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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to ______

Commission File Number 001-41505

LINKBANCORP, Inc.

(Exact name of registrant as specified in its charter)



Pennsylvania	82-5130531
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1250 Camp Hill Bypass, Suite 202 Camp Hill, PA 17011 (Address of principal executive offices)

Registrant’s telephone number, including area code: (855) 569-2265

Former name, former address, and former fiscal year, if changed since last report: N/A

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, $0.01 par value per share	LNKB	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):



Large Accelerated Filer	☐	Accelerated Filer	☐

Non-Accelerated Filer	☒	Smaller Reporting Company	☒

		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 Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ☐ No ☒.

Indicate the number of shares of the Registrant’s Common Stock outstanding as of the latest practicable date: 37,449,323 shares as of August 5, 2025.

LINKBANCORP, Inc.

FORM 10-Q

INDEX



PART I - FINANCIAL INFORMATION
		PAGE
Item 1 -	Financial Statements (Unaudited)
	Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	1
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024	2
	Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024	3
	Consolidated Statements of Shareholders’ Equity for the three and six months ended June 30, 2025 and 2024	4
	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024	6
	Notes to Consolidated Financial Statements (Unaudited)	8
Item 2 -	Management’s Discussion and Analysis of Financial Condition and Results of Operations	40
Item 3 -	Quantitative and Qualitative Disclosures About Market Risk	54
Item 4 -	Controls and Procedures	54

PART II - OTHER INFORMATION
Item 1 -	Legal Proceedings	54
Item 1A -	Risk Factors	54
Item 2 -	Unregistered Sales of Equity Securities and Use of Proceeds	54
Item 3 -	Defaults Upon Senior Securities	55
Item 4 -	Mine Safety Disclosures	55
Item 5 -	Other Information	55
Item 6 -	Exhibits	56
SIGNATURES		57

PART I - FINANCIAL INFORMATION

Item 1 - Consolidated Financial Statements

LINKBANCORP, Inc. and Subsidiaries

Consolidated Balance Sheets (Unaudited)


	June 30, 2025			December 31, 2024
(In Thousands, except share and per share data)
ASSETS
Noninterest-bearing cash equivalents	$	15,319		$	13,834
Interest-bearing deposits with other institutions		139,764			152,266
Cash and cash equivalents		155,083			166,100
Securities available for sale, at fair value		169,569			145,590
Securities held to maturity (Fair value of $26,104 and $30,284, respectively)		27,284			31,967
Less: Allowance for credit losses - securities		(475	)		(459	)
Securities held to maturity, net		26,809			31,508
Loans receivable		2,356,609			2,255,749
Less: Allowance for credit losses - loans		(24,651	)		(26,435	)
Net loans		2,331,958			2,229,314
Investments in restricted bank stock		4,821			5,209
Premises and equipment, net		15,861			18,029
Right-of-Use Asset – Premises		15,410			14,913
Bank-owned life insurance		52,943			52,079
Goodwill		58,806			58,806
Other intangible assets, net		17,490			20,955
Deferred tax asset		16,474			18,866
Assets held for sale		—			94,146
Accrued interest receivable and other assets		21,330			23,263
TOTAL ASSETS	$	2,886,554		$	2,878,778
LIABILITIES
Deposits:
Demand, noninterest bearing	$	646,654		$	658,646
Interest bearing		1,809,755			1,701,936
Total deposits		2,456,409			2,360,582
Long-term borrowings		40,000			40,000
Short-term borrowings		—			10,000
Note payable		—			565
Subordinated debt		62,279			61,984
Lease liabilities		15,740			15,666
Allowance for credit losses - unfunded commitments		2,057			1,857
Liabilities held for sale		—			93,777
Accrued interest payable and other liabilities		12,071			14,126
TOTAL LIABILITIES		2,588,556			2,598,557
COMMITMENTS AND CONTINGENT LIABILITIES (Note 11)
SHAREHOLDERS’ EQUITY
Preferred stock (At June 30, 2025 and December 31, 2024: no par value; 5,000,000 shares authorized; no shares issued and outstanding.)		—			—
Common stock (At June 30, 2025 and December 31, 2024: $0.01 par value; 50,000,000 shares authorized; 37,441,879 and 37,370,917 shares issued and outstanding, respectively.)		370			370
Surplus		265,293			264,449
Retained earnings		37,107			19,947
Accumulated other comprehensive loss		(4,772	)		(4,545	)
TOTAL SHAREHOLDERS' EQUITY		297,998			280,221
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,886,554		$	2,878,778

See accompanying notes to the unaudited consolidated financial statements.

