Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact:
Nick West
Director, Corporate Development
717.678.7935
IR@LINKBANCORP.COM
LINKBANCORP, Inc. Announces Strong Second Quarter 2025 Earnings and Declares Dividend
July 28, 2025 – HARRISBURG, PA – LINKBANCORP, Inc. (NASDAQ: LNKB) (the “Company”), the parent company of LINKBANK (the “Bank”), reported net income of $7.4 million, or $0.20 per diluted share, for the quarter ended June 30, 2025, compared to net income of $15.3 million, or $0.41 per diluted share, for the quarter ended March 31, 2025. Excluding the sale of branches, merger and restructuring related income and expenses, adjusted earnings were $7.4 million1, or $0.201 per diluted share for both the first and second quarter of 2025.
Additionally, the Company announced that the Board of Directors declared a quarterly cash dividend of $0.075 per share of common stock which is expected to be paid on September 15, 2025 to shareholders of record on August 29, 2025.
1 See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP measure.
Second Quarter 2025 Highlights
•Stable, strong core earnings. Annualized return on average assets was 1.05% for the second quarter of 2025, compared to 2.19% for the first quarter of 2025 and 0.84% for the second quarter of 2024. Adjusted return on average assets was 1.05%1 for the second quarter of 2025, compared to 1.05%1 for the first quarter of 2025 and 0.91%1 for the second quarter of 2024.
•Robust balance sheet growth. Total loans at June 30, 2025 were $2.36 billion, compared to $2.27 billion at March 31, 2025 and $2.35 billion at December 31, 2024, representing a quarterly increase of $82.7 million or 14.58% annualized and a year-to-date increase of $107.0 million2or 9.19% annualized excluding the impact of the sale of banking operations and branches in New Jersey, including related loans and deposits (the "Branch Sale"). Total deposits at June 30, 2025 were $2.46 billion compared to $2.43 billion at March 31, 2025 and $2.45 billion at December 31, 2024, representing a quarterly increase of $22.7 million, or 3.74% annualized and a year-to-date increase of $89.36 million2 or 7.34% excluding the impact of the Branch Sale.
•Improving credit quality. The Company’s non-performing assets declined by $4.2 million to $21.9 million, representing 0.76% of total assets at June 30, 2025, compared to $26.0 million, representing 0.91% of total assets at March 31, 2025. This decrease was driven by resolutions to several loan relationships including a purchased credit deteriorated loan that was resolved at an amount greater than its purchase date fair value. The successful resolutions have decreased specific reserve needs by $2.5 million while enhancing the ratio of the allowance for credit losses-loans to nonperforming assets to 112.68% at June 30, 2025, compared to 102.22% at March 31, 2025.
1 See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP measure.
2 See Loan and Deposit Tables for Branch Sale Reconciliation
•Disciplined expense management. GAAP noninterest expense for the second quarter of 2025 was $18.1 million with an efficiency ratio of 64.79%, compared to $19.7 million of GAAP noninterest expense with an efficiency ratio of 50.29% for the first quarter of 2025. Excluding non-core operating expenses, the adjusted noninterest expense decreased $697 thousand1 quarter over quarter from $18.7 million1 for the quarter ended March 31, 2025 to $18.0 million1for the quarter ended June 30, 2025. The Company’s adjusted efficiency ratio improved to 64.73%1 for the quarter ended June 30, 2025 compared to 66.96%1for the quarter ended March 31, 2025.
“We are pleased to report another quarter of strong core earnings, combined with exceptional loan and deposit growth throughout our entire footprint,” said Andrew Samuel, Chief Executive Officer of LINKBANCORP. “We remain focused on improving operating efficiency and expanding noninterest income to support our core business and enabling us to deliver sustainable long-term value to our shareholders.”
Income Statement
Net interest income before the provision for credit losses for the second quarter of 2025 was $24.9 million compared to $25.8 million in the first quarter of 2025 and $24.5 million for the second quarter of 2024. Net interest margin was 3.80% for the second quarter of 2025 compared to 3.94% for the first quarter of 2025. Net interest income was impacted by a linked quarter decline in purchase accounting accretion, together with a decrease in the average balances of loans and deposits due to the March 31, 2025 completion of the Branch Sale. Interest income from purchase accounting accretion during the current quarter was approximately $922 thousand less than that recognized in the first quarter of 2025. Cost of funds increased to 2.31% for the second quarter of 2025, compared to 2.29% for the first quarter of 2025, reflecting the lower cost of deposits included in the Branch Sale as well as continued competition for deposits in the Bank’s markets.
Noninterest income decreased quarter-over-quarter to $2.9 million for the second quarter of 2025 compared to $13.3 million for the first quarter of 2025 due to the $11.1 million pre-tax gain from the Branch Sale in the first quarter. Excluding the gain on sale of the New Jersey branches, noninterest income grew by $769 thousand quarter-over-quarter, including increases in swap fee
1 See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP measure.
2 See Loan and Deposit Tables for Branch Sale Reconciliation
income and interchange income. Year-over-year, noninterest income increased $1.1 million from $1.9 million for the second quarter of 2024.
Noninterest expense for the second quarter of 2025 was $18.1 million compared to $19.7 million for the first quarter of 2025 and $18.9 million for the second quarter of 2024. Excluding non-core operating costs totaling $16 thousand in the second quarter of 2025, $912 thousand in the first quarter of 2025 and $631 thousand in the second quarter of 2024, adjusted noninterest expense decreased $697 thousand1 from $18.7 million1for the first quarter of 2025 to $18.0 million1 for the second quarter of 2025 while decreasing $220 thousand1 year-over-year from $18.3 million1 for the second quarter of 2024. Adjusted non-interest expense for the first quarter of 2025 excludes expenses related to the reduction of the size of the Board of Directors included in other noninterest expense, as well as bonus accruals related to the completion of the Branch Sale included in salaries and employee benefits expense, and other merger and restructuring costs.
Income tax expense was $2.1 million for the second quarter of 2025, reflecting an effective tax rate of 22.0% compared to $3.9 million for the first quarter of 2025, reflecting an effective tax rate of 20.1% and $1.6 million for the second quarter of 2024, reflecting an effective tax rate of 22.0%, respectively. The tax rate increased quarter-over-quarter due to a state income tax apportionment adjustment in the first quarter of 2025.
Balance Sheet
Total assets were $2.89 billion at June 30, 2025 compared to $2.86 billion at March 31, 2025 and $2.88 billion at December 31, 2024. Deposits and net loans as of June 30, 2025 totaled $2.46 billion and $2.33 billion, respectively, compared to deposits and net loans of $2.43 billion and $2.25 billion, respectively at March 31, 2025 and $2.36 billion and $2.23 billion, respectively, at December 31, 2024. Deposits and net loans exclude recorded balances held for sale in the Branch Sale of $93.6 million and $91.8 million, respectively, at December 31, 2024, which are reflected within liabilities held for sale and assets held for sale.
Total loans at June 30, 2025 were $2.36 billion, compared to $2.27 billion at March 31, 2025, representing an increase of $82.7 million. Year-to-date, total loans have increased $107.0 million2 from December 31, 2024, excluding the impact of the Branch Sale, or 9.19% annualized. Total commercial loan commitments originated in the second quarter of 2025 were $154.6
1 See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP measure.
2 See Loan and Deposit Tables for Branch Sale Reconciliation
million with funded balances of $137.1 million. The average commercial loan commitment originated during the second quarter of 2025 totaled approximately $985 thousand with an average outstanding funded balance of $873 thousand.
Total deposits at June 30, 2025 were $2.46 billion compared to $2.43 billion at March 31, 2025, representing an increase of $22.7 million. Year-to-date, total deposits have increased $89.4 million2from December 31, 2024, excluding the impact of the Branch Sale, or 7.34% annualized. Noninterest bearing deposits totaled $646.7 million at June 30, 2025, generally flat from March 31, 2025. Brokered deposits decreased $28.6 million from $103.6 million at March 31, 2025 to $75.0 million at June 30, 2025. Excluding the $28.6 million change in brokered deposits and the impact from the Branch Sale, deposits increased $118.0 million2 year-to-date representing an annualized growth rate of 10.1%.
The Company continues to maintain strong on-balance sheet liquidity, as cash and cash equivalents were $155.1 million at June 30, 2025 compared to $220.2 million at March 31, 2025 and $166.1 million at December 31, 2024.
Shareholders’ equity increased to $298.0 million at June 30, 2025 from $294.1 million at March 31, 2025 primarily as a result of a $4.6 million increase in retained earnings. Book value per share increased to $7.96 at June 30, 2025 compared to $7.87 at March 31, 2025. Tangible book value per share increased to $5.921 at June 30, 2025 compared to $5.801 at March 31, 2025 and $5.071 at June 30, 2024, representing 17% growth year over year.
Asset Quality
The Company recorded a $344 thousand provision for credit losses during the second quarter of 2025, after recording a $228 thousand provision for credit losses in the first quarter of 2025. The increase in provision was primarily related to commercial loan growth during the second quarter of 2025.
As of June 30, 2025, the Company’s non-performing assets declined by $4.2 million to $21.9 million, representing 0.76% of total assets, compared to $26.0 million, representing 0.91% of total assets at March 31, 2025. This improvement was driven largely by the favorable resolution of a purchased credit deteriorated (PCD) loan above its purchase date fair value.
