HARRISBURG, Pa., May 1, 2023
/PRNewswire/ -- LINKBANCORP, Inc. (NASDAQ: LNKB) (the
"Company"), the parent company of LINKBANK (the "Bank") reported a
net loss of $1.55 million, or
$0.10 per diluted share, for the
quarter ended March 31, 2023.
Excluding merger related expenses and a net loss on sale of
securities, adjusted earnings were $783
thousand1, or $0.051 per diluted share for the first
quarter of 2023.
First Quarter 2023 Highlights
- Stable and Growing Deposit Portfolio. Total
deposits grew $37.7 million, or 16%
annualized over the prior quarter end, including an increase in
noninterest bearing deposits of $11.7
million, or 25% annualized, and $26.0
million in interest bearing deposits, or 14% annualized.
Estimated uninsured deposits, excluding collateralized public funds
and affiliate company accounts, totaled $387.8 million, or 39.4% of total deposits as of
March 31, 2023.
- Strong Liquidity Position. The Company enhanced
its on-balance sheet liquidity, with cash and cash equivalents as
of March 31, 2023 of $51.7 million, up from $30.0 million at December
31, 2022. Total liquidity, including all available borrowing
capacity and brokered deposit availability, together with cash and
cash equivalents and unpledged investment securities, totaled
$511.0 million as of March 31, 2023.
- Solid Commercial Loan Growth. Total loans grew
$17.5 million during the first
quarter, representing a 7.7% annualized growth rate, driven
primarily by commercial loan activity.
- Funding Costs Drive Decline in Net Interest
Income. Net interest income for the first quarter of 2023
was $8.0 million, compared to
$9.0 million in the fourth quarter of
2022 and $7.5 million in the prior
year first quarter. Net interest margin was 2.95% for the first
quarter of 2023 compared to 3.36% for the fourth quarter of 2022.
The linked quarter decrease was primarily due to higher interest
expense on deposits outpacing the increase in interest income from
loans.
- Loss on Securities. The Company recognized a
$2.37 million loss on the sale of
subordinated notes issued by Signature Bank, which was closed by
its regulator in March 2023.
- Transformational Merger. On February 22, 2023, the Company entered into a
definitive agreement with Partners Bancorp ("Partners"), the parent
company of The Bank of Delmarva and Virginia Partners Bank, under
which the companies will combine in an all-stock combination,
valued at approximately $169.1
million, based on the Company's 10-day volume weighted
average price of $8.08 as of
February 21, 2023, the day prior to
the merger announcement. When the transaction is completed, the
combined organization will be a leading Mid-Atlantic community
banking franchise with nearly $3
billion in assets. In connection with the transaction, the
Company enhanced its strong capital position, completing a private
placement common stock offering resulting in $10 million in gross proceeds, and contributing
$5 million of such proceeds to the
Bank as additional capital.
- CECL Adoption. On January
1, 2023, the Company adopted ASU 2016-13, which replaced the
former "incurred loss" model for recognizing credit losses with an
"expected loss" model (commonly referred to as "CECL"). The impact
of the adoption included increases to the allowance for credit
losses of $5.7 million related to
loans, $900 thousand related to
unfunded commitments and $600
thousand related to held-to-maturity securities, resulting
in a decrease in retained earnings, net of tax effect, of
approximately $5.4 million. For
purposes of regulatory capital calculations, an election was made
to phase-in the day one impact on retained earnings over three
years.
___________________________
|
1 See
Appendix A — Reconciliation to Non-GAAP Financial Measures for the
computation of this non-GAAP measure.
|
"We are pleased that in the midst of this unprecedented interest
rate environment and industry disruption, we continue to grow both
quality loans and core deposits, even as our results for the
quarter clearly reflect the unique challenges of this period," said
Andrew Samuel, Chief Executive
Officer. "With our liquidity and capital positions, as well as
continued strength in credit quality, we are very well positioned
to successfully navigate this period, focused on growing lower cost
deposits to counteract funding expense and continuing to grow loans
and positively impact our communities."
Income Statement
Net interest income before the provision for credit losses for
the first quarter of 2023 decreased to $8.0
million compared to $9.0
million in the fourth quarter of 2022. Net interest margin
was 2.95% for the first quarter of 2023 compared to 3.36% for the
fourth quarter of 2022. The decrease in net interest margin
for the current quarter was due to the higher rate paid on
interest-bearing liabilities, which outpaced the increase in the
yield on interest earning assets. The overall rate and yield
increases were driven by the multiple federal funds rate increases
that occurred over the preceding twelve months, coupled with
competition for deposits in the market. During the first quarter,
the cost of funds increased 72 basis points as compared to the
linked quarter which was partially offset by a 25 basis points
increase in the average yield on interest-earning assets. The
increase in the average yield on interest-earning assets was
primarily due to the increase of the average yield on loans of 19
basis points to 5.09% during the first quarter of 2023.
During the first quarter, the Company was able to introduce the
improved functionality of its new core technology platform,
including enhanced cash management features. The Company has
begun to see the fruits of these investments, as well as an
increased internal focus and strategy on core deposit
generation. For example, during the first quarter, 547 new
checking accounts were opened for a total of $34 million in new deposits. Additionally,
initiatives focused on professional services firms such as title
companies, law firms, and property management companies, resulted
in 96 new accounts being opened during the quarter, which are
anticipated to fund over the course of the second quarter.
Given these recent positive trends in acquiring lower cost core
deposits, the Company anticipates its net interest margin will
begin to stabilize as higher cost brokered deposits are allowed to
mature and roll off, replaced by core accounts.
Noninterest income decreased from $508 thousand in the
fourth quarter of 2022 to a loss of $1.9
million in the first quarter of 2023, primarily related to a
recognized loss upon the sale of subordinated notes.
