LNKB LINKBANCORP Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 29, 2024

 

 

LINKBANCORP, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Pennsylvania			001-41505	82-5130531
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
1250 Camp Hill Bypass, Suite 202
Camp Hill, Pennsylvania				17011
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 855 569-2265

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01		LNKB		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

On January 29, 2024, LINKBANCORP, Inc. (the “Company”) issued a press release reporting its financial results at and for the three and twelve months ended December 31, 2023.

A copy of the press release is attached as Exhibit 99.1 to this report and is being furnished to the Securities and Exchange Commission and shall not be deemed filed for any purpose.

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On January 25, 2024, Director Jeffrey F. Turner advised the Boards of Directors of the Company and LINKBANK (the "Bank") that he would be retiring as a director of the Company and the Bank effective as of January 31, 2024. Mr. Turner did not cite any disagreement with the Company or the Bank in connection with his retirement.

Item 9.01 Financial Statements and Exhibits.

(a)	Financial statements of businesses acquired. None.
(b)	Pro forma financial information. None.
(c)	Shell company transactions. None.
(d)	Exhibits.
	99.1     Press release dated January 29, 2024
	104 Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			LINKBANCORP, INC.
Date:	January 29, 2024	By:	/s/ Carl D. Lundblad
			Carl D. Lundblad President

 

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Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:

Nicole Davis

Corporate and Investor Relations Officer

717.803.8895

IR@LINKBANCORP.COM

LINKBANCORP, Inc. Announces Fourth Quarter 2023 and Full Year 2023 Financial Results

 

January 29, 2024 – HARRISBURG, PA -- LINKBANCORP, Inc. (NASDAQ: LNKB) (the “Company”), the parent company of LINKBANK (the “Bank”) reported financial results for the fourth quarter and year ended December 31, 2023 that were significantly impacted by one-time costs related to the merger with Partners Bancorp (“Partners”) that was successfully completed on November 30, 2023 (the “Merger”). For the quarter ended December 31, 2023, the Company recognized a net loss of $13.2 million, or $0.57 per diluted share, and for the year ended December 31, 2023, the Company recognized a net loss of $12.2 million, or $0.68 per diluted share.

 

Fourth quarter 2023 results include the impact of the Partners Merger and include $19.2 million pre-tax ($15.2 million after tax) of primarily merger-related expenses and initial non-purchase credit deteriorated (non-PCD) provision. Excluding these expenses, earnings for the fourth quarter 2023 would have been $2.0 million1, or $0.091 per diluted share. Similarly, results for the year ended December 31, 2023 include $20.9 million pre-tax ($16.5 million after tax) of primarily merger related expenses and initial non-purchase credit deteriorated (non-PCD) provision. Excluding these and other non-recurring expenses, earnings for the year ended December 31, 2023 would have been $6.2 million1, or $0.351 per diluted share.

 

 

 

 

1 See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP measure.

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Reported results prior to the fourth quarter of 2023 reflect legacy LINKBANCORP results only.

Fourth Quarter 2023 Highlights

The fourth quarter results do not represent a full quarter of comparable combined earnings given the Merger with Partners was completed on November 30, 2023.

"2023 was a transformational year for LINKBANCORP. Our merger with Partners Bancorp established a premier Mid-Atlantic community banking franchise committed to positively impacting communities across the markets we serve,” said Andrew Samuel, Chief Executive Officer of LINKBANCORP. "We believe our increased scale and presence in growing and diverse markets will drive profitable growth and shareholder value. Promptly after the closing of the merger, we successfully converted legacy Bank of Delmarva and Virginia Partners Bank accounts to LINKBANK’s core system. Additionally, we have right-sized our pro forma organizational structure and commenced various cost-saving initiatives that we expect will ensure we achieve the projected benefits of the merger. While merger-related expenses and accounting adjustments negatively impacted fourth quarter and 2023 earnings, we are pleased with our core operating results. We are very grateful to each of our employees who have

 

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performed at a high level during this period, providing exceptional service to clients and their colleagues as together we navigated these critical transitions.”

Merger with Partners Bancorp

Partners Bancorp merged with and into LINKBANCORP and The Bank of Delmarva and Virginia Partners Bank each merged with and into LINKBANK, effective November 30, 2023. The acquisition method of accounting was used to account for the transaction with the Company as the acquirer. The Company recorded the assets and liabilities of Partners at their respective fair values as of November 30, 2023. The transaction was valued at approximately $135.8 million and expanded LINKBANK’s footprint into Maryland, Delaware, Virginia and New Jersey.

As a result of the Merger, the Company added $1.50 billion in assets, $123.4 million in investment securities, $1.24 billion in loans, $1.30 billion in deposits, $54.7 million in FHLB advances and $21.1 million in subordinated debt. The excess of the merger consideration over the fair value of net Partners assets acquired resulted in goodwill of $21.0 million. Subsequent to the Merger but prior to year-end, the Company sold a substantial portion of the acquired available-for-sale securities portfolio for net proceeds of $87.4 million and used approximately $54.7 million of the proceeds to reduce FHLB borrowings assumed in the Merger. The Merger resulted in dilution in the Company’s tangible book value per share which was $4.901at December 31, 2023 compared to $6.441 at September 30, 2023. The principal cause of the dilution was net fair value discount adjustments of approximately $64.5 million to the acquired loan portfolio due to increasing interest rates in the last 12-24 months. The loan fair value adjustments will accrete back through income as the loans mature, which management anticipates will lead to earnings per share and capital accretion in future periods.

The Company's tangible common equity ratio at December 31, 2023 was 7.09%1. The Bank's Tier 1 and Total Risk-Based Capital Ratios at December 31, 2023 were 10.05% and 10.75%, respectively.

The Company incurred expenses of $19.2 million and $20.9 million for the three and twelve months ended December 31, 2023, respectively, related to Merger costs and an increased allowance for credit losses related to the acquisition of Partners loans.