1 See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP measure.
2 See Loan and Deposit Tables for Branch Sale Reconciliation
Loans 30-89 days past due at June 30, 2025 were $14.5 million, representing 0.62% of total loans compared to $12.7 million or 0.56% of total loans at March 31, 2025 and $2.9 million or 0.13% of total loans at December 31, 2024.
The allowance for credit losses for loans was $24.7 million, or 1.05% of total loans held for investment at June 30, 2025, compared to $26.6 million, or 1.17% of total loans held for investment at March 31, 2025. Due to the resolution of certain nonperforming loans resulting in the improvement in nonperforming assets noted above, the required specific reserve on loans decreased by $2.5 million from March 31, 2025 to June 30, 2025. The ratio of the allowance for credit losses for loans to nonperforming assets increased to 112.68% at June 30, 2025, compared to 102.22% at March 31, 2025.
Net charge-offs continue to improve as the Company recorded $40 thousand in net charge-offs during the second quarter of 2025 compared to $81 thousand for the first quarter of 2025 and $252 thousand in the fourth quarter of 2024.
Capital
The Bank’s regulatory capital ratios were well in excess of regulatory minimums to be considered “well capitalized” as of June 30, 2025. The Bank’s Total Capital Ratio and Tier 1 Capital Ratio were 12.43% and 11.51% respectively, at June 30, 2025, compared to 12.61% and 11.71%, respectively, at March 31, 2025 and 11.09% and 10.30%, respectively, at June 30, 2024. The Company’s ratio of Tangible Common Equity to Tangible Assets was 7.89%1 at June 30, 2025 compared to 7.78%1 at March 31, 2025.
1 See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP measure.
2 See Loan and Deposit Tables for Branch Sale Reconciliation
ABOUT LINKBANCORP, Inc.
LINKBANCORP, Inc. was formed in 2018 with a mission to positively impact lives through community banking. Its subsidiary bank, LINKBANK, is a Pennsylvania state-chartered bank serving individuals, families, nonprofits and business clients throughout Pennsylvania, Maryland, Delaware and Virginia, through 24 client solutions centers and www.linkbank.com. LINKBANCORP, Inc. common stock is traded on the Nasdaq Capital Market under the symbol "LNKB". For further company information, visit ir.linkbancorp.com.
Forward Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of current or historical fact and involve substantial risks and uncertainties. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions can be used to identify forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: costs or difficulties associated with newly developed or acquired operations; changes in general economic trends, including inflation, tariffs and changes in interest rates; increased competition; changes in consumer demand for financial services; our ability to control costs and expenses; adverse developments in borrower industries and, in particular, declines in real estate values; changes in and compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed; and the effects of any cybersecurity breaches. The Company does not undertake, and specifically disclaims, any obligation to publicly revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. Accordingly, you should not place undue reliance on forward-looking statements.
1 See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP measure.
2 See Loan and Deposit Tables for Branch Sale Reconciliation
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LINKBANCORP, Inc. and Subsidiaries |
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Consolidated Balance Sheet (Unaudited) |
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June 30, 2025 |
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March 31, 2025 |
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December 31, 2024 |
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September 30, 2024 |
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June 30, 2024 |
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(In Thousands, except share and per share data) |
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ASSETS |
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Noninterest-bearing cash equivalents |
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$ |
15,319 |
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$ |
14,830 |
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$ |
13,834 |
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$ |
15,295 |
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$ |
14,516 |
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Interest-bearing deposits with other institutions |
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|
139,764 |
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|
205,352 |
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|
|
152,266 |
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|
|
175,937 |
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|
167,141 |
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Cash and cash equivalents |
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|
155,083 |
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|
220,182 |
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|
166,100 |
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|
191,232 |
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|
181,657 |
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Securities available for sale, at fair value |
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169,569 |
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|
159,183 |
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|
145,590 |
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149,315 |
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|
140,121 |
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Securities held to maturity, net of allowance for credit losses |
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|
26,809 |
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|
27,662 |
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|
31,508 |
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|
34,155 |
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|
|
35,343 |
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Loans receivable, gross |
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|
2,356,609 |
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2,273,941 |
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2,255,749 |
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2,215,868 |
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2,193,197 |
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Allowance for credit losses - loans |
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(24,651 |
) |
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(26,619 |
) |
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(26,435 |
) |
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(26,542 |
) |
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(26,288 |
) |
Loans receivable, net |
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2,331,958 |
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2,247,322 |
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2,229,314 |
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2,189,326 |
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2,166,909 |
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Investments in restricted bank stock |
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4,821 |
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|
4,780 |
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|
5,209 |
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|
4,904 |
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|
|
4,928 |
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Premises and equipment, net |
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15,861 |
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17,920 |
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18,029 |
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17,623 |
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18,364 |
