Wed, May 15, 5:00 PM (72 days ago)
Skyline Bankshares, Inc. reported its financial results for the quarter ended March 31, 2024. Key highlights include: - Net income for Q1 2024 was $2.1 million ($0.37 per share), down from $2.7 million ($0.49 per share) in Q1 2023. - Net interest margin decreased to 3.64% from 3.89% year-over-year. - Total assets increased marginally by $4.2 million to $1.05 billion. - Net loans grew by $8.9 million to $819.9 million. - Total deposits saw a slight increase of $1.7 million to $930.4 million. - Noninterest income rose to $1.7 million from $1.6 million, with a notable inclusion of $218 thousand from life insurance contracts. - Noninterest expenses increased by $641 thousand to $8.0 million, driven by higher salaries, benefits, and occupancy costs. - The allowance for credit losses remained stable at 0.82% of total loans. - The company maintained strong asset quality, with nonperforming loans at 0.22% of total loans. - A definitive agreement was signed to acquire Johnson County Bank for $25.0 million, expected to close in the second half of 2024. Overall, the company showed moderate growth in assets and loans while managing increased expenses and maintaining solid asset quality.