LINKBANCORP, Inc. Announces Record Third Quarter Net Income of $7.1 Million

HARRISBURG, Pa. , Oct. 28, 2024 /PRNewswire/ -- LINKBANCORP, Inc.

LNKB (the "Company"), the parent company of LINKBANK (the "Bank") reported record net income of $7.1 million , or $0.19 per diluted share, for the quarter ended September 30, 2024 , demonstrating continued growth compared to net income of $5.



8 million , or $0.16 per diluted share, for the linked quarter ended June 30 , 2024. Excluding expenses associated with the sale of its New Jersey branches and branch consolidations, adjusted earnings were $7.

2 million 1 , or $0.19 1 per diluted share for the third quarter of 2024, compared with $6.3 million 1 , or $0.

17 1 per diluted share for the second quarter of 2024. Third Quarter 2024 Highlights Annualized return on average assets was 1.00% for the third quarter of 2024, compared to 0.

84% for the the second quarter of 2024. Adjusted return on average assets was 1.02% 1 for the third quarter of 2024, compared to 0.

91% 1 for the second quarter of 2024. Total deposits 2 increased $9.3 million from $2.

46 billion at June 30, 2024 to $2.47 billion at September 30, 2024 , as strong growth in demand deposit accounts of $54.5 million and retail time deposits of $21.

4 million exceeded a $69.4 million decrease in brokered deposits. Excluding loans held for sale, total loans increased $22.

7 million to $2.22 billion at September 30, 2024 , compared to $2.19 billion at June 30, 2024 .

Total loans 2 increased $8.8 million from $2.31 billion at June 30, 2024 to $2.

32 billion at September 30, 2024 . Noninterest income increased $822 thousand quarter-over-quarter to $2.7 million for the third quarter of 2024 compared to $1.

9 million for the second quarter of 2024. Noninterest expense decreased $448 thousand quarter over quarter to $18.5 million in the third quarter of 2024, as the Company continued to execute on post-merger efficiency strategies.

Net interest income before provision for credit losses was $25.0 million for the third quarter of 2024 compared to $24.5 million in the second quarter of 2024.

Net interest margin was 3.82% for the third quarter of 2024 compared to 3.83% for the second quarter of 2024.

Non-performing assets were $17.4 million , representing 0.60% of total assets at September 30, 2024 , compared to $10.

6 million , representing 0.37% of total assets at June 30, 2024 . Loans 30-89 days past due at September 30, 2024 were $2.

7 million , representing 0.12% of total loans, an improvement compared to $5.2 million or 0.

24% of total loans at June 30, 2024 . The allowance for credit losses-loans was 1.20% of total loans held for investment at September 30, 2024 , unchanged from June 30, 2024 .

On May 9, 2024 , the Company announced that LINKBANK had entered into a definitive purchase and assumption agreement for the sale of the Bank's banking operations and three branches in New Jersey , including related loans and deposits (the "Branch Sale"). The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of 2024 or the first quarter of 2025. As a result of the Branch Sale announcement, associated loans and deposits were reclassified as held for sale, impacting the Company's allowance for credit losses and purchase accounting amortization related to the loans held for sale.

"We are pleased to announce another quarter of record earnings for the third quarter of 2024, representing an annualized 1.00% return on average assets for the quarter and demonstrating solid progress toward achieving our target profitability metrics. This is a result of prioritizing high quality loan and strong core deposit growth, with an emphasis on achieving cost efficiencies from the merger and branch consolidations, while also executing on non-interest income initiatives," said Andrew Samuel , Chief Executive Officer of LINKBANCORP.

"As we look to close 2024 with a strong fourth quarter, our teams continue to implement strategies to reduce funding costs and operational expenses and generate additional revenue to support further earnings growth." 1 See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP measure. 2 Total loans and total deposits include balances held for sale in the Branch Sale of $102.

3 million and $94.0 million, respectively, at September 30, 2024. These balances were $116.

2 million and $96.8 million respectively at June 30, 2024. Income Statement Net interest income before the provision for credit losses for the third quarter of 2024 was $25.

0 million compared to $24.5 million in the second quarter of 2024. Net interest margin was 3.

82% for the third quarter of 2024 compared to 3.83% for the second quarter of 2024. Cost of funds decreased to 2.

42% for the third quarter of 2024 compared to 2.43% for the second quarter of 2024, while the average yield on interest earning assets decreased from 6.19% for the second quarter of 2024 to 6.

16% for the third quarter of 2024 due to the cut in the target federal funds rate. Noninterest income increased $822 thousand quarter-over-quarter to $2.7 million for the third quarter of 2024 compared to $1.

9 million for the second quarter of 2024, and included strong growth in service charges on deposit accounts and gain on sale of loans, as well as increases in merchant fees and swap fee income. Noninterest expense for the third quarter of 2024 was $18.5 million compared to $18.

