Core Viewpoint - LINKBANCORP, Inc. has received all regulatory approvals to complete the sale of its New Jersey operations to American Heritage Federal Credit Union, with the transaction expected to close on March 31, 2025 [1][2]. Group 1: Transaction Details - The sale includes three branches, associated loans, deposits, and fixed assets acquired during LINKBANCORP's merger with Partners Bancorp in November 2023 [2]. - The transaction is subject to customary closing conditions [2]. Group 2: Company Overview - LINKBANCORP, Inc. was established in 2018, focusing on community banking to positively impact lives [3]. - Its subsidiary, LINKBANK, operates in Pennsylvania, Maryland, Delaware, Virginia, and New Jersey, with 27 client solutions centers [3]. - LINKBANCORP's common stock is traded on the Nasdaq Capital Market under the symbol "LNKB" [3].

Core Viewpoint - LINKBANCORP, Inc. reported quarterly earnings of $0.21 per share, exceeding the Zacks Consensus Estimate of $0.20 per share, and showing significant growth from $0.09 per share a year ago [1][2] Financial Performance - The company posted revenues of $28.14 million for the quarter ended December 2024, which was 1.34% below the Zacks Consensus Estimate, compared to $15.49 million in the same quarter last year [2] - Over the last four quarters, LINKBANCORP has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] Stock Performance - LINKBANCORP shares have declined approximately 5% since the beginning of the year, while the S&P 500 has gained 3.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.18 on revenues of $28.08 million, and for the current fiscal year, it is $0.82 on revenues of $118.03 million [7] - The trend of estimate revisions for LINKBANCORP is mixed, which could change following the recent earnings report [6] Industry Context - The Banks - Northeast industry, to which LINKBANCORP belongs, is currently ranked in the top 11% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - The performance of LINKBANCORP's stock may also be influenced by the overall outlook for the industry [8]

Financial Performance - Record net income of $7.6 million, or $0.20 per diluted share, for Q4 2024, up from $7.1 million, or $0.19 per diluted share, in Q3 2024[1] - Net income for the twelve months ended December 31, 2024, was $26,209,000, compared to a net loss of $11,968,000 for the previous year, indicating a significant turnaround[30] - Net income for the three months ended December 31, 2024, was $7,584,000, compared to a net loss of $12,997,000 for the same period in 2023[32] - Adjusted net income for the three months ended December 31, 2024, was $7,628,000, an increase from $7,230,000 in the previous quarter[56] Deposits and Assets - Total deposits increased by $161.8 million, or 7.36%, from $2.20 billion at December 31, 2023, to $2.36 billion at December 31, 2024[7] - Total deposits amounted to $2,360,582,000, a slight decrease from $2,372,652,000 in the previous quarter, reflecting a decrease of 0.5%[28] - Total assets remained stable at $2.88 billion as of December 31, 2024, compared to $2.88 billion at September 30, 2024[14] - Total assets reached $2,881,330,000 as of December 31, 2024, up from $2,669,325,000 a year earlier, indicating a growth of 7.9%[32] Interest Income and Margin - Net interest income before provision for credit losses for the three months ended December 31, 2024, was $25,545,000, up from $14,316,000 in the same period last year, representing an increase of 78.4%[30] - Net interest income increased to $25,545,000 for the three months ended December 31, 2024, from $14,316,000 in the same period last year, representing a growth of 78.4%[32] - Net interest margin expanded to 3.85% for Q4 2024, compared to 3.82% for Q3 2024, and increased 79 basis points year-over-year[7] - The net interest margin for the three months ended December 31, 2024, was 3.85%, compared to 3.55% in the same period last year[32] Expenses and Efficiency - Noninterest expense decreased by $150 thousand quarter-over-quarter to $18.3 million for Q4 2024, improving the efficiency ratio to 65.04%[7] - Total noninterest expense for the twelve months ended December 31, 2024, was $74,904,000, compared to $45,832,000 in the previous year, representing an increase of 63.5%[30] - The efficiency ratio improved to 65.04% for the three months ended December 31, 2024, down from 143.86% in the same period last year[32] - The GAAP-based efficiency ratio for the three months ended December 31, 2024, was 65.04%, compared to 66.71% for the previous quarter[55] Credit Quality - Non-performing assets were $17.2 million, representing 0.60% of total assets, as of December 31, 2024[19] - The allowance for credit losses-loans was $26.4 million, or 1.17% of total loans held for investment, as of December 31, 2024[21] - Provision for credit losses was $132,000 for the three months ended December 31, 2024, significantly lower than $9,844,000 in the same period last year, indicating improved credit quality[30] Shareholder Information - The Company declared a quarterly cash dividend of $0.075 per share, payable on March 14, 2025[2] - Common shares outstanding as of December 31, 2024, were 37,370,917, a slight increase from 37,340,700 a year earlier[28] - Adjusted earnings per share (diluted) for the three months ended December 31, 2024, was $0.21, up from $0.09 in the same period last year[32] - The tangible book value per common share (Non-GAAP) as of December 31, 2024, was $5.36, up from $5.26 in the previous quarter[57]

