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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 (NASDAQ: LNKB) and Partners Bancorp (NASDAQ: PTRS) announced a definitive agreement for an all-stock merger valued at approximately
LINKBANCORP, Inc. and Partners Bancorp have announced a definitive merger agreement valued at approximately $167.8 million, combining their assets to create a leading Mid-Atlantic community bank with nearly $3 billion in assets. The all-stock transaction allows Partners' shareholders to receive 1.15 shares of LINK for each share they own. Post-merger, Partners will own approximately 56% and LINK will have 44% of the combined entity. Expected to close in Q3 2023, the merger aims to enhance profitability and operational scale while maintaining a regional-focused business model.
LINKBANCORP, Inc. announced the appointment of Dee Bonora as Chief Technology Officer on February 15, 2023. With 25 years of experience in technology and software engineering, Bonora aims to drive innovation and enhance operational excellence within the company. CEO Andrew Samuel expressed excitement over her leadership, believing it will improve business functionalities and client experience. Bonora was attracted to LINKBANCORP's culture and commitment to positively impacting lives. The bank operates throughout Central and Southeastern Pennsylvania, serving a variety of clients.
LINKBANCORP, Inc. (NASDAQ: LNKB) reported a net income of $696 thousand, or $0.05 per diluted share, for Q4 and $5.6 million, or $0.49 per diluted share, for the year ending December 31, 2022. Adjusted earnings for Q4 were $1.47 million, excluding merger expenses. The Board declared a quarterly cash dividend of $0.075 per share. Key highlights include a 30% annualized growth in net loans, a 49% increase in noninterest-bearing deposits, and a net interest margin of 3.36%. Total assets grew to $1.164 billion, with strong asset quality and capital ratios exceeding regulatory requirements.
LINKBANK has appointed Doug Klinger as the new Northern Regional President, responsible for growth initiatives in the Upper Dauphin, Schuylkill, and Northumberland markets. With 29 years of banking experience, Klinger is poised to enhance the bank's impact and align with its core values. President Brent Smith expressed enthusiasm for Klinger joining the team, emphasizing his market knowledge and passion for community service. Klinger, a local resident, holds a Bachelor’s in finance and economics from Indiana University of Pennsylvania.
LINKBANCORP reported net income of $1.8 million, or $0.17 per diluted share, for Q3 2022, up from $1.6 million in Q2 2022. The Board declared a $0.075 quarterly cash dividend, payable on December 15, 2022. Highlights include a 40% annualized growth in net loans, reaching $72.9 million, and a 23% increase in total deposits, at $49.3 million. Net interest income increased to $8.7 million, a 10.4% rise from the previous quarter, with a net interest margin of 3.51%. The IPO generated $34.7 million, enhancing growth potential amid economic uncertainties.
LINKBANCORP, Inc. (NASDAQ: LNKB) announced the successful completion of its overallotment option, selling an additional 526,205 shares at $7.50 each, generating approximately $3.9 million in gross proceeds. After costs, net proceeds are expected to be about $3.6 million. The offering was managed by Stephens Inc. and Piper Sandler & Co., with D.A. Davidson & Co. as co-manager. The company's registration statement was declared effective on September 13, 2022. LINKBANCORP aims to impact lives through community banking in Central and Southeastern Pennsylvania.
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