First Keystone Corporation Announces First Quarter Dividend

Rhea-AI Summary

First Keystone Corporation (OTC PINK: FKYS) announced a quarterly cash dividend of $0.28 per share, payable on March 31, 2022, to shareholders of record as of March 10, 2022. This dividend matches the amount paid in the first quarter of 2021. As of December 31, 2021, the company reported record assets of $1.32 billion (up 12%), net income of $14.69 million (up 24%), and total deposits of $1.08 billion (up 15%). The corporation aims to continue being a trusted partner in its communities.

Positive

• Quarterly cash dividend of $0.28 per share.
• Record assets of $1.32 billion, an increase of 12%.
• Net income rose 24% to $14.69 million.
• Total deposits increased by 15% to $1.08 billion.

Negative

• None.

BERWICK, Pa.--(BUSINESS WIRE)-- First Keystone Corporation (the “Corporation”) (OTC PINK: FKYS), parent company of First Keystone Community Bank, declared a $0.28 per share quarterly cash dividend to shareholders of record as of March 10, 2022, payable March 31, 2022.

Cash dividends amounted to $0.28 per share for the first quarter of 2022, the same amount paid in the first quarter of 2021.

During 2021, the Corporation achieved record balance sheet levels and continued increased profitability in the unprecedented economic environment. Key performance indicators at December 31, 2021 and year-to-date December 31, 2021 vs. the same period in 2020:

• Assets amounted to $1,320,350,000, an increase of 12%
• Total Net Loans grew 4% to $744,161,000
• Total Deposits reached $1,077,969,000, a 15% increase
• Net income increased 24% to $14,688,000 and 23% to $2.49/share
• Return on assets of 1.15%
• Return on equity of 9.93%

The Corporation looks forward to 2022 as being a trusted partner in the lives of our clients and the communities we serve.

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 Columbia (5), Luzerne (8), Montour (1), Monroe (4), and Northampton (1) counties.

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. Woodland at 570-752-3671.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220224006074/en/

Elaine A. Woodland

570-752-3671

Source: First Keystone Corporation

FAQ

What is the dividend amount declared by First Keystone Corporation?

First Keystone Corporation declared a quarterly cash dividend of $0.28 per share.

When will First Keystone Corporation's dividend be paid?

The dividend will be payable on March 31, 2022.

What were First Keystone Corporation's financial highlights for 2021?

In 2021, First Keystone Corporation reported record assets of $1.32 billion and a net income increase of 24% to $14.69 million.

When is the record date for the dividend payment of FKYS?

The record date for the dividend payment is March 10, 2022.