de dólares, o 0.17 dólares por acción diluida, excluyendo gastos relacionados con la venta y consolidación de sucursales. Los aspectos destacados incluyen:
- Los préstamos totales aumentaron en 63.6 millones de dólares (11.4% anualizado) a 2.31 mil millones de dólares
- Los depósitos totales crecieron en 71.3 millones de dólares (12.0% anualizado) a 2.46 mil millones de dólares
- Los gastos no relacionados con intereses disminuyeron en 350,000 dólares a 18.9 millones de dólares
- Los ingresos netos por intereses fueron de 24.5 millones de dólares, con un margen de interés neto del 3.83%
- Los activos no rentables representaron el 0.37% del total de activos
- La reserva para pérdidas crediticias sobre préstamos fue del 1.20% de los préstamos totales mantenidos para inversiones
La compañía anunció la venta de sus operaciones bancarias en Nueva Jersey, que se espera cierre en la segunda mitad de 2024. LINKBANCORP continúa enfocándose en mejorar la rentabilidad y la experiencia del cliente.
LINKBANCORP (NASDAQ: LNKB)는 2024년 2분기에 580만 달러의 순이익, 즉 희석주당 0.16달러를 보고했습니다. 조정된 수익은 630만 달러, 즉 희석주당 0.17달러로, 지점 매각 및 통합과 관련된 비용을 제외한 것입니다. 주요 사항은 다음과 같습니다:
- 총 대출은 6360만 달러(연환산 11.4%) 증가해 23억 1000만 달러에 달했습니다.
- 총 예치는 7130만 달러(연환산 12.0%) 증가해 24억 6000만 달러에 달했습니다.
- 비이자 비용은 35만 달러 감소해 1890만 달러가 되었습니다.
- 순이자 수익은 2450만 달러였으며, 순이자 마진은 3.83%였습니다.
- 비수익 자산은 총 자산의 0.37%였습니다.
- 신용 손실 준비금-대출은 투자용으로 보유된 총 대출의 1.20%였습니다.
회사는 2024년 하반기에 마무리될 것으로 예상되는 뉴저지 은행 운영 매각을 발표했습니다. LINKBANCORP는 수익성 개선과 고객 경험 향상에 지속적으로 집중하고 있습니다.
LINKBANCORP (NASDAQ: LNKB) a déclaré un revenu net de 5,8 millions de dollars, soit 0,16 dollar par action diluée, pour le deuxième trimestre de 2024. Les bénéfices ajustés étaient de 6,3 millions de dollars, soit 0,17 dollar par action diluée, excluant les frais liés à la vente et à la consolidation des agences. Les faits saillants comprennent:
- Les prêts totaux ont augmenté de 63,6 millions de dollars (11,4% annualisé) pour atteindre 2,31 milliards de dollars
- Les dépôts totaux ont crû de 71,3 millions de dollars (12,0% annualisé) pour atteindre 2,46 milliards de dollars
- Les charges non liées aux intérêts ont diminué de 350 000 dollars pour atteindre 18,9 millions de dollars
- Les revenus nets d'intérêts étaient de 24,5 millions de dollars, avec une marge d'intérêt nette de 3,83%
- Les actifs non performants représentaient 0,37% du total des actifs
- Les provisions pour pertes sur créances étaient de 1,20% des prêts totaux détenus pour investissement
L'entreprise a annoncé la vente de ses opérations bancaires du New Jersey, dont la clôture est prévue pour le second semestre 2024. LINKBANCORP continue de se concentrer sur l'amélioration de la rentabilité et de l'expérience client.
LINKBANCORP (NASDAQ: LNKB) gab einen Nettoertrag von 5,8 Millionen Dollar, also 0,16 Dollar pro verwässerter Aktie, für das zweite Quartal 2024 bekannt. Die bereinigten Erträge betrugen 6,3 Millionen Dollar, oder 0,17 Dollar pro verwässerter Aktie, ohne die Kosten für den Verkauf und die Konsolidierung von Filialen. Zu den wichtigsten Punkten gehören:
- Die Gesamtkredite stiegen um 63,6 Millionen Dollar (annualisiert 11,4%) auf 2,31 Milliarden Dollar
- Die Gesamteinlagen wuchsen um 71,3 Millionen Dollar (annualisiert 12,0%) auf 2,46 Milliarden Dollar
- Die nichtzinsbezogenen Aufwendungen sanken um 350.000 Dollar auf 18,9 Millionen Dollar
- Die Zinserträge betrugen 24,5 Millionen Dollar bei einer Nettozinsmarge von 3,83%
- Die notleidenden Forderungen machten 0,37% der Gesamtaktiva aus
- Die Rückstellungen für Kreditrisiken-Kredite betrugen 1,20% der insgesamt zur Anlage gehaltenen Kredite
Das Unternehmen kündigte den Verkauf seiner Bankgeschäfte in New Jersey an, der im zweiten Halbjahr 2024 abgeschlossen werden soll. LINKBANCORP konzentriert sich weiterhin auf die Verbesserung der Rentabilität und der Kundenerfahrung.
- Net income of $5.8 million, with adjusted earnings of $6.3 million
- Total loans increased by $63.6 million (11.4% annualized)
- Total deposits grew by $71.3 million (12.0% annualized)
- Noninterest expense decreased by $350,000
- Strong growth of $28.5 million in commercial & industrial loans
- Increase in noninterest bearing demand account balances by $38.4 million
- Net interest margin decreased from 4.03% in Q1 2024 to 3.83% in Q2 2024
- Non-performing assets increased from 0.24% to 0.37% of total assets
- Cost of funds increased from 2.33% in Q1 2024 to 2.43% in Q2 2024
- Net interest income decreased from $24.9 million in Q1 2024 to $24.5 million in Q2 2024
Insights
LINKBANCORP's Q2 2024 results demonstrate a mixed performance with some positive trends and areas of concern. The company reported net income of
On the positive side, the bank showed strong loan and deposit growth. Total loans increased by
However, there are some concerning trends. The net interest margin declined from
The bank's efficiency efforts are noteworthy, with adjusted noninterest expenses decreasing by
Overall, while LINKBANCORP shows strong growth and improved efficiency, investors should monitor the bank's asset quality and net interest margin closely in the coming quarters.