 

 

1 See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP measure.

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The Company's financial results for any periods ended prior to November 30, 2023 reflect LINKBANCORP results only on a standalone basis. As a result of this factor and the Merger-related expenses incurred, the Company's financial results for the fourth quarter of 2023 may not be directly comparable to prior reported periods.

Income Statement

Net interest income before the provision for credit losses for the fourth quarter of 2023 increased to $14.3 million compared to $8.4 million in the third quarter of 2023. Net interest margin was 3.55% for the fourth quarter of 2023 compared to 2.89% for the third quarter of 2023. The average yield on interest-earning assets increased by 61 basis points over the prior quarter, due to an increase in the average yield on loans of 70 basis points to 6.03%. Also contributing to expansion of net interest margin during the fourth quarter was a seven basis points decrease in the cost of funds to 2.28%. The increase in net interest income was primarily a result of the legacy Partners portfolio, which maintained a lower cost of deposits, coupled with the higher average yield on interest earning assets across the portfolio and the impact of purchase accounting accretion. In addition, proceeds from the sale of a substantial portion of the available-for-sale securities acquired in the Merger were used to pay off FHLB borrowings assumed in the Merger, contributing to further margin expansion.

Noninterest income increased quarter over quarter to $1.3 million for the fourth quarter of 2023 compared to $880 thousand for the third quarter of 2023. This increase was primarily related to a $187 thousand increase in service charges on deposit accounts related to the increased size of the customer base in connection with the Merger.

Noninterest expense for the fourth quarter of 2023 increased to $22.3 million compared to $8.0 million for the third quarter of 2023.Excluding one-time charges related to the Merger of $9.5 million in the fourth quarter of 2023 and $777 thousand in the third quarter of 2023, noninterest expense increased by $5.6 million to $12.8 million in the fourth quarter from $8.8 million in the third quarter. This increase was primarily due to the increased headcount and infrastructure resulting from the Merger, including additional branches, amortization of intangible assets, processing fees, and an increased incentive compensation accrual.

 

 

 

 

 

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Balance Sheet

Total assets were $2.66 billion at December 31, 2023 compared to $1.26 billion at September 30, 2023 and $1.16 billion at December 31, 2022. Deposits and net loans as of December 31, 2023 totaled $2.30 billion and $2.22 billion, respectively, compared to deposits and net loans of $1.04 billion and $968.9 million, respectively, at September 30, 2023 and $946.8 million and $923.2 million, respectively, at December 31, 2022.

Total loans increased $1.26 billion during the fourth quarter of 2023 to $2.24 billion at December 31, 2023 and included $1.24 billion of loans acquired through the Merger. Excluding the newly acquired loans, loans increased $18.3 million or 7.38% annualized led by originated commercial loan growth, with the average commercial loan commitment originated during the fourth quarter of 2023 totaling approximately $628 thousand.

Year-over-year, loans increased $1.31 billion and included $1.24 billion of loans acquired through the Merger. Excluding the newly acquired loans, loans increased $69.3 million, or 7.5% during 2023.

Cash and cash equivalents increased to $77.7 million at December 31, 2023 compared to $68.0 million at September 30, 2023, while increasing $47.7 million compared to the $30.0 million balance at December 31, 2022.

Deposits at December 31, 2023 totaled $2.30 billion, an increase of $1.26 billion compared to $1.04 billion at September 30, 2023. The Merger added $1.30 billion of total deposits, including $969.5 million of transaction deposits (defined as total deposits less time deposits) and $330.3 million of time deposits on November 30, 2023. Noninterest bearing deposits totaled $656.0 million at December 31, 2023, representing 28.5% of total deposits, compared to $210.4 million, representing 20.2% of total deposits at September 30, 2023.

Shareholders’ equity increased from $141.4 million at September 30, 2023 to $265.6 million at December 31, 2023 primarily as a result of the completion of the Merger. The Merger resulted in dilution in the Company’s tangible book value per share which was $4.901 at December 31, 2023 compared to $6.441 at September 30, 2023. The principal cause of the dilution was fair value discount adjustments of approximately $64.5 million to the acquired loan portfolio due to increasing interest rates in the last 12-24 months. The loan fair value adjustments will accrete

 

 

 

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back through income as the loans mature and are expected to result in earnings per share and capital accretion over future periods.

Asset Quality

In the fourth quarter of 2023, the Company recorded a provision for credit losses, calculated under the CECL model, of $9.8 million, compared to a negative provision for credit losses of $349 thousand in the third quarter of 2023. The provision for the fourth quarter included $9.7 million associated with day one accounting provision required for non-purchase credit deteriorated loans acquired in the Merger.

Asset quality metrics remain strong. As of December 31, 2023, the Company’s non-performing assets were $9.0 million, representing 0.34% of total assets. Loans 30-89 days past due at December 31, 2023 were $4.7 million, representing 0.21% of total loans.

The allowance for credit losses-loans was $23.8 million, or 1.06% of total loans at December 31, 2023, compared to the allowance for credit losses-loans of $10.0 million, or 1.02% of total loans, at September 30, 2023. The allowance for credit losses-loans to nonperforming assets was 263.55% at December 31, 2023, compared to 336.85% at September 30, 2023.

Capital

The Bank’s regulatory capital ratios were well in excess of regulatory minimums to be considered “well capitalized” as of December 31, 2023. The Bank’s Total Capital Ratio and Tier 1 Capital Ratio was 10.75% and 10.05%, respectively, at December 31, 2023, compared to 12.92% and 12.37%, respectively, at September 30, 2023 and 12.89% and 12.41%, respectively, at December 31, 2022. The Company’s ratio of Tangible Common Equity to Tangible Assets was 7.09%1 at December 31, 2023.

ABOUT LINKBANCORP, Inc.

