Wed, Aug 14, 7:19 PM (153 days ago)
Skyline Bankshares, Inc. reported a decline in net income to $1.8 million ($0.33 per share) for Q2 2024, down from $2.8 million ($0.49 per share) in Q2 2023. Year-to-date net income also decreased to $3.9 million ($0.70 per share) from $5.5 million ($0.98 per share) in the prior year. Total assets rose 1.78% to $1.06 billion, primarily driven by loan growth of 1.95% to $826.7 million. Total deposits increased by 2.09% to $948.1 million. The net interest margin improved to 3.72%, while interest income surged 17.06% due to higher loan volumes and rates. However, interest expenses also rose significantly, reflecting competitive pressures on deposit rates. Noninterest income remained stable at $1.7 million. The allowance for credit losses remained stable at approximately 0.82% of total loans, with nonperforming loans slightly decreasing to 0.19% of total loans. Merger-related expenses of $357,000 were incurred in connection with the pending acquisition of Johnson County Bank. Overall, the financial health of the bank appears resilient, with asset quality metrics remaining strong despite economic uncertainties.