LINKBANCORP, Inc. and Subsidiaries

Consolidated Statements of Operations (Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
(In Thousands, except share and per share data)
INTEREST AND DIVIDEND INCOME
Loans receivable, including fees	$	36,032	$	36,112	$	73,073	$	72,237
Investment securities and certificates of deposit:
Taxable		1,819		1,592		3,568		2,983
Exempt from federal income tax		378		350		758		711
Other		1,097		1,395		2,069		2,293
Total interest and dividend income		39,326		39,449		79,468		78,224
INTEREST EXPENSE
Deposits		12,467		13,071		24,824		24,918
Other borrowings		931		932		1,917		2,018
Subordinated debt		979		962		1,947		1,920
Total interest expense		14,377		14,965		28,688		28,856
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES		24,949		24,484		50,780		49,368
Provision for credit losses		344		—		572		40
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		24,605		24,484		50,208		49,328
NONINTEREST INCOME
Service charges on deposit accounts		1,056		865		2,117		1,645
Bank-owned life insurance		436		386		864		769
Net realized gains (losses) on the sales of debt securities		—		4		—		4
Gain on sale of loans		128		12		205		62
Gain on sale of branches		—		—		11,093		—
Other		1,313		591		1,911		1,107
Total noninterest income		2,933		1,858		16,190		3,587
NONINTEREST EXPENSE
Salaries and employee benefits		10,252		9,941		21,408		21,059
Occupancy		1,308		1,559		2,772		3,137
Equipment and data processing		2,052		1,824		4,095		3,650
Professional fees		728		788		1,215		1,536
FDIC insurance and supervisory fees		537		545		1,136		897
Intangible amortization		1,083		1,204		2,167		2,411
Merger & restructuring expenses		16		631		57		687
Advertising		176		241		320		475
Other		1,913		2,167		4,553		4,298
Total noninterest expense		18,065		18,900		37,723		38,150
Income before income tax expense		9,473		7,442		28,675		14,765
Income tax expense		2,086		1,638		5,945		3,235
NET INCOME	$	7,387	$	5,804	$	22,730	$	11,530
EARNINGS PER SHARE, BASIC	$	0.20	$	0.16	$	0.61	$	0.31
EARNINGS PER SHARE, DILUTED	$	0.20	$	0.16	$	0.61	$	0.31
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING,
BASIC		37,136,851		36,970,768		37,122,883		36,966,371
DILUTED		37,244,008		37,040,748		37,231,839		37,042,896

See accompanying notes to the unaudited consolidated financial statements.

LINKBANCORP, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
(In Thousands)
Net income	$	7,387		$	5,804		$	22,730		$	11,530
Components of other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities		(836	)		(361	)		1,224			(1,972	)
Tax effect		176			76			(257	)		414
Net of tax amount		(660	)		(285	)		967			(1,558	)

Unrealized (loss) gain on cash flow hedges		(346	)		551			(1,114	)		2,272
Adjustment for amounts reclassified into net income		(198	)		(387	)		(396	)		(773	)
Tax effect		114			(34	)		316			(314	)
Net of tax amount		(430	)		130			(1,194	)		1,185

Total other comprehensive loss		(1,090	)		(155	)		(227	)		(373	)
Total comprehensive income	$	6,297		$	5,649		$	22,503		$	11,157

See accompanying notes to the unaudited consolidated financial statements.

