LINKBANCORP, Inc. Announces Record Third Quarter Net Income of $7.1 Million

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].