Excluding the securities loss, noninterest income was relatively
flat compared to the linked quarter.
Noninterest expense for the first quarter of 2023 decreased
to $7.7 million compared to
$8.4 million for the fourth
quarter of 2022. This included a decrease in merger and system
conversion related expenses from $973
thousand in the fourth quarter of 2022 to $587 thousand in the first quarter of 2023. In
addition, salaries and employee benefits decreased from
$4.6 million in the fourth quarter of
2022 to $4.1 million in the first
quarter of 2023, largely attributable to performance-based bonuses
recognized during the fourth quarter of 2022.
Balance Sheet
Total assets were $1.214 billion
at March 31, 2023 compared to
$1.164 billion at December 31, 2022 and $1.036 billion at March
31, 2022. Deposits and net loans as of March 31, 2023 totaled $984.5 million and $934.8
million, respectively, compared to deposits and net loans of
$946.8 million and $923.2 million, respectively, at December 31, 2022 and $862.2 million and $727.6
million, respectively, at March 31,
2022.
Total loans increased $17.5
million from December 31, 2022
to March 31, 2023, or 7.7%
annualized, with the average commercial loan size during the first
quarter of 2023 totaling approximately $830,000.
In response to industry disruption, the Company proactively took
steps during the quarter to enhance its on-balance sheet liquidity.
Cash and cash equivalents increased to $51.7
million at March 31, 2023 from
$30.0 million at December 31, 2022, representing a 72.4%
increase. In addition to growth in core deposits, this
position was supported by an additional $10
million in fixed-rate FHLB advances.
Deposits at March 31, 2023 totaled
$984.5 million, representing a 16.2%
annualized increase from December 31,
2022 which was driven by growth in interest and noninterest
bearing deposits over the quarter. Noninterest bearing deposits
increased from $192.8 million at
December 31, 2022 to $204.5 million at March
31, 2023, representing a 24.7% annualized increase.
Shareholders' equity increased from $138.6 million at December
31, 2022 to $141.6 million at
March 31, 2023. The increase
included the impact of $10 million in
proceeds from the February 2023
private placement, offset by a decrease in retained earnings due to
the first quarter net loss, dividends paid of $1.2 million and the cumulative-effect adjustment
from the adoption of CECL that decreased retained earnings by
$5.4 million. Other
comprehensive loss decreased by $1.2
million as a result of decreased unrealized losses on
available-for-sale securities due to changes in the interest rate
environment.
Asset Quality
In the first quarter of 2023, the Company recorded a provision
for credit losses, calculated under the CECL model, of $293 thousand, compared to $100 thousand for the fourth quarter of 2022
under the incurred loss model. The provision expense was
primarily due to loan growth and changes to the macroeconomic
outlook.
Asset quality metrics remain strong. As of March 31, 2023, the Company's non-performing
assets were $2.4 million,
representing 0.20% of total assets. Non-performing assets at
March 31, 2023 excluded purchased
with credit deterioration ("PCD") loans with a balance of
$2.5 million.
The allowance for credit losses was $10.5
million, or 1.11% of total loans at March 31, 2023, compared to the allowance for
loan losses of 0.50% of total loans at December 31, 2022. The allowance for credit
losses to nonperforming assets was 438.95% at March 31, 2023, compared to 186.64% at
December 31, 2022.
Capital
The Bank's regulatory capital ratios are well in excess of
regulatory minimums to be considered "well capitalized" as of
March 31, 2023. The Bank's Total
Capital Ratio and Tier 1 Capital Ratio increased to 13.53% and
12.32%, respectively, at March 31,
2023 from 12.89% and 12.41%, respectively, at December 31, 2022. The Company's ratio of
Tangible Common Equity to Tangible Assets was
8.90%2 at March 31,
2023.
___________________________
|
2 See
Appendix A — Reconciliation to Non-GAAP Financial Measures for the
computation of this non-GAAP measure.
|
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 Central and Southeastern Pennsylvania through 10 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; risks related to the proposed merger with
Partners; changes in general economic trends, including inflation
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 the COVID-19 pandemic and actions taken by governments,
businesses and individuals in response. 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.
LB-E
LB-D
LINKBANCORP, Inc.