Core Points - LINKBANCORP, Inc. reported record net income of $7.6 million, or $0.20 per diluted share, for Q4 2024, an increase from $7.1 million, or $0.19 per diluted share, in Q3 2024 [1] - Adjusted earnings for Q4 2024 were $7.6 million, or $0.211 per diluted share, compared to $7.2 million, or $0.191 per diluted share, in Q3 2024 [1] - For the full year 2024, net income was $26.2 million, or $0.71 per diluted share, with adjusted net income of $26.91 million, or $0.731 per diluted share [1] Financial Performance - Net interest income before provision for credit losses for Q4 2024 was $25.5 million, up from $25.0 million in Q3 2024 [7] - Net interest margin expanded to 3.85% in Q4 2024 from 3.82% in Q3 2024, driven by a decrease in cost of funds to 2.32% [7] - Noninterest income slightly decreased to $2.6 million in Q4 2024 from $2.7 million in Q3 2024, with declines in swap fee income and gain on sale of loans [8] Expenses and Efficiency - Noninterest expense for Q4 2024 was $18.3 million, a slight decrease from $18.5 million in Q3 2024 [9] - Adjusted noninterest expense remained flat at $18.3 million for both Q3 and Q4 2024, with increases in salaries and employee benefits offset by decreases in professional fees [9] - The efficiency ratio improved to 65.04% in Q4 2024 from 66.71% in Q3 2024, reflecting ongoing cost-saving initiatives [14] Balance Sheet and Capital - Total assets were $2.88 billion as of December 31, 2024, unchanged from September 30, 2024, and up from $2.67 billion a year earlier [11] - Total deposits decreased to $2.36 billion at December 31, 2024, from $2.37 billion at September 30, 2024 [13] - Shareholders' equity increased to $280.2 million at December 31, 2024, primarily due to a $4.8 million increase in retained earnings [16] Asset Quality - The company recorded a provision for credit losses of $132 thousand in Q4 2024, compared to $84 thousand in Q3 2024 [18] - Non-performing assets were $17.2 million, representing 0.60% of total assets, consistent with the previous quarter [18] - The allowance for credit losses was $26.4 million, or 1.17% of total loans held for investment, slightly down from 1.20% in Q3 2024 [20] Capital Ratios - The Bank's Total Capital Ratio and Tier 1 Capital Ratio were 11.55% and 10.74%, respectively, as of December 31, 2024, both above regulatory minimums [21] - Tangible common equity to tangible assets ratio was 7.16% at December 31, 2024 [21]

