Skyline Bankshares Q3 net income falls 25% YoY to $2.1M; NIM compresses to 3.66%

Skyline Bankshares, Inc.

Net income of $2.1M ($0.37/share) vs $2.8M ($0.50) in Q3 2022; 9-month net income $7.5M ($1.35) up slightly from $7.4M ($1.32).
Net interest margin fell to 3.66% from 3.82% in Q2 2023 and 3.70% in Q3 2022, pressured by higher deposit costs.
Net loans grew 7.95% YoY to $791.1M; core loans annualized +9% in quarter; total deposits declined $37.6M YoY to $908.1M.
CEO expects continued NIM pressure from deposit competition and rising operating costs; loan growth and relationship banking remain strategic focus.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Skyline Bankshares, Inc. reported the nine months ended September 30, 2023 results: net income $7.5 million, EPS $1.35 per share.

Period: the nine months ended September 30, 2023
Net income: $7.5 million
EPS: $1.35 per share
Result: reported results

Exact text from the filing

For the nine months ended September 30, 2023, net income was $7.5 million, or $1.35 per share, compared to net income of $7.4 million, or $1.32 per share, for the nine months ended September 30, 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Skyline Bankshares, Inc. reported third quarter of 2023 results: net income $2.1 million, EPS $0.37 per share.

Period: third quarter of 2023
Net income: $2.1 million
EPS: $0.37 per share
Result: reported results

Exact text from the filing

On November 1, 2023, Skyline Bankshares, Inc. (the “Company”) issued a press release reporting its financial results for the period ended September 30, 2023. A copy of the press release is being furnished as Exhibit 99.1 to this report and is incorporated by reference into this Item 2.02.

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Skyline Bankshares, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-029751

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