LINKBANCORP Q2 2024 10-Q Filed

TL;DR

LINKBANCORP's Q2 10-Q is in: Loan portfolio details and fair value metrics disclosed.

AI Summary

LINKBANCORP, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details various financial metrics, including loans and finance receivables, with specific breakdowns for different delinquency periods and portfolio segments like residential real estate and commercial and industrial loans. It also reports on fair value measurements for assets and liabilities.

Why It Matters

This filing provides investors with a detailed look at LINKBANCORP's loan portfolio health and asset valuation as of mid-2024, crucial for assessing financial stability.

Risk Assessment

Risk Level: medium — The filing contains detailed financial data, including loan delinquency and fair value measurements, which are critical for assessing the company's financial health and potential risks.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the snapshot date for the financial data presented.)
• 2023-12-31 — Prior Period End Date (Provides a comparison point for financial performance and position.)

Key Players & Entities

• LINKBANCORP, Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of reporting period
• 2023-12-31 (date) — Prior reporting period end
• 7177787243 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share LNKB The NASDAQ

Filing Documents

• lnkb-20240630.htm (10-Q) — 5996KB
• lnkb-ex10_1.htm (EX-10.1) — 701KB
• lnkb-ex31_1.htm (EX-31.1) — 14KB
• lnkb-ex31_2.htm (EX-31.2) — 15KB
• lnkb-ex32.htm (EX-32) — 8KB
• 0000950170-24-095497.txt ( ) — 28886KB
• lnkb-20240630.xsd (EX-101.SCH) — 2220KB
• lnkb-20240630_htm.xml (XML) — 8610KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION PAGE Item 1 -

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 2 Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 3 Consolidated Statements of Shareholders' Equity for the three and six months ended June 30, 2024 and 2023 4 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) Item 2 -

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 3 -

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 57 Item 4 -

Controls and Procedures

Controls and Procedures 57

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1 -

Legal Proceedings

Legal Proceedings 57 Item 1A -

Risk Factors

Risk Factors 57 Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 57 Item 3 - Defaults Upon Senior Securities 58 Item 4 - Mine Safety Disclosures 58 Item 5 - Other Information 58 Item 6 - Exhibits 59

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

- Consolid ated Financial Statements

Item 1 - Consolid ated Financial Statements LINKBANCORP, Inc. and Subsidiaries Consolidated B alance Sheets (Unaudited) June 30, 2024 December 31, 2023 (In Thousands, except share and per share data) ASSETS Noninterest-bearing cash equivalents $ 14,516 $ 13,089 Interest-bearing deposits with other institutions 167,141 67,101 Cash and cash equivalents 181,657 80,190 Securities available for sale, at fair value 140,121 115,490 Securities held to maturity (Fair value of $ 33,208 and $ 34,236 , respectively) 35,845 36,735 Less: Allowance for credit losses - securities ( 502 ) ( 512 ) Securities held to maturity, net 35,343 36,223 Loans receivable 2,193,197 2,128,284 Less: Allowance for credit losses - loans ( 26,288 ) ( 23,767 ) Net loans 2,166,909 2,104,517 Investments in restricted bank stock 4,928 3,965 Premises and equipment, net 18,364 20,130 Right-of-Use Asset – Premises 13,970 15,497 Bank-owned life insurance 49,616 48,847 Goodwill 58,806 56,968 Other intangible assets, net 23,323 25,733 Deferred tax asset 22,024 24,153 Assets held for sale 118,362 115,499 Accrued interest receivable and other assets 25,170 22,113 TOTAL ASSETS $ 2,858,593 $ 2,669,325 LIABILITIES Deposits: Demand, noninterest bearing $ 661,292 $ 624,780 Interest bearing 1,699,220 1,574,019 Total deposits 2,360,512 2,198,799 Long-term borrowings 40,000 — Short-term borrowings — 10,000 Note payable 578 590 Subordinated debt 61,706 61,444 Lease liabilities 14,746 16,361 Allowance for credit losses - unfunded commitments 1,969 2,189 Liabilities held for sale 96,916 99,777 Accrued interest payable and other liabilities 10,757 14,369 TOTAL LIABILITIES 2,587,184 2,403,529 COMMITMENTS AND CONTINGENT LIABILITIES (Note 11) SHAREHOLDERS' EQUITY Preferred stock (At June 30, 2024

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View this 10-Q filing on SEC EDGAR