LINKBANCORP's Q2 2024 results reveal a bank navigating a challenging environment with some success. The standout positive is the robust loan and deposit growth, outpacing many peers in the industry. The
The increase in noninterest-bearing deposits is particularly noteworthy, as it helps offset rising funding costs. However, the bank's net interest margin (NIM) compression from
The bank's efficiency ratio, while not explicitly stated, appears to be improving based on the
The increase in non-performing assets from
LINKBANCORP's pending sale of its New Jersey operations aligns with industry trends of banks refocusing on core markets and streamlining operations. This strategic move could potentially improve efficiency and allow for better resource allocation in the long term.
In conclusion, LINKBANCORP is showing resilience in a challenging banking environment, with strong growth offsetting margin pressures. However, the bank will need to carefully manage asset quality and continue to focus on operational efficiency to maintain profitability in the face of ongoing industry headwinds.
Second Quarter 2024 Highlights
- Total loans2 increased
, or$63.6 million 11.4% annualized from at March 31, 2024 to$2.25 billion at June 30, 2024, led by strong growth of$2.31 billion in commercial & industrial loans over the period.$28.5 million - Total deposits2 increased
, or$71.3 million 12.0% annualized from at March 31, 2024 to$2.39 billion at June 30, 2024, including growth of$2.46 billion in noninterest bearing demand account balances at quarter end.$38.4 million - Noninterest expense decreased
quarter over quarter to$350 thousand in the second quarter of 2024. Excluding merger expenses and costs associated with the Branch Sale and branch consolidations, adjusted noninterest expense was$18.9 million in the second quarter of 2024, a$18.3 million decrease compared to$925 thousand in the first quarter of 2024.1$19.2 million - Net interest income before provision for credit losses was
for the second quarter of 2024 compared to$24.5 million in the first quarter of 2024, and was impacted by a quarter-over-quarter decline in purchase accounting accretion as well as increased funding costs due to continued competition for deposits to support quality loan growth and maintain prudent on-balance sheet liquidity. Net interest margin was$24.9 million 3.83% for the second quarter of 2024 compared to4.03% for the first quarter of 2024. - Non-performing assets were
, representing$10.6 million 0.37% of total assets at June 30, 2024, compared to , representing$6.7 million 0.24% of total assets at March 31, 2024. The allowance for credit losses-loans was1.20% of total loans held for investment at June 30, 2024, compared to1.06% at March 31, 2024. The allowance was impacted by the reclassification of loans related to the Branch Sale as assets held for sale, offset by net loan growth in the quarter, as well as a loan acquired in the merger with Partners Bancorp (the "Partners Merger") which experienced credit deterioration that was present at the time of the merger and required a day one purchase accounting adjustment that increased the allowance for credit losses by and increased goodwill by$2.3 million .$1.8 million - On May 9, 2024, the Company announced that LINBANK 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 second half of 2024.
As a result of the Branch Sale announcement, associated assets and liabilities 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 by the consistent improvement in performance achieved through the hard work and dedication of all of our teams, evidenced by the results of the second quarter of 2024, including increased profitability metrics and strong commercial loan and core deposit growth," said Andrew Samuel, Chief Executive Officer of LINKBANCORP. "The consolidation of three client solution centers was completed during the quarter and we remain on target to conclude the pending sale of the
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 second quarter of 2024 was
Noninterest income increased quarter-over-quarter to
Noninterest expense for the second quarter of 2024 was
Income tax expense was
Balance Sheet
Total assets were
Including loans held for sale, total loans increased
Including deposits held for sale, total deposits at June 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