9 million for the second quarter of 2024. Excluding one-time costs associated with the Branch Sale and branch consolidations of $171 thousand in the third quarter of 2024 and $631 thousand in the second quarter of 2024, adjusted noninterest expense was generally flat at $18.3 million for the second and third quarter of 2024 1 , as decreases in personnel and occupancy costs were offset by increases in FDIC deposit insurance and fraud -related operating losses.

Income tax expense was $2.0 million for the third quarter of 2024, reflecting an effective tax rate of 22.2%.

1 See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP measure. Balance Sheet Total assets were $2.88 billion at September 30, 2024 compared to $2.

86 billion at June 30, 2024 and $1.26 billion at September 30, 2023 . Deposits and net loans as of September 30, 2024 totaled $2.

37 billion and $2.19 billion , respectively, compared to deposits and net loans of $2.36 billion and $2.

17 billion , respectively, at June 30, 2024 and $1.04 billion and $969.0 million , respectively, at September 30, 2023 .

Deposits and net loans exclude balances held for sale in the Branch Sale of $94.0 million and $102.3 million , respectively, at September 30, 2024 , which are reflected in liabilities held for sale and assets held for sale.

These balances were $96.8 million and $116.2 million respectively, at June 30 , 2024.

Including loans held for sale, total loans increased $8.8 million , from $2.31 billion at June 30, 2024 to $2.

32 billion at September 30 , 2024. Total commercial loan commitments for the third quarter of 2024 were $111.0 million with funded balances of $74.

8 million . The average commercial loan commitment originated during the third quarter of 2024 totaled approximately $810 thousand with an average outstanding funded balance of $546 thousand . Including deposits held for sale, total deposits at September 30, 2024 totaled $2.

47 billion , an increase of $9.3 million from $2.46 billion at June 30, 2024 .

This increase included growth of $54.5 million in demand deposit accounts and $21.4 million in retail time deposits, offset by a decrease in brokered deposits of $69.

4 million quarter over quarter. The Company maintains strong on-balance sheet liquidity, as cash and cash equivalents increased to $191.2 million at September 30, 2024 compared to $181.

7 million at June 30, 2024 . Shareholders' equity increased from $271.4 million at June 30, 2024 to $277.

4 million at September 30, 2024 primarily as a result of a $4.3 million increase in retained earnings. Book value per share increased to $7.

42 at September 30, 2024 compared to $7.27 at June 30 , 2024. Tangible book value per share increased to $5.

26 at September 30, 2024 compared to $5.07 at June 30, 2024 1 . 1 See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP measure.

Asset Quality The Company recorded a $84 thousand provision for credit losses during the third quarter of 2024, after recording no provision for credit losses in the second quarter of 2024. As of September 30, 2024 , the Company's non-performing assets were $17.4 million , representing 0.

60% of total assets, compared to $10.6 million , representing 0.37% of total assets at June 30 , 2024.

The increase related primarily to a single real estate secured loan acquired in the merger with Partners Bancorp (the "Partners Merger") with an outstanding principal balance of approximately $5.5 million at September 30 , 2024. Based on a recent appraisal and application of the Company's reserve methodology, a specific reserve was not needed for this loan as of September 30, 2024 .

Loans 30-89 days past due at September 30, 2024 were $2.7 million , representing 0.12% of total loans, an improvement compared to $5.

2 million or 0.24% of total loans at June 30, 2024 . The allowance for credit losses-loans was $26.

5 million , or 1.20% of total loans held for investment at September 30, 2024 , compared to $26.3 million , or 1.

20% of total loans held for investment at June 30, 2024 . In addition to the recorded provision, the increased allowance resulted from a reallocation of a portion of the allowance for credit losses-unfunded commitments to the allowance for credit losses-loans. The allowance for credit losses-loans to nonperforming assets was 152.

73% at September 30, 2024 , compared to 248.26% at June 30, 2024 . Capital The Bank's regulatory capital ratios were well in excess of regulatory minimums to be considered "well capitalized" as of September 30, 2024 .

The Bank's Total Capital Ratio and Tier 1 Capital Ratio were 11.44% and 10.62% respectively, at September 30, 2024 , compared to 11.

09% and 10.30 %, respectively, at June 30, 2024 and 12.92% and 12.

37%, respectively, at September 30, 2023 . The Company's ratio of Tangible Common Equity to Tangible Assets was 7.02% 1 at September 30, 2024 .

1 See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP measure. 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 26 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 .

