First Keystone Corporation Announces Fourth Quarter Dividend

Rhea-AI Summary

First Keystone Corporation (OTC PINK: FKYS) announced a quarterly cash dividend of $0.28 per share for shareholders of record by December 8, 2022, payable on December 30, 2022. Total cash dividends for 2022 will be $1.12 per share, matching the previous year. As of September 30, 2022, the Corporation reported total assets of $1.32 billion (down 4.7%), total net loans of $836.46 million (up 11.8%), and net income of $10.87 million (down 5.5%). Return on assets and equity stood at 1.10% and 10.74%, respectively.

Positive

• Quarterly cash dividend of $0.28 per share signifies continued shareholder returns.
• Total net loans increased by 11.8% to $836.46 million, indicating robust lending activity.
• Net interest income rose by 5.0% to $28.76 million, showcasing improved profitability.

Negative

• Total assets decreased by 4.7% to $1.32 billion, suggesting potential liquidity concerns.
• Net income fell by 5.5% to $10.87 million, reflecting challenges in profitability.

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 December 8, 2022, payable December 30, 2022.

Total cash dividends will be $1.12 per share as of December 31, 2022, the same amount paid for the period ending December 31, 2021.

During the third quarter 2022, the Corporation again achieved some record balance sheet levels and continued profitability. Key performance indicators and balance sheet measures at September 30, 2022 and year-to-date income statement results as of September 30, 2022 vs. the same period in 2021:

• Assets amounted to $1,324,250,000, a decrease of 4.7%
• Total Net Loans grew 11.8% to $836,464,000
• Total Deposits were $1,058,309,000, a 7.6% decrease
• Net interest income increased 5.0% to $28,756,000
• Net income decreased 5.5% to $10,869,000 and 6.7% to $1.82/share
• Return on assets of 1.10%
• Return on equity of 10.74%

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/20221128005668/en/

Elaine A. Woodland

570-752-3671

Source: First Keystone Corporation

FAQ

What is the dividend payout for First Keystone Corporation in 2022?

First Keystone Corporation declared a dividend of $0.28 per share, totaling $1.12 for the year.

When will the dividend be paid to shareholders of First Keystone Corporation?

The dividend will be payable on December 30, 2022, to shareholders who are on record by December 8, 2022.

What were the total assets of First Keystone Corporation as of September 30, 2022?

The total assets amounted to $1.32 billion as of September 30, 2022.

How did the net income of First Keystone Corporation change in 2022?

Net income decreased by 5.5% to $10.87 million by September 30, 2022, compared to the previous year.