In the second quarter of 2024, the Company did not record a provision for credit losses, compared to a
As of June 30, 2024, the Company's non-performing assets 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 June 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 merger with Partners; 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 ("Partners") was completed on November 30, 2023 (the "Partners Merger"), 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) | ||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | ||||||
(In Thousands, except share and per share data) | ||||||||||
ASSETS | ||||||||||
Noninterest-bearing cash equivalents | $ 14,516 | $ 13,552 | $ 13,089 | $ 5,447 | $ 4,736 | |||||
Interest-bearing deposits with other institutions | 167,141 | 158,731 | 67,101 | 62,532 | 118,438 | |||||
Cash and cash equivalents | 181,657 | 172,283 | 80,190 | 67,979 | 123,174 | |||||
Certificates of deposit with other banks | — | — | — | 249 | 498 | |||||
Securities available for sale, at fair value | 140,121 | 133,949 | 115,490 | 78,779 | 83,620 | |||||
Securities held to maturity, net of allowance for credit losses | 35,343 | 36,109 | 36,223 | 37,266 | 38,220 | |||||
Loans receivable, gross | 2,193,197 | 2,129,919 | 2,128,284 | 978,912 | 969,533 | |||||
Allowance for credit losses - loans | (26,288) | (23,842) | (23,767) | (9,964) | (10,228) | |||||
Loans receivable, net | 2,166,909 | 2,106,077 | 2,104,517 | 968,948 | 959,305 | |||||
Investments in restricted bank stock | 4,928 | 4,286 | 3,965 | 3,107 | 5,544 | |||||
Premises and equipment, net | 18,364 | 20,102 | 20,130 | 6,414 | 6,292 | |||||
Right-of-Use Asset – premises | 13,970 | 14,577 | 15,497 | 9,727 | 9,896 | |||||
Bank-owned life insurance | 49,616 | 49,230 | 48,847 | 24,732 | 24,554 | |||||
Goodwill and other intangible assets | 82,129 | 81,494 | 82,701 | 36,715 | 36,774 | |||||
Deferred tax asset | 22,024 | 22,717 | 24,153 | 6,880 | 6,571 | |||||
Assets held for sale | 118,362 | 118,115 | 115,499 | — | — | |||||
Accrued interest receivable and other assets | 25,170 | 26,730 | 22,113 | 14,899 | 14,024 | |||||
TOTAL ASSETS | $ 2,858,593 | $ 2,785,669 | $ 2,669,325 | $ 1,255,695 | $ 1,308,472 | |||||
LIABILITIES | ||||||||||
Deposits: | ||||||||||
Demand, noninterest bearing | $ 661,292 | $ 618,277 | $ 624,780 | $ 210,404 | $ 240,729 | |||||
Interest bearing | 1,699,220 | 1,662,124 | 1,574,019 | 831,368 | 794,113 | |||||
Total deposits | 2,360,512 | 2,280,401 | 2,198,799 | 1,041,772 | 1,034,842 | |||||
Long-term borrowings | 40,000 | 40,000 | — | — | 74,899 | |||||
Short-term borrowings | — | — | 10,000 | 15,000 | — | |||||
Note payable | 578 | 584 | 590 | — | — | |||||
Subordinated debt | 61,706 | 61,573 | 61,444 | 40,354 | 40,398 | |||||
Lease liabilities | 14,746 | 15,357 | 16,361 | 9,728 | 9,896 | |||||
Liabilities held for sale | 96,916 | 105,716 | 99,777 | — | — | |||||
Accrued interest payable and other liabilities | 12,726 | 13,795 | 16,558 | 7,490 | 5,985 | |||||
TOTAL LIABILITIES | 2,587,184 | 2,517,426 | 2,403,529 | 1,114,344 | 1,166,020 | |||||
SHAREHOLDERS' EQUITY | ||||||||||
Preferred stock | — | — | — | — | — | |||||
Common stock | 370 | 369 | 369 | 162 | 162 | |||||
Surplus | 263,795 | 263,577 | 263,310 | 127,856 | 127,818 | |||||
Retained earnings | 10,826 | 7,724 | 4,843 | 19,062 | 19,039 | |||||
Accumulated other comprehensive loss | (3,582) | (3,427) | (3,209) | (5,729) | (4,567) | |||||
Total equity attributable to parent | 271,409 | 268,243 | 265,313 | 141,351 | 142,452 | |||||
Noncontrolling interest in consolidated subsidiary | — | — | 483 | — | — | |||||
TOTAL SHAREHOLDERS' EQUITY | 271,409 | 268,243 | 265,796 | 141,351 | 142,452 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 2,858,593 | $ 2,785,669 | $ 2,669,325 | $ 1,255,695 | $ 1,308,472 | |||||
Common shares outstanding | 37,356,278 | 37,348,151 | 37,340,700 | 16,235,871 | 16,228,440 |
LINKBANCORP, Inc. and Subsidiaries | ||||||||||||
Consolidated Statements of Operations (Unaudited) | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
6/30/2024 | 3/31/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||||||
(In Thousands, except share and per share data) | ||||||||||||
INTEREST AND DIVIDEND INCOME | ||||||||||||
Loans receivable, including fees | $ 36,112 | $ 36,125 | $ 12,499 | $ 72,237 | $ 24,261 | |||||||
Other | 3,337 | 2,650 | 1,827 | 5,987 | 3,055 | |||||||
Total interest and dividend income | 39,449 | 38,775 | 14,326 | 78,224 | 27,316 | |||||||
