First Keystone Corporation Announces Second Quarter Dividend

Rhea-AI Summary

First Keystone Corporation (OTC PINK: FKYS) announced a quarterly cash dividend of $0.27 per share, payable on June 30, 2021, to shareholders on record as of June 10, 2021. YTD total cash dividends now total $0.55, up 1.85% from the previous year. As of March 31, 2021, the company reported record assets of $1,215,521,000, up 18.3%, and net income rose 88.9% to $3,878,000, with a return on assets of 1.30% and equity of 11.60%.

Positive

• Quarterly cash dividend of $0.27 per share.
• YTD cash dividends increased by 1.85% compared to 2020.
• Record assets of $1,215,521,000, an increase of 18.3%.
• Net income rose by 88.9% to $3,878,000.
• Net income per share increased by 88.6% to $0.66.

Negative

• None.

First Keystone Corporation (OTC PINK: FKYS), parent company of First Keystone Community Bank, declared a $0.27 per share quarterly cash dividend to shareholders of record as of June 10, 2021, payable June 30, 2021.

Total cash dividends year-to-date per share will be $0.55 as of June 30, 2021, an increase of $0.01 or 1.85% per share compared to year-to-date cash dividends paid as of June 30, 2020.

During the first quarter 2021, the Corporation achieved record balance sheet levels and continued increased profitability. Key performance indicators and balance sheet measures at March 31, 2021 and year-to-date income statement results as of March 31, 2021 vs. the same period in 2020:

• Assets reached a high of $1,215,521,000, an increase of 18.3%
• Total Net Loans grew 9.25% to $714,942,000
• Total Deposits reached $977,857,000, a 33.1% increase
• Net income increased 88.9% to $3,878,000 while net income per share increased 88.6% to $0.66/share
• Return on assets of 1.30%
• Return on equity of 11.60%

The Corporation looks forward to being a trusted partner in the lives of our clients and the communities we serve in 2021 and beyond.

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/20210602005977/en/

FAQ

What is the dividend amount declared by First Keystone Corporation in 2021?

First Keystone Corporation declared a quarterly cash dividend of $0.27 per share.

When is the dividend payment date for FKYS shareholders?

The dividend payment date for FKYS shareholders is June 30, 2021.

How much were the total cash dividends per share for FKYS in 2021?

The total cash dividends per share for FKYS year-to-date as of June 30, 2021, is $0.55.

What was the net income for FKYS in the first quarter of 2021?

In the first quarter of 2021, FKYS reported a net income of $3,878,000.