Financial Performance - Net interest income rose by $16.6 million, or 199.1%, to $25.0 million for the three months ended September 30, 2024, compared to $8.4 million for the same period in 2023[33]. - Net income for the three months ended September 30, 2024, was $7,095,000, a significant increase from $1,240,000 in the same period last year, representing a growth of 471%[73]. - Net income for the nine months ended September 30, 2023, was $18,625,000, compared to $1,033,000 for the same period in 2022, representing a significant increase[78]. - Total interest and dividend income for the three months ended September 30, 2024, was $40,194,000, compared to $14,778,000 for the same period in 2023, marking an increase of 171%[73]. - Noninterest income totaled $2,680,000 for the three months ended September 30, 2024, compared to $880,000 in the same period last year, an increase of 204%[73]. - Total noninterest expense increased to $18,452,000 for the three months ended September 30, 2024, from $7,994,000 in the same period last year, representing a rise of 131%[73]. - The company reported a total comprehensive income for the three months ended September 30, 2024, was $8,454,000, significantly higher than $78,000 in the same period last year[74]. Asset and Deposit Growth - Deposits increased by $173.9 million, or 7.9%, to $2.37 billion at September 30, 2024, compared to $2.20 billion at December 31, 2023[22]. - Total assets as of September 30, 2024, were $2,764.544 million, compared to $1,227.289 million as of the same date in 2023[39]. - Total loans increased by $87.1 million, or 4.09%, to $2.22 billion at September 30, 2024, from $2.13 billion at December 31, 2023[19]. - The Company has estimated uninsured deposits of $844.0 million, or 34.22% of total deposits, at September 30, 2024[22]. - Total deposits increased to $2.373 billion as of September 30, 2024, compared to $2.199 billion at the end of 2023[98]. Credit Losses and Allowance - The allowance for credit losses increased by $2.8 million from $23.8 million at December 31, 2023, to $26.5 million at September 30, 2024[20]. - The company reported a provision for credit losses attributed to an increase in specific reserves at September 30, 2024, compared to September 30, 2023[39]. - The total allowance for credit losses increased to $26,542,000 as of September 30, 2024, from $26,289,000 at the beginning of the period, reflecting a provision for losses of $225,000 during the three months[184]. - The allowance for credit losses for off-balance sheet instruments was $1,857 thousand as of September 30, 2024, down from $2,189 thousand at December 31, 2023[221]. Mergers and Acquisitions - The Company completed a purchase and assumption agreement with American Heritage Federal Credit Union for its New Jersey operations[16]. - The Partners Merger was completed on November 30, 2023, with LINKBANCORP as the surviving corporation, issuing 20.7 million common shares to Partners shareholders, representing approximately 55.4% of post-merger outstanding shares[93]. - Total consideration in the Partners Merger amounted to $135.779 million, with net assets acquired valued at $112.815 million[94]. - The company completed the Partners Merger, resulting in increased salaries and employee benefits expense of $18.6 million due to a rise in the number of employees[39]. Liquidity and Borrowing Capacity - The company has available borrowing capacity at the FHLB and lines of credit with multiple financial institutions providing an additional $77 million of liquidity as of September 30, 2024[41]. - The company maintains sufficient liquidity to fund operations and loan demand, with liquidity management being a daily and long-term function[40]. - The company has $40,000 in long-term FHLB Advances as of September 30, 2024, with a fixed rate of 4.827% maturing on February 20, 2026[211]. - The company has a remaining available capacity with FHLB of approximately $742.8 million as of September 30, 2024[211]. Stock and Dividends - The company declared dividends of $0.075 per share, totaling $2,774,000[73]. - The company declared dividends of $0.075 per share, totaling $1,217,000[76]. - The company recognized stock-based compensation expense of $187 thousand for the three months ended September 30, 2024, compared to $10 thousand for the same period in 2023[219]. - The Company has 1,537,484 outstanding stock purchase warrants with a strike price of $10, which have not been exercised since their issuance[219]. Loan Portfolio and Credit Quality - The total loan portfolio increased to $2,189,326,000 in September 2024 from $2,104,517,000 in December 2023, reflecting a growth of approximately 4%[181]. - The grading analysis of loans indicates a significant portion classified as "Pass," reflecting the borrowers' ability to meet obligations[168]. - The company has identified potential weaknesses in some loans, categorized as "Special Mention," which could lead to future risks[168]. - The allowance for credit losses related to nonaccrual loans was $4,882,000, indicating a significant level of potential risk[165].

Core Viewpoint - LINKBANCORP, Inc. reported quarterly earnings of $0.19 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.11 per share a year ago [1]. Financial Performance - The company posted revenues of $27.66 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 1.21%, compared to $9.23 million in the same quarter last year [2]. - Over the last four quarters, LINKBANCORP has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2][1]. Stock Performance - LINKBANCORP shares have declined approximately 18.7% since the beginning of the year, while the S&P 500 has gained 21.8% [3]. - The company's current Zacks Rank is 3 (Hold), indicating expected performance in line with the market in the near future [6]. Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.20 on revenues of $28.28 million, and for the current fiscal year, it is $0.70 on revenues of $108.55 million [7]. - The outlook for the industry, particularly the Banks - Northeast sector, is favorable, ranking in the top 14% of over 250 Zacks industries, suggesting potential for outperformance [8].