and Subsidiaries
|
Consolidated Balance
Sheet (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2023
|
|
December 31,
2022
|
|
September 30,
2022
|
|
June 30,
2022
|
|
March 31,
2022
|
(In Thousands,
except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
cash equivalents
|
|
$
4,545
|
|
$
4,209
|
|
$
8,711
|
|
$
7,563
|
|
$
6,425
|
Interest-bearing
deposits with other institutions
|
|
47,190
|
|
25,802
|
|
66,085
|
|
55,433
|
|
102,704
|
Cash and cash
equivalents
|
|
$
51,735
|
|
$
30,011
|
|
$
74,796
|
|
$
62,996
|
|
$
109,129
|
Certificates of deposit
with other banks
|
|
745
|
|
5,623
|
|
8,358
|
|
11,088
|
|
12,828
|
Securities available
for sale, at fair value
|
|
86,804
|
|
78,813
|
|
78,698
|
|
85,756
|
|
93,202
|
Securities held to
maturity, net of allowance for credit losses
|
|
38,986
|
|
31,822
|
|
32,571
|
|
28,816
|
|
5,000
|
Loans held for
sale
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,074
|
Loans receivable,
gross
|
|
945,371
|
|
927,871
|
|
863,969
|
|
790,406
|
|
731,061
|
Allowance for credit
losses - loans
|
|
(10,526)
|
|
(4,666)
|
|
(4,569)
|
|
(3,890)
|
|
(3,443)
|
Loans receivable,
net
|
|
934,845
|
|
923,205
|
|
859,400
|
|
786,516
|
|
727,618
|
Investments in
restricted bank stock
|
|
4,134
|
|
3,377
|
|
3,327
|
|
2,567
|
|
3,612
|
Premises and equipment,
net
|
|
6,497
|
|
6,743
|
|
9,087
|
|
7,915
|
|
5,253
|
Right-of-Use Asset –
Premises
|
|
10,058
|
|
10,219
|
|
8,920
|
|
4,513
|
|
4,605
|
Bank-owned life
insurance
|
|
24,384
|
|
19,244
|
|
19,127
|
|
19,012
|
|
18,898
|
Goodwill and other
intangible assets
|
|
36,833
|
|
36,894
|
|
36,955
|
|
37,020
|
|
37,085
|
Deferred tax
asset
|
|
6,749
|
|
5,619
|
|
6,378
|
|
5,777
|
|
5,092
|
Accrued interest
receivable and other assets
|
|
12,188
|
|
12,084
|
|
7,256
|
|
7,909
|
|
9,280
|
TOTAL
ASSETS
|
|
$
1,213,958
|
|
$
1,163,654
|
|
$
1,144,873
|
|
$
1,059,885
|
|
$
1,035,676
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Demand, noninterest
bearing
|
|
$
204,495
|
|
$
192,773
|
|
$
184,857
|
|
$
184,345
|
|
$
165,228
|
Interest
bearing
|
|
780,003
|
|
753,999
|
|
766,853
|
|
718,028
|
|
696,942
|
Total
deposits
|
|
984,498
|
|
946,772
|
|
951,710
|
|
902,373
|
|
862,170
|
Other
Borrowings
|
|
31,250
|
|
20,938
|
|
—
|
|
1,639
|
|
36,117
|
Subordinated
Debt
|
|
40,441
|
|
40,484
|
|
40,526
|
|
40,585
|
|
20,653
|
Operating Lease
Liabilities
|
|
10,058
|
|
10,219
|
|
8,921
|
|
4,513
|
|
4,606
|
Accrued interest
payable and other liabilities
|
|
6,130
|
|
6,688
|
|
6,774
|
|
6,004
|
|
5,790
|
TOTAL
LIABILITIES
|
|
1,072,377
|
|
1,025,101
|
|
1,007,931
|
|
955,114
|
|
929,336
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Common stock
|
|
250
|
|
149
|
|
149
|
|
99
|
|
99
|
Surplus
|
|
127,659
|
|
117,709
|
|
117,698
|
|
83,070
|
|
82,930
|
Retained
earnings
|
|
18,911
|
|
27,100
|
|
27,525
|
|
26,491
|
|
25,623
|
Accumulated other
comprehensive (loss) income
|
|
(5,239)
|
|
(6,405)
|
|
(8,430)
|
|
(4,889)
|
|
(2,312)
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
141,581
|
|
138,553
|
|
136,942
|
|
104,771
|
|
106,340
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
1,213,958
|
|
$
1,163,654
|
|
$
1,144,873
|
|
$
1,059,885
|
|
$
1,035,676
|
Common shares
outstanding
|
|
16,221,692
|
|
14,939,640
|
|
14,939,640
|
|
9,838,435
|
|
9,826,435
|
LINKBANCORP, Inc.
and Subsidiaries
|
Consolidated
Statements of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
3/31/2023
|
|
12/31/2022
|
|
3/31/2022
|
(In Thousands,
except share and per share data)
|
|
|
|
|
|
|
INTEREST AND DIVIDEND
INCOME
|
|
|
|
|
|
|
Loans receivable,
including fees
|
|
$
11,762
|
|
$
11,109
|
|
$
7,763
|
Other
|
|
1,228
|
|
1,097
|
|
619
|
Total interest and
dividend income
|
|
12,990
|
|
12,206
|
|
8,382
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
|
4,517
|
|
2,465
|
|
665
|
Other
Borrowings
|
|
87
|
|
335
|
|
33
|
Subordinated
Debt
|
|
432
|
|
421
|
|
207
|
Total interest
expense
|
|
5,036
|
|
3,221
|
|
905
|
NET INTEREST INCOME
BEFORE PROVISION FOR
CREDIT LOSSES
|
|
7,954
|
|
8,985
|
|
7,477
|
Provision for credit
losses
|
|
293
|
|
100
|
|
280
|
NET INTEREST INCOME
AFTER PROVISION FOR
CREDIT LOSSES
|
|
7,661
|
|
8,885
|
|
7,197
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
199
|
|
188
|
|
210
|
Bank-owned life
insurance
|
|
140
|
|
116
|
|
110
|
Net realized (losses)
gains on the sale of debt securities
|
|
(2,370)
|
|
—
|
|
13
|
Gain on sale of
loans
|
|
—
|
|
—
|
|
180
|
Other
|
|
178
|
|
204
|
|
198
|
Total noninterest
income
|
|
(1,853)
|
|
508
|
|
711
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
4,120
|
|
4,612
|
|
3,656
|
Occupancy
|
|
707
|
|
616
|
|
281
|
Equipment and data
processing
|
|
693
|
|
857
|
|
698
|
Professional
fees
|
|
381
|
|
371
|
|
228
|
FDIC
insurance
|
|
159
|
|
157
|
|
204
|
Bank Shares
Tax
|
|
278
|
|
201
|
|
183
|
Merger & system
conversion related expenses
|
|
587
|
|
973
|
|
—
|
Other
|
|
812
|
|
658
|
|
848
|
Total noninterest
expense
|
|
7,737
|
|
8,445
|
|
6,098
|
(Loss) income before
income tax (benefit) expense
|
|
(1,929)
|
|
948
|
|
1,810
|
Income tax (benefit)
expense
|
|
(376)
|
|
252
|
|
286
|
NET (LOSS)
INCOME
|
|
$
(1,553)
|
|
$
696
|
|
$
1,524
|
|
|
|
|
|
|
|
(LOSS) EARNINGS PER
SHARE, BASIC
|
|
$
(0.10)
|
|
$
0.05
|
|
$
0.16
|
(LOSS) EARNINGS PER
SHARE, DILUTED
|
|
$
(0.10)
|
|
$
0.05
|
|
$
0.15
|
WEIGHTED-AVERAGE COMMON
SHARES
OUTSTANDING,
|
|
|
|
|
|
|
BASIC
|
|
15,480,951
|
|
14,939,640
|
|
9,826,435
|
DILUTED
|
|
15,480,951
|
|
14,939,640
|
|
10,053,684
|
LINKBANCORP, Inc.