LINKBANCORP, Inc. was formed in 2018 with a mission to positively impact lives through community banking. Its subsidiary bank, LINKBANK, is a Pennsylvania state-chartered bank serving individuals, families, nonprofits and business clients throughout Pennsylvania, Maryland, Delaware, Virginia, and New Jersey through 29 client solutions centers and www.linkbank.com. LINKBANCORP, Inc. common stock is traded on the Nasdaq Capital Market under the symbol "LNKB". For further company information, visit ir.linkbancorp.com.

 

 

 

 

 

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Forward Looking Statements

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of current or historical fact and involve substantial risks and uncertainties. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions can be used to identify forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: costs or difficulties associated with newly developed or acquired operations; risks related to the integration of the merger with Partners; changes in general economic trends, including inflation and changes in interest rates; increased competition; changes in consumer demand for financial services; our ability to control costs and expenses; adverse developments in borrower industries and, in particular, declines in real estate values; changes in and compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed; and the effects of any cybersecurity breaches. The Company does not undertake, and specifically disclaims, any obligation to publicly revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. Accordingly, you should not place undue reliance on forward-looking statements.

LB-E

LB-D

 

 

 

 

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LINKBANCORP, Inc. and Subsidiaries
Consolidated Balance Sheet (Unaudited)
		December 31, 2023				September 30, 2023				June 30, 2023				March 31, 2023				December 31, 2022
(In Thousands, except share and per share data)
ASSETS
Noninterest-bearing cash equivalents		$	11,663			$	5,447			$	4,736			$	4,545			$	4,209
Interest-bearing deposits with other institutions			66,000				62,532				118,438				47,190				25,802
Cash and cash equivalents			77,663				67,979				123,174				51,735				30,011
Certificates of deposit with other banks			—				249				498				745				5,623
Securities available for sale, at fair value			115,490				78,779				83,620				86,804				78,813
Securities held to maturity, net of allowance for credit losses			36,223				37,266				38,220				38,986				31,822
Loans receivable, gross			2,241,533				978,912				969,533				945,371				927,871
Allowance for credit losses - loans			(23,767	)			(9,964	)			(10,228	)			(10,526	)			(4,666	)
Loans receivable, net			2,217,766				968,948				959,305				934,845				923,205
Investments in restricted bank stock			5,066				3,107				5,544				4,134				3,377
Premises and equipment, net			22,507				6,414				6,292				6,497				6,743
Right-of-use asset – premises			15,597				9,727				9,896				10,058				10,219
Bank-owned life insurance			48,847				24,732				24,554				24,384				19,244
Goodwill			56,838				35,842				35,842				35,842				35,842
Other intangible assets, net			25,733				873				932				991				1,052
Deferred tax asset			20,682				6,880				6,571				6,749				5,619
Accrued interest receivable and other assets			22,023				14,899				14,024				12,188				12,084
TOTAL ASSETS		$	2,664,436			$	1,255,695			$	1,308,472			$	1,213,958			$	1,163,654
LIABILITIES
Deposits:
Demand, noninterest bearing		$	655,953			$	210,404			$	240,729			$	204,495			$	192,773
Interest bearing			1,642,520				831,368				794,113				780,003				753,999
Total deposits			2,298,473				1,041,772				1,034,842				984,498				946,772
Other Borrowings			10,500				15,000				74,899				31,250				20,938
Subordinated Debt			61,444				40,354				40,398				40,441				40,484
Lease Liabilities			16,464				9,728				9,896				10,058				10,219
Accrued interest payable and other liabilities			11,952				7,490				5,985				6,130				6,688
TOTAL LIABILITIES			2,398,833				1,114,344				1,166,020				1,072,377				1,025,101
SHAREHOLDERS’ EQUITY
Preferred stock			—				—				—				—				—
Common stock			373				162				162				250				149
Surplus			263,306				127,856				127,818				127,659				117,709
Retained earnings			4,650				19,062				19,039				18,911				27,100
Accumulated other comprehensive loss			(3,209	)			(5,729	)			(4,567	)			(5,239	)			(6,405	)
Total equity attributable to parent			265,120				141,351				142,452				141,581				138,553
Noncontrolling interest in consolidated subsidiary			483				—				—				—				—
TOTAL SHAREHOLDERS’ EQUITY			265,603				141,351				142,452				141,581				138,553
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	2,664,436			$	1,255,695			$	1,308,472			$	1,213,958			$	1,163,654
Common shares outstanding			37,340,700				16,235,871				16,228,440				16,221,692				14,939,640

 

 

