FIRST KEYSTONE CORP - FKYS STOCK NEWS

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.

First Keystone Corporation (FKYS) announces a $0.28 per share quarterly cash dividend, with positive balance sheet growth but declining net income. Key performance indicators show mixed results compared to the previous year.

First Keystone Corporation (FKYS) reported a net income of $5,560,000 for the year ended December 31, 2023, with a decrease of 60.4% compared to 2022. Total interest income increased by 22.8%, but interest expense rose by 37.3%. Non-interest income increased by 15.5%, and non-interest expenses increased by 9.2%. Total assets increased by 6.5%, and deposits decreased by 1.3%. Stockholders’ equity increased by 1.0%. The Corporation has also experienced a shift from transactional deposits to term deposits.

First Keystone Corporation (FKYS) declares a $0.28 per share quarterly cash dividend, achieving record balance sheet levels and continued profitability. Interest income increased by 22.5% to $41,195,000, with total net loans growing by 4.5%. However, net income decreased by 65.2% to $3,779,000, and net interest income decreased by 24.2% to $21,796,000.

First Keystone Corporation, parent company of First Keystone Community Bank, reported a net income of $3,779,000 for the nine months ended September 30, 2023. Net income per share was $0.62 while dividends totaled $0.84 per share. Net income decreased by 65.2% compared to the same period in 2022 due to increases in interest expense and non-interest expense. Total interest income increased by 22.5% while total interest expense increased by $14,518,000. Non-interest income increased by 1.6%. Non-interest expense increased by 12.7%. Total assets decreased by 0.3% and deposits decreased by 6.2%. Stockholders' equity decreased by 0.3%.