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 Partners Merger; the timing and receipt of regulatory approvals to complete the Branch Sale; 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. Given that the Company's merger with Partners Bancorp was completed on November 30, 2023 , reported results prior to the fourth quarter of 2023 included in the following tables reflect legacy LINKBANCORP results only. LB-E LB-D LINKBANCORP, Inc.

and Subsidiaries Consolidated Balance Sheet (Unaudited) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 (In Thousands, except share and per share data) ASSETS Noninterest-bearing cash equivalents $ 15,295 $ 14,516 $ 13,552 $ 13,089 $ 5,447 Interest-bearing deposits with other institutions 175,937 167,141 158,731 67,101 62,532 Cash and cash equivalents 191,232 181,657 172,283 80,190 67,979 Certificates of deposit with other banks — — — — 249 Securities available for sale, at fair value 149,315 140,121 133,949 115,490 78,779 Securities held to maturity, net of allowance for credit losses 34,155 35,343 36,109 36,223 37,266 Loans receivable, gross 2,215,868 2,193,197 2,129,919 2,128,284 978,912 Allowance for credit losses - loans (26,542) (26,288) (23,842) (23,767) (9,964) Loans receivable, net 2,189,326 2,166,909 2,106,077 2,104,517 968,948 Investments in restricted bank stock 4,904 4,928 4,286 3,965 3,107 Premises and equipment, net 17,623 18,364 20,102 20,130 6,414 Right-of-Use Asset – premises 14,150 13,970 14,577 15,497 9,727 Bank-owned life insurance 51,646 49,616 49,230 48,847 24,732 Goodwill and other intangible assets 80,924 82,129 81,494 82,701 36,715 Deferred tax asset 21,662 22,024 22,717 24,153 6,880 Assets held for sale 104,660 118,362 118,115 115,499 — Accrued interest receivable and other assets 20,344 25,170 26,730 22,113 14,899 TOTAL ASSETS $ 2,879,941 $ 2,858,593 $ 2,785,669 $ 2,669,325 $ 1,255,695 LIABILITIES Deposits: Demand, noninterest bearing $ 658,473 $ 661,292 $ 618,277 $ 624,780 $ 210,404 Interest bearing 1,714,179 1,699,220 1,662,124 1,574,019 831,368 Total deposits 2,372,652 2,360,512 2,280,401 2,198,799 1,041,772 Long-term borrowings 40,000 40,000 40,000 — — Short-term borrowings — — — 10,000 15,000 Note payable 572 578 584 590 — Subordinated debt 61,843 61,706 61,573 61,444 40,354 Lease liabilities 14,911 14,746 15,357 16,361 9,728 Liabilities held for sale 94,228 96,916 105,716 99,777 — Accrued interest payable and other liabilities 18,382 12,726 13,795 16,558 7,490 TOTAL LIABILITIES 2,602,588 2,587,184 2,517,426 2,403,529 1,114,344 SHAREHOLDERS' EQUITY Preferred stock — — — — — Common stock 370 370 369 369 162 Surplus 264,059 263,795 263,577 263,310 127,856 Retained earnings 15,147 10,826 7,724 4,843 19,062 Accumulated other comprehensive loss (2,223) (3,582) (3,427) (3,209) (5,729) Total equity attributable to parent 277,353 271,409 268,243 265,313 141,351 Noncontrolling interest in consolidated subsidiary — — — 483 — TOTAL SHAREHOLDERS' EQUITY 277,353 271,409 268,243 265,796 141,351 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,879,941 $ 2,858,593 $ 2,785,669 $ 2,669,325 $ 1,255,695 Common shares outstanding 37,361,560 37,356,278 37,348,151 37,340,700 16,235,871 LINKBANCORP, Inc. and Subsidiaries Consolidated Statements of Operations (Unaudited) Three Months Ended Nine Months Ended 9/30/2024 6/30/2024 9/30/2023 9/30/2024 9/30/2023 (In Thousands, except share and per share data) INTEREST AND DIVIDEND INCOME Loans receivable, including fees $ 36,856 $ 36,112 $ 13,068 $ 109,093 $ 37,330 Other 3,338 3,337 1,710 9,325 4,765 Total interest and dividend income 40,194 39,449 14,778 118,418 42,095 INTEREST EXPENSE Deposits 13,292 13,071 5,434 38,210 15,193 Other Borrowings 949 932 550 2,967 1,196 Subordinated Debt 972 962 442 2,892 1,311 Total interest expense 15,213 14,965 6,426 44,069 17,700 NET INTEREST INCOME BEFORE PROVISION FOR (CREDIT TO) CREDIT LOSSES 24,981 24,484 8,352 74,349 24,395 Provision for (credit to) credit losses 84 — (349) 125 (549) NET INTEREST INCOME AFTER PROVISION FOR (CREDIT TO) CREDIT LOSSES 24,897 24,484 8,701 74,224 24,944 NONINTEREST INCOME Service charges on deposit accounts 1,052 865 198 2,697 593 Bank-owned life insurance 430 386 177 1,199 488 Net realized gains (losses) on the sale of debt securities — 4 — 4 (2,370) Gain on sale of loans 138 12 — 200 296 Other 1,060 591 505 2,167 905 Total noninterest income 2,680 1,858 880 6,267 (88) NONINTEREST EXPENSE Salaries and employee benefits 9,855 9,941 4,193 30,914 12,350 Occupancy 1,440 1,559 701 4,577 2,104 Equipment and data processing 1,640 1,824 934 5,290 2,519 Professional fees 763 788 363 2,299 1,162 FDIC insurance and supervisory fees 812 545 276 1,709 619 Bank Shares Tax 752 760 278 2,103 834 Intangible amortization 1,205 1,204 59 3,616 179 Merger & restructuring expenses 171 631 777 858 1,679 Advertising 163 241 77 505 268 Other 1,651 1,407 336 4,730 1,833 Total noninterest expense 18,452 18,900 7,994 56,601 23,547 Income before income tax expense 9,125 7,442 1,587 23,890 1,309 Income tax expense 2,030 1,638 347 5,265 276 NET INCOME $ 7,095 $ 5,804 $ 1,240 $ 18,625 $ 1,033 EARNINGS PER SHARE, BASIC $ 0.19 $ 0.

