Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2022

22.

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed financial information of LINKBANCORP follows:


Balance Sheets
	December 31,
	2022		2021
(In thousands)
ASSETS
Noninterest-bearing cash equivalents	$	15,486	$	276
Securities available for sale, at fair value		—		517
Investment in subsidiaries		162,029		129,181
Other Assets		1,712		365
TOTAL ASSETS	$	179,227	$	130,339
LIABILITIES AND SHAREHOLDERS' EQUITY
Subordinated debt	$	40,484	$	20,696
Other liabilities		190		20
Shareholders' equity		138,553		109,623
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	179,227	$	130,339


Condensed Statements of Operations and Comprehensive Income

	Years Ended December 31,
	2022			2021
(in thousands)
Income:
Interest income	$	11		$	18
Dividend income from subsidiaries		—			724
Expenses:
Interest expense		1,501			249
Other noninterest expenses		564			794
Income before income tax		(2,054	)		(301	)
Income tax benefit		(407	)		(199	)
		(1,647	)		(102	)
Equity in undistributed subsidiary income		7,245			391
Net income	$	5,598		$	289
Comprehensive Loss	$	(2,585	)	$	(1,125	)


Condensed Statements of Cash Flows
	Years Ended December 31,
	2022			2021
(in thousands)
OPERATING ACTIVITIES
Net income	$	5,598		$	289
Adjustments:
Undistributed earnings of subsidiaries		(7,245	)		(391	)
Amortization of premiums and discounts		(212	)		—
Other, net		(1,171	)		(72	)
Net cash used in operating activities		(3,030	)		(174	)

INVESTING ACTIVITIES
Net cash acquired through merger and acquisition		—			3,080
Investments in subsidiaries		(35,000	)		(1,300	)
Cash dividends from subsidiaries		1,300			—
Sales of securities		504			—
Net cash (used in) provided by investing activities		(33,196	)		1,780

FINANCING ACTIVITIES
Proceeds from issuance of common stock, net		34,650			—
Proceeds from issuance of subordinated notes		20,000			—
Issuance of shares from exercise of stock options		120			120
Dividends paid		(3,334	)		(1,462	)
Net cash provided by (used in) financing activities		51,436			(1,342	)
Increase in cash and cash equivalents		15,210			264
Cash and cash equivalents at the beginning of the period		276			12
Cash and cash equivalents at the end of the period	$	15,486		$	276