and Subsidiaries
|
Financial Highlights
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
('Dollars In
Thousands)
|
3/31/2023
|
|
12/31/2022
|
|
3/31/2022
|
|
|
|
|
Operating
Highlights
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
(1,553)
|
|
$
696
|
|
$
1,524
|
|
|
|
|
Net Interest
Income
|
7,954
|
|
8,985
|
|
7,477
|
|
|
|
|
Provision for Credit
Losses
|
293
|
|
100
|
|
280
|
|
|
|
|
Non-Interest
Income
|
(1,853)
|
|
508
|
|
711
|
|
|
|
|
Non-Interest
Expense
|
7,737
|
|
8,445
|
|
6,098
|
|
|
|
|
Earnings per Share,
Basic
|
(0.10)
|
|
0.05
|
|
0.16
|
|
|
|
|
Adjusted Earnings per
Share, Basic (2)
|
0.05
|
|
0.10
|
|
0.15
|
|
|
|
|
Earnings per Share,
Diluted
|
(0.10)
|
|
0.05
|
|
0.15
|
|
|
|
|
Adjusted Earnings per
Share, Diluted (2)
|
0.05
|
|
0.10
|
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating
Ratios
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin
|
2.95 %
|
|
3.36 %
|
|
3.40 %
|
|
|
|
|
Annualized Return on
Assets ("ROA")
|
-0.52 %
|
|
0.24 %
|
|
0.63 %
|
|
|
|
|
Adjusted
ROA2
|
0.27 %
|
|
0.50 %
|
|
0.63 %
|
|
|
|
|
Annualized Return on
Equity ("ROE")
|
-4.56 %
|
|
2.02 %
|
|
5.72 %
|
|
|
|
|
Adjusted
ROE2
|
2.30 %
|
|
4.24 %
|
|
5.69 %
|
|
|
|
|
Efficiency
Ratio
|
126.82 %
|
|
88.96 %
|
|
74.47 %
|
|
|
|
|
Adjusted Efficiency
Ratio3
|
84.41 %
|
|
78.71 %
|
|
74.59 %
|
|
|
|
|
Noninterest Income to
Avg. Assets
|
-0.63 %
|
|
0.17 %
|
|
0.30 %
|
|
|
|
|
Noninterest Expense to
Avg. Assets
|
2.65 %
|
|
2.90 %
|
|
2.53 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2023
|
|
12/31/2022
|
|
9/30/2022
|
|
6/30/2022
|
|
3/31/2022
|
Financial Condition
Data
|
|
|
|
|
|
|
|
|
|
Total Assets
|
$
1,213,958
|
|
$
1,163,654
|
|
$
1,144,873
|
|
$
1,059,885
|
|
$
1,035,676
|
Loans Receivable,
Net
|
934,845
|
|
923,205
|
|
859,400
|
|
786,516
|
|
727,618
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
Deposits
|
204,495
|
|
192,773
|
|
184,857
|
|
184,345
|
|
165,228
|
Interst-bearing
Deposits
|
780,003
|
|
753,999
|
|
766,853
|
|
718,028
|
|
696,942
|
Total
Deposits
|
984,498
|
|
946,772
|
|
951,710
|
|
902,373
|
|
862,170
|
|
|
|
|
|
|
|
|
|
|
Selected Balance
Sheet Ratios
|
|
|
|
|
|
|
|
|
|
Total Capital
Ratio1
|
13.53 %
|
|
12.89 %
|
|
11.55 %
|
|
12.42 %
|
|
11.14 %
|
Tier 1 Capital
Ratio1
|
12.32 %
|
|
12.41 %
|
|
11.04 %
|
|
11.94 %
|
|
10.67 %
|
Common Equity Tier 1
Capital Ratio1
|
12.32 %
|
|
12.41 %
|
|
11.04 %
|
|
11.94 %
|
|
10.67 %
|
Leverage
Ratio1
|
10.78 %
|
|
10.93 %
|
|
9.74 %
|
|
10.10 %
|
|
8.71 %
|
Tangible Common Equity
to Tangible Assets4
|
8.90 %
|
|
9.02 %
|
|
9.02 %
|
|
6.62 %
|
|
6.94 %
|
Tangible Book Value per
Share5
|
$
6.46
|
|
$
6.80
|
|
$
6.69
|
|
$
6.89
|
|
$
7.05
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Data
|
|
|
|
|
|
|
|
|
|
Non-performing
Assets
|
$
2,398
|
|
$
2,500
|
|
$
1,979
|
|
$
1,494
|
|
$
1,246
|
Non-performing Assets
to Total Assets
|
0.20 %
|
|
0.21 %
|
|
0.17 %
|
|
0.14 %
|
|
0.12 %
|
Non-performing Loans to
Total Loans
|
0.25 %
|
|
0.27 %
|
|
0.23 %
|
|
0.19 %
|
|
0.17 %
|
Allowance for Credit
Losses ("ACL")
|
$
10,526
|
|
$
4,666
|
|
$
4,569
|
|
$
3,890
|
|
$
3,443
|
ACL to Total
Loans
|
1.11 %
|
|
0.50 %
|
|
0.53 %
|
|
0.49 %
|
|
0.47 %
|
ACL to Nonperforming
Assets
|
438.95 %
|
|
186.64 %
|
|
230.87 %
|
|
260.37 %
|
|
276.32 %
|
|
|
|
|
|
|
|
|
|
|
(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 noninterst 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.
