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Merger (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Business Combinations [Abstract]    
Summary of Fair Value of Consideration Paid
The following table summarizes the fair value consideration paid for GNBF as of the date of acquisition:
 
(Dollars in thousands except per share amounts)
       
Total GNBF common shares outstanding
      779,000  
GNBF shares outstanding exchanged for LINKBANCORP, Inc. common stock
      663,240  
GNBF shares outstanding exchanged for cash
      115,760  
Exchange Ratio
      7.3064  
LINKBANCORP, Inc. shares to be issued to GNBF shareholders
      4,845,897  
LINKBANCORP, Inc. Shares currently outstanding
      4,968,550  
Total LINKBANCORP, Inc. shares to be outstanding
      9,814,447  
 
 
 
 
 
GNBF pro forma common share % ownership
      49.38 % 
LINKBANCORP, Inc. pro forma common share % ownership
      50.62 % 

 
 
 
 
Reverse Acquisition Hypothetical Purchase Price Consideration
         
GNBF shares outstanding exchanged for LINKBANCORP, Inc. common stock
      663,240  
Ownership % to be owned by current GNBF shareholders
      49.38 % 
Hypothetical GNBF shares outstanding based on GNBF % ownership
      1,343,267  
Ownership % by legacy LINKBANCORP, Inc. shareholders
      50.62 % 
Hypothetical GNBF shares to be issued as consideration
      680,027  
Fair value of GNBF shares (LINKBANCORP, Inc. fair value per share of $12.90 as of 9/17/2021 multiplied by the exchange rate)
    $ 94.25  
Purchase price assigned to hypothetical GNBF shares issued to LINKBANCORP, Inc. shareholders
    $ 64,094  

 
 
 
 
LINKBANCORP, Inc. options and warrants
      1,962,484  
Fair value per options and warrants
    $ 3.76  
Purchase price assigned to LINKBANCORP, Inc. options and warrants
      7,379  
    
 
 
  
Total purchase price consideration
    $ 71,473
 
    
 
 
  

 
 
 
 
Pro Forma Purchase Price Allocation Between Stock & Cash:
         
Cash consideration
    $ 10,077  
Common Stock
      61,396  
    
 
 
  
Total Purchase Price For Accounting Purposes
    $ 71,473  
The following table summarizes the fair value consideration paid for GNBF as of the date of acquisition:
 
(Dollars in thousands except per share amounts)
       
Total GNBF common shares outstanding
      779,000  
GNBF shares outstanding exchanged for LINKBANCORP, Inc. common stock
      663,240  
GNBF shares outstanding exchanged for cash
      115,760  
Exchange Ratio
      7.3064  
LINKBANCORP, Inc. shares to be issued to GNBF shareholders
      4,845,897  
LINKBANCORP, Inc. Shares currently outstanding
      4,968,550  
Total LINKBANCORP, Inc. shares to be outstanding
      9,814,447  
GNBF pro forma common share % ownership
      49.38 % 
LINKBANCORP, Inc. pro forma common share % ownership
      50.62 % 
Reverse Acquisition Hypothetical Purchase Price Consideration
         
GNBF shares outstanding exchanged for LINKBANCORP, Inc. common stock
      663,240  
Ownership % to be owned by current GNBF shareholders
      49.38 % 
Hypothetical GNBF shares outstanding based on GNBF % ownership
      1,343,267  
Ownership % by legacy LINKBANCORP, Inc. shareholders
      50.62 % 
Hypothetical GNBF shares to be issued as consideration
      680,027  
Fair value of GNBF shares (LINKBANCORP, Inc. fair value per share of $12.90 as of 9/17/2021 multiplied by the exchange rate)
    $ 94.25  
Purchase price assigned to hypothetical GNBF shares issued to LINKBANCORP, Inc. shareholders
    $ 64,094  
LINKBANCORP, Inc. options and warrants
      1,962,484  
Fair value per options and warrants
    $ 3.76  
Purchase price assigned to LINKBANCORP, Inc. options and warrants
      7,379  
    
 
 
  
Total purchase price consideration
    $ 71,473  
    
 
 
  
Pro Forma Purchase Price Allocation Between Stock & Cash:
         
Cash consideration
    $ 10,077  
Common Stock
      61,396  
    
 
 
  
Total Purchase Price For Accounting Purposes
    $ 71,473
 
 
Allocation of Purchase Price for Merger Based on management’s preliminary valuation of tangible and intangible assets acquired and liabilities assumed, the purchase price for the Merger is allocated in the table below.
 
Total Consideration in the Merger
             $ 71,473  
 
 
Calculated Fair Value of Assets Acquired
 
Cash and cash equivalents
    $ 49,962           
Securities available for sale
      3,111           
Loans
      415,905           
Premises and equipment
      2,087           
Right-of-use
asset
      4,544           
Intangible assets
      1,246           
Investment in bank owned life insurance
      4,784           
Deferred taxes
      3,675           
Other assets
      4,394           
    
 
 
           
Total Assets Acquired
      489,708           
 
 
 
 
 
 
 
 
 
Calculated Fair Value of Liabilities Assumed
 
Deposits
      391,160           
Long term borrowings
      33,034           
Subordinated debt
      20,740           
Operating lease liabilities
      4,544           
Other liabilities
      2,265           
    
 
 
           
Total Liabilities Assumed
      451,743           
Net Assets Acquired
               37,965  
             
 
 
  
Goodwill From the Merger
             $ 33,508  
             
 
 
  
Based on management’s preliminary valuation of tangible and intangible assets acquired and liabilities assumed, the purchase price for the Merger is allocated in the table below.
 