Core Viewpoint - LINKBANCORP, Inc. reported record net income of $7.1 million for Q3 2024, reflecting growth from the previous quarter and demonstrating strong operational performance [1][2]. Financial Performance - Net income for Q3 2024 was $7.1 million, or $0.19 per diluted share, compared to $5.8 million, or $0.16 per diluted share in Q2 2024 [1]. - Adjusted earnings for Q3 2024 were $7.2 million, or $0.191 per diluted share, up from $6.3 million, or $0.171 per diluted share in Q2 2024 [1][2]. - Annualized return on average assets was 1.00% for Q3 2024, an increase from 0.84% in Q2 2024 [2][12]. - Total deposits increased by $9.3 million to $2.47 billion, driven by growth in demand deposit accounts and retail time deposits [2][12]. - Noninterest income rose by $822 thousand to $2.7 million in Q3 2024 compared to Q2 2024 [2][12]. - Noninterest expense decreased by $448 thousand to $18.5 million in Q3 2024, reflecting efficiency strategies post-merger [2][12]. Balance Sheet Highlights - Total assets were $2.88 billion at September 30, 2024, up from $2.86 billion at June 30, 2024 [2][12]. - Total loans increased by $8.8 million to $2.32 billion, with a notable increase in loans held for investment [2][12]. - Shareholders' equity rose to $277.4 million, primarily due to a $4.3 million increase in retained earnings [2][12]. Asset Quality - Non-performing assets were $17.4 million, representing 0.60% of total assets, an increase from 0.37% in the previous quarter [2][12]. - The allowance for credit losses on loans was 1.20% of total loans held for investment, unchanged from the previous quarter [2][12]. - Loans 30-89 days past due improved to $2.7 million, or 0.12% of total loans, down from $5.2 million, or 0.24% [2][12]. Capital Ratios - The Bank's Total Capital Ratio and Tier 1 Capital Ratio were 11.44% and 10.62%, respectively, as of September 30, 2024, indicating strong capital position [4][12]. - Tangible book value per share increased to $5.26 at September 30, 2024, from $5.07 at June 30, 2024 [4][12].

Company Performance - LINKBANCORP, Inc. reported quarterly earnings of $0.17 per share, missing the Zacks Consensus Estimate of $0.18 per share, compared to earnings of $0.10 per share a year ago [8] - The company posted revenues of $26.34 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 3.05%, and this is an increase from year-ago revenues of $8.98 million [2] - LINKBANCORP, Inc. has not been able to beat consensus revenue estimates over the last four quarters [2] Stock Performance - LINKBANCORP, Inc. shares have lost about 7.3% since the beginning of the year, while the S&P 500 has gained 14.5% [3] - The company has surpassed consensus EPS estimates two times over the last four quarters [9] Future Outlook - The current consensus EPS estimate for the coming quarter is $0.19 on revenues of $28.23 million, and for the current fiscal year, it is $0.75 on revenues of $110.99 million [5] - The estimate revisions trend for LINKBANCORP, Inc. is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market in the near future [12] - The sustainability of the stock's immediate price movement will depend on management's commentary during the earnings call [10] Industry Context - The Zacks Industry Rank for Banks - Northeast is currently in the top 16% of over 250 Zacks industries, suggesting a favorable outlook for the industry [13] - Citizens & Northern (CZNC), another stock in the same industry, is expected to report revenues of $26.9 million, down 0.4% from the year-ago quarter [7]

Total loans2 increased $63.6 million, or 11.4% annualized from $2.25 billion at March 31, 2024 to $2.31 billion at June 30, 2024, led by strong growth of $28.5 million in commercial & industrial loans over the period. Total deposits2 increased $71.3 million, or 12.0% annualized from $2.39 billion at March 31, 2024 to $2.46 billion at June 30, 2024, including growth of $38.4 million in noninterest bearing demand account balances at quarter end. Noninterest expense decreased $350 thousand quarter over quarter ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission File Number 001-41505 LINKBANCORP, Inc. (Exact name of registrant as specified in its charter) Pennsylvania 82-5130531 (State or other jurisdi ...