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Right-of-Use Asset – premises |
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15,410 |
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14,537 |
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14,913 |
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14,150 |
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13,970 |
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Bank-owned life insurance |
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|
52,943 |
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52,507 |
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52,079 |
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51,646 |
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49,616 |
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Goodwill and other intangible assets |
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|
76,296 |
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77,379 |
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|
79,761 |
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80,924 |
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82,129 |
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Deferred tax asset |
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16,474 |
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16,729 |
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18,866 |
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21,662 |
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|
|
22,024 |
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Assets held for sale |
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— |
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— |
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94,146 |
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|
104,660 |
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|
118,362 |
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Accrued interest receivable and other assets |
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|
21,330 |
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|
23,288 |
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|
23,263 |
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|
|
20,344 |
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|
25,170 |
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TOTAL ASSETS |
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$ |
2,886,554 |
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$ |
2,861,489 |
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$ |
2,878,778 |
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$ |
2,879,941 |
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$ |
2,858,593 |
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LIABILITIES |
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Deposits: |
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Demand, noninterest bearing |
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$ |
646,654 |
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$ |
646,002 |
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$ |
658,646 |
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$ |
658,473 |
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$ |
661,292 |
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Interest bearing |
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1,809,755 |
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1,787,692 |
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1,701,936 |
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1,714,179 |
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1,699,220 |
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Total deposits |
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2,456,409 |
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2,433,694 |
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2,360,582 |
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2,372,652 |
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2,360,512 |
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Long-term borrowings |
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40,000 |
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40,000 |
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40,000 |
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40,000 |
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40,000 |
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Short-term borrowings |
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— |
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— |
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10,000 |
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— |
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— |
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Note payable |
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— |
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559 |
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565 |
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572 |
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|
578 |
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Subordinated debt |
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62,279 |
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62,129 |
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61,984 |
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61,843 |
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61,706 |
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Lease liabilities |
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15,740 |
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15,284 |
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15,666 |
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14,911 |
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14,746 |
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Liabilities held for sale |
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— |
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— |
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93,777 |
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94,228 |
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|
96,916 |
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Accrued interest payable and other liabilities |
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|
14,128 |
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15,757 |
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15,983 |
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18,382 |
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|
12,726 |
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TOTAL LIABILITIES |
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2,588,556 |
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2,567,423 |
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2,598,557 |
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2,602,588 |
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2,587,184 |
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SHAREHOLDERS’ EQUITY |
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Preferred stock |
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— |
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— |
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— |
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— |
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— |
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Common stock |
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|
370 |
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|
|
370 |
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|
|
370 |
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|
|
370 |
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|
|
370 |
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Surplus |
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265,293 |
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|
264,871 |
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|
264,449 |
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|
