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Skyline Bankshares Inc. (SLBK0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes the acquisition of Johnson County Bank (JCB) in an all-cash transaction valued at $25.0 million, effective September 1, 2024. The acquisition added $154.1 million in assets and $133.8 million in liabilities to Skyline's balance sheet.
Skyline reported net earnings of $7.4 million for 2024, down from $9.7 million in 2023. The decrease is attributed to $2.4 million in merger-related expenses and increased operating costs.
Total interest income increased to $53.5 million in 2024 from $43.4 million in 2023, driven by core loan growth and rising interest rates. However, interest expense also rose significantly, leading to a net interest income of $39.5 million, up from $35.6 million in 2023.
The provision for credit losses was $1.1 million in 2024, compared to a recovery of $50 thousand in 2023, reflecting growth in the loan portfolio.
Noninterest income increased slightly to $7.3 million, with service charges and card income contributing to the rise. Noninterest expenses increased by $5.7 million, primarily due to merger-related costs and increased personnel expenses.
Skyline's total assets increased to $1.22 billion at the end of 2024, up from $1.05 billion in 2023. This growth was supported by the JCB acquisition and organic loan growth.
The company reported a return on average assets of 0.67% and a return on average equity of 8.69% for 2024, compared to 0.96% and 12.70% in 2023, respectively.
Skyline's capital ratios remained strong, with a Tier 1 capital ratio of 10.3% and a total capital ratio of 11.2% as of December 31, 2024.
The filing details various regulatory and compliance aspects, including the adoption of the current expected credit loss (CECL) methodology, which increased the allowance for credit losses by $592 thousand at the beginning of 2023.
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. annual 10-K report dated March 26, 2025. To report an error, please email earnings@qz.com.