First Keystone Corporation Announces First Quarter Dividend

Rhea-AI Summary

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.

Positive

• First Keystone Corporation declares a $0.28 per share quarterly cash dividend.
• Total assets increase by 6.5% to $1,415,870,000.
• Net loans grow by 6.3% to $904,153,000.
• Total deposits decrease by 1.3% to $980,439,000.
• Net interest income decreases by 22.4% to $29,116,000.
• Net income decreases by 60.4% to $5,560,000.
• Return on assets is 0.42% and return on equity is 4.55%.
• First Keystone Community Bank aims to be the financial services provider of choice in 2024.

Negative

• Net income decreased significantly by 60.4% compared to the previous year.
• Total deposits experienced a 1.3% decrease.
• Net interest income declined by 22.4%.
• Return on assets and return on equity percentages are relatively low.
• Financial information in the announcement is subject to change due to subsequent events.

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 14, 2024, payable March 28, 2024.

Cash dividends amounted to $0.28 per share for the first quarter of 2024, the same amount paid in the first quarter of 2023.

During the fourth quarter 2023, the Corporation again achieved some record balance sheet levels and continued profitability. Key performance indicators and balance sheet measures at December 31, 2023 and year-to-date income statement results as of December 31, 2023 vs. the same period in 2022:

• Assets amounted to $1,415,870,000, an increase of 6.5%
• Total Net Loans grew 6.3% to $904,153,000
• Total Deposits were $980,439,000, a 1.3% decrease
• Net interest income decreased 22.4% to $29,116,000
• Net income decreased 60.4% to $5,560,000 and 61.3% to $0.91/share
• Return on assets of 0.42%
• Return on equity of 4.55%

The Corporation looks forward to 2024 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/20240306570790/en/

Elaine A. Woodland, 570-752-3671

Source: First Keystone Corporation

FAQ

What is the quarterly cash dividend declared by First Keystone Corporation (FKYS)?

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

How much did total assets increase by for First Keystone Corporation (FKYS)?

Total assets increased by 6.5% to $1,415,870,000.

What was the change in net income for First Keystone Corporation (FKYS) compared to the previous year?

Net income decreased by 60.4% to $5,560,000.

What are the return on assets and return on equity percentages for First Keystone Corporation (FKYS)?

The return on assets is 0.42% and the return on equity is 4.55%.