16 $ 0.08 $ 0.50 $ 0.

06 EARNINGS PER SHARE, DILUTED $ 0.19 $ 0.16 $ 0.

08 $ 0.50 $ 0.06 WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING, BASIC 36,983,637 36,970,768 16,235,144 36,972,127 15,984,151 DILUTED 37,090,111 37,040,748 16,235,144 37,061,512 15,984,151 (106,474) (69,980) — (89,385) — LINKBANCORP, Inc.

and Subsidiaries Financial Highlights (Unaudited) For the Three Months Ended For the Nine Months Ended ('Dollars In Thousands, except per share data) 9/30/2024 6/30/2024 9/30/2023 9/30/2024 9/30/2023 Operating Highlights Net Income $ 7,095 $ 5,804 $ 1,240 $ 18,625 $ 1,033 Net Interest Income 24,981 24,484 8,352 74,349 24,395 Provision for (credit to) Credit Losses 84 - (349) 125 (549) Non-Interest Income 2,680 1,858 880 6,267 (88) Non-Interest Expense 18,452 18,900 7,994 56,601 23,547 Earnings per Share, Basic 0.19 0.16 0.

08 0.50 0.06 Adjusted Earnings per Share, Basic (2) 0.

20 0.17 0.11 0.

52 0.26 Earnings per Share, Diluted 0.19 0.

16 0.08 0.50 0.

06 Adjusted Earnings per Share, Diluted (2) 0.19 0.17 0.

11 0.52 0.26 Selected Operating Ratios Net Interest Margin 3.

82 % 3.83 % 2.89 % 3.

89 % 2.88 % Annualized Return on Assets ("ROA") 1.00 % 0.

84 % 0.39 % 0.90 % 0.

11 % Adjusted ROA 2 1.02 % 0.91 % 0.

59 % 0.93 % 0.46 % Annualized Return on Equity ("ROE") 10.

30 % 8.65 % 3.46 % 9.

20 % 0.99 % Adjusted ROE 2 10.50 % 9.

39 % 5.17 % 9.53 % 4.

04 % Efficiency Ratio 66.71 % 71.75 % 86.

59 % 70.21 % 96.87 % Adjusted Efficiency Ratio 3 66.

09 % 69.36 % 78.17 % 69.

15 % 81.97 % Noninterest Income to Avg. Assets 0.

38 % 0.27 % 0.28 % 0.

30 % -0.01 % Noninterest Expense to Avg. Assets 2.

61 % 2.73 % 2.54 % 2.

73 % 2.56 % 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 Financial Condition Data Total Assets $ 2,879,941 $ 2,858,593 $ 2,785,669 $ 2,669,325 $ 1,255,695 Loans Receivable, Net 2,189,326 2,166,909 2,106,077 2,104,517 968,948 Noninterest-bearing Deposits 658,473 661,292 618,277 624,780 210,404 Interest-bearing Deposits 1,714,179 1,699,220 1,662,124 1,574,019 831,368 Total Deposits 2,372,652 2,360,512 2,280,401 2,198,799 1,041,772 Selected Balance Sheet Ratios Total Capital Ratio 1 11.44 % 11.

09 % 11.04 % 10.62 % 12.

92 % Tier 1 Capital Ratio 1 10.62 % 10.30 % 10.

24 % 9.92 % 12.37 % Common Equity Tier 1 Capital Ratio 1 10.

62 % 10.30 % 10.24 % 9.

92 % 12.37 % Leverage Ratio 1 9.41 % 9.

17 % 9.23 % 14.13 % 10.

71 % Tangible Common Equity to Tangible Assets 4 7.02 % 6.82 % 6.