|
LINKBANCORP, Inc.
and Subsidiaries
|
Net Interst Margin -
Quarter-To-Date (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended March 31,
|
|
|
2023
|
|
2022
|
(Dollars in
thousands)
|
|
Avg
Bal
|
|
Interest
(2)
|
|
Yield/Rate
|
|
Avg
Bal
|
|
Interest
(2)
|
|
Yield/Rate
|
Int. Earn.
Cash
|
|
$
36,470
|
|
$
275
|
|
3.06 %
|
|
$
59,735
|
|
$
53
|
|
0.36 %
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
(1)
|
|
81,899
|
|
653
|
|
3.23 %
|
|
67,681
|
|
258
|
|
1.55 %
|
Tax-Exempt
|
|
38,368
|
|
377
|
|
3.98 %
|
|
45,030
|
|
390
|
|
3.51 %
|
Total
Securities
|
|
120,267
|
|
1,030
|
|
3.47 %
|
|
112,711
|
|
648
|
|
2.33 %
|
Total Cash Equiv. and
Investments
|
|
156,737
|
|
1,305
|
|
3.38 %
|
|
172,446
|
|
701
|
|
1.65 %
|
Total Loans
(3)
|
|
936,510
|
|
11,762
|
|
5.09 %
|
|
718,987
|
|
7,763
|
|
4.38 %
|
Total Earning
Assets
|
|
1,093,247
|
|
13,067
|
|
4.85 %
|
|
891,433
|
|
8,464
|
|
3.85 %
|
Other Assets
|
|
90,938
|
|
|
|
|
|
85,852
|
|
|
|
|
Total
Assets
|
|
$
1,184,185
|
|
|
|
|
|
$
977,285
|
|
|
|
|
Interest bearing
demand
|
|
$
251,103
|
|
$
1,188
|
|
1.92 %
|
|
$
258,140
|
|
$
245
|
|
0.38 %
|
Money market
demand
|
|
245,563
|
|
1,350
|
|
2.23 %
|
|
215,410
|
|
139
|
|
0.26 %
|
Time
deposits
|
|
290,605
|
|
1,979
|
|
2.76 %
|
|
194,897
|
|
281
|
|
0.58 %
|
Total
Borrowings
|
|
49,246
|
|
519
|
|
4.27 %
|
|
57,965
|
|
240
|
|
1.68 %
|
Total Interest-Bearing
Liabilities
|
|
836,517
|
|
5,036
|
|
2.44 %
|
|
726,412
|
|
905
|
|
0.51 %
|
Non Int Bearing
Deposits
|
|
192,135
|
|
|
|
|
|
131,841
|
|
|
|
|
Total Cost of
Funds
|
|
$
1,028,652
|
|
$
5,036
|
|
1.99 %
|
|
$
858,253
|
|
$
905
|
|
0.43 %
|
Other
Liabilities
|
|
17,508
|
|
|
|
|
|
11,035
|
|
|
|
|
Total
Liabilities
|
|
$
1,046,160
|
|
|
|
|
|
$
869,288
|
|
|
|
|
Shareholders'
Equity
|
|
$
138,025
|
|
|
|
|
|
$
107,997
|
|
|
|
|
Total Liabilities
& Shareholders' Equity
|
|
$
1,184,185
|
|
|
|
|
|
$
977,285
|
|
|
|
|
Net Interest
Income/Spread (FTE)
|
|
|
|
8,031
|
|
2.41 %
|
|
|
|
7,559
|
|
3.34 %
|
Tax-Equivalent
Basis Adjustment
|
|
|
|
(77)
|
|
|
|
|
|
(82)
|
|
|
Net Interest
Income
|
|
|
|
$
7,954
|
|
|
|
|
|
$
7,477
|
|
|
Net Interest
Margin
|
|
|
|
|
|
2.95 %
|
|
|
|
|
|
3.40 %
|
(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 Interst Margin -
Linked Quarter-To-Date (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
March 31,
2023
|
|
December 31,
2022
|
(Dollars in
thousands)
|
|
Avg
Bal
|
|
Interest
(2)
|
|
Yield/Rate
|
|
Avg
Bal
|
|
Interest
(2)
|
|
Yield/Rate
|
Int. Earn.