INTEREST EXPENSE | ||||||||||||
Deposits | 13,071 | 11,847 | 5,242 | 24,918 | 9,759 | |||||||
Other Borrowings | 932 | 1,086 | 558 | 2,018 | 645 | |||||||
Subordinated Debt | 962 | 958 | 437 | 1,920 | 869 | |||||||
Total interest expense | 14,965 | 13,891 | 6,237 | 28,856 | 11,273 | |||||||
NET INTEREST INCOME BEFORE | 24,484 | 24,884 | 8,089 | 49,368 | 16,043 | |||||||
Provision for (credit to) credit losses | — | 40 | (493) | 40 | (200) | |||||||
NET INTEREST INCOME AFTER | 24,484 | 24,844 | 8,582 | 49,328 | 16,243 | |||||||
NONINTEREST INCOME | ||||||||||||
Service charges on deposit accounts | 865 | 780 | 197 | 1,645 | 396 | |||||||
Bank-owned life insurance | 386 | 383 | 170 | 769 | 310 | |||||||
Net realized gains (losses) on the sale of debt securities | 4 | — | — | 4 | (2,370) | |||||||
Gain on sale of loans | 12 | 50 | 296 | 62 | 296 | |||||||
Other | 591 | 516 | 223 | 1,107 | 401 | |||||||
Total noninterest income | 1,858 | 1,729 | 886 | 3,587 | (967) | |||||||
NONINTEREST EXPENSE | ||||||||||||
Salaries and employee benefits | 9,941 | 11,118 | 4,037 | 21,059 | 8,157 | |||||||
Occupancy | 1,559 | 1,578 | 696 | 3,137 | 1,403 | |||||||
Equipment and data processing | 1,824 | 1,826 | 893 | 3,650 | 1,586 | |||||||
Professional fees | 788 | 748 | 418 | 1,536 | 799 | |||||||
FDIC insurance | 545 | 352 | 184 | 897 | 343 | |||||||
Bank Shares Tax | 760 | 591 | 278 | 1,351 | 556 | |||||||
Intangible amortization | 1,204 | 1,207 | 59 | 2,411 | 120 | |||||||
Merger & restructuring expenses | 631 | 56 | 315 | 687 | 902 | |||||||
Advertising | 241 | 234 | 104 | 475 | 191 | |||||||
Other | 1,407 | 1,540 | 832 | 2,947 | 1,496 | |||||||
Total noninterest expense | 18,900 | 19,250 | 7,816 | 38,150 | 15,553 | |||||||
Income (loss) before income tax expense (benefit) | 7,442 | 7,323 | 1,652 | 14,765 | (277) | |||||||
Income tax expense (benefit) | 1,638 | 1,597 | 305 | 3,235 | (70) | |||||||
NET INCOME (LOSS) | $ 5,804 | $ 5,726 | $ 1,347 | $ 11,530 | $ (207) | |||||||
EARNINGS (LOSS) PER SHARE, BASIC | $ 0.16 | $ 0.15 | $ 0.08 | $ 0.31 | $ (0.01) | |||||||
EARNINGS (LOSS) PER SHARE, DILUTED | $ 0.16 | $ 0.15 | $ 0.08 | $ 0.31 | $ (0.01) | |||||||
WEIGHTED-AVERAGE COMMON SHARES | ||||||||||||
BASIC | 36,970,768 | 36,962,005 | 16,228,069 | 36,966,371 | 15,856,574 | |||||||
DILUTED | 37,040,748 | 37,045,230 | 16,228,069 | 37,042,895 | 15,856,574 |
LINKBANCORP, Inc. and Subsidiaries | |||||||||
Financial Highlights (Unaudited) | |||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||
('Dollars In Thousands, except per share data) | 6/30/2024 | 3/31/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||
Operating Highlights | |||||||||
Net Income (loss) | $ 5,804 | $ 5,726 | $ 1,347 | $ 11,530 | $ (207) | ||||
Net Interest Income | 24,484 | 24,884 | 8,089 | 49,368 | 16,043 | ||||
Provision for (credit to) Credit Losses | - | 40 | (493) | 40 | (200) | ||||
Non-Interest Income | 1,858 | 1,729 | 886 | 3,587 | (967) | ||||
Non-Interest Expense | 18,900 | 19,250 | 7,816 | 38,150 | 15,553 | ||||
Earnings (loss) per Share, Basic | 0.16 | 0.15 | 0.08 | 0.31 | (0.01) | ||||
Adjusted Earnings per Share, Basic (2) | 0.17 | 0.16 | 0.10 | 0.33 | 0.15 | ||||
Earnings (loss) per Share, Diluted | 0.16 | 0.15 | 0.08 | 0.31 | (0.01) | ||||
Adjusted Earnings per Share, Diluted (2) | 0.17 | 0.16 | 0.10 | 0.33 | 0.15 | ||||
Selected Operating Ratios | |||||||||
Net Interest Margin | 3.83 % | 4.03 % | 2.81 % | 3.92 % | 2.86 % | ||||
Annualized Return on Assets ("ROA") | 0.84 % | 0.86 % | 0.43 % | 0.85 % | -0.03 % | ||||
Adjusted ROA2 | 0.91 % | 0.86 % | 0.51 % | 0.89 % | 0.39 % | ||||
Annualized Return on Equity ("ROE") | 8.65 % | 8.63 % | 3.81 % | 8.61 % | -0.30 % | ||||
Adjusted ROE2 | 9.39 % | 8.70 % | 4.51 % | 9.04 % | 3.42 % | ||||
Efficiency Ratio | 71.75 % | 72.33 % | 87.09 % | 72.04 % | 103.16 % | ||||
Adjusted Efficiency Ratio3 | 69.34 % | 72.12 % | 83.58 % | 70.75 % | 83.98 % | ||||
Noninterest Income to Avg. Assets | 0.27 % | 0.26 % | 0.28 % | 0.26 % | -0.16 % | ||||
Noninterest Expense to Avg. Assets | 2.73 % | 2.88 % | 2.51 % | 2.80 % | 2.56 % | ||||
6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | |||||
Financial Condition Data | |||||||||
Total Assets | $ 2,858,593 | $ 2,785,669 | $ 2,669,325 | $ 1,255,695 | $ 1,308,472 | ||||
Loans Receivable, Net | 2,166,909 | 2,106,077 | 2,104,517 | 968,948 | 959,305 | ||||
