Skyline Bankshares, Inc. reported a net income of $3.6 million, or $0.64 per share, for the first quarter of 2025, marking a significant increase from the $2.1 million, or $0.37 per share, recorded in the same period last year. The company's total assets rose to $1.25 billion, a 2.78% increase from $1.22 billion at the end of 2024. This growth was primarily driven by a $15.9 million increase in net loans, which reached $992.2 million, and a $22.2 million rise in total deposits, now totaling $1.11 billion. The net interest margin improved to 4.15%, up from 3.64% in the first quarter of 2024.
The company's financial performance reflects a strategic focus on growth following its acquisition of Johnson County Bank (JCB) on September 1, 2024. This merger added approximately $154.1 million in assets, including $87.2 million in loans, and $133.8 million in liabilities, enhancing Skyline's market presence in Eastern Tennessee. The acquisition has contributed to a core loan growth rate of 6.60% on an annualized basis during the first quarter of 2025.
Skyline's operational metrics indicate a solid performance in managing its loan portfolio, with nonperforming loans decreasing to 0.22% of total loans, down from 0.26% at the end of 2024. The allowance for credit losses remained stable at approximately 0.82% of total loans, reflecting the company's commitment to maintaining asset quality. The bank's total deposits included a notable increase in noninterest-bearing deposits, which rose by $12.5 million during the quarter.
Looking ahead, Skyline Bankshares anticipates continued growth in its loan portfolio and overall financial performance, supported by the integration of JCB and ongoing demand for its banking services. The management remains vigilant regarding market conditions and competitive pressures, particularly concerning interest rates on deposits, which may influence future interest expenses. The company is well-capitalized, exceeding regulatory requirements, and plans to monitor economic conditions closely to inform future dividend decisions and capital strategies.
About Skyline Bankshares, Inc.
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