LINKBANCORP, Inc. and Subsidiaries

Consolidated Statements of Shareholders' Equity (Unaudited)


(In Thousands, except share data)	Common Stock Shares		Common Stock Amount		Surplus		Retained Earnings			Accumulated Other Comprehensive Loss			Total
Balance, March 31, 2025		37,377,342	$	370	$	264,871	$	32,507		$	(3,682	)	$	294,066
Net income		—		—		—		7,387			—			7,387
Dividends declared ($0.075 per share)		—		—		—		(2,787	)		—			(2,787	)
Employee stock purchase plan		8,592		—		55		—			—			55
Issuance of common stock including proceeds from exercise of common stock compensation plans (1)		55,945		—		73		—			—			73
Stock compensation amortization		—		—		294		—			—			294
Other comprehensive loss		—		—		—		—			(1,090	)		(1,090	)
Balance, June 30, 2025		37,441,879	$	370	$	265,293	$	37,107		$	(4,772	)	$	297,998

(1)Issuance of common stock includes 10,227 stock options and 45,718 restricted stock units which is net of shares held for tax purposes.


(In Thousands, except share data)	Common Stock Shares		Common Stock Amount		Surplus		Retained Earnings			Accumulated Other Comprehensive Loss			Total
Balance, March 31, 2024		37,348,151	$	369	$	263,577	$	7,724		$	(3,427	)	$	268,243
Net income		—		—		—		5,804			—			5,804
Dividends declared ($0.075 per share)		—		—		—		(2,702	)		—			(2,702	)
Employee stock purchase plan		8,127		1		—		—			—			1
Stock option expense		—		—		218		—			—			218
Other comprehensive loss		—		—		—		—			(155	)		(155	)
Balance, June 30, 2024		37,356,278	$	370	$	263,795	$	10,826		$	(3,582	)	$	271,409

LINKBANCORP, Inc. and Subsidiaries

Consolidated Statements of Shareholders’ Equity (Unaudited)


(In Thousands, except share data)	Common Stock Shares		Common Stock Amount		Surplus		Retained Earnings			Accumulated Other Comprehensive Loss			Total Shareholders' Equity
Balance, December 31, 2024		37,370,917	$	370	$	264,449	$	19,947		$	(4,545	)	$	280,221
Net income		—		—		—		22,730			—			22,730
Dividends declared ($0.15 per share)		—		—		—		(5,570	)		—			(5,570	)
Employee stock purchase plan		15,017		—		101		—			—			101
Issuance of common stock including proceeds from exercise of common stock compensation plans(1)		55,945		—		73		—			—			73
Stock compensation amortization		—		—		670		—			—			670
Other comprehensive loss		—		—		—		—			(227	)		(227	)
Balance, June 30, 2025		37,441,879	$	370	$	265,293	$	37,107		$	(4,772	)	$	297,998

(1)Issuance of common stock includes 10,227 stock options and 45,718 restricted stock units which is net of shares held for tax purposes.


(In Thousands, except share data)	Common Stock Shares		Common Stock Amount		Surplus		Retained Earnings			Accumulated Other Comprehensive Loss			Total Equity Attributable to Parent			Noncontrolling interest in consolidated subsidiary			Total Shareholders' Equity
Balance, December 31, 2023		37,340,700	$	369	$	263,310	$	4,843		$	(3,209	)	$	265,313		$	483		$	265,796
Net income		—		—		—		11,530			—			11,530			—			11,530
Dividends declared ($0.15 per share)		—		—		—		(5,547	)		—			(5,547	)		—			(5,547	)
Exercise of stock options		1,777		—		11		—			—			11			—			11
Employee stock purchase plan		13,801		1		54		—			—			55			—			55
Stock compensation amortization		—		—		420		—			—			420			—			420
Dissolution of Minority Interest		—		—		—		—			—			—			(483	)		(483	)
Other comprehensive loss		—		—		—		—			(373	)		(373	)		—			(373	)
Balance, June 30, 2024		37,356,278	$	370	$	263,795	$	10,826		$	(3,582	)	$	271,409		$	—		$	271,409

See accompanying notes to the unaudited consolidated financial statements.