Cash
|
|
$
36,470
|
|
$
275
|
|
3.06 %
|
|
$
42,925
|
|
$
227
|
|
2.10 %
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
(1)
|
|
81,899
|
|
653
|
|
3.23 %
|
|
80,842
|
|
567
|
|
2.78 %
|
Tax-Exempt
|
|
38,368
|
|
377
|
|
3.98 %
|
|
37,169
|
|
384
|
|
4.10 %
|
Total
Securities
|
|
120,267
|
|
1,030
|
|
3.47 %
|
|
118,011
|
|
951
|
|
3.20 %
|
Total Cash Equiv. and
Investments
|
|
156,737
|
|
1,305
|
|
3.38 %
|
|
160,936
|
|
1,178
|
|
2.90 %
|
Total Loans
(3)
|
|
936,510
|
|
11,762
|
|
5.09 %
|
|
899,028
|
|
11,109
|
|
4.90 %
|
Total Earning
Assets
|
|
1,093,247
|
|
13,067
|
|
4.85 %
|
|
1,059,964
|
|
12,287
|
|
4.60 %
|
Other Assets
|
|
90,938
|
|
|
|
|
|
94,628
|
|
|
|
|
Total
Assets
|
|
$
1,184,185
|
|
|
|
|
|
$
1,154,592
|
|
|
|
|
Interest bearing
demand
|
|
$
251,103
|
|
$
1,188
|
|
1.92 %
|
|
$
278,816
|
|
$
808
|
|
1.15 %
|
Money market
demand
|
|
245,563
|
|
1,350
|
|
2.23 %
|
|
245,154
|
|
966
|
|
1.56 %
|
Time
deposits
|
|
290,605
|
|
1,979
|
|
2.76 %
|
|
211,090
|
|
691
|
|
1.30 %
|
Total
Borrowings
|
|
49,246
|
|
519
|
|
4.27 %
|
|
68,160
|
|
756
|
|
4.40 %
|
Total Interest-Bearing
Liabilities
|
|
836,517
|
|
5,036
|
|
2.44 %
|
|
803,220
|
|
3,221
|
|
1.59 %
|
Non Int Bearing
Deposits
|
|
192,135
|
|
|
|
|
|
199,556
|
|
|
|
|
Total Cost of
Funds
|
|
$
1,028,652
|
|
$
5,036
|
|
1.99 %
|
|
$
1,002,776
|
|
$
3,221
|
|
1.27 %
|
Other
Liabilities
|
|
17,508
|
|
|
|
|
|
14,864
|
|
|
|
|
Total
Liabilities
|
|
$
1,046,160
|
|
|
|
|
|
$
1,017,640
|
|
|
|
|
Shareholders'
Equity
|
|
$
138,025
|
|
|
|
|
|
$
136,952
|
|
|
|
|
Total Liabilities
& Shareholders' Equity
|
|
$
1,184,185
|
|
|
|
|
|
$
1,154,592
|
|
|
|
|
Net Interest
Income/Spread (FTE)
|
|
|
|
8,031
|
|
2.41 %
|
|
|
|
9,066
|
|
3.01 %
|
Tax-Equivalent
Basis Adjustment
|
|
|
|
(77)
|
|
|
|
|
|
(81)
|
|
|
Net Interest
Income
|
|
|
|
$
7,954
|
|
|
|
|
|
$
8,985
|
|
|
Net Interest
Margin
|
|
|
|
|
|
2.95 %
|
|
|
|
|
|
3.36 %
|
(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)
|
|
March 31,
2023
|
|
December 31,
2022
|
|
September 30,
2022
|
|
June 30,
2022
|
|
March 31,
2022
|
Agriculture
loans
|
|
$
16,274
|
|
$
15,591
|
|
$
13,977
|
|
$
7,710
|
|
$
8,111
|
Commercial
loans
|
|
98,544
|
|
103,874
|
|
97,542
|
|
88,452
|
|
94,114
|
Paycheck Protection
Program ("PPP") loans
|
|
811
|
|
881
|
|
933
|
|
2,527
|
|
10,586
|
Commercial real estate
loans
|
|
569,972
|
|
540,914
|
|
482,367
|
|
435,588
|
|
353,559
|
Residential real estate
loans
|
|
244,694
|
|
250,832
|
|
251,832
|
|
241,401
|
|
252,158
|
Consumer and other
loans
|
|
10,472
|
|
10,057
|
|
11,929
|
|
8,689
|
|
6,359
|
Municipal
loans
|
|
4,292
|
|
5,466
|
|
5,404
|
|
5,814
|
|
6,193
|
|
|
945,059
|
|
927,615
|
|
863,984
|
|
790,181
|
|
731,080
|
Deferred costs
(fees)
|
|
312
|
|
256
|
|
(15)
|
|
225
|
|
(19)
|
Total loans
receivable
|
|
$
945,371
|
|
$
927,871
|
|
$
863,969
|
|
$ 790,406
|
|
$
731,061
|
LINKBANCORP, Inc.
and Subsidiaries
|
Investments in
Securities Detail (Unaudited)
|
|
|
|
|
|
|
|
|
|
March 31,
2023
|
(In
Thousands)
|
|
Amortized
Cost
|
|
Net
Unrealized
Losses
|
|
Fair
Value
|
Available for
Sale:
|
|
|
|
|
|
|
U.S. government agency
securities
|
|
$
2,000
|
|
$
4
|
|
$
2,004
|
Small Business
Administration loan pools
|
|
783
|
|
(15)
|
|
768
|
Obligations of state
and political subdivisions
|
|
45,691
|
|
(3,236)
|
|
42,455
|
Mortgage-backed
securities in government-sponsored entities
|
|
44,960
|
|
(3,383)
|
|
41,577
|
|
|
$
93,434
|
|
$
(6,630)
|
|
$
86,804
|
|
|
|
|
|
|
|
|
|
Amortized
Cost
|
|
Net
Unrealized
Losses
|
|
Fair
Value
|
Held to
Maturity:
|
|
|
|
|
|
|
Corporate
debentures
|
|
$
15,000
|
|
$
(1,031)
|
|
$
13,969
|
Structured
mortgage-backed securities
|
|
24,519
|
|
(637)
|
|
23,882
|
|
|
$
39,519
|
|
$
(1,668)
|
|
$
37,851
|
|
|
|
|
|
|
|
|
|
December 31,
2022
|
(In
Thousands)
|
|
Amortized
Cost
|
|
Net
Unrealized
Losses
|
|
Fair
Value
|
Available for
Sale:
|
|
|
|
|
|
|
Small Business
Administration loan pools
|
|
$
858
|
|
$
(15)
|
|
$
843
|
Obligations of state
and political subdivisions
|
|
44,189
|
|
(4,020)
|
|
40,169
|
Mortgage-backed
securities in government-sponsored entities
|
|
41,873
|
|
(4,072)
|
|
37,801
|
|
|
$
86,920
|
|
$
(8,107)
|
|
$
78,813
|
Held to
Maturity:
|
|
|
|
|
|
|
Corporate
debentures
|
|
$
14,993
|
|
$
(994)
|
|
$
13,999
|
Structured
mortgage-backed securities
|
|
16,829
|
|
(748)
|
|
16,081
|
|
|
$
31,822
|
|
$
(1,742)
|
|
$
30,080
|
LINKBANCORP, Inc.