Total Consideration in the Merger
             $ 71,473
 
Calculated Fair Value of Assets Acquired
                  
Cash and cash equivalents
    $ 49,962           
Securities available for sale
      3,111           
Loans
      415,905           
Premises and equipment
      2,087           
Right-of-use
asset
      4,544           
Intangible assets
      1,246           
Investment in bank owned life insurance
      4,784           
Deferred taxes
      3,675           
Other assets
      4,394           
    
 
 
           
Total Assets Acquired
   
 
 489,708
 
         
Calculated Fair Value of Liabilities Assumed
 
Deposits
      391,160           
Long term borrowings
      33,034           
Subordinated debt
      20,740           
Operating lease liabilities
      4,544           
Other liabilities
      2,265           
    
 
 
           
Total Liabilities Assumed
   
 
 451,743
 
         
Net Assets Acquired
            
 
 37,965
 
             
 
 
  
Goodwill From the Merger
             $ 33,508
 
             
 
 
  
Summary of Merger
The following table summarizes the Merger as of September 18, 2021:
 
Total Consideration in the Merger
             $ 71,473  
 
 
 
 
 
 
 
 
 
LINKBANCORP, Inc. stockholders’ equity
    $ 43,124           
LINKBANCORP, Inc. goodwill and intangibles
      (1,353 )          
 
 
 
 
 
 
 
 
 
Fair Value Adjustments:
                  
Loans
                  
Interest rate
      (1,521 )          
General credit
      (6,346 )          
Credit adjustment for loans acquired with deteriorated credit quality
      (1,243 )          
Remove existing deferred loan fees, net at acquisition
      1,192           
Remove the allowance for loan losses present at acquisition
      4,953           
Intangible assets
      1,146           
Other assets
      (991 )          
 
 
 
 
 
 
 
 
 
Time deposits
      (231 )          
Subordinated debt
      (765 )          
    
 
 
           
                37,965  
             
 
 
  
Goodwill From the Merger
             $ 33,508  
             
 
 
  
 
The following table summarizes the Merger as of September 18, 2021:
 
Total Consideration in the Merger
       $ 71,473  
LINKBANCORP, Inc. stockholders’ equity
    $ 43,124     
LINKBANCORP, Inc. goodwill and intangibles
      (1,353 )    
Fair Value Adjustments:
      
Loans
      
Interest rate
      (1,521 )    
General credit
      (6,346 )    
Credit adjustment for loans acquired with deteriorated credit quality
      (1,243 )    
Remove existing deferred loan fees, net at acquisition
      1,192     
Remove the allowance for loan losses present at acquisition
      4,953     
Intangible assets
      1,146     
Other assets
      (991 )    
Time deposits
      (231 )    
Subordinated debt
      (765 )    
  
 
 
     
        37,965  
     
 
 
  
Goodwill From the Merger
       $ 33,508  
     
 
 
  
 
Schedule of Fair Value Adjustments made to Amortized Cost Basis  
The table below illustrates the fair value adjustments made to the amortized cost basis in order to present the fair value of the loans acquired.
 
Unpaid principal balance at merger
    $ 425,015  
Interest rate fair value adjustment on pools of homogeneous loans
      (1,520 ) 
Credit fair value adjustment on pools of homogeneous loans
      (6,347 ) 
Credit fair value adjustment on purchased credit impaired loans
      (1,243 ) 
    
 
 
  
Fair value of acquired loans
    $ 415,905  
    
 
 
  
 
Schedule of Acquired purchased Credit Impaired Loans Receivable.
The following table presents the acquired purchased credit impaired loans receivable at the Merger Date:
 
Contractual principal and interest at Merger
    $ 8,509  
Nonaccretable difference
      (2,716 ) 
    
 
 
  
Expected cash flows at Merger
      5,793  
Accretable yield
      (409 ) 
    
 
 
  
Fair value of purchased credit impaired loans
    $ 5,384  
    
 
 
  
The following table presents the acquired purchased credit impaired loans receivable at the merger date:
 
Contractual principal and interest at merger
    $ 8,509  
Nonaccretable difference
      (2,716 ) 
    
 
 
  
Expected cash flows at merger
      5,793  
Accretable yield
      (409 ) 
    
 
 
  
Fair value of purchased credit impaired loans
    $ 5,384  
    
 
 
  
Summary of Proforma Information The pro forma amounts for the three and six months ended June 30, 2021 do not reflect the anticipated cost savings that had not yet been realized.
(Dollars in thousands)
  
For the Three
Months Ended
June 30,
2021
 
  
 
For the Six Months
Ended June 30,
2021
 
Net interest income
    $ 7,381  
 
$
13,737
 
Non-interest
income
      803  
 
 
1,483
 
Net income

      2,280  
 
 
6,502
 
Basic earnings per common share

    $ 0.23  
 
$
0.66
 
Diluted earnings per common share

    $ 0.22  
 
$
0.64
 
The pro forma amounts for the years ended December 31, 2021 and 2020 do not reflect the anticipated cost savings that have not yet been realized.
    
Twelve months ended December 31,
  
(Dollars in thousands)   
2021
     
2020
  
Net interest income
    $ 28,075      $ 23,392  
Non-interest
income
      2,551        2,403  
Net income (loss)
      8,159        4,387  
Basic earnings (loss) per common share
    $ 0.83      $ 0.47  
Diluted earnings (loss) per common share
    $ 0.80      $ 0.46