LINKBANCORP, Inc. reported significant financial growth in its third quarter and year-to-date results for 2024, driven by increased interest income and strategic mergers. For the three months ended September 30, 2024, the company achieved a net income of $7.1 million, a substantial increase from $1.2 million in the same period of 2023. This growth translated to earnings per share of $0.19, up from $0.08 year-over-year. Year-to-date, net income reached $18.6 million, compared to just $1.0 million for the first nine months of 2023.

Total assets as of September 30, 2024, were $2.88 billion, reflecting a 7.9% increase from $2.67 billion at the end of 2023. This growth was primarily attributed to a $111 million rise in cash and cash equivalents and an $87.6 million increase in net loans, which totaled $2.19 billion. The company’s total deposits also rose to $2.37 billion, up from $2.20 billion at the end of 2023, with a notable increase in demand deposits.

Interest and dividend income surged to $40.2 million for Q3 2024, compared to $14.8 million in Q3 2023, while net interest income before provision for credit losses increased by 199.1% to $25.0 million. The net interest margin improved to 3.82%, a 93 basis point increase from the previous year, driven by a higher average yield on loans, which rose to 6.34%.

The company’s non-interest income also saw a boost, increasing to $2.7 million from $880,000 in Q3 2023, largely due to higher service charges and income from bank-owned life insurance. However, non-interest expenses rose significantly, up 130.8% to $18.5 million, primarily due to increased salaries and benefits related to the recent Partners Bancorp merger.

In terms of strategic developments, LINKBANCORP completed the merger with Partners Bancorp on November 30, 2023, which contributed to the growth in its loan portfolio and overall financial performance. The company also announced a pending sale of its New Jersey operations to American Heritage Federal Credit Union, expected to close in late 2024 or early 2025.

As of September 30, 2024, LINKBANCORP's total shareholders' equity increased to $277.4 million, up from $265.8 million at the end of 2023, reflecting the strong net income generated during the year. The company continues to maintain a robust capital position, meeting all regulatory capital requirements.