and Subsidiaries
|
Deposits Detail
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
(In
Thousands)
|
|
March 31,
2023
|
|
December 31,
2022
|
|
September 30,
2022
|
|
June 30,
2022
|
|
March 31,
2022
|
Demand,
noninterest-bearing
|
$
204,495
|
|
$
192,773
|
|
$
184,857
|
|
$
184,345
|
|
$ 165,228
|
Demand,
interest-bearing
|
|
250,944
|
|
254,478
|
|
305,934
|
|
269,493
|
|
269,222
|
Money market and
savings
|
|
241,858
|
|
228,048
|
|
266,743
|
|
235,411
|
|
224,673
|
Time deposits, $250 and
over
|
51,855
|
|
46,116
|
|
39,123
|
|
55,507
|
|
55,514
|
Time deposits,
other
|
|
235,346
|
|
225,357
|
|
155,053
|
|
157,617
|
|
147,533
|
|
|
$
984,498
|
|
$ 946,772
|
|
$
951,710
|
|
$
902,373
|
|
$
862,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Deposits
Detail, for the Three Months Ended (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
(In
Thousands)
|
|
March 31,
2023
|
|
December 31,
2022
|
|
September 30,
2022
|
|
June 30,
2022
|
|
March 31,
2022
|
Demand,
noninterest-bearing
|
$
192,135
|
|
$
199,556
|
|
$
170,863
|
|
$
152,691
|
|
$ 131,841
|
Demand,
interest-bearing
|
|
251,103
|
|
278,816
|
|
278,637
|
|
270,844
|
|
258,140
|
Money market and
savings
|
|
245,563
|
|
245,154
|
|
244,107
|
|
224,483
|
|
215,410
|
Time
deposits
|
|
290,605
|
|
211,090
|
|
205,792
|
|
211,033
|
|
194,897
|
|
|
$
979,406
|
|
$ 934,616
|
|
$
899,399
|
|
$
859,051
|
|
$
800,288
|
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
|
(Dollars in
thousands)
|
3/31/2023
|
|
12/31/2022
|
|
3/31/2022
|
Net (loss)
income
|
$
(1,553)
|
|
$
696
|
|
$
1,524
|
Average
assets
|
1,184,185
|
|
1,154,592
|
|
977,285
|
Return on average
assets (annualized)
|
-0.53 %
|
|
0.24 %
|
|
0.63 %
|
Net (loss)
income
|
(1,553)
|
|
696
|
|
1,524
|
Net losses (gains) on
sale of securities
|
2,370
|
|
-
|
|
(13)
|
Tax effect at
21%
|
(498)
|
|
-
|
|
3
|
Merger & system
conversion related expenses
|
587
|
|
973
|
|
-
|
Tax effect at
21%
|
(123)
|
|
(204)
|
|
-
|
Adjusted Net Income
(Non-GAAP)
|
783
|
|
1,465
|
|
1,514
|
Average
assets
|
1,184,185
|
|
1,154,592
|
|
977,285
|
Adjusted return on
average assets (annualized)
(Non-GAAP)
|
0.27 %
|
|
0.50 %
|
|
0.63 %
|
Adjusted Return on
Average Shareholders' Equity
|
|
For the Three Months
Ended
|
(Dollars in
thousands)
|
3/31/2023
|
|
12/31/2022
|
|
3/31/2022
|
Net (loss)
income
|
$
(1,553)
|
|
$
696
|
|
$
1,524
|
Average shareholders'
equity
|
138,025
|
|
136,952
|
|
107,997
|
Return on average
shareholders' equity (annualized)
|
-4.56 %
|
|
2.02 %
|
|
5.72 %
|
Net (loss)
income
|
(1,553)
|
|
696
|
|
1,524
|
Net losses (gains) on
sale of securities
|
2,370
|
|
-
|
|
(13)
|
Tax effect at
21%
|
(498)
|
|
|
|
3
|
Merger & system
conversion related expenses
|
587
|
|
973
|
|
-
|
Tax effect at
21%
|
(123)
|
|
(204)
|
|
-
|
Adjusted Net Income
(Non-GAAP)
|
783
|
|
1,465
|
|
1,514
|
Average shareholders'
equity
|
138,025
|
|
136,952
|
|
107,997
|
Adjusted return on
average shareholders' equity (annualized)
(Non-GAAP)
|
2.30 %
|
|
4.24 %
|
|
5.69 %
|
Adjusted Efficiency
Ratio
|
|
For the Three Months
Ended
|
(Dollars in
thousands)
|
3/31/2023
|
|
12/31/2022
|
|
3/31/2022
|
GAAP-based
efficiency ratio
|
126.82 %
|
|
88.96 %
|
|
74.47 %
|
Net interest
income
|
$
7,954
|
|
$
8,985
|
|
$
7,477
|
Noninterest
income
|
(1,853)
|
|
508
|
|
711
|
Less: net (losses)
gains on sales of securities
|
(2,370)
|
|
-
|
|
13
|
Adjusted revenue
(Non-GAAP)
|
8,471
|
|
9,493
|
|
8,175
|
