First Keystone Corporation Announces First Quarter and Special Dividends

Rhea-AI Summary

First Keystone Corporation (OTC PINK: FKYS) declared a $0.27 quarterly cash dividend and a $0.01 special dividend for shareholders of record as of March 11, 2021, totaling $0.28 per share. This is an increase from the previous year's $0.27 quarterly dividend. For 2020, the Corporation achieved record levels with assets of $1.18 billion, up 17.1%, net income increasing 15.7% to $11.84 million, and total deposits growing 23.1% to $937.49 million.

Positive

• Quarterly cash dividend of $0.27 and special dividend of $0.01 enhances shareholder income.
• Total deposits grew by 23.1% to $937.49 million, indicating strong customer trust.
• Net income increased 15.7% to $11.84 million, reflecting solid profitability.

Negative

• None.

First Keystone Corporation (the “Corporation”) (OTC PINK: FKYS), parent company of First Keystone Community Bank, declared a $0.27 per share quarterly cash dividend and a $0.01 per share special dividend to shareholders of record as of March 11, 2021, payable March 31, 2021.

Quarterly cash dividends and the special cash dividend amounted to a total of $0.28 per share for the first quarter of 2021, as compared to the quarterly cash dividend per share of $0.27 paid in the first quarter of 2020.

During 2020, the Corporation achieved record balance sheet levels and continued increased profitability even with environmental challenges as a result of the pandemic. Key performance indicators at December 31, 2020 and year-to-date December 31, 2020 vs. the same period in 2019:

• Assets reached a high of $1,179,047,000, an increase of 17.1%
• Total Net Loans grew 11.2% to $712,677,000
• Total Deposits reached $937,488,000, a 23.1% increase
• Net income increased 15.7% to $11,837,000 and 14.7% to $2.03/share
• Return on assets of 1.09%
• Return on equity of 8.61%

The Corporation looks forward to 2021 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/20210226005666/en/

FAQ

What is the dividend amount declared by FKYS?

FKYS declared a quarterly dividend of $0.27 per share and a special dividend of $0.01, totaling $0.28 per share.

What is the payment date for FKYS dividends?

The dividends are payable on March 31, 2021.

How much did FKYS net income increase in 2020?

FKYS's net income increased by 15.7% to $11.84 million in 2020.

What were FKYS's total assets as of December 31, 2020?

Total assets for FKYS reached $1.18 billion, an increase of 17.1% compared to the previous year.