264,059 |
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|
|
263,795 |
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Retained earnings |
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37,107 |
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32,507 |
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|
19,947 |
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|
15,147 |
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|
10,826 |
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Accumulated other comprehensive loss |
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|
(4,772 |
) |
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(3,682 |
) |
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(4,545 |
) |
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|
(2,223 |
) |
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|
(3,582 |
) |
TOTAL SHAREHOLDERS' EQUITY |
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|
297,998 |
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|
294,066 |
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|
280,221 |
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|
|
277,353 |
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|
|
271,409 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
2,886,554 |
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$ |
2,861,489 |
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$ |
2,878,778 |
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$ |
2,879,941 |
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$ |
2,858,593 |
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Common shares outstanding |
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37,441,879 |
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|
|
37,377,342 |
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|
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37,370,917 |
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|
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37,361,560 |
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|
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37,356,278 |
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LINKBANCORP, Inc. and Subsidiaries |
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Consolidated Statements of Operations (Unaudited) |
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Three Months Ended |
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Six Months Ended |
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6/30/2025 |
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3/31/2025 |
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|
6/30/2024 |
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|
6/30/2025 |
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|
6/30/2024 |
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(In Thousands, except share and per share data) |
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INTEREST AND DIVIDEND INCOME |
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Loans receivable, including fees |
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$ |
36,032 |
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|
$ |
37,041 |
|
|
$ |
36,112 |
|
|
$ |
73,073 |
|
|
$ |
72,237 |
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Other |
|
|
3,294 |
|
|
|
3,101 |
|
|
|
3,337 |
|
|
|
6,395 |
|
|
|
5,987 |
|
Total interest and dividend income |
|
|
39,326 |
|
|
|
40,142 |
|
|
|
39,449 |
|
|
|
79,468 |
|
|
|
78,224 |
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INTEREST EXPENSE |
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|
|
|
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|
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Deposits |
|
|
12,467 |
|
|
|
12,357 |
|
|
|
13,071 |
|
|
|
24,824 |
|
|
|
24,918 |
|
Other Borrowings |
|
|
931 |
|
|
|
986 |
|
|
|
932 |
|
|
|
1,917 |
|
|
|
2,018 |
|
Subordinated Debt |
|
|
979 |
|
|
|
968 |
|
|
|
962 |
|
|
|
1,947 |
|
|
|
1,920 |
|
Total interest expense |
|
|
14,377 |
|
|
|
14,311 |
|
|
|
14,965 |
|
|
|
28,688 |
|
|
|
28,856 |
|
NET INTEREST INCOME BEFORE
PROVISION FOR CREDIT LOSSES |
|
|
24,949 |
|
|
|
25,831 |
|
|
|
24,484 |
|
|
|
50,780 |
|
|
|
49,368 |
|
Provision for credit losses |
|
|
344 |
|
|
|
228 |
|
|
|
— |
|
|
|
572 |
|
|
|
40 |
|
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES |
|
|
24,605 |
|
|
|
25,603 |
|
|
|
24,484 |
|
|
|
50,208 |
|
|
|
49,328 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
1,056 |
|
|
|
1,061 |
|
|
|
865 |
|
|
|
2,117 |
|
|
|
1,645 |
|
Bank-owned life insurance |
|
|
436 |
|
|
|
428 |
|
|
|
386 |
|
|
|
864 |
|
|
|
769 |
|
Net realized gains (losses) on the sale of debt securities |
|
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
4 |
|
Gain on sale of loans |
|
|
128 |
|
|
|
77 |
|
|
|
12 |
|
|
|
205 |
|
|
|
62 |
|
Gain on sale of branches |
|
|
— |
|
|
|
11,093 |
|
|
|
— |
|
|
|
11,093 |
|
|
|
— |
|
Other |
|
|
1,313 |
|
|
|
598 |
|
|
|
591 |
|
|
|
1,911 |
|
|
|
1,107 |
|
Total noninterest income |
|
|
2,933 |
|
|
|
13,257 |
|
|
|
1,858 |
|
|
|
16,190 |
|
|
|
3,587 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
10,252 |
|
|
|
11,156 |
|
|
|
9,941 |
|
|
|
21,408 |
|
|
|
21,059 |
|
Occupancy |
|
|
1,308 |
|
|
|
1,464 |
|
|
|
1,559 |
|
|
|
2,772 |
|
|
|
3,137 |
|
Equipment and data processing |
|
|
2,052 |
|
|
|
2,043 |
|
|
|
1,824 |
|
|
|
4,095 |
|
|
|
3,650 |
|
Professional fees |
|
|
728 |
|
|
|
487 |
|
|
|
788 |
|
|
|
1,215 |
|
|
|
1,536 |
|
FDIC insurance and supervisory fees |
|
|
537 |
|
|
|
599 |
|
|
|
545 |
|
|
|
1,136 |
|
|
|
897 |
|
Bank Shares Tax |
|
|
(82 |
) |
|
|
614 |
|
|
|
760 |
|
|
|
532 |
|
|
|
1,351 |
|
Intangible amortization |
|
|
1,083 |
|
|
|
1,084 |
|
|
|
1,204 |
|
|
|
2,167 |
|
|
|
2,411 |
|
Merger & restructuring expenses |
|
|
16 |
|
|
|
41 |
|
|
|
631 |
|
|
|
57 |
|
|
|
687 |
|
Advertising |
|
|
176 |
|
|
|
144 |
|
|
|
241 |
|
|
|
320 |
|
|
|
475 |
|
Other |
|
|
1,995 |
|
|
|
2,026 |
|
|
|
1,407 |
|
|
|
4,021 |
|
|
|
2,947 |
|
Total noninterest expense |
|
|
18,065 |
|
|
|
19,658 |
|
|
|
18,900 |
|
|
|
37,723 |
|
|
|
38,150 |
|
Income before income tax expense |
|
|
9,473 |
|
|
|
19,202 |
|
|
|
7,442 |
|
|
|
28,675 |
|
|
|
14,765 |
|
Income tax expense |
|
|
2,086 |
|
|
|
3,859 |
|
|
|
1,638 |
|
|
|
5,945 |
|
|
|
3,235 |
|
NET INCOME |
|
$ |
7,387 |
|
|
$ |
15,343 |
|
|
$ |
5,804 |
|
|
$ |
22,730 |
|
|
$ |
11,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE, BASIC |
|
$ |
0.20 |
|
|
$ |
0.41 |
|
|
$ |
0.16 |
|
|
$ |
0.61 |
|
|
$ |
0.31 |
|
EARNINGS PER SHARE, DILUTED |
|
$ |
0.20 |
|
|
$ |
0.41 |
|
|
$ |
0.16 |
|
|
$ |
0.61 |
|
|
$ |
0.31 |
|
WEIGHTED-AVERAGE COMMON SHARES
OUTSTANDING, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC |
|
|
37,136,851 |
|
|
|
37,105,480 |
|
|
|
36,970,768 |
|
|
|
37,122,883 |
|
|
|
36,966,371 |
|
DILUTED |
|
|
37,244,008 |
|
|
|
37,221,939 |
|
|
|
37,040,748 |
|
|
|
37,231,839 |
|
|
|
37,042,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LINKBANCORP, Inc. and Subsidiaries |
|
Financial Highlights (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
(Dollars In Thousands, except per share data) |
6/30/2025 |
|
|
3/31/2025 |
|
|
6/30/2024 |
|
|
6/30/2025 |
|
|
6/30/2024 |
|
Operating Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
7,387 |
|
|
$ |
15,343 |
|
|
$ |
5,804 |
|
|
$ |
22,730 |
|
|
$ |
11,530 |
|
Net Interest Income |
|
24,949 |
|
|
|
25,831 |
|
|
|
24,484 |
|
|
|
50,780 |
|
|
|
49,368 |
|
Provision for Credit Losses |
|
344 |
|
|
|
228 |
|
|
|
— |
|
|
|
572 |
|
|
|
40 |
|
Non-Interest Income |
|
2,933 |
|
|
|
13,257 |
|
|
|
1,858 |
|
|
|
16,190 |
|
|
|
3,587 |
|
Non-Interest Expense |
|
18,065 |
|
|
|
19,658 |
|
|
|
18,900 |
|
|
|
37,723 |
|
|
|
38,150 |
|
Earnings per Share, Basic |
|
0.20 |
|
|
|
0.41 |
|
|
|
0.16 |
|
|
|
0.61 |
|
|
|
0.31 |
|
Adjusted Earnings per Share, Basic (2) |
|
0.20 |
|
|
|
0.20 |
|
|
|
0.17 |
|
|
|
0.40 |
|
|
|
0.33 |
|
Earnings per Share, Diluted |
|
0.20 |
|
|
|
0.41 |
|
|
|
0.16 |
|
|
|
0.61 |
|
|
|
0.31 |
|
Adjusted Earnings per Share, Diluted (2) |
|
0.20 |
|
|
|
0.20 |
|
|
|
0.17 |
|
|
|
0.40 |
|
|
|
0.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
|
3.80 |
% |
|
|
3.94 |
% |
|
|
3.83 |
% |
|
|
3.87 |
% |