Noninterest-bearing Deposits | 661,292 | 618,277 | 624,780 | 210,404 | 240,729 | ||||
Interest-bearing Deposits | 1,699,220 | 1,662,124 | 1,574,019 | 831,368 | 794,113 | ||||
Total Deposits | 2,360,512 | 2,280,401 | 2,198,799 | 1,041,772 | 1,034,842 | ||||
Selected Balance Sheet Ratios | |||||||||
Total Capital Ratio1 | 11.09 % | 11.04 % | 10.62 % | 12.92 % | 12.88 % | ||||
Tier 1 Capital Ratio1 | 10.30 % | 10.24 % | 9.92 % | 12.37 % | 12.29 % | ||||
Common Equity Tier 1 Capital Ratio1 | 10.30 % | 10.24 % | 9.92 % | 12.37 % | 12.29 % | ||||
Leverage Ratio1 | 9.17 % | 9.23 % | 14.13 % | 10.71 % | 10.41 % | ||||
Tangible Common Equity to Tangible Assets4 | 6.82 % | 6.91 % | 7.08 % | 8.58 % | 8.31 % | ||||
Tangible Book Value per Share5 | $ 5.07 | $ 5.00 | $ 4.90 | $ 6.44 | $ 6.51 | ||||
Asset Quality Data | |||||||||
Non-performing Assets | $ 10,589 | $ 6,675 | $ 7,250 | $ 2,958 | $ 2,856 | ||||
Non-performing Assets to Total Assets | 0.37 % | 0.24 % | 0.27 % | 0.24 % | 0.22 % | ||||
Non-performing Loans to Total Loans | 0.48 % | 0.31 % | 0.34 % | 0.30 % | 0.29 % | ||||
Allowance for Credit Losses - Loans ("ACLL") | $ 26,288 | $ 23,842 | $ 23,767 | $ 9,964 | $ 10,228 | ||||
ACLL to Total Loans6 | 1.20 % | 1.06 % | 1.06 % | 1.02 % | 1.05 % | ||||
ACLL to Nonperforming Assets | 248.26 % | 357.18 % | 327.82 % | 336.85 % | 358.12 % | ||||
Net (recoveries) chargeoffs | $ (20) | $ 70 | $ 195 | $ (12) | $ (97) | ||||
(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 June 30, | ||||||||||||
2024 | 2023 | |||||||||||
(Dollars in thousands) | Avg Bal | Interest (2) | Yield/Rate | Avg Bal | Interest (2) | Yield/Rate | ||||||
Int. Earn. Cash | $ 121,340 | $ 1,395 | 4.62 % | $ 66,149 | $ 708 | 4.29 % | ||||||
Securities | ||||||||||||
Taxable (1) | 125,885 | 1,592 | 5.09 % | 86,366 | 822 | 3.82 % | ||||||
Tax-Exempt | 41,776 | 443 | 4.26 % | 39,139 | 378 | 3.87 % | ||||||
Total Securities | 167,661 | 2,035 | 4.88 % | 125,505 | 1,200 | 3.84 % | ||||||
Total Cash Equiv. and Investments | 289,001 | 3,430 | 4.77 % | 191,654 | 1,908 | 3.99 % | ||||||
Total Loans (3)(4) | 2,280,041 | 36,112 | 6.37 % | 963,824 | 12,499 | 5.20 % | ||||||
Total Earning Assets | 2,569,042 | 39,542 | 6.19 % | 1,155,478 | 14,407 | 5.00 % | ||||||
Other Assets | 212,097 | 95,531 | ||||||||||
Total Assets | $ 2,781,139 | $ 1,251,009 | ||||||||||
Interest bearing demand(5) | $ 446,109 | $ 2,457 | 2.22 % | $ 243,539 | $ 1,261 | 2.08 % | ||||||
Money market demand(5) | 581,223 | 3,271 | 2.26 % | 244,355 | 1,589 | 2.61 % | ||||||
Time deposits(5) | 642,919 | 7,343 | 4.59 % | 299,398 | 2,392 | 3.20 % | ||||||
Total Borrowings | 151,596 | 1,894 | 5.02 % | 95,792 | 995 | 4.17 % | ||||||
Total Interest-Bearing Liabilities | 1,821,847 | 14,965 | 3.30 % | 883,084 | 6,237 | 2.83 % | ||||||
Non Interest-Bearing Deposits(5) | 657,939 | 209,072 | ||||||||||
Total Cost of Funds | $ 2,479,786 | $ 14,965 | 2.43 % | $ 1,092,156 | $ 6,237 | 2.29 % | ||||||
Other Liabilities | 31,519 | 17,073 | ||||||||||
Total Liabilities | $ 2,511,305 | $ 1,109,229 | ||||||||||
Shareholders' Equity | $ 269,834 | $ 141,780 | ||||||||||
Total Liabilities & Shareholders' Equity | $ 2,781,139 | $ 1,251,009 | ||||||||||
Net Interest Income/Spread (FTE) | 24,577 | 2.89 % | 8,170 | 2.17 % | ||||||||
Tax-Equivalent Basis Adjustment | (93) | (81) | ||||||||||
Net Interest Income | $ 24,484 | $ 8,089 | ||||||||||
Net Interest Margin | 3.83 % | 2.81 % | ||||||||||
(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 | ||||||||||||
June 30, 2024 | March 31, 2024 | |||||||||||
(Dollars in thousands) | Avg Bal | Interest (2) | Yield/Rate | Avg Bal | Interest (2) | Yield/Rate | ||||||
Int. Earn. Cash | $ 121,340 | $ 1,395 | 4.62 % | $ 82,420 | $ 898 | 4.38 % | ||||||
Securities | ||||||||||||
Taxable (1) | 125,885 | 1,592 | 5.09 % | 114,896 | 1,391 | 4.87 % | ||||||
Tax-Exempt | 41,776 | 443 | 4.26 % | 42,984 | 457 | 4.28 % | ||||||
Total Securities | 167,661 | 2,035 | 4.88 % | 157,880 | 1,848 | 4.71 % | ||||||
Total Cash Equiv. and Investments | 289,001 | 3,430 | 4.77 % | 240,300 | 2,746 | 4.60 % | ||||||
Total Loans (3)(4) | 2,280,041 | 36,112 | 6.37 % | 2,240,714 | 36,125 | 6.48 % | ||||||
Total Earning Assets | 2,569,042 | 39,542 | 6.19 % | 2,481,014 | 38,871 | 6.30 % | ||||||
Other Assets | 212,097 | 210,826 | ||||||||||
Total Assets | $ 2,781,139 | $ 2,691,840 | ||||||||||
Interest bearing demand(5) | $ 446,109 | $ 2,457 | 2.22 % | $ 424,781 | $ 1,942 | 1.84 % | ||||||
