First Keystone Corporation Announces Third Quarter Dividend

Rhea-AI Summary

First Keystone Corporation (OTC PINK: FKYS) announced a quarterly cash dividend of $0.28 per share, payable on September 30, 2022, to shareholders of record as of September 8, 2022. This brings total cash dividends to $0.84 per share for 2022, reflecting a 1.20% increase compared to the previous year. As of June 30, 2022, total assets were $1.30 billion, with net loans growing by 8.4% and net interest income rising 7.2%. However, net income decreased 1.6% to $7.37 million.

Positive

• Quarterly cash dividend of $0.28 per share declared.
• Total cash dividends increase to $0.84 per share year-to-date.
• Net loans grew by 8.4% to $795.66 million.
• Net interest income rose by 7.2% to $19.24 million.

Negative

• Total assets decreased by 0.4% to $1.30 billion.
• Total deposits fell by 6.6% to $993.61 million.
• Net income decreased by 1.6% to $7.37 million.

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 September 8, 2022, payable September 30, 2022.

Total cash dividends will be $0.84 per share as of September 30, 2022, an increase of $0.01 or 1.20% per share compared to year-to-date cash dividends paid as of September 30, 2021.

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

• Assets amounted to $1,304,582,000, a decrease of 0.4%
• Total Net Loans grew 8.4% to $795,660,000
• Total Deposits were $993,608,000, a 6.6% decrease
• Net interest income increased 7.2% to $19,237,000
• Net income decreased 1.6% to $7,365,000 and 2.4% to $1.24/share
• Return on assets of 1.12%
• Return on equity of 10.66%

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/20220824005716/en/

Elaine A. Woodland at 570-752-3671

Source: First Keystone Corporation

FAQ

What is the dividend amount declared by First Keystone Corporation?

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

When will the dividend be paid?

The dividend will be payable on September 30, 2022.

What is the total cash dividend per share for 2022?

The total cash dividend per share for 2022 is $0.84.

How did net income change for First Keystone Corporation?

Net income decreased by 1.6% to $7.37 million as of June 30, 2022.

What was the percentage increase in net loans?

Net loans increased by 8.4% to $795.66 million.