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Skyline Bankshares Inc. (SLBK0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, highlighting a net income of $1.1 million, or $0.19 per share, compared to $2.1 million, or $0.37 per share, in the same quarter the previous year.
Total assets increased by $160.7 million, or 15.36%, to $1.21 billion as of September 30, 2024, compared to $1.05 billion at December 31, 2023. This increase includes $154.1 million in assets acquired from the merger with Johnson County Bank.
Net loans were reported at $945.3 million, an increase of $134.3 million, or 16.57%, from $811.0 million at the end of 2023. This includes $87.2 million in loans acquired from the merger.
Total deposits rose to $1.09 billion, an increase of $157.2 million, or 16.92%, from $928.7 million at the end of 2023. Excluding the $125.3 million in deposits from the merger, deposits increased by $31.8 million.
Net interest income for the quarter was $9.2 million, up from $8.5 million in the previous year. The increase was driven by higher interest income due to loan growth and interest rate increases.
Noninterest income remained stable at $1.9 million for the quarter, with increases in service charges and mortgage origination fees offsetting the absence of prior year gains.
Noninterest expenses rose to $9.6 million from $7.9 million, primarily due to merger-related expenses and increased salary and benefit costs.
The company reported a net interest margin of 3.78%, up from 3.66% in the same quarter of the previous year.
Skyline Bankshares completed its merger with Johnson County Bank on September 1, 2024, acquiring $154.1 million in assets and $133.8 million in liabilities, including goodwill of $4.6 million.
Asset quality remained strong, with nonperforming loans at 0.18% of total loans, compared to 0.21% at the end of 2023.
Total stockholders' equity increased by $5.7 million, or 6.93%, to $88.6 million as of September 30, 2024, with book value per share rising to $15.72.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Skyline Bankshares Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.