|
|
3.92 |
% |
Annualized Return on Assets ("ROA") |
|
1.05 |
% |
|
|
2.19 |
% |
|
|
0.84 |
% |
|
|
1.62 |
% |
|
|
0.85 |
% |
Adjusted ROA2 |
|
1.05 |
% |
|
|
1.05 |
% |
|
|
0.91 |
% |
|
|
1.05 |
% |
|
|
0.89 |
% |
Annualized Return on Equity ("ROE") |
|
10.04 |
% |
|
|
21.90 |
% |
|
|
8.65 |
% |
|
|
15.83 |
% |
|
|
8.63 |
% |
Adjusted ROE2 |
|
10.06 |
% |
|
|
10.56 |
% |
|
|
9.39 |
% |
|
|
10.31 |
% |
|
|
9.04 |
% |
Efficiency Ratio |
|
64.79 |
% |
|
|
50.29 |
% |
|
|
71.75 |
% |
|
|
56.33 |
% |
|
|
72.04 |
% |
Adjusted Efficiency Ratio3 |
|
64.73 |
% |
|
|
66.96 |
% |
|
|
69.36 |
% |
|
|
65.85 |
% |
|
|
70.75 |
% |
Noninterest Income to Avg. Assets |
|
0.42 |
% |
|
|
1.89 |
% |
|
|
0.27 |
% |
|
|
1.15 |
% |
|
|
0.26 |
% |
Noninterest Expense to Avg. Assets |
|
2.57 |
% |
|
|
2.80 |
% |
|
|
2.73 |
% |
|
|
2.68 |
% |
|
|
2.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2025 |
|
|
3/31/2025 |
|
|
12/31/2024 |
|
|
9/30/2024 |
|
|
6/30/2024 |
|
Financial Condition Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
2,886,554 |
|
|
$ |
2,861,489 |
|
|
$ |
2,878,778 |
|
|
$ |
2,879,941 |
|
|
$ |
2,858,593 |
|
Loans Receivable, Net |
|
2,331,958 |
|
|
|
2,247,322 |
|
|
|
2,229,314 |
|
|
|
2,189,326 |
|
|
|
2,166,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing Deposits |
|
646,654 |
|
|
|
646,002 |
|
|
|
658,646 |
|
|
|
658,473 |
|
|
|
661,292 |
|
Interest-bearing Deposits |
|
1,809,755 |
|
|
|
1,787,692 |
|
|
|
1,701,936 |
|
|
|
1,714,179 |
|
|
|
1,699,220 |
|
Total Deposits |
$ |
2,456,409 |
|
|
$ |
2,433,694 |
|
|
$ |
2,360,582 |
|
|
$ |
2,372,652 |
|
|
$ |
2,360,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Balance Sheet Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital Ratio1 |
|
12.43 |
% |
|
|
12.61 |
% |
|
|
11.55 |
% |
|
|
11.44 |
% |
|
|
11.09 |
% |
Tier 1 Capital Ratio1 |
|
11.51 |
% |
|
|
11.71 |
% |
|
|
10.74 |
% |
|
|
10.62 |
% |
|
|
10.30 |
% |
Common Equity Tier 1 Capital Ratio1 |
|
11.51 |
% |
|
|
11.71 |
% |
|
|
10.74 |
% |
|
|
10.62 |
% |
|
|
10.30 |
% |
Leverage Ratio1 |
|
10.34 |
% |
|
|
10.02 |
% |
|
|
9.49 |
% |
|
|
9.41 |
% |
|
|
9.17 |
% |
Tangible Common Equity to Tangible Assets4 |
|
7.89 |
% |
|
|
7.78 |
% |
|
|
7.16 |
% |
|
|
7.02 |
% |
|
|
6.82 |
% |
Tangible Book Value per Share5 |
$ |
5.92 |
|
|
$ |
5.80 |
|
|
$ |
5.36 |
|
|
$ |
5.26 |
|
|
$ |
5.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing Assets |
$ |
21,877 |
|
|
$ |
26,041 |
|
|
$ |
17,173 |
|
|
$ |
17,378 |
|
|
$ |
10,589 |
|
Non-performing Assets to Total Assets |
|
0.76 |
% |
|
|
0.91 |
% |
|
|
0.60 |
% |
|
|
0.60 |
% |
|
|
0.37 |
% |
Non-performing Loans to Total Loans |
|
0.93 |
% |
|
|
1.15 |
% |
|
|
0.76 |
% |
|
|
0.78 |
% |
|
|
0.48 |
% |
Allowance for Credit Losses - Loans ("ACLL") |
$ |
24,651 |
|
|
$ |
26,619 |
|
|
$ |
26,435 |
|
|
$ |
26,542 |
|
|
$ |
26,288 |
|
ACLL to Total Loans |
|
1.05 |
% |
|
|
1.17 |
% |
|
|
1.17 |
% |
|
|
1.20 |
% |
|
|
1.20 |
% |
ACLL to Nonperforming Assets |
|
112.68 |
% |
|
|
102.22 |
% |
|
|
153.93 |
% |
|
|
152.73 |
% |
|
|
248.26 |
% |
Net chargeoffs (recoveries)(6) |
$ |
40 |
|
|
$ |
81 |
|
|
$ |
252 |
|
|
$ |
(28 |
) |
|
$ |
(20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - These capital ratios have been calculated using bank-level capital |
|
(2) - This is a non-GAAP financial measure. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures at the end of this release. |
|
|
|
(3) - The efficiency ratio, as adjusted represents noninterest expense divided by the sum of net interest income and noninterest income, excluding gains or losses from securities sales and merger related expenses. This is a non-GAAP financial measure. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures at the end of this release. |
|
(4) - We calculate tangible common equity as total shareholders' equity less goodwill and other intangibles, and we calculate tangible assets as total assets less goodwill and other intangibles. This is a non-GAAP financial measure. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures at the end of this release. |
|
(5) - We calculate tangible book value per common share as total shareholders' equity less goodwill and other intangibles, divided by the outstanding number of shares of our common stock at the end of the relevant period. Tangible book value per common share is a non-GAAP financial measure, and, as we calculate tangible book value per common share, the most directly comparable GAAP financial measure is book value per common share. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures at the end of this release. |
|
(6) - Charge offs for the three months ended June 30, 2025 do not include the impact of a settlement of a purchase credit deteriorated loan ("PCD") that resulted in a net decrease to the allowance of $2.0 million, which was covered by a specific reserve established on this PCD loan at the time of acquisition. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LINKBANCORP, Inc. and Subsidiaries |
|
Net Interest Margin - Quarter-To-Date (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
(Dollars in thousands) |
|
Avg Bal |
|
|
Interest (2) |
|
|
Yield/Rate |
|
|
Avg Bal |
|
|
Interest (2) |
|
|
Yield/Rate |
|
Int. Earn. Cash |
|
$ |
114,315 |
|
|
$ |
1,097 |
|
|
|
3.85 |
% |
|
$ |
121,340 |
|
|
$ |
1,395 |
|
|
|
4.62 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (1) |
|
|
152,185 |
|
|
|
1,819 |
|
|
|
4.79 |
% |
|
|
125,885 |
|
|
|
1,592 |
|
|
|
5.09 |
% |
Tax-Exempt |
|
|
42,688 |
|
|
|
478 |
|
|
|
4.50 |
% |
|
|
41,776 |
|
|
|
443 |
|
|
|
4.26 |
% |
Total Securities |
|
|
194,873 |
|
|
|
2,297 |
|
|
|
4.73 |
% |
|
|
167,661 |
|
|
|
2,035 |
|
|
|
4.88 |
% |
Total Cash Equiv. and Investments |
|
|
309,188 |
|
|
|
3,394 |
|
|
|
4.40 |
% |
|
|
289,001 |
|
|
|
3,430 |
|
|
|
4.77 |
% |
Total Loans (3) |
|
|
2,324,897 |
|
|
|
36,032 |
|
|
|
6.22 |
% |
|
|
2,280,041 |
|
|
|
36,112 |
|
|
|
6.37 |
% |
Total Earning Assets |
|
|
2,634,085 |
|
|
|
39,426 |
|
|
|
6.00 |
% |
|
|
2,569,042 |
|
|
|
39,542 |
|
|
|
6.19 |
% |
Other Assets |
|
|
183,203 |
|
|
|
|
|
|
|
|
|
212,097 |
|
|
|
|
|
|
|
Total Assets |
|
$ |
2,817,288 |
|
|
|
|
|
|
|
|
$ |
2,781,139 |
|
|
|
|
|
|
|
Interest bearing demand |
|
$ |
547,177 |
|
|
|
3,207 |
|
|
|
2.35 |
% |
|
$ |
446,109 |
|
|
|
2,457 |
|
|
|
2.22 |
% |
Money market demand |
|
|
553,294 |
|
|
|
3,099 |
|
|
|
2.25 |
% |
|
|
581,223 |
|
|
|
3,271 |
|
|
|
2.26 |
% |
Time deposits |
|
|
609,322 |
|
|
|
6,161 |
|
|
|
4.06 |
% |
|
|
642,919 |
|
|
|
7,343 |
|
|
|
4.59 |
% |
Total Borrowings |
|
|
152,668 |
|
|
|
1,910 |
|
|
|
5.02 |
% |
|
|
151,596 |
|
|
|
1,894 |
|
|
|
5.02 |
% |
Total Interest-Bearing Liabilities |
|
|
1,862,461 |
|
|
|
14,377 |
|
|
|
3.10 |
% |
|
|
1,821,847 |
|
|
|
14,965 |
|
|
|
3.30 |
% |
Non Interest-Bearing Deposits |
|
|
628,962 |
|
|
|
|
|
|
|
|
|
657,939 |
|
|
|
|
|
|
|
Total Cost of Funds |
|
|
2,491,423 |
|
|
|
14,377 |
|
|
|
2.31 |
% |
|
|
2,479,786 |
|
|
|
14,965 |
|
|
|
2.43 |
% |
Other Liabilities |
|
|
30,826 |
|
|
|
|
|
|
|
|
|
31,519 |
|
|
|
|
|
|
|
Total Liabilities |
|
|
2,522,249 |
|
|
|
|
|
|
|
|
|
2,511,305 |
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
295,039 |
|
|
|
|
|
|
|
|
|
269,834 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
|
$ |
2,817,288 |
|
|
|
|
|
|
|
|
$ |
2,781,139 |
|
|
|
|
|
|
|
Net Interest Income/Spread (FTE) |
|
|
|
|
|
25,049 |
|
|
|
2.90 |
% |
|
|
|
|
|
24,577 |
|
|
|
2.89 |
% |
Tax-Equivalent Basis Adjustment |
|
|
|
|
|
(100 |
) |
|
|
|
|
|
|
|
|
(93 |
) |
|
|
|
Net Interest Income |
|
|
|
|
$ |
24,949 |
|
|
|
|
|
|
|
|
$ |
24,484 |
|
|
|
|
Net Interest Margin |
|
|
|
|
|
|
|
|
3.80 |
% |
|
|
|
|
|
|
|
|
3.83 |
% |
(1) Taxable income on securities includes income from available for sale securities and income from certificates of deposits with other banks. |
|
(2) Income stated on a tax equivalent basis which is a non-GAAP measure and reconciled to GAAP at the bottom of the table |
|
(3) Includes the balances of nonaccrual loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LINKBANCORP, Inc. and Subsidiaries |
|
Net Interest Margin - Linked Quarter-To-Date (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
June 30, 2025 |
|
|
March 31, 2025 |
|
(Dollars in thousands) |
|
Avg Bal |
|
|
Interest (2) |
|
|
Yield/Rate |
|
|
Avg Bal |
|
