Skyline Bankshares, Inc. Announces Second Quarter 2025 Results
Skyline Bankshares, Inc. – the holding company for Skyline National Bank – announced its results of operations for the second quarter of 2025.
As previously announced, the Company acquired Johnson County Bank (“JCB”) on September 1, 2024, with the Company as the surviving corporation. For accounting purposes, the Company is considered the acquiror and JCB is considered the acquiree in the transaction. As such, all information contained herein as of and for periods prior to September 1, 2024 reflects the operations of the Company prior to the merger.
The Company recorded net income of $3.8 million, or $0.68 per share, for the quarter ended June 30, 2025, compared to net income of $3.6 million, or $0.64 per share, for the first quarter of 2025 and net income of $1.8 million, or $0.33 per share, for the second quarter of 2024. For the six months ended June 30, 2025, net income was $7.4 million, or $1.32 per share, compared to net income of $3.9 million, or $0.70 per share, for the six months ended June 30, 2024. Second quarter 2025 earnings represented an annualized return on average assets (“ROAA”) of 1.21% and an annualized return on average equity (“ROAE”) of 16.01%, compared to 0.69% and 8.81%, respectively, for the same period last year. Excluding merger related expenses of $357 thousand relating to the acquisition of JCB, net income would have been $2.2 million, or $0.39 per share, for the second quarter of 2024. This would represent an annualized ROAA and ROAE of 0.82% and 10.49%, respectively, for the second quarter of 2024. Net interest margin (“NIM”) was 4.27% for the second quarter of 2025, compared to 3.72% for the second quarter of 2024.
President and CEO Blake Edwards stated, “We are very pleased with our results for the second quarter and first half of 2025. Our strong second quarter earnings, as noted above, reflect our long-term strategy of growing the Skyline franchise and creating shareholder value through branching activity, organic growth in our legacy markets, and through acquisitions such as last year’s partnership with Johnson County Bank. Solid balance sheet growth has also been a mark of the first half of 2025 with total assets growing at an annualized rate of over 10% while loans and deposits each grew at an annualized rate of almost 9%. The integration of Johnson County Bank is now complete and I’m proud of our teams and the effort they put forth to make this combination as seamless as possible for everyone involved.”