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LINKBANCORP, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
		Three Months Ended												Twelve Months Ended
		12/31/2023				9/30/2023				12/31/2022					12/31/2023				12/31/2022
(In Thousands, except share and per share data)
INTEREST AND DIVIDEND INCOME
Loans receivable, including fees		$	21,461			$	13,068			$	11,109				$	58,791			$	36,396
Other			1,642				1,710				1,097					6,407				3,868
Total interest and dividend income			23,103				14,778				12,206					65,198				40,264
INTEREST EXPENSE
Deposits			7,445				5,434				2,465					22,638				5,337
Other Borrowings			727				550				335					1,923				441
Subordinated Debt			615				442				421					1,926				1,501
Total interest expense			8,787				6,426				3,221					26,487				7,279
NET INTEREST INCOME BEFORE PROVISION FOR     (CREDIT TO) CREDIT LOSSES			14,316				8,352				8,985					38,711				32,985
Provision for (credit to) for credit losses			9,844				(349	)			100					9,295				1,290
NET INTEREST INCOME AFTER PROVISION FOR    (CREDIT TO) CREDIT LOSSES			4,472				8,701				8,885					29,416				31,695
NONINTEREST INCOME
Service charges on deposit accounts			385				198				188					978				832
Bank-owned life insurance			250				177				116					738				497
Net realized (losses) gains on the sale of debt securities			—				—				—					(2,370	)			13
Gain on sale of loans			166				—				—					465				753
Other			374				505				204					1,276				862
Total noninterest income			1,175				880				508					1,087				2,957
NONINTEREST EXPENSE
Salaries and employee benefits			8,262				4,193				4,612					20,612				16,224
Occupancy			911				701				616					3,015				2,119
Equipment and data processing			1,201				934				751					3,720				2,609
Professional fees			536				363				371					1,698				1,236
FDIC insurance			198				276				157					817				640
Bank Shares Tax			323				278				201					1,158				786
Merger & system conversion related expenses			9,496				777				973					11,176				973
Other			1,358				472				764					3,636				3,245
Total noninterest expense			22,285				7,994				8,445					45,832				27,832
Income before income tax (benefit) expense			(16,638	)			1,587				948					(15,329	)			6,820
Income tax (benefit) expense			(3,448	)			347				252					(3,168	)			1,222
NET (LOSS) INCOME		$	(13,190	)		$	1,240			$	696				$	(12,161	)		$	5,598
(LOSS) EARNINGS PER SHARE, BASIC		$	(0.57	)		$	0.08			$	0.05				$	(0.68	)		$	0.49
(LOSS) EARNINGS PER SHARE, DILUTED		$	(0.57	)		$	0.08			$	0.05				$	(0.68	)		$	0.49
WEIGHTED-AVERAGE COMMON SHARES    OUTSTANDING,
BASIC			23,063,202				16,235,144				14,939,640					17,753,914				11,310,386
DILUTED			23,063,202				16,235,144				14,939,640					17,753,914				11,310,386

 

 

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LINKBANCORP, Inc. and Subsidiaries
Financial Highlights (Unaudited)
	For the Three Months Ended												For the Twelve Months Ended
('Dollars In Thousands)	12/31/2023				9/30/2023				12/31/2022				12/31/2023				12/31/2022
Operating Highlights
Net (Loss) Income	$	(13,190	)		$	1,240			$	696			$	(12,161	)		$	5,598
Net Interest Income		14,316				8,352				8,985				38,711				32,985
Provision for (Credit to) Credit Losses		9,844				(349	)			100				9,295				1,290
Non-Interest Income		1,175				880				508				1,087				2,957
Non-Interest Expense		22,285				7,994				8,445				45,832				27,832
(Loss) Earnings per Share, Basic		(0.57	)			0.08				0.05				(0.68	)			0.49
Adjusted Earnings per Share, Basic (2)		0.09				0.11				0.10				0.35				0.56
(Loss) Earnings per Share, Diluted		(0.57	)			0.08				0.05				(0.68	)			0.49
Adjusted Earnings per Share, Diluted (2)		0.09				0.11				0.10				0.35				0.56
Selected Operating Ratios
Net Interest Margin		3.55	%			2.89	%			3.36	%			3.09	%			3.39	%
Annualized Return on Assets ("ROA")		-3.01	%			0.39	%			0.24	%			-0.90	%			0.53	%
Adjusted ROA2		0.45	%			0.59	%			0.50	%			0.46	%			0.60	%
Annualized Return on Equity ("ROE")		-28.66	%			3.46	%			2.02	%			-8.00	%			5.22	%
Adjusted ROE2		4.28	%			5.17	%			4.24	%			4.08	%			5.93	%
Efficiency Ratio		143.86	%			86.59	%			88.96	%			115.16	%			77.44	%
Adjusted Efficiency Ratio3		82.56	%			78.17	%			78.71	%			82.19	%			74.76	%
Noninterest Income to Avg. Assets		0.27	%			0.28	%			0.17	%			0.08	%			0.28	%
Noninterest Expense to Avg. Assets		5.08	%			2.54	%			2.90	%			3.38	%			2.63	%
	12/31/2023				9/30/2023				6/30/2023				3/31/2023				12/31/2022
Financial Condition Data
Total Assets	$	2,664,436			$	1,255,695			$	1,308,472			$	1,213,958			$	1,163,654
Loans Receivable, Net		2,217,766				968,948				959,305				934,845				923,205
Noninterest-bearing Deposits		655,953				210,404				240,729				204,495				192,773
Interest-bearing Deposits		1,642,520				831,368				794,113				780,003				753,999
Total Deposits		2,298,473				1,041,772				1,034,842				984,498				946,772
Selected Balance Sheet Ratios
Total Capital Ratio1		10.75	%			12.92	%			13.55	%			13.53	%			12.89	%
Tier 1 Capital Ratio1		10.05	%			12.37	%			12.94	%			12.32	%			12.41	%
Common Equity Tier 1 Capital Ratio1		10.05	%			12.37	%			12.94	%			12.32	%			12.41	%
Leverage Ratio1		14.26	%			10.71	%			10.41	%			10.78	%			10.93	%
Tangible Common Equity to Tangible Assets4		7.09	%			8.58	%			8.38	%			8.90	%			9.02	%
Tangible Book Value per Share5	$	4.90			$	6.44			$	6.51			$	6.46			$	6.80
Asset Quality Data
Non-performing Assets	$	9,018			$	2,958			$	2,856			$	2,398			$	2,500
Non-performing Assets to Total Assets		0.34	%			0.24	%			0.22	%			0.20	%			0.21	%
Non-performing Loans to Total Loans		0.40	%			0.30	%			0.29	%			0.25	%			0.27	%
Allowance for Credit Losses - Loans ("ACLL")	$	23,767			$	9,964			$	10,228			$	10,526			$	4,666
ACLL to Total Loans		1.06	%			1.02	%			1.05	%			1.11	%			0.50	%
ACLL to Nonperforming Assets		263.55	%			336.85	%			358.12	%			438.95	%			186.64	%
Net chargeoffs (recoveries)	$	195			$	(12	)		$	(97	)		$	(2	)		$	(60	)

 

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(1) - These capital ratios have been calculated using bank-level capital
(2) - This is a non-GAAP financial measure. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures at the end of this release.
(3) - The efficiency ratio, as adjusted represents noninterest expense divided by the sum of net interest income and noninterest income, excluding gains or losses from securities sales and merger related expenses. This is a non-GAAP financial measure. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures at the end of this release.
(4) - We calculate tangible common equity as total shareholders' equity less goodwill and other intangibles, and we calculate tangible assets as total assets less goodwill and other intangibles. This is a non-GAAP financial measure. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures at the end of this release.
(5) - We calculate tangible book value per common share as total shareholders' equity less goodwill and other intangibles, divided by the outstanding number of shares of our common stock at the end of the relevant period. Tangible book value per common share is a non-GAAP financial measure, and, as we calculate tangible book value per common share, the most directly comparable GAAP financial measure is book value per common share. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures at the end of this release.