|
Interest (2) |
|
|
Yield/Rate |
|
Int. Earn. Cash |
|
$ |
114,315 |
|
|
$ |
1,097 |
|
|
|
3.85 |
% |
|
$ |
119,269 |
|
|
$ |
972 |
|
|
|
3.31 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (1) |
|
|
152,185 |
|
|
|
1,819 |
|
|
|
4.79 |
% |
|
|
142,867 |
|
|
|
1,749 |
|
|
|
4.96 |
% |
Tax-Exempt |
|
|
42,688 |
|
|
|
478 |
|
|
|
4.50 |
% |
|
|
43,845 |
|
|
|
481 |
|
|
|
4.45 |
% |
Total Securities |
|
|
194,873 |
|
|
|
2,297 |
|
|
|
4.73 |
% |
|
|
186,712 |
|
|
|
2,230 |
|
|
|
4.84 |
% |
Total Cash Equiv. and Investments |
|
|
309,188 |
|
|
|
3,394 |
|
|
|
4.40 |
% |
|
|
305,981 |
|
|
|
3,202 |
|
|
|
4.24 |
% |
Total Loans (3) |
|
|
2,324,897 |
|
|
|
36,032 |
|
|
|
6.22 |
% |
|
|
2,350,031 |
|
|
|
37,041 |
|
|
|
6.39 |
% |
Total Earning Assets |
|
|
2,634,085 |
|
|
|
39,426 |
|
|
|
6.00 |
% |
|
|
2,656,012 |
|
|
|
40,243 |
|
|
|
6.14 |
% |
Other Assets |
|
|
183,203 |
|
|
|
|
|
|
|
|
|
191,469 |
|
|
|
|
|
|
|
Total Assets |
|
$ |
2,817,288 |
|
|
|
|
|
|
|
|
$ |
2,847,481 |
|
|
|
|
|
|
|
Interest bearing demand |
|
$ |
547,177 |
|
|
|
3,207 |
|
|
|
2.35 |
% |
|
$ |
545,475 |
|
|
|
3,048 |
|
|
|
2.27 |
% |
Money market demand |
|
|
553,294 |
|
|
|
3,099 |
|
|
|
2.25 |
% |
|
|
555,663 |
|
|
|
2,937 |
|
|
|
2.14 |
% |
Time deposits |
|
|
609,322 |
|
|
|
6,161 |
|
|
|
4.06 |
% |
|
|
632,649 |
|
|
|
6,372 |
|
|
|
4.08 |
% |
Total Borrowings |
|
|
152,668 |
|
|
|
1,910 |
|
|
|
5.02 |
% |
|
|
149,922 |
|
|
|
1,954 |
|
|
|
5.29 |
% |
Total Interest-Bearing Liabilities |
|
|
1,862,461 |
|
|
|
14,377 |
|
|
|
3.10 |
% |
|
|
1,883,709 |
|
|
|
14,311 |
|
|
|
3.08 |
% |
Non Interest-Bearing Deposits |
|
|
628,962 |
|
|
|
|
|
|
|
|
|
649,440 |
|
|
|
|
|
|
|
Total Cost of Funds |
|
|
2,491,423 |
|
|
|
14,377 |
|
|
|
2.31 |
% |
|
|
2,533,149 |
|
|
|
14,311 |
|
|
|
2.29 |
% |
Other Liabilities |
|
|
30,826 |
|
|
|
|
|
|
|
|
|
30,229 |
|
|
|
|
|
|
|
Total Liabilities |
|
|
2,522,249 |
|
|
|
|
|
|
|
|
|
2,563,378 |
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
295,039 |
|
|
|
|
|
|
|
|
|
284,103 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
|
$ |
2,817,288 |
|
|
|
|
|
|
|
|
$ |
2,847,481 |
|
|
|
|
|
|
|
Net Interest Income/Spread (FTE) |
|
|
|
|
|
25,049 |
|
|
|
2.90 |
% |
|
|
|
|
|
25,932 |
|
|
|
3.06 |
% |
Tax-Equivalent Basis Adjustment |
|
|
|
|
|
(100 |
) |
|
|
|
|
|
|
|
|
(101 |
) |
|
|
|
Net Interest Income |
|
|
|
|
$ |
24,949 |
|
|
|
|
|
|
|
|
$ |
25,831 |
|
|
|
|
Net Interest Margin |
|
|
|
|
|
|
|
|
3.80 |
% |
|
|
|
|
|
|
|
|
3.94 |
% |
(1) Taxable income on securities includes income from available for sale securities and income from certificates of deposits with other banks. |
|
(2) Income stated on a tax equivalent basis which is a non-GAAP measure and reconciled to GAAP at the bottom of the table |
|
(3) Includes the balances of nonaccrual loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LINKBANCORP, Inc. and Subsidiaries |
|
Net Interest Margin - Year-To-Date (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
(Dollars in thousands) |
|
Avg Bal |
|
|
Interest (2) |
|
|
Yield/Rate |
|
|
Avg Bal |
|
|
Interest (2) |
|
|
Yield/Rate |
|
Int. Earn. Cash |
|
$ |
113,957 |
|
|
$ |
2,069 |
|
|
|
3.66 |
% |
|
$ |
102,471 |
|
|
$ |
2,293 |
|
|
|
4.50 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (1) |
|
|
147,952 |
|
|
|
3,568 |
|
|
|
4.86 |
% |
|
|
121,333 |
|
|
|
2,983 |
|
|
|
4.94 |
% |
Tax-Exempt |
|
|
43,240 |
|
|
|
959 |
|
|
|
4.47 |
% |
|
|
42,344 |
|
|
|
900 |
|
|
|
4.27 |
% |
Total Securities |
|
|
191,192 |
|
|
|
4,527 |
|
|
|
4.78 |
% |
|
|
163,677 |
|
|
|
3,883 |
|
|
|
4.77 |
% |
Total Cash Equiv. and Investments |
|
|
305,149 |
|
|
|
6,596 |
|
|
|
4.36 |
% |
|
|
266,148 |
|
|
|
6,176 |
|
|
|
4.67 |
% |
Total Loans (3) |
|
|
2,340,413 |
|
|
|
73,073 |
|
|
|
6.30 |
% |
|
|
2,263,595 |
|
|
|
72,237 |
|
|
|
6.42 |
% |
Total Earning Assets |
|
|
2,645,562 |
|
|
|
79,669 |
|
|
|
6.07 |
% |
|
|
2,529,743 |
|
|
|
78,413 |
|
|
|
6.23 |
% |
Other Assets |
|
|
191,799 |
|
|
|
|
|
|
|
|
|
211,138 |
|
|
|
|
|
|
|
Total Assets |
|
$ |
2,837,361 |
|
|
|
|
|
|
|
|
$ |
2,740,881 |
|
|
|
|
|
|
|
Interest bearing demand |
|
$ |
546,906 |
|
|
$ |
6,255 |
|
|
|
2.31 |
% |
|
$ |
437,011 |
|
|
$ |
4,400 |
|
|
|
2.02 |
% |
Money market demand |
|
|
557,551 |
|
|
|
6,036 |
|
|
|
2.18 |
% |
|
|
584,121 |
|
|
|
6,445 |
|
|
|
2.22 |
% |
Time deposits |
|
|
621,040 |
|
|
|
12,533 |
|
|
|
4.07 |
% |
|
|
628,616 |
|
|
|
14,073 |
|
|
|
4.50 |
% |
Total Borrowings |
|
|
151,269 |
|
|
|
3,864 |
|
|
|
5.15 |
% |
|
|
144,509 |
|
|
|
3,938 |
|
|
|
5.48 |
% |
Total Interest-Bearing Liabilities |
|
|
1,876,766 |
|
|
|
28,688 |
|
|
|
3.08 |
% |
|
|
1,794,257 |
|
|
|
28,856 |
|
|
|
3.23 |
% |
Non Interest-Bearing Deposits |
|
|
640,730 |
|
|
|
|
|
|
|
|
|
646,728 |
|
|
|
|
|
|
|
Total Cost of Funds |
|
$ |
2,517,496 |
|
|
$ |
28,688 |
|
|
|
2.30 |
% |
|
$ |
2,440,985 |
|
|
$ |
28,856 |
|
|
|
2.38 |
% |
Other Liabilities |
|
|
30,368 |
|
|
|
|
|
|
|
|
|
31,360 |
|
|
|
|
|
|
|
Total Liabilities |
|
$ |
2,547,864 |
|
|
|
|
|
|
|
|
$ |
2,472,345 |
|
|
|
|
|
|
|
Shareholders' Equity |
|
$ |
289,497 |
|
|
|
|
|
|
|
|
$ |
268,536 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
|
$ |
2,837,361 |
|
|
|
|
|
|
|
|
$ |
2,740,881 |
|
|
|
|
|
|
|
Net Interest Income/Spread (FTE) |
|
|
|
|
|
50,981 |
|
|
|
2.99 |
% |
|
|
|
|
|
49,557 |
|
|
|
3.00 |
% |
Tax-Equivalent Basis Adjustment |
|
|
|
|
|
(201 |
) |
|
|
|
|
|
|
|
|
(189 |
) |
|
|
|
Net Interest Income |
|
|
|
|
$ |
50,780 |
|
|
|
|
|
|
|
|
$ |
49,368 |
|
|
|
|
Net Interest Margin |
|
|
|
|
|
|
|
|
3.87 |
% |
|
|
|
|
|
|
|
|
3.92 |
% |
(1) Taxable income on securities includes income from available for sale securities and income from certificates of deposits with other banks. |
|
(2) Income stated on a tax equivalent basis which is a non-GAAP measure and reconciled to GAAP at the bottom of the table |
|
(3) Includes the balances of nonaccrual loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LINKBANCORP, Inc. and Subsidiaries |
|
Loans Receivable Detail (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands) |
|
June 30, 2025 |
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
|
September 30, 2024 |
|
|
June 30, 2024 |
|
Agriculture and farmland loans |
|
$ |
61,996 |
|
|
$ |
66,684 |
|
|
$ |
67,741 |
|
|
$ |
65,166 |
|
|
$ |
66,937 |
|
Construction loans |
|
|
140,976 |
|
|
|
136,421 |
|
|
|
158,296 |
|
|
|
175,373 |
|
|
|
201,174 |
|
Commercial & industrial loans |
|
|
259,877 |
|
|
|
257,302 |
|
|
|
252,163 |
|
|
|
241,597 |
|
|
|
247,190 |
|
Commercial real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily |
|
|
231,469 |
|
|
|
215,916 |
|
|
|
217,331 |
|
|
|
212,444 |
|
|
|
199,740 |
|
Owner occupied |
|
|
502,515 |
|
|
|
472,895 |
|
|
|
493,906 |
|
|
|
500,643 |
|
|
|
492,065 |
|
Non-owner occupied |
|
|
681,521 |
|
|
|
645,793 |
|
|
|
658,615 |
|
|
|
626,030 |
|
|
|
610,649 |
|
Residential real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First liens |
|
|
375,879 |
|
|
|
378,420 |
|
|
|
399,476 |
|
|
|
400,869 |
|
|
|
400,098 |
|
Second liens and lines of credit |
|
|
81,194 |
|
|
|
79,905 |
|
|
|
78,410 |
|
|
|
73,591 |
|
|
|
71,168 |
|
Consumer and other loans |
|
|
17,525 |
|
|
|
17,097 |
|
|
|
17,087 |
|
|
|
17,498 |
|
|
|
15,514 |
|
Municipal loans |
|
|
2,917 |
|
|
|
3,012 |
|
|
|
3,886 |
|
|
|
4,296 |
|
|
|
4,362 |
|
|
|
|
2,355,869 |
|
|
|
2,273,445 |
|
|
|
2,346,911 |
|
|
|
2,317,507 |
|
|
|
2,308,897 |
|
Deferred costs |
|
|
740 |
|
|
|
496 |
|
|
|
645 |
|
|
|
634 |
|
|
|
478 |
|
Total loans receivable |
|
|
2,356,609 |
|
|
|
2,273,941 |
|
|
|
2,347,556 |
|
|
|
2,318,141 |
|
|
|
2,309,375 |
|
Less: Loans held for sale |
|
|
— |
|
|
|
— |
|
|
|
91,807 |
|
|
|
102,273 |
|
|
|
116,178 |
|
Loans Held for Investment |
|
$ |
2,356,609 |
|
|
$ |
2,273,941 |
|
|
$ |
2,255,749 |
|
|
$ |
2,215,868 |
|
|
$ |
2,193,197 |
|
|
|
|
|
|
|
|
LINKBANCORP, Inc. and Subsidiaries |
|
Loan Growth Calculation Excluding Branch Sale (Unaudited) |
|
|
|
|
|
|
|
(In Thousands) |
|
|
|
June 30, 2025 |
|
Total Loans at June 30, 2025 |
|
|
|
$ |
2,356,609 |
|
Total Loans at December 31, 2024 |
|
|
|
|
2,347,556 |
|
Year-to-date Change |
|
|
|
|
9,053 |
|
Net Book Value of Loans Sold |
|
|
|
|
97,952 |
|
Loan Growth Excluding Branch Sale |
|
|
|
|
107,005 |
|
Annualized Growth Rate |
|
|
|
|