Money market demand(5) | 581,223 | 3,271 | 2.26 % | 587,455 | 3,174 | 2.17 % | ||||||
Time deposits(5) | 642,919 | 7,343 | 4.59 % | 608,192 | 6,731 | 4.45 % | ||||||
Total Borrowings | 151,596 | 1,894 | 5.02 % | 140,621 | 2,044 | 5.85 % | ||||||
Total Interest-Bearing Liabilities | 1,821,847 | 14,965 | 3.30 % | 1,761,049 | 13,891 | 3.17 % | ||||||
Non Interest-Bearing Deposits(5) | 657,939 | 632,637 | ||||||||||
Total Cost of Funds | $ 2,479,786 | $ 14,965 | 2.43 % | $ 2,393,686 | $ 13,891 | 2.33 % | ||||||
Other Liabilities | 31,519 | 31,359 | ||||||||||
Total Liabilities | $ 2,511,305 | $ 2,425,045 | ||||||||||
Shareholders' Equity | $ 269,834 | $ 266,795 | ||||||||||
Total Liabilities & Shareholders' Equity | $ 2,781,139 | $ 2,691,840 | ||||||||||
Net Interest Income/Spread (FTE) | 24,577 | 2.89 % | 24,980 | 3.13 % | ||||||||
Tax-Equivalent Basis Adjustment | (93) | (96) | ||||||||||
Net Interest Income | $ 24,484 | $ 24,884 | ||||||||||
Net Interest Margin | 3.83 % | 4.03 % | ||||||||||
(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 Six Months Ended June 30, | ||||||||||||
2024 | 2023 | |||||||||||
(Dollars in thousands) | Avg Bal | Interest (2) | Yield/Rate | Avg Bal | Interest (2) | Yield/Rate | ||||||
Int. Earn. Cash | $ 102,471 | $ 2,293 | 4.50 % | $ 55,618 | $ 983 | 3.56 % | ||||||
Securities | ||||||||||||
Taxable (1) | 121,333 | 2,983 | 4.94 % | 84,101 | 1,475 | 3.54 % | ||||||
Tax-Exempt | 42,344 | 900 | 4.27 % | 38,774 | 756 | 3.93 % | ||||||
Total Securities | 163,677 | 3,883 | 4.77 % | 122,875 | 2,231 | 3.66 % | ||||||
Total Cash Equiv. and Investments | 266,148 | 6,176 | 4.67 % | 178,493 | 3,214 | 3.63 % | ||||||
Total Loans (3)(4) | 2,263,595 | 72,237 | 6.42 % | 952,142 | 24,261 | 5.14 % | ||||||
Total Earning Assets | 2,529,743 | 78,413 | 6.23 % | 1,130,635 | 27,475 | 4.90 % | ||||||
Other Assets | 211,138 | 93,481 | ||||||||||
Total Assets | $ 2,740,881 | $ 1,224,116 | ||||||||||
Interest bearing demand(5) | $ 437,011 | $ 4,400 | 2.02 % | $ 246,235 | $ 2,449 | 2.01 % | ||||||
Money market demand(5) | 584,121 | 6,445 | 2.22 % | 245,747 | 2,939 | 2.41 % | ||||||
Time deposits(5) | 628,616 | 14,073 | 4.50 % | 295,440 | 4,371 | 2.98 % | ||||||
Total Borrowings | 144,509 | 3,938 | 5.48 % | 76,820 | 1,514 | 3.97 % | ||||||
Total Interest-Bearing Liabilities | 1,794,257 | 28,856 | 3.23 % | 864,242 | 11,273 | 2.63 % | ||||||
Non Interest-Bearing Deposits(5) | 646,728 | 202,610 | ||||||||||
Total Cost of Funds | $ 2,440,985 | $ 28,856 | 2.38 % | $ 1,066,852 | $ 11,273 | 2.13 % | ||||||
Other Liabilities | 31,360 | 16,905 | ||||||||||
Total Liabilities | $ 2,472,345 | $ 1,083,757 | ||||||||||
Shareholders' Equity | $ 268,536 | $ 140,359 | ||||||||||
Total Liabilities & Shareholders' Equity | $ 2,740,881 | $ 1,224,116 | ||||||||||
Net Interest Income/Spread (FTE) | 49,557 | 3.00 % | 16,202 | 2.27 % | ||||||||
Tax-Equivalent Basis Adjustment | (189) | (159) | ||||||||||
Net Interest Income | $ 49,368 | $ 16,043 | ||||||||||
Net Interest Margin | 3.92 % | 2.86 % | ||||||||||
(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) | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||
Agriculture and farmland loans | $ 66,937 | $ 67,359 | $ 65,861 | $ 50,584 | $ 50,552 | |||||
Construction loans | 201,174 | 194,391 | 178,483 | 65,836 | 75,628 | |||||
Commercial & industrial loans | 247,190 | 218,724 | 238,343 | 115,572 | 104,869 | |||||
Commercial real estate loans | ||||||||||
Multifamily | 199,740 | 190,146 | 180,788 | 111,853 | 113,254 | |||||
Owner occupied | 492,065 | 489,467 | 501,732 | 160,929 | 154,520 | |||||
Non-owner occupied | 610,649 | 589,731 | 580,972 | 257,344 | 254,691 | |||||
Residential real estate loans | ||||||||||
First liens | 400,098 | 403,300 | 402,433 | 172,481 | 170,271 | |||||
Second liens and lines of credit | 71,168 | 71,060 | 70,747 | 27,870 | 30,148 | |||||
Consumer and other loans | 15,514 | 16,810 | 16,756 | 11,869 | 11,308 | |||||
Municipal loans | 4,362 | 4,473 | 5,244 | 4,137 | 3,929 | |||||
2,308,897 | 2,245,461 | 2,241,359 | 978,475 | 969,170 | ||||||
Deferred costs | 478 | 356 | 174 | 437 | 363 | |||||
Total loans receivable | 2,309,375 | 2,245,817 | 2,241,533 | 978,912 | 969,533 | |||||
Less: Loans held for sale | 116,178 | 115,898 | 113,249 | - | - | |||||
Loans Held for Investment | $ 2,193,197 | $ 2,129,919 | $ 2,128,284 | $ 978,912 | $ 969,533 |
