In This Article:
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Partners Bancorp (NASDAQ:PTRS) reported a net income of $4.5 million for Q3 2023, marking a 10.4% increase compared to the same period in 2022.
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For the nine months ended September 30, 2023, the company reported a net income of $11.6 million, a 23.8% increase compared to the same period in 2022.
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The company's total deposits decreased by 1.2% compared to December 31, 2022, but increased by 0.3% in Q3 2023.
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Partners Bancorp (NASDAQ:PTRS) and LINKBANCORP, Inc. are expected to merge in the fourth quarter of 2023.
Partners Bancorp (NASDAQ:PTRS) released its earnings report for the third quarter of 2023 on October 27, 2023. The company reported a net income of $4.5 million, or $0.25 per diluted share, marking a 10.4% increase compared to the net income of $4.1 million, or $0.23 per diluted share, for the same period in 2022. For the nine months ended September 30, 2023, the company reported a net income of $11.6 million, or $0.65 per diluted share, a 23.8% increase compared to the net income of $9.4 million, or $0.52 per diluted share, for the same period in 2022.
Company Performance and Financial Highlights
During the third quarter of 2023, Partners Bancorp (NASDAQ:PTRS) generated a loan growth of 1.5%, bringing the year-to-date growth rate to 5.2%. The company's total deposits decreased by 1.2% compared to December 31, 2022, indicating minimal deposit outflow in the first nine months of 2023. However, during the third quarter of 2023, the company's total deposits increased by 0.3%, signaling a shift away from the negative industry trends experienced during the first half of 2023.
Despite the continued impact of rising market interest rates, competition for deposits, and increased borrowing costs, the company experienced an increase in its overall cost of funds during the third quarter of 2023 by 81 basis points compared to the same period of 2022. However, the yields on the company's interest-earning assets have continued to increase more than the overall funding costs, resulting in an improved net interest margin for the third quarter of 2023 by 41 basis points compared to the same period of 2022.
Merger with LINKBANCORP, Inc.
As previously disclosed, on February 22, 2023, Partners Bancorp (NASDAQ:PTRS) and LINKBANCORP, Inc. announced a definitive agreement and plan of merger. Upon completion of the transaction, the company's shareholders will own approximately 56% and LINK shareholders will own approximately 44% of the combined company. The mergers remain subject to the approval of the Board of Governors of the Federal Reserve System and fulfillment of other customary closing conditions. The Company and LINK anticipate closing the mergers in the fourth quarter of 2023.