9.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LINKBANCORP, Inc. and Subsidiaries |
|
|
|
|
Investments in Securities Detail (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
|
|
(In Thousands) |
|
Amortized
Cost |
|
|
Net
Unrealized Gains
(Losses) |
|
|
Fair
Value |
|
|
|
|
Available for Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
US Government Agency securities |
|
$ |
13,177 |
|
|
$ |
168 |
|
|
$ |
13,345 |
|
|
|
|
Obligations of state and political subdivisions |
|
|
50,758 |
|
|
|
(4,438 |
) |
|
|
46,320 |
|
|
|
|
Mortgage-backed securities in government-sponsored entities |
|
|
111,564 |
|
|
|
(2,010 |
) |
|
|
109,554 |
|
|
|
|
Other securities |
|
|
357 |
|
|
|
(7 |
) |
|
|
350 |
|
|
|
|
|
|
$ |
175,856 |
|
|
$ |
(6,287 |
) |
|
$ |
169,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
Cost |
|
|
Net Unrealized Losses |
|
|
Fair Value |
|
|
Allowance for Credit Losses |
|
Held to Maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debentures |
|
$ |
12,250 |
|
|
$ |
(728 |
) |
|
$ |
11,522 |
|
|
$ |
(475 |
) |
Structured mortgage-backed securities |
|
|
15,034 |
|
|
|
(452 |
) |
|
|
14,582 |
|
|
|
— |
|
|
|
$ |
27,284 |
|
|
$ |
(1,180 |
) |
|
$ |
26,104 |
|
|
$ |
(475 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
|
(In Thousands) |
|
Amortized
Cost |
|
|
Net
Unrealized Gains
(Losses) |
|
|
Fair
Value |
|
|
|
|
Available for Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
US Government Agency securities |
|
$ |
13,017 |
|
|
$ |
56 |
|
|
$ |
13,073 |
|
|
|
|
Obligations of state and political subdivisions |
|
|
51,254 |
|
|
|
(4,053 |
) |
|
|
47,201 |
|
|
|
|
Mortgage-backed securities in government-sponsored entities |
|
|
88,289 |
|
|
|
(3,506 |
) |
|
|
84,783 |
|
|
|
|
Other securities |
|
|
542 |
|
|
|
(9 |
) |
|
|
533 |
|
|
|
|
|
|
$ |
153,102 |
|
|
$ |
(7,512 |
) |
|
$ |
145,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
Cost |
|
|
Net Unrealized Losses |
|
|
Fair Value |
|
|
Allowance for Credit Losses |
|
Held to Maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debentures |
|
$ |
15,250 |
|
|
$ |
(984 |
) |
|
$ |
14,266 |
|
|
$ |
(459 |
) |
Structured mortgage-backed securities |
|
|
16,717 |
|
|
|
(699 |
) |
|
|
16,018 |
|
|
|
— |
|
|
|
$ |
31,967 |
|
|
$ |
(1,683 |
) |
|
$ |
30,284 |
|
|
$ |
(459 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LINKBANCORP, Inc. and Subsidiaries |
|
Deposits Detail (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands) |
|
June 30, 2025 |
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
|
September 30, 2024 |
|
|
June 30, 2024 |
|
Demand, noninterest-bearing |
|
$ |
646,654 |
|
|
$ |
646,002 |
|
|
$ |
686,510 |
|
|
$ |
687,536 |
|
|
$ |
692,095 |
|
Demand, interest-bearing |
|
|
576,050 |
|
|
|
577,170 |
|
|
|
537,546 |
|
|
|
547,099 |
|
|
|
488,043 |
|
Money market and savings |
|
|
580,143 |
|
|
|
553,240 |
|
|
|
553,807 |
|
|
|
585,395 |
|
|
|
582,561 |
|
Time deposits, $250 and over |
|
|
177,897 |
|
|
|
166,441 |
|
|
|
167,165 |
|
|
|
169,616 |
|
|
|
156,621 |
|
Time deposits, other |
|
|
400,665 |
|
|
|
387,226 |
|
|
|
405,493 |
|
|
|
401,976 |
|
|
|
393,603 |
|
Brokered deposits |
|
|
75,000 |
|
|
|
103,615 |
|
|
|
103,615 |
|
|
|
75,000 |
|
|
|
144,429 |
|
|
|
|
2,456,409 |
|
|
|
2,433,694 |
|
|
|
2,454,136 |
|
|
|
2,466,622 |
|
|
|
2,457,352 |
|
Less: Deposits held for sale |
|
|
— |
|
|
|
— |
|
|
|
93,554 |
|
|
|
93,970 |
|
|
|
96,840 |
|
Total deposits |
|
$ |
2,456,409 |
|
|
$ |
2,433,694 |
|
|
$ |
2,360,582 |
|
|
$ |
2,372,652 |
|
|
$ |
2,360,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Deposits Detail, for the Three Months Ended (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands) |
|
June 30, 2025 |
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
|
September 30, 2024 |
|
|
June 30, 2024 |
|
Demand, noninterest-bearing |
|
$ |
628,962 |
|
|
$ |
649,440 |
|
|
$ |
665,276 |
|
|
$ |
659,825 |
|
|
$ |
657,939 |
|
Demand, interest-bearing |
|
|
547,177 |
|
|
|
545,475 |
|
|
|
537,856 |
|
|
|
497,100 |
|
|
|
446,109 |
|
Money market and savings |
|
|
553,294 |
|
|
|
555,663 |
|
|
|
567,593 |
|
|
|
580,766 |
|
|
|
581,223 |
|
Time deposits |
|
|
575,205 |
|
|
|
576,366 |
|
|
|
568,615 |
|
|
|
560,815 |
|
|
|
547,582 |
|
Brokered deposits |
|
|
34,117 |
|
|
|
56,283 |
|
|
|
38,616 |
|
|
|
52,587 |
|
|
|
95,337 |
|
Total deposits |
|
$ |
2,338,755 |
|
|
$ |
2,383,227 |
|
|
$ |
2,377,956 |
|
|
$ |
2,351,093 |
|
|
$ |
2,328,190 |
|
Balances in table above include deposits held for sale |
|
|
|
|
|
|
|
|
LINKBANCORP, Inc. and Subsidiaries |
|
Deposit Growth Calculation Excluding Branch Sale (Unaudited) |
|
|
|
|
|
|
|
(In Thousands) |
|
|
|
June 30, 2025 |
|
Total Deposits at June 30, 2025 |
|
|
|
$ |
2,456,409 |
|
Total Deposits at December 31, 2024 |
|
|
|
|
2,454,136 |
|
Year-to-date Change |
|
|
|
|
2,273 |
|
Net Book Value of Deposits Sold |
|
|
|
|
87,086 |
|
Quarterly Deposit Growth Excluding Branch Sale |
|
|
|
|
89,359 |
|
Annualized Growth Rate |
|
|
|
|
7.34 |
% |
Appendix A – Reconciliation to Non-GAAP Financial Measures
This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these non-GAAP measures in its analysis of the Company’s performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company’s financial condition and results. Non-GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by us. As a complement to GAAP financial measures, our management believes these non-GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-GAAP measures. See the tables below for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Return on Average Assets |
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
(Dollars in thousands) |
|
6/30/2025 |
|
|
3/31/2025 |
|
|
6/30/2024 |
|
|
6/30/2025 |
|
|
6/30/2024 |
|
Net income |
|
$ |
7,387 |
|
|
$ |
15,343 |
|
|
$ |
5,804 |
|
|
$ |
22,730 |
|
|
$ |
11,530 |
|
Average assets |
|
|
2,817,288 |
|
|
|
2,847,481 |
|
|
|
2,781,139 |
|
|
|
2,837,361 |
|
|
|
2,740,881 |
|
Return on average assets (annualized) |
|
|
1.05 |
% |
|
|
2.19 |
% |
|
|
0.84 |
% |
|
|
1.62 |
% |
|
|
0.85 |
% |
Net income |
|
$ |
7,387 |
|
|
$ |
15,343 |
|
|
$ |
5,804 |
|
|
|
22,730 |
|
|
|
11,530 |
|
Gain on sale of branches |
|
|
— |
|
|
|
(11,093 |
) |
|
|
— |
|
|
|
(11,093 |
) |
|
|
— |
|
Tax effect(1) |
|
|
— |
|
|
|
2,440 |
|
|
|
— |
|
|
|
2,440 |
|
|
|
— |
|
Transaction bonus accrual |
|
|
— |
|
|
|
490 |
|
|
|
— |
|
|
|
490 |
|
|
|
— |
|
Tax effect(1) |
|
|
— |
|
|
|
(108 |
) |
|
|
— |
|
|
|
(108 |
) |
|
|
— |
|
Board restructuring accrual |
|
|
— |
|
|
|
381 |
|
|
|
— |
|
|
|
381 |
|
|
|
— |
|
Tax effect(1) |
|
|
— |
|
|
|
(84 |
) |
|
|
— |
|
|
|
(84 |
) |
|
|
— |
|
Net losses on sale of securities |
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
|
— |
|
|
|
(4 |
) |
Tax effect(1) |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
Merger & restructuring expenses |
|
|
16 |
|
|
|
41 |
|
|
|
631 |
|
|
|
57 |
|
|
|
687 |
|
Tax effect(1) |
|
|
(4 |
) |
|
|
(9 |
) |
|
|
(133 |
) |
|
|
(13 |
) |
|
|
(144 |
) |
Adjusted Net Income (Non-GAAP) |
|
$ |
7,399 |
|
|
$ |
7,401 |
|
|
$ |
6,299 |
|
|
$ |
14,800 |
|
|
|
12,070 |
|
Average assets |
|
$ |
2,817,288 |
|
|
$ |
2,847,481 |
|
|
$ |
2,781,139 |
|
|
$ |
2,837,361 |
|
|
|
2,740,881 |
|
Adjusted return on average assets (annualized)
(Non-GAAP) |
|
|
1.05 |
% |
|
|
1.05 |
% |
|
|
0.91 |
% |
|
|
1.05 |
% |
|
|
0.89 |
% |
(1) Tax effect was 22% for the three months ended June 30, 2025 and March 31, 2025, and six months ended June 30, 2025, and 21% for all other periods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Return on Average Shareholders' Equity |
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
(Dollars in thousands) |
|
6/30/2025 |
|
|
3/31/2025 |
|
|
6/30/2024 |
|
|
6/30/2025 |
|
|
6/30/2024 |
|
Net income |
|
$ |
7,387 |
|
|
$ |
15,343 |
|
|
$ |
5,804 |
|
|
$ |
22,730 |
|
|
$ |
11,530 |
|
Average shareholders' equity |
|
|
295,039 |
|
|
|
284,103 |
|
|
|
269,834 |
|
|
|
289,497 |
|
|
|
268,536 |
|
Return on average shareholders' equity (annualized) |
|
|
10.04 |
% |
|
|
21.90 |
% |
|
|
8.65 |
% |
|
|
15.83 |
% |
|
|
8.63 |
% |
Net income |
|
$ |
7,387 |
|
|
$ |
15,343 |
|
|
$ |
5,804 |
|
|
$ |
22,730 |
|
|
$ |
11,530 |
|
Gain on sale of branches |
|
|
— |
|
|
|
(11,093 |
) |
|
|
— |
|
|
|
(11,093 |
) |
|
|
— |
|
Tax effect(1) |
|
|