Total noninterest
expense
|
7,737
|
|
8,445
|
|
6,098
|
Less: Merger &
system conversion related expenses
|
587
|
|
973
|
|
-
|
Adjusted non-interest
expense
|
7,150
|
|
7,472
|
|
6,098
|
Efficiency ratio, as
adjusted (Non-GAAP)
|
84.41 %
|
|
78.71 %
|
|
74.59 %
|
Adjusted Earnings
Per Share
|
|
For the Three Months
Ended
|
(Dollars in thousands,
except per share data)
|
3/31/2023
|
|
12/31/2022
|
|
3/31/2022
|
GAAP-Based (Loss)
Earnings Per Share, Basic
|
$
(0.10)
|
|
$
0.05
|
|
$
0.16
|
GAAP-Based (Loss)
Earnings Per Share, Diluted
|
$
(0.10)
|
|
$
0.05
|
|
$
0.15
|
Net (Loss)
Income
|
$
(1,553)
|
|
$
696
|
|
$
1,524
|
Net losses (gains) on
sale of securities
|
2,370
|
|
-
|
|
(13)
|
Tax effect at
21%
|
(498)
|
|
-
|
|
3
|
Merger & system
conversion related expenses
|
587
|
|
973
|
|
-
|
Tax effect at
21%
|
(123)
|
|
(204)
|
|
-
|
Adjusted Net Income
(Non-GAAP)
|
783
|
|
1,465
|
|
1,514
|
Adjusted Earnings
per Share, Basic (Non-GAAP)
|
$
0.05
|
|
$
0.10
|
|
$
0.15
|
Adjusted Earnings
per Share, Diluted (Non-GAAP)
|
$
0.05
|
|
$
0.10
|
|
$
0.15
|
Tangible Common
Equity and Tangible Book Value
|
|
|
3/31/2023
|
|
12/31/2022
|
|
9/30/2022
|
|
6/30/2022
|
|
3/31/2022
|
Tangible Common
Equity
|
|
(Dollars in thousands,
except for share data)
|
Total shareholders'
equity
|
|
$
141,581
|
|
$
138,553
|
|
$
136,942
|
|
$
104,771
|
|
$
106,340
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
(35,842)
|
|
(35,842)
|
|
(35,842)
|
|
(35,842)
|
|
(35,842)
|
Other intangible
assets
|
|
(991)
|
|
(1,052)
|
|
(1,113)
|
|
(1,178)
|
|
(1,243)
|
Tangible common equity
(Non-GAAP)
|
|
$
104,748
|
|
$
101,659
|
|
$
99,987
|
|
$
67,751
|
|
$
69,255
|
Common shares
outstanding
|
|
16,221,692
|
|
14,939,640
|
|
14,939,640
|
|
9,838,435
|
|
9,826,435
|
Book value per
common share
|
|
$
8.73
|
|
$
9.27
|
|
$
9.17
|
|
$
10.65
|
|
$
10.82
|
Tangible book value
per common share
(Non-GAAP)
|
|
$
6.46
|
|
$
6.80
|
|
$
6.69
|
|
$
6.89
|
|
$
7.05
|
Tangible
Assets
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
1,213,958
|
|
$ 1,163,654
|
|
$ 1,144,873
|
|
$ 1,059,885
|
|
$ 1,035,676
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
(35,842)
|
|
(35,842)
|
|
(35,842)
|
|
(35,842)
|
|
(35,842)
|
Other intangible
assets
|
|
(991)
|
|
(1,052)
|
|
(1,113)
|
|
(1,178)
|
|
(1,243)
|
Tangible assets
(Non-GAAP)
|
|
$
1,177,125
|
|
$ 1,126,760
|
|
$ 1,107,918
|
|
$ 1,022,865
|
|
$
998,591
|
Tangible common
equity to tangible assets (Non-GAAP)
|
|
8.90 %
|
|
9.02 %
|
|
9.02 %
|
|
6.62 %
|
|
6.94 %
|
Adjusted Pre-tax,
Pre-provision Net Income (Non-GAAP)
|
|
For the Three Months
Ended
|
(Dollars in thousands,
except per share data)
|
3/31/2023
|
|
12/31/2022
|
|
3/31/2022
|
Net (Loss) Income -
GAAP
|
$
(1,553)
|
|
$
696
|
|
$
1,524
|
Net losses (gains) on
sale of securities
|
2,370
|
|
-
|
|
(13)
|
Tax effect at
21%
|
(498)
|
|
-
|
|
3
|
Merger & system
conversion related expenses
|
587
|
|
973
|
|
-
|
Tax effect at
21%
|
(123)
|
|
(204)
|
|
-
|
Adjusted Net Income
(Non-GAAP)
|
783
|
|
1,465
|
|
1,514
|
Income tax (benefit)
expense
|
(376)
|
|
252
|
|
286
|
Provision for credit
losses - loans
|
293
|
|
100
|
|
280
|
Tax effect included in
Adjusted Net Income
|
621
|
|
204
|
|
(3)
|
Adjusted Pre-tax,
Pre-provision Net Income (Non-GAAP)
|
$
1,321
|
|
$
2,021
|
|
$
2,077
|
Contact:
Nicole Ulmer
Corporate and Investor Relations Officer
717.803.8895
IR@LINKBANCORP.COM
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