First Keystone Corporation Announces Fourth Quarter and Special Dividends

Rhea-AI Summary

First Keystone Corporation (OTC PINK: FKYS) has announced a quarterly cash dividend of $0.28 per share, along with a special dividend of $0.01 per share, totaling $0.29 per share for Q4 2021. This reflects a 7% increase from the previous year's quarterly cash dividend of $0.27. As of September 30, 2021, the Corporation reported assets of $1.39 billion, net income of $11.51 million (up 34%), and a return on equity of 10.39%. These figures indicate robust financial health despite pandemic challenges.

Positive

• Quarterly cash dividend increased to $0.28, 7% rise from last year.
• Total net income rose 34% to $11.51 million.
• Total assets reached $1.39 billion, a 22% increase.
• Return on equity improved to 10.39%.

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 and a $0.01 per share special dividend to shareholders of record as of December 9, 2021, payable December 31, 2021.

Quarterly cash dividends and the special cash dividend amounted to a total of $0.29 per share for the fourth quarter of 2021, as compared to the quarterly cash dividend per share of $0.27 paid in the fourth quarter of 2020, an increase of 7%.

During 2021, the Corporation achieved record balance sheet levels and continued increased profitability even with challenges presented as a result of the pandemic. Key performance indicators at September 30, 2021 and year-to-date September 30, 2021 vs. the same period in 2020:

• Assets reached a high of $1,389,939,000, an increase of 22%
• Total Net Loans grew 7% to $748,497,000
• Total Deposits reached $1,145,504,000, a 25% increase
• Net income increased 34% to $11,506,000 and 33% to $1.95/share
• Return on assets of 1.22%
• Return on equity of 10.39%

The Corporation is honored to be a trusted partner in the lives of our customers and the communities we serve, and would like to take this opportunity to return a portion of our financial success to our valued shareholders.

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. 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/20211124006257/en/

First Keystone Corporation

Elaine A. Woodland, 570-752-3671

Source: First Keystone Corporation

FAQ

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

First Keystone Corporation declared a cash dividend of $0.28 per share and a special dividend of $0.01 per share.

When is the dividend payment date for FKYS shareholders?

The dividend payment date is set for December 31, 2021.

What were the key financial metrics for FKYS as of September 30, 2021?

As of September 30, 2021, FKYS reported assets of $1.39 billion and a net income of $11.51 million.

How much did FKYS's total deposits increase in 2021?

Total deposits increased by 25% to $1.15 billion in 2021.