Skyline Bankshares, Inc. Announces Semi-Annual Cash Dividend

Rhea-AI Summary

Skyline Bankshares, Inc. (OTC QX: PKKW) announces a semi-annual cash dividend of $0.21 per share, payable on March 20, 2023, to shareholders of record on March 10, 2023. The dividend, which increases by 23.53% from the previous $0.17 per share, reflects the company's strong performance following a record net income of $10.3 million for 2022. This increase results in an annualized dividend yield of 3.54% and a payout ratio of 22.95%. President and CEO Blake Edwards expressed appreciation for shareholder support, highlighting the bank's continued success in southwestern Virginia and northwestern North Carolina.

Positive

• Increased semi-annual cash dividend from $0.17 to $0.21 per share, a 23.53% increase.
• Annualized dividend yield of 3.54% based on recent trading price.
• Net income of $10.3 million for 2022 indicates strong financial performance.
• Payout ratio of 22.95% suggests sustainable dividend payments.

Negative

• None.

FLOYD, Va., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Skyline Bankshares, Inc. (the “Company”) (OTC QX: PKKW) – the holding company for Skyline National Bank (the “Bank”), announces a semi-annual cash dividend on the Company’s common stock of $0.21 per share, payable March 20, 2023 to shareholders of record on March 10, 2023. The Company’s Board of Directors declared the dividend on February 21, 2023. This semi-annual cash dividend payment is an increase of $0.04 per share, or 23.53%, from the semi-annual dividend of $0.17 per share paid on September 19, 2022. Based on our most recent trading price of $11.85 per share, this represents an annualized dividend yield of 3.54%. Also, on an annualized basis, using the Company’s net income of $10.3 million for the year end December 31, 2022, this represents a dividend payout ratio of 22.95%.

President and CEO Blake Edwards stated, “Coming off a record year of earnings for 2022, we are pleased to announce this increased dividend to our shareholders, and appreciate their continued support.”

Skyline National Bank is the wholly-owned subsidiary of Skyline Bankshares, Inc. and serves southwestern Virginia and northwestern North Carolina with 25 branches.

FAQ

What is the new dividend amount for Skyline Bankshares (PKKW)?

The new dividend amount is $0.21 per share.

When will the dividend for PKKW be paid?

The dividend will be paid on March 20, 2023.

What is the record date for the PKKW dividend?

The record date for the dividend is March 10, 2023.

What is the annualized dividend yield for PKKW?

The annualized dividend yield is 3.54% based on the recent trading price.

What is the payout ratio for PKKW's dividend?

The payout ratio for the dividend is 22.95%.