91 % 7.08 % 8.58 % Tangible Book Value per Share 5 $ 5.

26 $ 5.07 $ 5.00 $ 4.

90 $ 6.44 Asset Quality Data Non-performing Assets $ 17,378 $ 10,589 $ 6,675 $ 7,250 $ 2,958 Non-performing Assets to Total Assets 0.60 % 0.

37 % 0.24 % 0.27 % 0.

24 % Non-performing Loans to Total Loans 0.78 % 0.48 % 0.

31 % 0.34 % 0.30 % Allowance for Credit Losses - Loans ("ACLL") $ 26,542 $ 26,288 $ 23,842 $ 23,767 $ 9,964 ACLL to Total Loans 6 1.

20 % 1.20 % 1.06 % 1.

06 % 1.02 % ACLL to Nonperforming Assets 152.73 % 248.

26 % 357.18 % 327.82 % 336.

85 % Net (recoveries) chargeoffs $ (28) $ (20) $ 70 $ 195 $ (12) (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. (6) - The historical ratios have not been recast for the reclassification of loans held for sale.

LINKBANCORP, Inc. and Subsidiaries Net Interest Margin - Quarter-To-Date (Unaudited) For the Three Months Ended September 30, 2024 2023 (Dollars in thousands) Avg Bal Interest (2) Yield/Rate Avg Bal Interest (2) Yield/Rate Int. Earn.

Cash $ 114,383 $ 1,296 4.51 % $ 55,514 $ 577 4.12 % Securities Taxable (1) 133,443 1,683 5.

02 % 82,499 833 4.01 % Tax-Exempt 42,800 453 4.21 % 38,589 378 3.

89 % Total Securities 176,243 2,136 4.82 % 121,088 1,211 3.97 % Total Cash Equiv.

and Investments 290,626 3,432 4.70 % 176,602 1,788 4.02 % Total Loans (3)(4) 2,313,228 36,856 6.

34 % 971,877 13,068 5.33 % Total Earning Assets 2,603,854 40,288 6.16 % 1,148,479 14,856 5.

13 % Other Assets 208,407 97,995 Total Assets $ 2,812,261 $ 1,246,474 Interest bearing demand (5) $ 497,100 $ 2,902 2.32 % $ 254,725 $ 1,490 2.32 % Money market demand (5) 580,766 3,396 2.

33 % 254,849 1,827 2.84 % Time deposits (5) 613,402 6,993 4.54 % 265,573 2,117 3.

16 % Total Borrowings 153,699 1,922 0.00 % 102,669 992 3.83 % Total Interest-Bearing Liabilities 1,844,967 15,213 3.

28 % 877,816 6,426 2.90 % Non Interest-Bearing Deposits (5) 659,825 209,054 Total Cost of Funds $ 2,504,792 $ 15,213 2.42 % $ 1,086,870 $ 6,426 2.

35 % Other Liabilities 33,534 17,230 Total Liabilities $ 2,538,326 $ 1,104,100 Shareholders' Equity $ 273,935 $ 142,374 Total Liabilities & Shareholders' Equity $ 2,812,261 $ 1,246,474 Net Interest Income/Spread (FTE) 25,075 2.88 % 8,430 2.23 % Tax-Equivalent Basis Adjustment (94) (78) Net Interest Income $ 24,981 $ 8,352 Net Interest Margin 3.

82 % 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 (4) Includes the balances of loans held for sale (5) Includes the balances of deposits held for sale LINKBANCORP, Inc.

and Subsidiaries Net Interest Margin - Linked Quarter-To-Date (Unaudited) For the Three Months Ended September 30, 2024 June 30, 2024 (Dollars in thousands) Avg Bal Interest (2) Yield/Rate Avg Bal Interest (2) Yield/Rate Int. Earn. Cash $ 114,383 $ 1,296 4.

51 % $ 121,340 $ 1,395 4.62 % Securities Taxable (1) 133,443 1,683 5.02 % 125,885 1,592 5.

09 % Tax-Exempt 42,800 453 4.21 % 41,776 443 4.26 % Total Securities 176,243 2,136 4.

82 % 167,661 2,035 4.88 % Total Cash Equiv. and Investments 290,626 3,432 4.

70 % 289,001 3,430 4.77 % Total Loans (3)(4) 2,313,228 36,856 6.34 % 2,280,041 36,112 6.

37 % Total Earning Assets 2,603,854 40,288 6.16 % 2,569,042 39,542 6.19 % Other Assets 208,407 212,097 Total Assets $ 2,812,261 $ 2,781,139 Interest bearing demand (5) $ 497,100 2,902 2.

32 % $ 446,109 $ 2,457 2.22 % Money market demand (5) 580,766 3,396 2.33 % 581,223 3,271 2.

