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Merger (Tables) | 3 Months Ended
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Mar. 31, 2022
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 |
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 |
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 |
Summary of Proforma Information | The pro forma amounts for the three months ended March 31, 2021 do not reflect the anticipated cost savings that had not yet been realized.
|  |  | Three months ended March 31, |
(Dollars in thousands) |  |  | 2021 |
Net interest income |  |  | $ | 6,283 |
Non-interest income |  |  |  | 680 |
Net income (loss) |  |  |  | 4,190 |
Basic earnings (loss) per common share |  |  | $ | 0.44 |
Diluted earnings (loss) per common share |  |  | $ | 0.43 |

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