 

LINKBANCORP, Inc. and Subsidiaries
Net Interest Margin - Quarter-To-Date (Unaudited)
		For the Three Months Ended December 31,
		2023												2022
(Dollars in thousands)		Avg Bal				Interest (2)				Yield/Rate				Avg Bal				Interest (2)				Yield/Rate
Int. Earn. Cash		$	63,572			$	405				2.53	%		$	42,925			$	227				2.10	%
Securities
Taxable (1)			88,632				951				4.26	%			80,842				567				2.78	%
Tax-Exempt			38,269				362				3.75	%			37,169				384				4.10	%
Total Securities			126,901				1,313				4.10	%			118,011				951				3.20	%
Total Cash Equiv. and Investments			190,473				1,718				3.58	%			160,936				1,178				2.90	%
Total Loans (3)			1,411,129				21,461				6.03	%			899,028				11,109				4.90	%
Total Earning Assets			1,601,602				23,179				5.74	%			1,059,964				12,287				4.60	%
Other Assets			138,537												94,628
Total Assets		$	1,740,139											$	1,154,592
Interest bearing demand		$	328,342			$	1,746				2.11	%		$	278,816			$	808				1.15	%
Money market demand			367,821				2,287				2.47	%			245,154				966				1.56	%
Time deposits			348,580				3,412				3.88	%			211,090				691				1.30	%
Total Borrowings			113,492				1,342				4.69	%			68,160				756				4.40	%
Total Interest-Bearing Liabilities			1,158,235				8,787				3.01	%			803,220				3,221				1.59	%
Non Int. Bearing Deposits			371,051												199,556
Total Cost of Funds		$	1,529,286			$	8,787				2.28	%		$	1,002,776			$	3,221				1.27	%
Other Liabilities			28,244												14,864
Total Liabilities		$	1,557,530											$	1,017,640
Shareholders' Equity		$	182,609											$	136,952
Total Liabilities & Shareholders' Equity		$	1,740,139											$	1,154,592
Net Interest Income/Spread (FTE)							14,392				2.73	%							9,066				3.01	%
Tax-Equivalent Basis Adjustment							(76	)											(81	)
Net Interest Income						$	14,316											$	8,985
Net Interest Margin											3.55	%											3.36	%
(1) Taxable income on securities includes income from available for sale securities and income from certificates of deposits with other banks.
(2) Income stated on a tax equivalent basis which is a non-GAAP measure and reconciled to GAAP at the bottom of the table
(3) Includes the balances of nonaccrual loans

 

 

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LINKBANCORP, Inc. and Subsidiaries
Net Interest Margin - Linked Quarter-To-Date (Unaudited)
		For the Three Months Ended
		December 31, 2023												September 30, 2023
(Dollars in thousands)		Avg Bal				Interest (2)				Yield/Rate				Avg Bal				Interest (2)				Yield/Rate
Int. Earn. Cash		$	63,572			$	405				2.53	%		$	55,514			$	577				4.12	%
Securities
Taxable (1)			88,632				951				4.26	%			82,499				833				4.01	%
Tax-Exempt			38,269				362				3.75	%			38,589				378				3.89	%
Total Securities			126,901				1,313				4.10	%			121,088				1,211				3.97	%
Total Cash Equiv. and Investments			190,473				1,718				3.58	%			176,602				1,788				4.02	%
Total Loans (3)			1,411,129				21,461				6.03	%			971,877				13,068				5.33	%
Total Earning Assets			1,601,546				23,179				5.74	%			1,148,479				14,856				5.13	%
Other Assets			138,537												97,995
Total Assets		$	1,740,139											$	1,246,474
Interest bearing demand		$	328,342			$	1,746				2.11	%		$	254,725			$	1,490				2.32	%
Money market demand			367,821				2,287				2.47	%			254,849				1,827				2.84	%
Time deposits			348,580				3,412				3.88	%			265,573				2,117				3.16	%
Total Borrowings			113,492				1,342				4.69	%			102,669				992				3.83	%
Total Interest-Bearing Liabilities			1,158,235				8,787				3.01	%			877,816				6,426				2.90	%
Non Int Bearing Deposits			371,051												209,054
Total Cost of Funds		$	1,529,286			$	8,787				2.28	%		$	1,086,870			$	6,426				2.35	%
Other Liabilities			28,244												17,230
Total Liabilities		$	1,557,530											$	1,104,100
Shareholders' Equity		$	182,609											$	142,374
Total Liabilities & Shareholders' Equity		$	1,740,139											$	1,246,474
Net Interest Income/Spread (FTE)							14,392				2.73	%							8,430				2.23	%
Tax-Equivalent Basis Adjustment							(76	)											(78	)
Net Interest Income						$	14,316											$	8,352
Net Interest Margin											3.55	%											2.89	%
(1) Taxable income on securities includes income from available for sale securities and income from certificates of deposits with other banks.
(2) Income stated on a tax equivalent basis which is a non-GAAP measure and reconciled to GAAP at the bottom of the table
(3) Includes the balances of nonaccrual loans

 

 

 

 

 

 

 

 

 

 

 

 