26 % Time deposits (5) 613,402 6,993 4.54 % 642,919 7,343 4.59 % Total Borrowings 153,699 1,922 4.

97 % 151,596 1,894 5.02 % Total Interest-Bearing Liabilities 1,844,967 15,213 3.28 % 1,821,847 14,965 3.

30 % Non Interest-Bearing Deposits (5) 659,825 657,939 Total Cost of Funds $ 2,504,792 $ 15,213 2.42 % $ 2,479,786 $ 14,965 2.43 % Other Liabilities 33,534 31,519 Total Liabilities $ 2,538,326 $ 2,511,305 Shareholders' Equity $ 273,935 $ 269,834 Total Liabilities & Shareholders' Equity $ 2,812,261 $ 2,781,139 Net Interest Income/Spread (FTE) 25,075 2.

88 % 24,577 2.89 % Tax-Equivalent Basis Adjustment (94) (93) Net Interest Income $ 24,981 $ 24,484 Net Interest Margin 3.82 % 3.

83 % (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 (4) Includes the balances of loans held for sale (5) Includes the balances of deposits held for sale - LINKBANCORP, Inc. and Subsidiaries Net Interest Margin - Year-To-Date (Unaudited) For the Nine Months Ended September 30, 2024 2023 (Dollars in thousands) Avg Bal Interest (2) Yield/Rate Avg Bal Interest (2) Yield/Rate Int.

Earn. Cash $ 106,334 $ 3,590 4.51 % $ 51,547 $ 1,561 4.

05 % Securities Taxable (1) 125,264 4,666 4.98 % 83,449 2,309 3.70 % Tax-Exempt 42,606 1,353 4.

24 % 38,617 1,133 3.92 % Total Securities 167,870 6,019 4.79 % 122,066 3,442 3.

77 % Total Cash Equiv. and Investments 274,204 9,609 4.68 % 173,613 5,003 3.

85 % Total Loans (3)(4) 2,279,378 109,093 6.39 % 958,382 37,330 5.21 % Total Earning Assets 2,553,582 118,702 6.

21 % 1,131,995 42,333 5.00 % Other Assets 210,962 95,400 Total Assets $ 2,764,544 $ 1,227,395 Interest bearing demand (5) $ 458,184 $ 7,301 2.13 % $ 250,830 $ 3,938 2.

10 % Money market demand (5) 582,998 9,841 2.25 % 248,731 4,766 2.56 % Time deposits (5) 621,881 21,068 4.

53 % 285,666 6,489 3.04 % Total Borrowings 147,557 5,859 5.30 % 81,749 2,507 4.

10 % Total Interest-Bearing Liabilities 1,810,620 44,069 3.25 % 866,976 17,700 2.73 % Non Interest-Bearing Deposits (5) 650,384 203,284 Total Cost of Funds $ 2,461,004 $ 44,069 2.

39 % $ 1,070,260 $ 17,700 2.21 % Other Liabilities 33,086 17,024 Total Liabilities $ 2,494,090 $ 1,087,284 Shareholders' Equity $ 270,454 $ 140,005 Total Liabilities & Shareholders' Equity $ 2,764,544 $ 1,227,289 Net Interest Income/Spread (FTE) 74,633 2.96 % 24,633 2.

27 % Tax-Equivalent Basis Adjustment (284) (238) Net Interest Income $ 74,349 $ 24,395 Net Interest Margin 3.89 % 2.88 % (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 (4) Includes the balances of loans held for sale (5) Includes the balances of deposits held for sale LINKBANCORP, Inc. and Subsidiaries Loans Receivable Detail (Unaudited) (In Thousands) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Agriculture and farmland loans $ 65,166 $ 66,937 $ 67,359 $ 65,861 $ 50,584 Construction loans 175,373 201,174 194,391 178,483 65,836 Commercial & industrial loans 241,597 247,190 218,724 238,343 115,572 Commercial real estate loans Multifamily 212,444 199,740 190,146 180,788 111,853 Owner occupied 500,643 492,065 489,467 501,732 160,929 Non-owner occupied 626,030 610,649 589,731 580,972 257,344 Residential real estate loans First liens 400,869 400,098 403,300 402,433 172,481 Second liens and lines of credit 73,591 71,168 71,060 70,747 27,870 Consumer and other loans 17,498 15,514 16,810 16,756 11,869 Municipal loans 4,296 4,362 4,473 5,244 4,137 2,317,507 2,308,897 2,245,461 2,241,359 978,475 Deferred costs 634 478 356 174 437 Total loans receivable 2,318,141 2,309,375 2,245,817 2,241,533 978,912 Less: Loans held for sale 102,273 116,178 115,898 113,249 - Loans Held for Investment $ 2,215,868 $ 2,193,197 $ 2,129,919 $ 2,128,284 $ 978,912 LINKBANCORP, Inc. and Subsidiaries Investments in Securities Detail (Unaudited) September 30, 2024 (In Thousands) Amortized Cost Net Unrealized Gains (Losses) Fair Value Available for Sale: US Government Agency securities $ 11,935 $ 442 $ 12,377 Obligations of state and political subdivisions 51,124 (2,529) 48,595 Mortgage-backed securities in government-sponsored entities 88,528 (700) 87,828 Other securities 524 (9) 515 $ 152,111 $ (2,796) $ 149,315 Amortized Cost Net Unrealized Gains (Losses) Fair Value Allowance for Credit Losses Held to Maturity: Corporate debentures $ 15,000 $ (1,198) $ 13,802 $ (471) Structured mortgage-backed securities 19,626 (605) 19,021 - $ 34,626 $ (1,803) $ 32,823 $ (471) December 31, 2023 (In Thousands) Amortized Cost Net Unrealized Gains (Losses) Fair Value Available for Sale: US Government Agency securities $ 12,711 $ 274 $ 12,985 US 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 Gains (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) LINKBANCORP, Inc.

