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LINKBANCORP Inc. (LNKB-4.44%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details LINKBANCORP's financial performance, including a net income of $26.2 million for the year, compared to a net loss of $12.0 million in 2023. This improvement is attributed to an increase in interest income and noninterest income, offset by higher interest expenses and noninterest expenses.
The company's total assets increased to $2.88 billion at the end of 2024, up from $2.67 billion at the end of 2023. This growth was primarily driven by an increase in loans receivable and cash and cash equivalents.
Total deposits grew by $161.8 million, or 7.4%, to $2.36 billion at the end of 2024. The increase was mainly due to a rise in demand deposits, both interest-bearing and noninterest-bearing.
LINKBANCORP completed its merger with Partners Bancorp on November 30, 2023, which contributed to the growth in assets and deposits. The merger resulted in the issuance of 20.7 million common shares to Partners shareholders.
The company's allowance for credit losses increased to $26.4 million at the end of 2024, up from $23.8 million at the end of 2023. This increase was primarily due to a measurement period adjustment related to a loan from the Partners Merger.
Nonperforming assets as a percentage of total gross loans increased to 0.76% at the end of 2024, compared to 0.34% at the end of 2023. This was largely due to loans acquired in the Partners Merger.
The filing also reports on LINKBANCORP's regulatory capital levels, which remained above the required thresholds to be considered well-capitalized.
The company anticipates the completion of the sale of its New Jersey branch operations to American Heritage Federal Credit Union by March 31, 2025, which includes the sale of loans and deposits.
LINKBANCORP's stock is traded on the Nasdaq Capital Market under the symbol 'LNKB'.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LINKBANCORP Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.