Welcome to our dedicated page for Linkbancorp news (Ticker: LNKB), a resource for investors and traders seeking the latest updates and insights on Linkbancorp stock.
LINKBANCORP, Inc. was a Pennsylvania bank holding company and the former parent of LINKBANK, a Pennsylvania-chartered commercial bank. News about LNKB centered on quarterly operating results, common-stock dividends, loan and deposit trends, capital measures, governance matters, and strategic actions affecting its community banking footprint.
The company’s recent corporate news also included the completed sale of its New Jersey banking operations and the completed merger of LINKBANCORP into Burke & Herbert Financial Services Corp., with LINKBANK merging into Burke & Herbert Bank & Trust Company.
LINKBANCORP (NASDAQ: LNKB) reported net income of $5.8 million, or $0.16 per diluted share, for Q2 2024. Adjusted earnings were $6.3 million, or $0.17 per diluted share, excluding expenses related to branch sales and consolidations. Key highlights include:
- Total loans increased by $63.6 million (11.4% annualized) to $2.31 billion
- Total deposits grew by $71.3 million (12.0% annualized) to $2.46 billion
- Noninterest expense decreased by $350,000 to $18.9 million
- Net interest income was $24.5 million, with a net interest margin of 3.83%
- Non-performing assets were 0.37% of total assets
- Allowance for credit losses-loans was 1.20% of total loans held for investment
The company announced the sale of its New Jersey banking operations, expected to close in H2 2024. LINKBANCORP continues to focus on improving profitability and customer experience.
LINKBANCORP, Inc. (NASDAQ: LNKB) announced the sale of its New Jersey operations to American Heritage Federal Credit Union, involving $105 million in deposits and $123 million in loans. The transaction aims to reallocate capital towards core markets and accelerate growth in other regions. Expected to close in the second half of 2024, subject to regulatory approvals.
LINKBANCORP has appointed Catherine Eisel as Chief Risk Officer of the Company and its banking subsidiary, LINKBANK. Eisel, who joined LINKBANK as Deputy Chief Risk Officer, will oversee the Company's risk management program. With her extensive experience at the FDIC, Eisel is expected to enhance the enterprise-wide risk management program and contribute to the Company's growth strategy.
LINKBANCORP, Inc. reported strong first quarter earnings in 2024, with net income of $5.73 million and adjusted earnings of $5.77 million. Net interest income before provision was $24.9 million, and total deposits increased to $2.39 billion. Total loans slightly increased to $2.25 billion, and asset quality remained strong. The merger with Partners Bancorp in 2023 positively impacted results, leading to a reduction in headcount and increased efficiency.
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