Tue, May 14, 8:41 PM (221 days ago)
LINKBANCORP, Inc. reported a significant improvement in its financial performance for Q1 2024, with net income increasing to $5.7 million from a net loss of $1.6 million in Q1 2023. This was driven by a substantial rise in net interest income, which surged by $16.9 million to $24.9 million, owing to higher average loan balances and interest rates. The net interest margin improved by 108 basis points to 4.03%. Non-interest income also saw a boost, mainly due to the absence of a $2.4 million loss on securities sales recorded in Q1 2023. Non-interest expenses increased by $11.5 million, primarily due to higher salaries and benefits following the Partners Merger. The provision for credit losses decreased by $253 thousand. Total assets grew by $116.3 million to $2.79 billion, with significant increases in cash equivalents and securities. Deposits rose by $87.6 million, while the allowance for credit losses remained stable at $23.8 million. The company maintained strong asset quality, with non-performing loans at 0.30% of total loans. The company remains well-capitalized, with robust liquidity and capital resources.