and Subsidiaries Deposits Detail (Unaudited) (In Thousands) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Demand, noninterest-bearing $ 687,536 $ 692,095 $ 653,719 $ 655,953 $ 210,404 Demand, interest-bearing 547,099 488,043 447,412 438,765 273,673 Money market and savings 585,395 582,561 591,982 577,448 258,334 Time deposits, $250 and over 169,616 156,621 147,898 134,324 51,563 Time deposits, other 401,976 393,603 398,365 372,572 172,798 Brokered deposits 75,000 144,429 146,653 119,411 75,000 2,466,622 2,457,352 2,386,029 2,298,473 1,041,772 Less: Deposits held for sale 93,970 96,840 105,628 99,674 — Total deposits $ 2,372,652 $ 2,360,512 $ 2,280,401 $ 2,198,799 $ 1,041,772 Average Deposits Detail, for the Three Months Ended (Unaudited) (In Thousands) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Demand, noninterest-bearing $ 659,825 $ 657,939 $ 632,637 $ 371,051 $ 209,054 Demand, interest-bearing 497,100 446,109 424,781 328,342 254,725 Money market and savings 580,766 581,223 587,455 367,821 254,849 Time deposits 560,815 547,582 518,929 317,747 236,869 Brokered deposits 52,587 95,337 89,263 30,832 28,705 Total deposits $ 2,351,093 $ 2,328,190 $ 2,253,065 $ 1,415,793 $ 984,202 Balances in table above include deposits held for sale 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 Nine Months Ended (Dollars in thousands) 9/30/2024 6/30/2024 9/30/2023 9/30/2024 9/30/2023 Net income $ 7,095 $ 5,804 $ 1,240 $ 18,625 $ 1,033 Average assets 2,812,261 2,781,139 1,246,474 2,764,544 1,227,395 Return on average assets (annualized) 1.00 % 0.

84 % 0.39 % 0.90 % 0.

11 % Net income 7,095 5,804 1,240 18,625 1,033 Net (gains) losses on sale of securities - (4) - (4) 2,370 Tax effect at 21% - 1 - 1 (498) Merger & restructuring expenses 171 631 777 858 1,679 Tax effect at 21% (36) (133) (163) (180) (353) Adjusted Net Income (Non-GAAP) 7,230 6,299 1,854 19,300 4,231 Average assets 2,812,261 2,781,139 1,246,474 2,764,544 1,227,395 Adjusted return on average assets (annualized) (Non-GAAP) 1.02 % 0.91 % 0.

59 % 0.93 % 0.46 % Adjusted Return on Average Shareholders' Equity For the Three Months Ended For the Nine Months Ended (Dollars in thousands) 9/30/2024 6/30/2024 9/30/2023 9/30/2024 9/30/2023 Net income $ 7,095 $ 5,804 $ 1,240 $ 18,625 $ 1,033 Average shareholders' equity 273,935 269,834 142,374 270,454 140,005 Return on average shareholders' equity (annualized) 10.

30 % 8.65 % 3.46 % 9.

20 % 0.99 % Net income 7,095 5,804 1,240 18,625 1,033 Net (gains) losses on sale of securities - (4) - (4) 2,370 Tax effect at 21% - 1 - 1 (498) Merger & restructuring expenses 171 631 777 858 1,679 Tax effect at 21% (36) (133) (163) (180) (353) Adjusted Net Income (Non-GAAP) 7,230 6,299 1,854 19,300 4,231 Average shareholders' equity 273,935 269,834 142,374 270,454 140,005 Adjusted return on average shareholders' equity (annualized) (Non-GAAP) 10.50 % 9.

39 % 5.17 % 9.53 % 4.