LINKBANCORP, Inc. and Subsidiaries | ||||||||
Investments in Securities Detail (Unaudited) | ||||||||
June 30, 2024 | ||||||||
(In Thousands) | Amortized | Net | Fair | |||||
Available for Sale: | ||||||||
US Government Agency securities | $ 12,841 | $ 115 | $ 12,956 | |||||
US Government Treasury securities | 3,979 | (2) | 3,977 | |||||
Obligations of state and political subdivisions | 49,242 | (3,826) | 45,416 | |||||
Mortgage-backed securities in government-sponsored entities | 80,363 | (3,130) | 77,233 | |||||
Other securities | 550 | (11) | 539 | |||||
$ 146,975 | $ (6,854) | $ 140,121 | ||||||
Amortized | Net Unrealized | Fair Value | Allowance for | |||||
Held to Maturity: | ||||||||
Corporate debentures | $ 15,000 | $ (1,794) | $ 13,206 | $ (502) | ||||
Structured mortgage-backed securities | 20,845 | (843) | 20,002 | - | ||||
$ 35,845 | $ (2,637) | $ 33,208 | $ (502) | |||||
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 Unrealized | 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) | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||
Demand, noninterest-bearing | $ 692,095 | $ 653,719 | $ 655,953 | $ 210,404 | $ 240,729 | |||||
Demand, interest-bearing | 488,043 | 447,412 | 438,765 | 273,673 | 237,114 | |||||
Money market and savings | 582,561 | 591,982 | 577,448 | 258,334 | 254,632 | |||||
Time deposits, | 156,621 | 147,898 | 134,324 | 51,563 | 57,194 | |||||
Time deposits, other | 393,603 | 398,365 | 372,572 | 172,798 | 185,121 | |||||
Brokered deposits | 144,429 | 146,653 | 119,411 | 75,000 | 60,052 | |||||
2,457,352 | 2,386,029 | 2,298,473 | 1,041,772 | 1,034,842 | ||||||
Less: Deposits held for sale | 96,840 | 105,628 | 99,674 | — | — | |||||
Total deposits | $ 2,360,512 | $ 2,280,401 | $ 2,198,799 | $ 1,041,772 | $ 1,034,842 | |||||
Average Deposits Detail, for the Three Months Ended (Unaudited) | ||||||||||
(In Thousands) | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||
Demand, noninterest-bearing | $ 657,939 | $ 632,637 | $ 371,051 | $ 209,054 | $ 209,072 | |||||
Demand, interest-bearing | 446,109 | 424,781 | 328,342 | 254,725 | 243,539 | |||||
Money market and savings | 581,223 | 587,455 | 367,821 | 254,849 | 244,355 | |||||
Time deposits | 547,582 | 518,929 | 317,747 | 236,869 | 236,059 | |||||
Brokered deposits | 95,337 | 89,263 | 30,832 | 28,705 | 63,339 | |||||
Total deposits | $ 2,328,190 | $ 2,253,065 | $ 1,415,793 | $ 984,202 | $ 996,364 | |||||
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 Six Months Ended | ||||||||
(Dollars in thousands) | 6/30/2024 | 3/31/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||
Net income (loss) | $ 5,804 | $ 5,726 | $ 1,347 | $ 11,530 | $ (207) | ||||
Average assets | 2,781,139 | 2,691,840 | 1,251,009 | 2,740,881 | 1,224,116 | ||||
Return on average assets (annualized) | 0.84 % | 0.86 % | 0.43 % | 0.85 % | -0.03 % | ||||
Net income (loss) | 5,804 | 5,726 | 1,347 | 11,530 | (207) | ||||
Net (gains) losses on sale of securities | (4) | - | - | (4) | 2,370 | ||||
Tax effect at | 1 | - | - | 1 | (498) | ||||
Merger & restructuring expenses | 631 | 56 | 315 | 687 | 902 | ||||
Tax effect at | (133) | (12) | (66) | (144) | (189) | ||||
Adjusted Net Income (Non-GAAP) | 6,299 | 5,770 | 1,596 | 12,070 | 2,378 | ||||
Average assets | 2,781,139 | 2,691,840 | 1,251,009 | 2,740,881 | 1,224,116 | ||||
Adjusted return on average assets (annualized) | 0.91 % | 0.86 % | 0.51 % | 0.89 % | 0.39 % |
Adjusted Return on Average Shareholders' Equity | |||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||
(Dollars in thousands) | 6/30/2024 | 3/31/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||
Net income (loss) | $ 5,804 | $ 5,726 | $ 1,347 | $ 11,530 | $ (207) | ||||
Average shareholders' equity | 269,834 | 266,795 | 141,780 | 268,536 | 140,359 | ||||
Return on average shareholders' equity (annualized) | 8.65 % | 8.63 % | 3.81 % | 8.61 % | -0.30 % | ||||
Net income (loss) | 5,804 | 5,726 | 1,347 | 11,530 | (207) | ||||
Net (gains) losses on sale of securities | (4) | - | - | (4) | 2,370 | ||||
Tax effect at | 1 | - | - | 1 | (498) | ||||
Merger & restructuring expenses | 631 | 56 | 315 | 687 | 902 | ||||
Tax effect at | (133) | (12) | (66) | (144) | (189) | ||||
Adjusted Net Income (Non-GAAP) | 6,299 | 5,770 | 1,596 | 12,070 | 2,378 | ||||
Average shareholders' equity | 269,834 | 266,795 | 141,780 | 268,536 | 140,359 | ||||
