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LINKBANCORP, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total assets to $2.88 billion from $2.67 billion at the end of 2023. This increase is attributed to higher cash and cash equivalents and an increase in loans held for investment.
Net income for the quarter was $7.1 million, up from $1.2 million in the same quarter of the previous year. The increase is mainly due to a rise in interest income from loans and securities.
Interest income for the quarter increased significantly to $40.2 million, compared to $14.8 million in the previous year, primarily driven by higher loan balances and yields.
Interest expense also rose to $15.2 million from $6.4 million due to increased average balances of interest-bearing liabilities and higher interest rates.
The provision for credit losses was $84 thousand, compared to a negative provision of $349 thousand in the previous year, reflecting changes in specific reserves.
Non-interest income increased to $2.7 million from $880 thousand, with higher service charges on deposit accounts contributing to this rise.
Non-interest expenses rose to $18.5 million from $8.0 million, driven by increased salaries and benefits, intangible amortization, and occupancy costs following the Partners Merger.
LINKBANCORP completed its merger with Partners Bancorp on November 30, 2023, which significantly impacted the financial results for 2024.
The filing also details the pending sale of its New Jersey operations to American Heritage Federal Credit Union, expected to close by early 2025.
Total deposits increased to $2.37 billion, with a notable rise in interest-bearing deposits and time deposits.
The company maintains a strong liquidity position with significant borrowing capacity from the Federal Home Loan Bank and correspondent banks.
LINKBANCORP continues to focus on expanding its market presence and enhancing operational efficiencies following the Partners Merger.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LINKBANCORP Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.