LINKBANCORP(LNKB) - 2024 Q4 - Annual Results

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]