04 % Adjusted Efficiency Ratio For the Three Months Ended For the Nine Months Ended (Dollars in thousands) 9/30/2024 6/30/2024 9/30/2023 9/30/2024 9/30/2023 GAAP-based efficiency ratio 66.71 % 71.75 % 86.

59 % 70.21 % 96.87 % Net interest income $ 24,981 $ 24,484 $ 8,352 $ 74,349 $ 24,395 Noninterest income 2,680 1,858 880 6,267 (88) Less: net gains (losses) on sales of securities - 4 - 4 (2,370) Adjusted revenue (Non-GAAP) 27,661 26,338 9,232 80,612 26,677 Total noninterest expense 18,452 18,900 7,994 56,601 23,547 Less: Merger & restructuring expenses 171 631 777 858 1,679 Adjusted non-interest expense 18,281 18,269 7,217 55,743 21,868 Efficiency ratio, as adjusted (Non-GAAP) 66.

09 % 69.36 % 78.17 % 69.

15 % 81.97 % Adjusted Earnings Per Share For the Three Months Ended For the Nine Months Ended (Dollars in thousands, except per share data) 9/30/2024 6/30/2024 9/30/2023 9/30/2024 9/30/2023 GAAP-Based Earnings Per Share, Basic $ 0.19 $ 0.

16 $ 0.08 $ 0.50 $ 0.

06 GAAP-Based Earnings Per Share, Diluted $ 0.19 $ 0.16 $ 0.

08 $ 0.50 $ 0.06 Net Income $ 7,095 $ 5,804 $ 1,240 $ 18,625 $ 1,033 Net (gains) losses on sale of securities - (4) - (4) 2,370 Tax effect at 21% - 1 - 1 (498) Merger & restructuring expenses 171 631 777 858 1,679 Tax effect at 21% (36) (133) (163) (180) (353) Adjusted Net Income (Non-GAAP) 7,230 6,299 1,854 19,300 4,231 Adjusted Earnings per Share, Basic (Non-GAAP) $ 0.

20 $ 0.17 $ 0.11 $ 0.

52 $ 0.26 Adjusted Earnings per Share, Diluted (Non-GAAP) $ 0.19 $ 0.

17 $ 0.11 $ 0.52 $ 0.

26 Tangible Common Equity and Tangible Book Value 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 Tangible Common Equity (Dollars in thousands, except for share data) Total shareholders' equity $ 277,353 $ 271,409 $ 268,243 $ 265,796 $ 141,351 Adjustments: Goodwill (58,806) (58,806) (56,968) (56,968) (35,842) Other intangible assets (22,118) (23,323) (24,526) (25,733) (873) Tangible common equity (Non-GAAP) $ 196,429 $ 189,280 $ 186,749 $ 183,095 $ 104,636 Common shares outstanding 37,361,560 37,356,278 37,348,151 37,340,700 16,235,871 Book value per common share $ 7.42 $ 7.27 $ 7.

18 $ 7.12 $ 8.71 Tangible book value per common share (Non-GAAP) $ 5.

26 $ 5.07 $ 5.00 $ 4.

90 $ 6.44 Tangible Assets Total assets $ 2,879,941 $ 2,858,593 $ 2,785,669 $ 2,669,325 $ 1,255,695 Adjustments: Goodwill (58,806) (58,806) (56,968) (56,968) (35,842) Other intangible assets (22,118) (23,323) (24,526) (25,733) (873) Tangible assets (Non-GAAP) $ 2,799,017 $ 2,776,464 $ 2,704,175 $ 2,586,624 $ 1,218,980 Tangible common equity to tangible assets (Non-GAAP) 7.02 % 6.

82 % 6.91 % 7.08 % 8.

58 % Adjusted Pre-tax, Pre-provision Net Income (Non-GAAP) For the Three Months Ended For the Nine Months Ended (Dollars in thousands, except per share data) 9/30/2024 6/30/2024 9/30/2023 9/30/2024 9/30/2023 Net Income - GAAP $ 7,095 $ 5,804 $ 1,240 $ 18,625 $ 1,033 Net (gains) losses on sale of securities - (4) - (4) 2,370 Tax effect at 21% - 1 - 1 (498) Merger & restructuring expenses 171 631 777 858 1,679 Tax effect at 21% (36) (133) (163) (180) (353) Adjusted Net Income (Non-GAAP) 7,230 6,299 1,854 19,300 4,231 Income tax expense 2,030 1,638 347 5,265 276 Provision for (credit to) credit losses 84 - (349) 125 (549) Tax effect included in Adjusted Net Income 36 132 163 179 851 Adjusted Pre-tax, Pre-provision Net Income (Non-GAAP) $ 9,380 $ 8,069 $ 2,015 $ 24,869 $ 4,809 Contact: Nicole Davis Corporate and Investor Relations Officer 717.803.8895 IR@LINKBANCORP.

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