LinkBancorp reports Q4 EPS 9c, consensus (26c)

Reports Q4 provision for credit losses, calculated under the CECL model, $9.8M, compared to a negative provision for credit losses of $349,000 in the Q3. “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, CEO. “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 Q4 and 2023 earnings, we are pleased with our core operating results. We are very grateful to each of our employees who have performed at a high level during this period, providing exceptional service to clients and their colleagues as together we navigated these critical transitions.”