Skyline Bankshares, Inc. reported significant financial developments in its latest 10-Q filing for the period ending September 30, 2024. The company achieved a net income of $1.5 million for the three months ended September 30, 2024, an increase from $1.2 million in the same period of the previous year. For the nine months ended September 30, 2024, net income was $4.5 million, up from $3.8 million in 2023. This growth was attributed to improved interest income and reduced operating expenses.
Total interest income for the three months ended September 30, 2024, rose to $12.8 million, compared to $10.2 million in the prior year. Net interest income also increased, reaching $9.9 million for the three months ended September 30, 2024, versus $8.7 million in 2023. However, net income before income taxes decreased to $1.4 million from $2.6 million year-over-year, indicating a shift in profitability dynamics.
Skyline's total assets grew significantly, with cash and cash equivalents increasing to $35.2 million as of September 30, 2024, from $22.1 million at the end of 2023. Loans, net of allowance for credit losses, also saw a substantial rise, reaching $945.3 million compared to $811.0 million at the end of 2023. Total deposits increased to $1.1 billion from $928.7 million, reflecting strong customer confidence and growth in the bank's deposit base.
A notable strategic development was the completion of the acquisition of Johnson County Bank (JCB) on September 1, 2024, valued at $25 million. This merger added $154.1 million in assets and $125.3 million in deposits to Skyline's balance sheet. The acquisition was accounted for under the acquisition method, with Skyline recognized as the acquiring entity. The merger is expected to enhance Skyline's market presence and operational scale.
The company also reported an increase in its allowance for credit losses, which rose to $7.8 million as of September 30, 2024, from $6.7 million at the end of 2023. This increase reflects a proactive approach to managing credit risk amid changing economic conditions.
Overall, Skyline Bankshares, Inc. demonstrated solid financial performance and strategic growth through its recent acquisition, positioning itself for continued success in the competitive banking landscape.
About Skyline Bankshares, Inc.
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