LINKBANCORP, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)


	For the Six Months Ended June 30,
(In Thousands)	2025			2024
OPERATING ACTIVITIES
Net income	$	22,730		$	11,530
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of branches		(11,093	)		—
Provision for credit losses		572			40
Depreciation		823			1,012
Amortization of intangible assets		2,167			2,411
Accretion of discounts, net		(5,510	)		(6,043	)
Origination of loans to be sold		(6,545	)		(967	)
Proceeds from loan sales		6,750			1,029
Gain on sale of loans		(205	)		(62	)
Share-based and deferred compensation		1,112			825
Bank-owned life insurance income		(864	)		(769	)
(Gain) loss on sale of debt securities, available for sale		—			(4	)
Change in accrued interest receivable and other assets		(1,166	)		723
Change in accrued interest payable and other liabilities		548			(4,017	)
Other, net		(477	)		(87	)
Net cash provided by operating activities		8,842			5,621

INVESTING ACTIVITIES
Investment securities available for sale:
Proceeds from sales		—			1,691
Proceeds from calls and maturities		430			1,295
Proceeds from principal repayments		8,935			5,548
Purchases		(31,873	)		(34,916	)
Investment securities held to maturity:
Proceeds from principal repayments		4,703			915
Purchase of restricted investment in bank stocks		(6,062	)		(10,131	)
Redemption of restricted investment in bank stocks		6,450			9,168
Increase in loans, net		(102,833	)		(59,541	)
Cash paid to buy-out minority interest		—			(483	)
Proceeds from disposal of premises and equipment		1,326			1,135
Purchase of premises and equipment		(508	)		(507	)
Proceeds from sale of branches, net		26,194			—
Net cash used in investing activities		(93,238	)		(85,826	)

FINANCING ACTIVITIES
Increase in deposits, net		88,775			157,153
Change in short-term borrowings, net		(10,000	)		(10,000	)
Proceeds from long-term borrowings		—			40,000
Issuance of shares from exercise of stock options		73			11
Dividends paid		(5,570	)		(5,547	)
Net proceeds from issuance of common stock		101			55
Net cash provided by financing activities		73,379			181,672
(Decrease) Increase in cash and cash equivalents		(11,017	)		101,467
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		166,100			80,190
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	155,083		$	181,657

See accompanying notes to the unaudited consolidated financial statements.

LINKBANCORP, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)


	For the Six Months Ended June 30,
	2025		2024
SUPPLEMENTAL CASH FLOW DISCLOSURES
Cash paid during the period for:
Interest	$	28,888	$	28,636
Income taxes	$	—	$	—
Reclassification of New Jersey branch loans from portfolio loans to assets held-for-sale, net	$	—	$	(2,863	)
Reclassification of New Jersey branch assets to assets held-for-sale, net	$	—	$	114
Reclassification of New Jersey branch deposits to liabilities held-for-sale, net	$	—	$	(2,861	)
Reclassification of New Jersey branch liabilities to liabilities held-for-sale, net	$	—	$	(76	)

See accompanying notes to the unaudited consolidated financial statements.

LINKBANCORP, Inc. and Subsidiaries

Notes to the Consolidated Financial Statements (Unaudited)

[In Thousands, Except Share Data]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A summary of significant accounting and reporting policies applied in the presentation of the accompanying unaudited consolidated financial statements follows:

Nature of Operations

LINKBANCORP, Inc. (the “Company” or "LINKBANCORP") was incorporated on April 6, 2018, under the laws of the Commonwealth of Pennsylvania. The Company was formed with the intent of becoming a bank holding company through acquisition of a bank.

On September 17, 2018, the Pennsylvania Department of Banking and Securities (the "PADOBS") approved the acquisition of 100 percent of the shares of Stonebridge Bank. On October 5, 2018, LINKBANCORP purchased 100 percent of the outstanding shares of Stonebridge Bank, from its former parent company Stonebridge Financial Corp. under section 363 of the Bankruptcy Code. LINKBANCORP subsequently renamed the bank LINKBANK.

On December 10, 2020, the Company and its wholly owned subsidiary, LINKBANK, and GNB Financial Services, Inc. (“GNBF”), and its wholly owned subsidiary, The Gratz Bank (the "Bank”) entered into an Agreement and Plan of Merger pursuant to which GNBF merged with and into the Company, with the Company as the surviving corporation. LINKBANK merged with and into The Gratz Bank, with The Gratz Bank as the surviving institution (collectively, the "Gratz Merger"). The Gratz Merger was consummated effective September 18, 2021. In markets other than the pre-merger Gratz Bank areas, the Bank operated as "LINKBANK, a division of The Gratz Bank." Effective November 4, 2022, the Bank legally changed its name and began to operate under one brand under the name LINKBANK.