Adjusted return on average shareholders' equity (annualized) | 9.39 % | 8.70 % | 4.51 % | 9.04 % | 3.42 % |
Adjusted Efficiency Ratio | |||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||
(Dollars in thousands) | 6/30/2024 | 3/31/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||
GAAP-based efficiency ratio | 71.75 % | 72.33 % | 87.09 % | 72.04 % | 103.16 % | ||||
Net interest income | $ 24,484 | $ 24,884 | $ 8,089 | $ 49,368 | $ 16,043 | ||||
Noninterest income | 1,858 | 1,729 | 886 | 3,587 | (967) | ||||
Less: net gains (losses) on sales of securities | 4 | - | - | 4 | (2,370) | ||||
Adjusted revenue (Non-GAAP) | 26,346 | 26,613 | 8,975 | 52,951 | 17,446 | ||||
Total noninterest expense | 18,900 | 19,250 | 7,816 | 38,150 | 15,553 | ||||
Less: Merger & restructuring expenses | 631 | 56 | 315 | 687 | 902 | ||||
Adjusted non-interest expense | 18,269 | 19,194 | 7,501 | 37,463 | 14,651 | ||||
Efficiency ratio, as adjusted (Non-GAAP) | 69.34 % | 72.12 % | 83.58 % | 70.75 % | 83.98 % |
Adjusted Earnings Per Share | |||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||
(Dollars in thousands, except per share data) | 6/30/2024 | 3/31/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||
GAAP-Based Earnings (Loss) Per Share, Basic | $ 0.16 | $ 0.15 | $ 0.08 | $ 0.31 | $ (0.01) | ||||
GAAP-Based Earnings (Loss) Per Share, Diluted | $ 0.16 | $ 0.15 | $ 0.08 | $ 0.31 | $ (0.01) | ||||
Net Income (Loss) | $ 5,804 | $ 5,726 | $ 1,347 | $ 11,530 | $ (207) | ||||
Net (gains) losses on sale of securities | (4) | - | - | (4) | 2,370 | ||||
Tax effect at | 1 | - | - | 1 | (498) | ||||
Merger & restructuring expenses | 631 | 56 | 315 | 687 | 902 | ||||
Tax effect at | (133) | (12) | (66) | (144) | (189) | ||||
Adjusted Net Income (Non-GAAP) | 6,299 | 5,770 | 1,596 | 12,070 | 2,378 | ||||
Adjusted Earnings per Share, Basic (Non-GAAP) | $ 0.17 | $ 0.16 | $ 0.10 | $ 0.33 | $ 0.15 | ||||
Adjusted Earnings per Share, Diluted (Non-GAAP) | $ 0.17 | $ 0.16 | $ 0.10 | $ 0.33 | $ 0.15 |
Tangible Common Equity and Tangible Book Value | ||||||||||
6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | ||||||
Tangible Common Equity | (Dollars in thousands, except for share data) | |||||||||
Total shareholders' equity | $ 271,409 | $ 268,243 | $ 265,796 | $ 141,351 | $ 142,452 | |||||
Adjustments: | ||||||||||
Goodwill | (58,806) | (56,968) | (56,968) | (35,842) | (35,842) | |||||
Other intangible assets | (23,323) | (24,526) | (25,733) | (873) | (932) | |||||
Tangible common equity (Non-GAAP) | $ 189,280 | $ 186,749 | $ 183,095 | $ 104,636 | $ 105,678 | |||||
Common shares outstanding | 37,356,278 | 37,348,151 | 37,340,700 | 16,235,871 | 16,228,440 | |||||
Book value per common share | $ 7.27 | $ 7.18 | $ 7.12 | $ 8.71 | $ 8.78 | |||||
Tangible book value per common share (Non-GAAP) | $ 5.07 | $ 5.00 | $ 4.90 | $ 6.44 | $ 6.51 | |||||
Tangible Assets | ||||||||||
Total assets | ||||||||||
Adjustments: | ||||||||||
Goodwill | (58,806) | (56,968) | (56,968) | (35,842) | (35,842) | |||||
Other intangible assets | (23,323) | (24,526) | (25,733) | (873) | (932) | |||||
Tangible assets (Non-GAAP) | ||||||||||
Tangible common equity to tangible assets (Non-GAAP) | 6.82 % | 6.91 % | 7.08 % | 8.58 % | 8.31 % |
Adjusted Pre-tax, Pre-provision Net Income (Non-GAAP) | |||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||
(Dollars in thousands, except per share data) | 6/30/2024 | 3/31/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||
Net Income (Loss) - GAAP | $ 5,804 | $ 5,726 | $ 1,347 | $ 11,530 | $ (207) | ||||
Net (gains) losses on sale of securities | (4) | - | - | (4) | 2,370 | ||||
Tax effect at | 1 | - | - | 1 | (498) | ||||
Merger & restructuring expenses | 631 | 56 | 315 | 687 | 902 | ||||
Tax effect at | (133) | (12) | (66) | (144) | (189) | ||||
Adjusted Net Income (Non-GAAP) | 6,299 | 5,770 | 1,596 | 12,070 | 2,378 | ||||
Income tax expense (benefit) | 1,638 | 1,597 | 305 | 3,235 | (70) | ||||
Provision for (credit to) credit losses | - | 40 | (493) | 40 | (200) | ||||
Tax effect included in Adjusted Net Income | 132 | 12 | 66 | 143 | 687 | ||||
Adjusted Pre-tax, Pre-provision Net Income (Non-GAAP) | $ 8,069 | $ 7,419 | $ 1,474 | $ 15,488 | $ 2,795 |
Contact:
Nicole Davis
Corporate and Investor Relations Officer
717.803.8895
IR@LINKBANCORP.COM
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SOURCE LINKBANCORP, Inc.
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