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First Keystone Corporation (FKYS) is a prominent financial holding company headquartered in Berwick, Pennsylvania. Established in 1864, the company operates through its wholly-owned subsidiary, First Keystone Community Bank. The bank provides a wide range of financial services, including personal and business banking, loans, mortgages, and investment services.
First Keystone Community Bank serves its customers through multiple branches located across Pennsylvania. The bank is known for its personalized customer service and a strong community presence. They offer innovative banking solutions such as online banking, mobile banking, and remote deposit capture to meet the evolving needs of their clients.
In recent years, First Keystone Corporation has shown solid financial performance with steady revenue growth and reliable dividend payouts to its shareholders. The bank's prudent risk management and robust capital base have enabled it to navigate economic challenges effectively.
Among its noteworthy achievements, First Keystone Corporation has received multiple awards for its community involvement and customer satisfaction. The company is actively engaged in various community development projects and partnerships, reflecting its commitment to social responsibility.
Current projects include expanding their digital banking capabilities and exploring new markets to foster business growth. With a focus on sustainable development, First Keystone Corporation aims to enhance its service offerings while maintaining financial stability.
First Keystone (OTC Pink: FKYS) reported mixed financial results for Q3 2024. Total interest income increased by $11.6M (28.1%), driven by higher interest rates and commercial real estate loan growth. However, interest expenses rose by $9.8M (50.3%). The company recorded a net loss of $15.5M, primarily due to a $19.1M goodwill impairment charge. Total assets grew 9% to $1.44B, with securities up 22.2% and net loans increasing 6.1%. Deposits rose 2.8% to $27.6M, while stockholders' equity decreased 6.7% due to goodwill impairment and dividend payments.
First Keystone (OTC PINK: FKYS) has declared a $0.28 per share quarterly cash dividend, payable on October 11, 2024, to shareholders of record as of October 4, 2024. Year-to-date cash dividends total $0.84 per share, unchanged from the same period in 2023. The company reported significant growth in key financial metrics as of June 30, 2024:
- Assets increased by 8.4% to $1,418,228,000
- Total Net Loans grew 5.9% to $914,807,000
- Total Deposits rose 5.2% to $984,209,000
- Net interest income increased 3.8% to $15,476,000
However, net income decreased significantly, primarily due to a $19,133,000 goodwill impairment recognized in Q1 2024, along with increases in interest and non-interest expenses. First Keystone Community Bank continues to focus on innovative banking products and services across its operations in Columbia, Luzerne, Montour, Monroe, and Northampton counties.
First Keystone (OTC Pink: FKYS) reported a net loss of $16,997,000 for the six months ended June 30, 2024, with a net loss per share of $2.77. The significant decrease in net income, compared to the same period in 2023, was primarily due to a $19,133,000 goodwill impairment charge in Q1 2024. Total interest income increased by 28.1%, while interest expense rose due to higher rates paid to depositors and increased borrowings. The provision for credit losses increased by $740,000. Total assets grew by 8.4% to $1,418,228,000, with increases in securities, loans, and deposits. Stockholders' equity decreased by 16.6% due to the goodwill impairment and market value changes in securities and derivative portfolios.
First Keystone (OTC Pink: FKYS) reported a net loss of $18,377,000 for Q2 2024, translating to a $3.00 net loss per share. Dividends were $0.28 per share. This represents a decrease in net income of $19,734,000 compared to Q2 2023, primarily due to a $19,133,000 goodwill impairment and increased interest and non-interest expenses. Total interest income rose by $3,639,000 (27.3%), driven by higher interest rates and growth in commercial real estate loans. Interest expenses also increased by $3,968,000 due to higher market rates and long-term borrowings. Non-interest income dropped by $108,000 (7.4%), and non-interest expenses surged to $27,145,000, largely due to the goodwill impairment. Despite these challenges, total assets reached $1,409,698,000, a 7.6% increase from the previous year. Deposits grew by $33,736,000 (3.6%), while stockholders' equity decreased by $21,315,000 (17.0%).
First Keystone (FKYS), the parent company of First Keystone Community Bank, announced a non-cash goodwill impairment of approximately $19.1 million as of March 31, 2024, due to a decrease in its stock price. This impairment does not affect regulatory capital ratios, liquidity, or cash balances.
The company also declared a $0.28 per share quarterly cash dividend, payable on June 28, 2024, to shareholders of record as of June 13, 2024. The dividend amount is unchanged from the same quarter last year.
The impairment stems from the acquisition of Pocono Community Bank in 2007 and assets in Danville, Pennsylvania, in 2004. First Keystone plans to file its Q1 2024 Form 10-Q promptly.
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