First Keystone Corporation Announces First Quarter Dividend

Rhea-AI Summary

First Keystone Corporation (OTC PINK: FKYS) declared a quarterly cash dividend of $0.28 per share, payable on March 31, 2023, to shareholders of record as of March 16, 2023. This marks no change from the first quarter of 2022. The company reported a year-end balance sheet as of December 31, 2022, with total assets at $1,329,194,000 (up 0.7%) and net loans jumping 14.2% to $850,195,000. However, net income fell by 4.5% to $14,024,000, and earnings per share decreased to $2.35. The corporation aims to be the preferred financial services provider in its community.

Positive

• Total assets increased to $1,329,194,000, up 0.7%.
• Net loans grew 14.2% to $850,195,000.
• Cash dividends remain stable at $0.28 per share.

Negative

• Net income decreased 4.5% to $14,024,000.
• Earnings per share decreased to $2.35.
• Total deposits fell by 7.8% to $993,499,000.

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 16, 2023, payable March 31, 2023.

Cash dividends amounted to $0.28 per share for the first quarter of 2023, the same amount paid in the first quarter of 2022.

During the fourth quarter 2022, the Corporation again achieved some record balance sheet levels and continued profitability. Key performance indicators and balance sheet measures at December 31, 2022 and year-to-date income statement results as of December 31, 2022 vs. the same period in 2021:

• Assets amounted to $1,329,194,000, an increase of 0.7%
• Total Net Loans grew 14.2% to $850,195,000
• Total Deposits were $993,499,000, a 7.8% decrease
• Net interest income increased 1.6% to $37,500,000
• Net income decreased 4.5% to $14,024,000 and 5.6% to $2.35/share
• Return on assets of 1.07%
• Return on equity of 10.75%

The Corporation looks forward to 2023 as being the financial services provider of choice to our customers 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/20230303005364/en/

Elaine A. Woodland, 570-752-3671

Source: First Keystone Corporation

FAQ

What is the dividend payment date for FKYS?

The quarterly cash dividend for FKYS is payable on March 31, 2023.

How much is the dividend for FKYS in 2023?

The dividend for FKYS in 2023 is $0.28 per share.

What were FKYS's total assets as of December 31, 2022?

FKYS reported total assets of $1,329,194,000 as of December 31, 2022.

How did FKYS's net income change in 2022?

FKYS's net income decreased by 4.5% to $14,024,000 in 2022.