On November 30, 2023, the Company completed its merger with Partners Bancorp ("Partners"), and its wholly owned subsidiaries, The Bank of Delmarva and Virginia Partners Bank, pursuant to which Partners merged with and into the Company with the Company as the surviving corporation (the "Partners Merger"). The Bank of Delmarva and Virginia Partners Bank merged with and into LINKBANK with LINKBANK as the surviving bank. In connection with the announcement of the Partners Merger in the first quarter of 2023, LINKBANCORP completed a private placement of $10.0 million with certain directors of LINKBANCORP as well as other accredited investors.

The Bank is a full-service commercial bank providing personal and business lending and deposit services. The Bank’s operations are conducted from its eight solutions centers located in Dauphin, Chester, Cumberland, Lancaster, Northumberland, and Schuylkill Counties, and loan production offices located in Chester and York Counties, in Pennsylvania, eight solutions centers in Wicomico, Charles, Anne Arundel, and Worcester counties in Maryland, four solutions centers and a loan production office in Sussex county in Delaware, three solutions centers in Spotsylvania and Fairfax counties in Virginia, and one solutions center in the city of Fredericksburg, Virginia. The Company’s corporate office resides in Camp Hill, Pennsylvania. As a state chartered, non-Federal Reserve member bank, the Bank is subject to regulation and supervision by the PADOBS and the Federal Deposit Insurance Corporation (the "FDIC"). The Company is regulated by the Federal Reserve Bank of Philadelphia. The Bank’s deposits are insured up to the applicable limits by the FDIC.

Initial Public Offering

In September 2022, the Company completed its initial public offering whereby it issued and sold 5,101,205 shares of common stock at a public offering price of $7.50 per share. The Company received net proceeds of $34,659 after deducting underwriting discounts and commissions of $2,487 and other offering expenses of $1,114. The Company's common stock trades on the Nasdaq Capital Market under the symbol "LNKB."

Sale of New Jersey Solutions Centers

On March 31, 2025, the Bank completed the sale of the New Jersey operations of the Bank pursuant to a purchase and assumption agreement (the "Agreement") with American Heritage Federal Credit Union (“AHFCU”) pursuant to which AHFCU purchased certain assets and assumed certain liabilities (the "Transaction" or "New Jersey Branch Sale"), including all three branch locations (including two branch leases).

Under the Agreement, AHFCU acquired $105.0 million in loans, $2.1 million in fixed assets, and $87.1 million in deposits. The total deposit premium paid by AHFCU was 7% or $6.2 million. With respect to acquired loans, AHFCU paid an amount equal to the principal balances plus any accrued but unpaid interest and late charges on the loans measured as of the closing date. Unamortized loan discounts of $6.7 million were taken into income which was included within the gain on sale of New Jersey

LINKBANCORP, Inc. and Subsidiaries

Notes to the Consolidated Financial Statements (Unaudited)

[In Thousands, Except Share Data]

solutions centers. Core deposit intangibles of $1.3 million were written off, included within the gain on sale of New Jersey solutions centers. AHFCU paid book value for fixed assets, real estate, and other assets located at the owned branches. The Transaction resulted in an after-tax gain, net of transaction costs, of approximately $8.7 million.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. The accounting and reporting practices of the Company conform to accounting principles generally accepted in the United States of America (GAAP) and to general practices within the banking industry. In the opinion of management, all adjustments (all of which are of a normal recurring nature) that are necessary for a fair statement are reflected in the unaudited condensed consolidated financial statements.

The Company has evaluated events and transactions occurring subsequent to the consolidated balance sheet date of June 30, 2025 for items that should potentially be recognized or disclosed in these unaudited condensed consolidated financial statements. The evaluation was conducted through the date these unaudited condensed consolidated financial statements were issued.

Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the allowance for credit losses, accounting for business combinations, and the valuation of deferred tax assets.

Interim Financial Information

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.

In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Reclassification of Prior Period Financial Statements

Certain previously reported items have been reclassified to conform to the current year's classifications. Reclassifications had no effect on prior year net income or shareholders' equity.

