First Keystone Corporation Announces Second Quarter Dividend

Rhea-AI Summary

First Keystone Corporation (OTC PINK: FKYS) has declared a quarterly cash dividend of $0.28 per share for shareholders recorded by June 9, 2022, payable on June 30, 2022. This brings total cash dividends to $0.56 per share, marking a 1.82% increase compared to the previous year. As of March 31, 2022, significant growth was reported, with assets at $1.297 billion (up 6.7%) and total deposits at $1.045 billion (up 6.9%). However, net income decreased by 8.6% to $3.54 million.

Positive

• Quarterly dividend of $0.28 per share indicates shareholder return.
• Total dividends increased by 1.82% year-over-year.
• Asset growth of 6.7% to $1.297 billion reflects strong balance sheet.
• Total net loans rose by 7.7% to $770.09 million.

Negative

• Net income decreased by 8.6% to $3.54 million.
• Earnings per share declined by 9.1% to $0.60.

BERWICK, Penn.--(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 June 9, 2022, payable June 30, 2022.

Total cash dividends will be $0.56 per share as of June 30, 2022, an increase of $0.01 or 1.82% per share compared to year-to-date cash dividends paid as of June 30, 2021.

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

• Assets amounted to $1,297,087,000, an increase of 6.7%
• Total Net Loans grew 7.7% to $770,091,000
• Total Deposits reached $1,045,477,000, a 6.9% increase
• Net income decreased 8.6% to $3,543,000 and 9.1% to $0.60/share
• Return on assets of 1.07%
• Return on equity of 9.73%

The Corporation looks forward to 2022 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/20220526005681/en/

Elaine A. Woodland

570-752-3671

Source: First Keystone Corporation

FAQ

What is the dividend amount for First Keystone Corporation?

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

When is the dividend payable for FKYS?

The dividend is payable on June 30, 2022.

What was the net income of First Keystone Corporation as of March 31, 2022?

The net income as of March 31, 2022, was $3.54 million, an 8.6% decrease year-over-year.

How much did total assets grow for First Keystone Corporation?

Total assets grew by 6.7% to $1.297 billion as of March 31, 2022.

What are the total cash dividends declared by FKYS for 2022?

Total cash dividends declared by FKYS for 2022 amount to $0.56 per share.