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LINKBANCORP, Inc. and Subsidiaries
Net Interest Margin - Year-To-Date (Unaudited)
		For the Year Ended December 31,
		2023												2022
(Dollars in thousands)		Avg Bal				Interest (2)				Yield/Rate				Avg Bal				Interest (2)				Yield/Rate
Int. Earn. Cash		$	55,501			$	1,966				3.54	%		$	56,783			$	533				0.94	%
Securities
Taxable (1)			84,860				3,260				3.84	%			78,629				2,175				2.77	%
Tax-Exempt			38,591				1,495				3.87	%			40,388				1,468				3.63	%
Total Securities			123,451				4,755				3.85	%			119,017				3,643				3.06	%
Total Cash Equiv. and Investments			178,952				6,721				3.76	%			175,800				4,176				2.38	%
Total Loans (3)			1,071,864				58,791				5.48	%			795,908				36,396				4.57	%
Total Earning Assets			1,250,816				65,512				5.24	%			971,708				40,572				4.18	%
Other Assets			106,267												88,485
Total Assets		$	1,357,083											$	1,060,193
Interest bearing demand		$	269,615			$	5,684				2.11	%		$	271,681			$	1,713				0.63	%
Money market demand			278,418				7,053				2.53	%			229,979				1,911				0.83	%
Time deposits			301,101				9,901				3.29	%			205,636				1,713				0.83	%
Total Borrowings			90,468				3,849				4.25	%			55,980				1,942				3.47	%
Total Interest-Bearing Liabilities			939,602				26,487				2.82	%			763,276				7,279				0.95	%
Non Int Bearing Deposits			245,703												173,938
Total Cost of Funds		$	1,185,305			$	26,487				2.23	%		$	937,214			$	7,279				0.78	%
Other Liabilities			19,850												15,806
Total Liabilities		$	1,205,155											$	953,020
Shareholders' Equity		$	151,927											$	107,173
Total Liabilities & Shareholders' Equity		$	1,357,083											$	1,060,193
Net Interest Income/Spread (FTE)							39,025				2.42	%							33,293				3.22	%
Tax-Equivalent Basis Adjustment							(314	)											(308	)
Net Interest Income						$	38,711											$	32,985
Net Interest Margin											3.09	%											3.39	%
(1) Taxable income on securities includes income from available for sale securities and income from certificates of deposits with other banks.
(2) Income stated on a tax equivalent basis which is a non-GAAP measure and reconciled to GAAP at the bottom of the table
(3) Includes the balances of nonaccrual loans

 

 

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LINKBANCORP, Inc. and Subsidiaries
Loans Receivable Detail (Unaudited)
(In Thousands)		December 31, 2023				September 30, 2023				June 30, 2023				March 31, 2023				December 31, 2022
Agriculture and farmland loans		$	66,573			$	50,584			$	50,552			$	53,301			$	55,746
Construction loans			178,500				65,836				75,628				67,934				57,713
Commercial & industrial loans			238,258				115,572				104,869				99,356				104,755
Commercial real estate loans
Multifamily			180,535				111,853				113,254				111,461				105,390
Owner occupied			501,788				161,751				154,520				151,407				139,554
Non-owner occupied			568,714				256,522				254,691				249,638				245,274
Residential real estate loans
First liens			414,263				172,481				170,271				166,478				168,084
Second liens and lines of credit			70,724				27,870				30,148				30,720				35,576
Consumer and other loans			16,760				11,869				11,308				10,472				10,057
Municipal loans			5,244				4,137				3,929				4,292				5,466
			2,241,359				978,475				969,170				945,059				927,615
Deferred costs (fees)			174				437				363				312				256
Total loans receivable		$	2,241,533			$	978,912			$	969,533			$	945,371			$	927,871

 

LINKBANCORP, Inc. and Subsidiaries
Investments in Securities Detail (Unaudited)
		December 31, 2023
(In Thousands)		Amortized Cost				Net Unrealized Gains (Losses)				Fair Value
Available for Sale:
U.S. government agency securities		$	12,711			$	274			$	12,985
U.S. government treasury securities			4,925				17				4,942
Obligations of state and political subdivisions			49,640				(2,595	)			47,045
Mortgage-backed securities in government-sponsored entities			50,795				(2,614	)			48,181
Other securities			2,301				36				2,337
		$	120,372			$	(4,882	)		$	115,490
		Amortized Cost				Net Unrealized Losses				Fair Value				Allowance for Credit Losses
Held to Maturity:
Corporate debentures		$	15,000			$	(1,592	)		$	13,408			$	(512	)
Structured mortgage-backed securities			21,735				(907	)			20,828				-
		$	36,735			$	(2,499	)		$	34,236			$	(512	)
		December 31, 2022
(In Thousands)		Amortized Cost				Net Unrealized Losses				Fair Value
Available for Sale:
Small Business Administration loan pools		$	858			$	(15	)		$	843
Obligations of state and political subdivisions			44,189				(4,020	)			40,169
Mortgage-backed securities in government-sponsored entities			41,873				(4,072	)			37,801
		$	86,920			$	(8,107	)		$	78,813

 

 

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LINKBANCORP, Inc. and Subsidiaries
Deposits Detail (Unaudited)
(In Thousands)		December 31, 2023				September 30, 2023				June 30, 2023				March 31, 2023				December 31, 2022
Demand, noninterest-bearing		$	655,953			$	210,404			$	240,729			$	204,495			$	192,773
Demand, interest-bearing			438,765				273,673				237,114				250,944				254,478
Money market and savings			577,448				258,334				254,632				241,858				228,048
Time deposits, $250 and over			135,050				51,563				57,194				51,855				46,116
Time deposits, other			491,257				247,798				245,173				235,346				225,357
		$	2,298,473			$	1,041,772			$	1,034,842			$	984,498			$	946,772
Average Deposits Detail, for the Three Months Ended (Unaudited)
(In Thousands)		December 31, 2023				September 30, 2023				June 30, 2023				March 31, 2023				December 31, 2022
Demand, noninterest-bearing		$	371,051			$	209,054			$	209,072			$	192,135			$	199,556
Demand, interest-bearing			328,342				254,725				243,539				251,103				278,816
Money market and savings			367,821				254,849				244,355				245,563				245,154
Time deposits			348,580				265,573				299,398				290,605				211,090
		$	1,415,794			$	984,201			$	996,364			$	979,406			$	934,616

 

 

 

 

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Merger with Partners Bancorp

The following table provides a summary of the assets acquired, liabilities assumed, and associated preliminary fair value adjustments by the Company as of the merger date. As provided for under Generally Accepted Accounting Principles, management has up to 12 months following the date of the merger to finalize the fair value adjustments.