Recently Adopted Accounting Standards

In 2024, the Company adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard update requires additional interim and annual disclosures about a reportable segment's expenses, even for companies with only one reportable segment. The adoption of this standard did not have a material effect on the Company's operating results or financial condition. Refer to Note 13 for the Company's segment disclosures.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard update requires additional interim and annual disclosures about a company's income taxes, including more detailed information around the annual rate reconciliation and income taxes paid. For public business entities, this Update is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the guidance; however, the adoption of this standard is not expected to have a material effect on the Company's operating results or financial condition.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense

LINKBANCORP, Inc. and Subsidiaries

Notes to the Consolidated Financial Statements (Unaudited)

[In Thousands, Except Share Data]

Disaggregation Disclosures (Subtopic 220-40).This ASU requires disclosure in the notes to financial statements of specified information about certain costs and expenses. Specific disclosures are required for (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas producing activities. The amendments in this Update do not change or remove current expense disclosure requirements. However, the amendments affect where this information appears in the notes to financial statements because entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. The amendments in ASU 2024-03 apply only to public business entities and are effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the guidance, however, the adoption of this standard is not expected to have a material effect on the Company's operating results or financial condition.

In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which revises the effective date of ASU 2024-03 (on disclosures about disaggregation of income statement expenses) “to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.” Entities within the ASU’s scope are permitted to early adopt the ASU. The Company is currently evaluating the guidance, however, the adoption of this standard is not expected to have a material effect on the Company's operating results or financial condition.

LINKBANCORP, Inc. and Subsidiaries

Notes to the Consolidated Financial Statements (Unaudited)

[In Thousands, Except Share Data]

INVESTMENT SECURITIES

The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows:


	June 30, 2025
(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
Available for Sale:
US Government Agency securities	$	13,177	$	186	$	(18	)	$	—	$	13,345
Obligations of state and political subdivisions		50,758		16		(4,455	)		—		46,319
Mortgage-backed securities in government-sponsored entities		111,564		544		(2,554	)		—		109,554
Other securities		358		—		(7	)		—		351
	$	175,857	$	746	$	(7,034	)	$	—	$	169,569

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Allowance for Credit Losses
Held to Maturity:
Corporate debentures	$	12,250	$	—	$	(728	)	$	11,522	$	(475	)
Structured mortgage-backed securities		15,034		6		(458	)		14,582		—
	$	27,284	$	6	$	(1,186	)	$	26,104	$	(475	)

	December 31, 2024
(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
Available for Sale:
US Government Agency securities	$	13,017	$	96	$	(40	)	$	—	$	13,073
Obligations of state and political subdivisions		51,254		10		(4,063	)		—		47,201
Mortgage-backed securities in government-sponsored entities		88,289		61		(3,567	)		—		84,783
Other securities		542		—		(9	)		—		533
	$	153,102	$	167	$	(7,679	)	$	—	$	145,590

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Allowance for Credit Losses
Held to Maturity:
Corporate debentures	$	15,250	$	—	$	(984	)	$	14,266	$	(459	)
Structured mortgage-backed securities		16,717		6		(705	)		16,018		—
	$	31,967	$	6	$	(1,689	)	$	30,284	$	(459	)

LINKBANCORP, Inc. and Subsidiaries

Notes to the Consolidated Financial Statements (Unaudited)

[In Thousands, Except Share Data]

The following tables summarize the Company's debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and length of time in a continuous unrealized loss position.


	June 30, 2025
	Less Than Twelve Months					Twelve Months or Greater					Total
(In Thousands)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
Available for Sale:
US Government Agency Securities	$	3,982	$	(18	)	$	—	$	—		$	3,982	$	(18	)
Obligations of state and political subdivisions		10,961		(309	)		33,554		(4,146	)		44,515		(4,455	)
Mortgage-backed securities in government-sponsored entities		31,384		(375	)		31,339		(2,179	)		62,723		(2,554	)
Other securities		—		—			351		(7	)		351		(7	)
	$	46,327	$	(702	)	$	65,244	$	(6,332	)	$	111,571	$	(7,034	)

	December 31, 2024
	Less Than Twelve Months					Twelve Months or Greater					Total
(In Thousands)	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
Available for Sale:
US Government Agency Securities	$	3,960	$	(40	)	$	—	$	—

LINKBANCORP, Inc. 10-Q