First Keystone Announces Third Quarter 2024 Earnings (Unaudited)
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) ha riportato risultati finanziari misti per il terzo trimestre del 2024. Il reddito totale da interessi è aumentato di $11.6M (28.1%), grazie a tassi di interesse più alti e alla crescita dei prestiti immobiliari commerciali. Tuttavia, le spese per interessi sono aumentate di $9.8M (50.3%). L'azienda ha registrato una perdita netta di $15.5M, principalmente a causa di un onere per impairment di avviamento di $19.1M. Gli attivi totali sono cresciuti del 9% a $1.44B, con i titoli aumentati del 22.2% e i prestiti netti in aumento del 6.1%. I depositi sono aumentati del 2.8% a $27.6M, mentre il patrimonio netto degli azionisti è diminuito del 6.7% a causa dell'impairment dell'avviamento e dei pagamenti dei dividendi.
First Keystone (OTC Pink: FKYS) reportó resultados financieros mixtos para el tercer trimestre de 2024. Los ingresos totales por intereses aumentaron en $11.6M (28.1%), impulsados por tasas de interés más altas y el crecimiento de los préstamos inmobiliarios comerciales. Sin embargo, los gastos por intereses se incrementaron en $9.8M (50.3%). La compañía registró una pérdida neta de $15.5M, principalmente debido a un cargo por deterioro de buena voluntad de $19.1M. Los activos totales crecieron un 9% hasta $1.44B, con valores valores aumentados un 22.2% y préstamos netos en aumento del 6.1%. Los depósitos crecieron un 2.8% hasta $27.6M, mientras que el patrimonio neto de los accionistas disminuyó un 6.7% debido al deterioro de buena voluntad y los pagos de dividendos.
퍼스트 키스톤 (OTC Pink: FKYS)은 2024년 3분기 혼합된 재무 결과를 보고했습니다. 총 이자 수익은 $11.6M (28.1%) 증가했으며, 이는 높은 이자율과 상업용 부동산 대출의 증가에 기인합니다. 그러나 이자 비용은 $9.8M (50.3%) 증가했습니다. 회사는 $15.5M의 순손실을 기록했으며, 이는 주로 $19.1M의 영업권 손상 비용 때문입니다. 총 자산은 9% 증가하여 $1.44B에 달했으며, 증권은 22.2% 증가하고 순 대출은 6.1% 증가했습니다. 예금은 2.8% 증가하여 $27.6M에 이르렀고, 주주 자본은 영업권 손상과 배당금 지급으로 인해 6.7% 감소했습니다.
First Keystone (OTC Pink: FKYS) a annoncé des résultats financiers mitigés pour le troisième trimestre de 2024. Les revenus d'intérêts totaux ont augmenté de 11,6 millions de dollars (28,1 %), grâce à des taux d'intérêt plus élevés et à la croissance des prêts immobiliers commerciaux. Cependant, les frais d'intérêt ont augmenté de 9,8 millions de dollars (50,3 %). L'entreprise a enregistré une perte nette de 15,5 millions de dollars, principalement en raison d'une charge de dépréciation du goodwill de 19,1 millions de dollars. Les actifs totaux ont crû de 9 % pour atteindre 1,44 milliard de dollars, avec une augmentation de 22,2 % des titres et une hausse des prêts nets de 6,1 %. Les dépôts ont augmenté de 2,8 % pour atteindre 27,6 millions de dollars, tandis que les capitaux propres des actionnaires ont diminué de 6,7 % en raison de la dépréciation du goodwill et des paiements de dividendes.
First Keystone (OTC Pink: FKYS) hat gemischte finanzielle Ergebnisse für das 3. Quartal 2024 gemeldet. Die gesamten Zinserträge stiegen um $11.6M (28.1%), bedingt durch höhere Zinssätze und das Wachstum von gewerblichen Immobilienkrediten. Die Zinsaufwendungen hingegen stiegen um $9.8M (50.3%). Das Unternehmen verzeichnete einen Nettoverlust von $15.5M, hauptsächlich aufgrund eines Abschreibungsaufwands von $19.1M auf den Goodwill. Die Gesamtsumme der Vermögenswerte wuchs um 9% auf $1.44B, mit einem Anstieg der Wertpapiere um 22.2% und einem Anstieg der Nettokredite um 6.1%. Die Einlagen stiegen um 2.8% auf $27.6M, während das Eigenkapital der Aktionäre aufgrund der Goodwill-Abschreibung und der Dividendenzahlungen um 6.7% zurückging.
- Total interest income increased by $11.6M (28.1%)
- Total assets grew 9% to $1.44B
- Securities and restricted stocks increased by $75.7M (22.2%)
- Net loans grew by $53.3M (6.1%)
- Deposits increased by $27.6M (2.8%)
- Net loss of $15.5M for the nine months ended September 30, 2024
- Goodwill impairment charge of $19.1M
- Interest expense increased by $9.8M (50.3%)
- Stockholders' equity decreased by $7.7M (6.7%)
- Provision for credit losses increased by $1.8M
Non-interest income increased by
Non-interest expense increased during the nine months ended September 30, 2024 to
Income tax decreased
Net loss for the nine months ended September 30, 2024 was
Total Assets increased to
Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s consolidated financial statements when filed with the Securities and Exchange Commission (“SEC”). Accordingly, the financial information in this announcement is subject to change.
First Keystone Community Bank provides innovative business and personal banking products that focus on “Yesterday’s Traditions. Tomorrow’s Vision.” The Bank currently operates offices in
Inquiries regarding the purchase of the Corporation’s stock may be made through the following brokers: RBC Dain Rauscher, 800-223-4207; Janney Montgomery Scott, Inc., 800-526-6397; Boenning & Scattergood, Inc., 800-883-1212; and Stifel Nicolaus & Co. Inc., 800-679-5446.
Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include operating, legal and regulatory risks, changing economic and competitive conditions and other risks and uncertainties.
For more information on First Keystone Community Bank or its parent company, First Keystone Corporation, please contact Elaine A.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031965712/en/
Elaine A.
570-752-3671
Source: First Keystone Corporation
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