SKYLINE BANKSHARES INC - SLBK STOCK NEWS

Skyline Bankshares, Inc. (OTCQX: SLBK), parent company of Skyline National Bank, has completed its merger with Johnson County Bank, effective September 1, 2024. The merger expands Skyline's presence into Mountain City, TN and surrounding areas. Johnson County Bank will initially operate as a division of Skyline National Bank until systems conversion and rebranding in November 2024.

Blake Edwards, President and CEO of Skyline Bankshares, emphasized the shared commitment to customers, community, and employees. Chris Reece, CEO of Johnson County Bank, expressed excitement about the partnership and its potential to strengthen their mission of serving customers in Johnson County and nearby areas.

Skyline Bankshares, Inc. (OTC QX: SLBK), the holding company for Skyline National Bank, has announced a semi-annual cash dividend of $0.23 per share on its common stock. The dividend is payable on September 23, 2024 to shareholders of record as of September 13, 2024. This decision was made by the Company's Board of Directors on August 20, 2024.

Skyline National Bank, a wholly-owned subsidiary of Skyline Bankshares, operates 27 branches and 2 loan production offices serving southwestern Virginia and northwestern North Carolina. This dividend announcement demonstrates the company's commitment to providing returns to its shareholders.

Skyline Bankshares, Inc. (OTC QX: SLBK) reported net income of $1.8 million, or $0.33 per share, for Q2 2024, compared to $2.8 million, or $0.49 per share, in Q2 2023. The company's total assets increased by 1.78% to $1.06 billion, while net loans grew by 1.95% to $826.7 million. Total deposits rose by 2.09% to $948.1 million. The company's net interest margin improved to 3.72% in Q2 2024, up from 3.64% in Q1 2024. Skyline incurred $357,000 in merger-related expenses for the pending acquisition of Johnson County Bank, expected to close in H2 2024.

Skyline Bankshares, Inc. announced its first quarter 2024 results with a net income of $2.1 million, or $0.37 per share, compared to $2.7 million, or $0.49 per share, in 2023. The company noted challenges from higher deposit costs and inflation impacting operating costs. Despite this, the solid loan growth and prudent capital management led to increased dividends and stock repurchases. The company also announced the pending acquisition of Johnson County Bank in Tennessee. Financially, the company saw total assets increase by $4.2 million in Q1 2024, net loans increase to $819.9 million, and total deposits rise to $930.4 million.

Skyline Bankshares, Inc. acquires Johnson County Bank in a $25.0 million all-cash transaction, creating a combined organization with 28 banking locations, assets of nearly $1.2 billion, deposits over $1.0 billion, and shareholders' equity of approximately $89.1 million. The partnership aims to enhance service to local communities in Tennessee and maintain an exceptional customer experience.

Skyline Bankshares, Inc. (SLBK) declares a semi-annual cash dividend of $0.23 per share, a 9.52% increase from the previous dividend. The dividend will be paid on March 18, 2024, to shareholders of record on March 8, 2024. Skyline National Bank, the Company's subsidiary, operates in Virginia and North Carolina with 27 branches and 2 loan production offices.

Skyline Bankshares, Inc. announced its Q4 2023 results, recording a net income of $2.2 million, or $0.39 per share, compared to $2.1 million, or $0.37 per share, for Q3 2023, and $2.9 million, or $0.51 per share, for Q4 2022. For the year ended December 31, 2023, net income was $9.7 million, compared to $10.3 million for 2022. The ROAA was 0.96% and ROAE was 12.70%, compared to 1.01% and 13.35% for the same period in 2022. Total assets increased by 4.82% to $1.05 billion. Net loans increased by 8.33% to $811.0 million. Total deposits increased by 0.91% to $928.7 million. The company repurchased 46,712 shares of its common stock in 2023.

Skyline Bankshares, Inc. announced its Q3 2023 results with net income of $2.1 million, or $0.37 per share, compared to $2.8 million, or $0.50 per share, in Q3 2022. Total assets increased to $1.02 billion, and net loans grew to $791.1 million. However, total deposits decreased to $908.1 million.