(Unaudited) (Dollars in thousands, except per share information)		Partners Bancorp				Fair Value Adjustment				As Recorded by LINKBANCORP, Inc.
Assets acquired
Cash and cash equivalents		$	34,586			$	-			$	34,586
Federal funds sold			7,159				-				7,159
Securities available for sale, at fair value			124,361				(921	)			123,440
Loans held for sale			201				-				201
Loans			1,308,978				(64,460	)			1,244,518
Allowance for credit losses - loans			(16,124	)			11,821				(4,303	)
Loans receivable, net			1,292,854				(52,639	)			1,240,215
Restricted stock			10,536				-				10,536
Premises and equipment			12,458				4,191				16,649
Accrued interest receivable			4,787				-				4,787
Core deposit intangibles			-				25,344				25,344
Deferred tax asset			8,766				5,063				13,829
Right-of-use-asset -- premises			6,042				-				6,042
Other assets			22,986				(2,122	)			20,864
Total assets acquired		$	1,524,736			$	(21,084	)		$	1,503,652
Liabilities assumed
Deposits		$	1,303,462			$	(3,595	)		$	1,299,867
Borrowings			55,292				-				55,292
Subordinated debt			22,257				(1,179	)			21,078
Accrued interest payable			2,056				-				2,056
Operating lease liabilities			6,908				-				6,908
Other liabilities			1,643				2,025				3,668
Total liabilities assumed		$	1,391,618			$	(2,749	)		$	1,388,869
Net assets acquired										$	114,783
Consideration paid
Common stock consideration:
Common shares of Partners Bancorp											17,985,577
Exchange ratio											1.15
LINKBANCORP, Inc. common stock issued											20,683,185
LINKBANCORP, Inc. stock price on acquisition date										$	6.47
Purchase price assigned to Partners Bancorp common shares											133,820
Restricted stock consideration
Partners Bancorp restricted stock shares											297,726
LINKBANCORP, Inc. stock price on acquisition date										$	6.47
Total purchase price assigned to Partners Bancorp restricted shares											1,926
Cash paid in exchange for Partners Bancorp stock options											33
Total consideration										$	135,779
Goodwill										$	20,996

 

 

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Appendix A – Reconciliation to Non-GAAP Financial Measures

This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these non-GAAP measures in its analysis of the Company’s performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company’s financial condition and results. Non-GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by us. As a complement to GAAP financial measures, our management believes these non-GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-GAAP measures. See the tables below for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.

 

Adjusted Return on Average Assets
	For the Three Months Ended												For the Year Ended
(Dollars in thousands)	12/31/2023				9/30/2023				12/31/2022				12/31/2023				12/31/2022
Net (loss) income	$	(13,190	)		$	1,240			$	696			$	(12,161	)		$	5,598
Average assets		1,740,139				1,246,474				1,154,592				1,357,083				1,060,193
Return on average assets (annualized)		-3.01	%			0.39	%			0.24	%			-0.90	%			0.53	%
Net (loss) income		(13,190	)			1,240				696				(12,161	)			5,598
Net losses (gains) on sale of securities		-				-				-				2,370				(13	)
Tax effect at 21%		-				-				-				(498	)			3
Merger & system conversion related expenses		9,496				777				973				11,176				973
Tax effect at 21%		(1,994	)			(163	)			(204	)			(2,347	)			(204	)
Non-purchase credit deteriorated provision for credit losses		9,694				-				-				9,694				-
Tax effect at 21%		(2,036	)			-				-				(2,036	)			-
Adjusted Net Income (Non-GAAP)		1,970				1,854				1,465				6,198				6,357
Average assets		1,740,139				1,246,474				1,154,592				1,357,083				1,060,193
Adjusted return on average assets (annualized) (Non-GAAP)		0.45	%			0.59	%			0.50	%			0.46	%			0.60	%

 

 

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Adjusted Return on Average Shareholders' Equity
	For the Three Months Ended												For the Year Ended
(Dollars in thousands)	12/31/2023				9/30/2023				12/31/2022				12/31/2023				12/31/2022
Net (loss) income	$	(13,190	)		$	1,240			$	696			$	(12,161	)		$	5,598
Average shareholders' equity		182,609				142,374				136,952				151,927				107,173
Return on average shareholders' equity (annualized)		-28.66	%			3.46	%			2.02	%			-8.00	%			5.22	%
Net (loss) income		(13,190	)			1,240				696				(12,161	)			5,598
Net losses (gains) on sale of securities		-				-				-				2,370				(13	)
Tax effect at 21%		-				-				-				(498	)			3
Merger & system conversion related expenses		9,496				777				973				11,176				973
Tax effect at 21%		(1,994	)			(163	)			(204	)			(2,347	)			(204	)
Non-purchase credit deteriorated provision for credit losses		9,694				-				-				9,694				-
Tax effect at 21%		(2,036	)			-				-				(2,036	)			-
Adjusted Net Income (Non-GAAP)		1,970				1,854				1,465				6,198				6,357
Average shareholders' equity		182,609				142,374				136,952				151,927				107,173
Adjusted return on average shareholders' equity (annualized) (Non-GAAP)		4.28	%			5.17	%			4.24	%			4.08	%			5.93	%