— |
|
|
|
2,440 |
|
|
|
— |
|
|
|
2,440 |
|
|
|
— |
|
Transaction bonus accrual |
|
|
— |
|
|
|
490 |
|
|
|
— |
|
|
|
490 |
|
|
|
— |
|
Tax effect(1) |
|
|
— |
|
|
|
(108 |
) |
|
|
— |
|
|
|
(108 |
) |
|
|
— |
|
Board restructuring accrual |
|
|
— |
|
|
|
381 |
|
|
|
— |
|
|
|
381 |
|
|
|
— |
|
Tax effect(1) |
|
|
— |
|
|
|
(84 |
) |
|
|
— |
|
|
|
(84 |
) |
|
|
— |
|
Merger & restructuring expenses |
|
|
16 |
|
|
|
41 |
|
|
|
631 |
|
|
|
57 |
|
|
|
687 |
|
Tax effect(1) |
|
|
(4 |
) |
|
|
(9 |
) |
|
|
(133 |
) |
|
|
(13 |
) |
|
|
(144 |
) |
Net (gains) losses on sale of securities |
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
|
— |
|
|
|
(4 |
) |
Tax effect(1) |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
Adjusted Net Income (Non-GAAP) |
|
$ |
7,399 |
|
|
$ |
7,401 |
|
|
$ |
6,299 |
|
|
$ |
14,800 |
|
|
$ |
12,070 |
|
Average shareholders' equity |
|
$ |
295,039 |
|
|
$ |
284,103 |
|
|
$ |
269,834 |
|
|
$ |
289,497 |
|
|
$ |
268,536 |
|
Adjusted return on average shareholders' equity (annualized)
(Non-GAAP) |
|
|
10.06 |
% |
|
|
10.56 |
% |
|
|
9.39 |
% |
|
|
10.31 |
% |
|
|
9.04 |
% |
(1) Tax effect was 22% for the three months ended June 30, 2025 and March 31, 2025, and six months ended June 30, 2025, and 21% for all other periods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings Per Share |
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
(Dollars in thousands, except per share data) |
6/30/2025 |
|
|
3/31/2025 |
|
|
6/30/2024 |
|
|
6/30/2025 |
|
|
6/30/2024 |
|
GAAP-Based Earnings Per Share, Basic |
$ |
0.20 |
|
|
$ |
0.41 |
|
|
$ |
0.16 |
|
|
$ |
0.61 |
|
|
$ |
0.31 |
|
GAAP-Based Earnings Per Share, Diluted |
$ |
0.20 |
|
|
$ |
0.41 |
|
|
$ |
0.16 |
|
|
$ |
0.61 |
|
|
$ |
0.31 |
|
Net Income |
$ |
7,387 |
|
|
$ |
15,343 |
|
|
$ |
5,804 |
|
|
$ |
22,730 |
|
|
$ |
11,530 |
|
Gain on sale of branches |
|
— |
|
|
|
(11,093 |
) |
|
|
— |
|
|
|
(11,093 |
) |
|
|
— |
|
Tax effect(1) |
|
— |
|
|
|
2,440 |
|
|
|
— |
|
|
|
2,440 |
|
|
|
— |
|
Transaction bonus accrual |
|
— |
|
|
|
490 |
|
|
|
— |
|
|
|
490 |
|
|
|
— |
|
Tax effect(1) |
|
— |
|
|
|
(108 |
) |
|
|
— |
|
|
|
(108 |
) |
|
|
— |
|
Board restructuring accrual |
|
— |
|
|
|
381 |
|
|
|
— |
|
|
|
381 |
|
|
|
— |
|
Tax effect(1) |
|
— |
|
|
|
(84 |
) |
|
|
— |
|
|
|
(84 |
) |
|
|
— |
|
Merger & restructuring expenses |
|
16 |
|
|
|
41 |
|
|
|
631 |
|
|
|
57 |
|
|
|
687 |
|
Tax effect(1) |
|
(4 |
) |
|
|
(9 |
) |
|
|
(133 |
) |
|
|
(13 |
) |
|
|
(144 |
) |
Net (gains) losses on sale of securities |
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
|
— |
|
|
|
(4 |
) |
Tax effect(1) |
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
Adjusted Net Income (Non-GAAP) |
$ |
7,399 |
|
|
$ |
7,401 |
|
|
$ |
6,299 |
|
|
$ |
14,800 |
|
|
$ |
12,070 |
|
Adjusted Earnings per Share, Basic (Non-GAAP) |
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.17 |
|
|
$ |
0.40 |
|
|
$ |
0.33 |
|
Adjusted Earnings per Share, Diluted (Non-GAAP) |
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.17 |
|
|
$ |
0.40 |
|
|
$ |
0.33 |
|
(1) Tax effect was 22% for the three months ended June 30, 2025 and March 31, 2025, and six months ended June 30, 2025, and 21% for all other periods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Efficiency Ratio |
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
(Dollars in thousands) |
6/30/2025 |
|
|
3/31/2025 |
|
|
6/30/2024 |
|
|
6/30/2025 |
|
|
6/30/2024 |
|
GAAP-based efficiency ratio |
|
64.79 |
% |
|
|
50.29 |
% |
|
|
71.75 |
% |
|
|
56.33 |
% |
|
|
72.04 |
% |
Net interest income |
$ |
24,949 |
|
|
$ |
25,831 |
|
|
$ |
24,484 |
|
|
$ |
50,780 |
|
|
$ |
49,368 |
|
Noninterest income |
|
2,933 |
|
|
|
13,257 |
|
|
|
1,858 |
|
|
|
16,190 |
|
|
|
3,587 |
|
Less: Gain on sale of branches |
|
— |
|
|
|
(11,093 |
) |
|
|
— |
|
|
|
(11,093 |
) |
|
|
— |
|
Less: net gains (losses) on sale of securities |
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
|
— |
|
|
|
(4 |
) |
Adjusted revenue (Non-GAAP) |
|
27,882 |
|
|
|
27,995 |
|
|
|
26,338 |
|
|
|
55,877 |
|
|
|
52,951 |
|
Total noninterest expense |
|
18,065 |
|
|
|
19,658 |
|
|
|
18,900 |
|
|
|
37,723 |
|
|
|
38,150 |
|
Less: Merger & restructuring expenses |
|
16 |
|
|
|
41 |
|
|
|
631 |
|
|
|
57 |
|
|
|
687 |
|
Less: Transaction bonus accrual |
|
— |
|
|
|
490 |
|
|
|
— |
|
|
|
490 |
|
|
|
— |
|
Less: Board restructuring accrual |
|
— |
|
|
|
381 |
|
|
|
— |
|
|
|
381 |
|
|
|
— |
|
Adjusted non-interest expense |
$ |
18,049 |
|
|
$ |
18,746 |
|
|
$ |
18,269 |
|
|
$ |
36,795 |
|
|
$ |
37,463 |
|
Efficiency ratio, as adjusted (Non-GAAP) |
|
64.73 |
% |
|
|
66.96 |
% |
|
|
69.36 |
% |
|
|
65.85 |
% |
|
|
70.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity and Tangible Book Value |
|
(Dollars in thousands, except per share data) |
|
6/30/2025 |
|
|
3/31/2025 |
|
|
12/31/2024 |
|
|
9/30/2024 |
|
|
6/30/2024 |
|
Tangible Common Equity |
|
|
|
|
|
|
Total shareholders’ equity |
|
$ |
297,998 |
|
|
$ |
294,066 |
|
|
$ |
280,221 |
|
|
$ |
277,353 |
|
|
$ |
271,409 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(58,806 |
) |
|
|
(58,806 |
) |
|
|
(58,806 |
) |
|
|
(58,806 |
) |
|
|
(58,806 |
) |
Other intangible assets |
|
|
(17,490 |
) |
|
|
(18,573 |
) |
|
|
(20,955 |
) |
|
|
(22,118 |
) |
|
|
(23,323 |
) |
Tangible common equity (Non-GAAP) |
|
$ |
221,702 |
|
|
$ |
216,687 |
|
|
$ |
200,460 |
|
|
$ |
196,429 |
|
|
$ |
189,280 |
|
Common shares outstanding |
|
|
37,441,879 |
|
|
|
37,377,342 |
|
|
|
37,370,917 |
|
|
|
37,361,560 |
|
|
|
37,356,278 |
|
Book value per common share |
|
$ |
7.96 |
|
|
$ |
7.87 |
|
|
$ |
7.50 |
|
|
$ |
7.42 |
|
|
$ |
7.27 |
|
Tangible book value per common share
(Non-GAAP) |
|
$ |
5.92 |
|
|
$ |
5.80 |
|
|
$ |
5.36 |
|
|
$ |
5.26 |
|
|
$ |
5.07 |
|
Tangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,886,554 |
|
|
$ |
2,861,489 |
|
|
$ |
2,878,778 |
|
|
$ |
2,879,941 |
|
|
$ |
2,858,593 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(58,806 |
) |
|
|
(58,806 |
) |
|
|
(58,806 |
) |
|
|
(58,806 |
) |
|
|
(58,806 |
) |
Other intangible assets |
|
|
(17,490 |
) |
|
|
(18,573 |
) |
|
|
(20,955 |
) |
|
|
(22,118 |
) |
|
|
(23,323 |
) |
Tangible assets (Non-GAAP) |
|
$ |
2,810,258 |
|
|
$ |
2,784,110 |
|
|
$ |
2,799,017 |
|
|
$ |
2,799,017 |
|
|
$ |
2,776,464 |
|
Tangible common equity to tangible assets (Non-GAAP) |
|
|
7.89 |
% |
|
|
7.78 |
% |
|
|
7.16 |
% |
|
|
7.02 |
% |
|
|
6.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Pre-tax, Pre-provision Net Income (Non-GAAP) |
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
(Dollars in thousands, except per share data) |
6/30/2025 |
|
|
3/31/2025 |
|
|
6/30/2024 |
|
|
6/30/2025 |
|
|
6/30/2024 |
|
Net Income (GAAP) |
$ |
7,387 |
|
|
$ |
15,343 |
|
|
$ |
5,804 |
|
|
$ |
22,730 |
|
|
$ |
11,530 |
|
Gain on sale of branches |
|
— |
|
|
|
(11,093 |
) |
|
|
— |
|
|
|
(11,093 |
) |
|
|
— |
|
Tax effect(1) |
|
— |
|
|
|
2,440 |
|
|
|
— |
|
|
|
2,440 |
|
|
|
— |
|
Transaction bonus accrual |
|
— |
|
|
|
490 |
|
|
|
— |
|
|
|
490 |
|
|
|
— |
|
Tax effect(1) |
|
— |
|
|
|
(108 |
) |
|
|
— |
|
|
|
(108 |
) |
|
|
— |
|
Board restructuring accrual |
|
— |
|
|
|
381 |
|
|
|
— |
|
|
|
381 |
|
|
|
— |
|
Tax effect(1) |
|
— |
|
|
|
(84 |
) |
|
|
— |
|
|
|
(84 |
) |
|
|
— |
|
Net (gains) losses on sale of securities |
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
|
— |
|
|
|
(4 |
) |
Tax effect(1) |
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
Merger & restructuring expenses |
|
16 |
|
|
|
41 |
|
|
|
631 |
|
|
|
57 |
|
|
|
687 |
|
Tax effect(1) |
|
(4 |
) |
|
|
(9 |
) |
|
|
(133 |
) |
|
|
(13 |
) |
|
|
(144 |
) |
Adjusted Net Income (Non-GAAP) |
|
7,399 |
|
|
|
7,401 |
|
|
|
6,299 |
|
|
|
14,800 |
|
|
|
12,070 |
|
Income tax expense |
|
2,086 |
|
|
|
3,859 |
|
|
|
1,638 |
|
|
|
5,945 |
|
|
|
3,235 |
|
Provision for credit losses |
|
344 |
|
|
|
228 |
|
|
|
— |
|
|
|
572 |
|
|
|
40 |
|
Tax effect included in Adjusted Net Income |
|
4 |
|
|
|
(2,239 |
) |
|
|
132 |
|
|
|
(2,235 |
) |
|
|
143 |
|
Adjusted Pre-tax, Pre-provision Net Income (Non-GAAP) |
$ |
9,833 |
|
|
$ |
9,249 |
|
|
$ |
8,069 |
|
|
$ |
19,082 |
|
|
$ |
15,488 |
|
(1) Tax effect was 22% for the three months ended June 30, 2025 and March 31, 2025, and six months ended June 30, 2025, and 21% for all other periods |
|