 

Adjusted Efficiency Ratio
	For the Three Months Ended												For the Year Ended
(Dollars in thousands)	12/31/2023				9/30/2023				12/31/2022				12/31/2023				12/31/2022
GAAP-based efficiency ratio		143.86	%			86.59	%			88.96	%			115.16	%			77.44	%
Net interest income	$	14,316			$	8,352			$	8,985			$	38,711			$	32,985
Noninterest income		1,175				880				508				1,087				2,957
Less: net gains (losses) on sales of securities		-				-				-				(2,370	)			13
Adjusted revenue (Non-GAAP)		15,491				9,232				9,493				42,168				35,929
Total noninterest expense		22,285				7,994				8,445				45,832				27,832
Less: Merger & system conversion related expenses		9,496				777				973				11,176				973
Adjusted non-interest expense		12,789				7,217				7,472				34,656				26,859
Efficiency ratio, as adjusted (Non-GAAP)		82.56	%			78.17	%			78.71	%			82.19	%			74.76	%

 

Tangible Common Equity and Tangible Book Value
(Dollars in thousands, except for share data)		12/31/2023				9/30/2023				6/30/2023				3/31/2023				12/31/2022
Tangible Common Equity
Total shareholders’ equity		$	265,603			$	141,351			$	142,452			$	141,581			$	138,553
Adjustments:
Goodwill			(56,838	)			(35,842	)			(35,842	)			(35,842	)			(35,842	)
Other intangible assets			(25,733	)			(873	)			(932	)			(991	)			(1,052	)
Tangible common equity (Non-GAAP)		$	183,032			$	104,636			$	105,678			$	104,748			$	101,659
Common shares outstanding			37,340,700				16,235,871				16,228,440				16,221,692				14,939,640
Book value per common share		$	7.11			$	8.71			$	8.78			$	8.73			$	9.27
Tangible book value per common share (Non-GAAP)		$	4.90			$	6.44			$	6.51			$	6.46			$	6.80
Tangible Assets
Total assets		$	2,664,436			$	1,255,695			$	1,308,472			$	1,213,958			$	1,163,654
Adjustments:
Goodwill			(56,838	)			(35,842	)			(35,842	)			(35,842	)			(35,842	)
Other intangible assets			(25,733	)			(873	)			(932	)			(991	)			(1,052	)
Tangible assets (Non-GAAP)		$	2,581,865			$	1,218,980			$	1,271,698			$	1,177,125			$	1,126,760
Tangible common equity to tangible assets (Non-GAAP)			7.09	%			8.58	%			8.31	%			8.90	%			9.02	%

 

 

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Adjusted Earnings Per Share
	For the Three Months Ended													For the Year Ended
(Dollars in thousands, except per share data)	12/31/2023				9/30/2023				12/31/2022					12/31/2023				12/31/2022
GAAP-Based (Loss) Earnings Per Share, Basic	$	(0.57	)		$	0.08			$	0.05				$	(0.68	)		$	0.49
GAAP-Based (Loss) Earnings Per Share, Diluted	$	(0.57	)		$	0.08			$	0.05				$	(0.68	)		$	0.49
Net (Loss) Income	$	(13,190	)		$	1,240			$	696				$	(12,161	)		$	5,598
Net losses (gains) on sale of securities		-				-				-					2,370				(13	)
Tax effect at 21%		-				-				-					(498	)			3
Merger & system conversion related expenses		9,496				777				973					11,176				973
Tax effect at 21%		(1,994	)			(163	)			(204	)				(2,347	)			(204	)
Non-purchase credit deteriorated provision for credit losses		9,694				-				-					9,694				-
Tax effect at 21%		(2,036	)			-				-					(2,036	)			-
Adjusted Net Income (Non-GAAP)		1,970				1,854				1,465					6,198				6,357
Adjusted Earnings per Share, Basic (Non-GAAP)	$	0.09			$	0.11			$	0.10				$	0.35			$	0.56
Adjusted Earnings per Share, Diluted (Non-GAAP)	$	0.09			$	0.11			$	0.10				$	0.35			$	0.56

 

Adjusted Pre-tax, Pre-provision Net Income (Non-GAAP)
	For the Three Months Ended												For the Year Ended
(Dollars in thousands, except per share data)	12/31/2023				9/30/2023				12/31/2022				12/31/2023				12/31/2022
Net (Loss) Income - GAAP	$	(13,190	)		$	1,240			$	696			$	(12,161	)		$	5,598
Net losses (gains) on sale of securities		-				-				-				2,370				(13	)
Tax effect at 21%		-				-				-				(498	)			3
Merger & system conversion related expenses		9,496				777				973				11,176				973
Tax effect at 21%		(1,994	)			(163	)			(204	)			(2,347	)			(204	)
Adjusted Net Income (Non-GAAP)		(5,688	)			1,854				1,465				(1,460	)			6,357
Income tax (benefit) expense		(3,448	)			347				252				(3,168	)			1,222
Provision for (credit to) credit losses		9,844				(349	)			100				9,295				1,290
Tax effect included in Adjusted Net Income		1,994				163				204				2,845				201
Adjusted Pre-tax, Pre-provision Net Income (Non-GAAP)	$	2,702			$	2,015			$	2,021			$	7,512			$	9,070

 

 

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v3.24.0.1

Document And Entity Information	Jan. 29, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 29, 2024
Entity Registrant Name	LINKBANCORP, Inc.
Entity Central Index Key	0001756701
Entity Emerging Growth Company	true
Entity File Number	001-41505
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	82-5130531
Entity Address, Address Line One	1250 Camp Hill Bypass, Suite 202
Entity Address, City or Town	Camp Hill
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17011
City Area Code	855
Local Phone Number	569-2265
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	LNKB
Security Exchange Name	NASDAQ

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