First Keystone Corporation Announces Third Quarter Dividend

Rhea-AI Summary

First Keystone (OTC PINK: FKYS) has declared a $0.28 per share quarterly cash dividend, payable on October 11, 2024, to shareholders of record as of October 4, 2024. Year-to-date cash dividends total $0.84 per share, unchanged from the same period in 2023. The company reported significant growth in key financial metrics as of June 30, 2024:

- Assets increased by 8.4% to $1,418,228,000
- Total Net Loans grew 5.9% to $914,807,000
- Total Deposits rose 5.2% to $984,209,000
- Net interest income increased 3.8% to $15,476,000

However, net income decreased significantly, primarily due to a $19,133,000 goodwill impairment recognized in Q1 2024, along with increases in interest and non-interest expenses. First Keystone Community Bank continues to focus on innovative banking products and services across its operations in Columbia, Luzerne, Montour, Monroe, and Northampton counties.

Positive

• Quarterly cash dividend of $0.28 per share maintained
• Assets increased by 8.4% to $1,418,228,000
• Total Net Loans grew 5.9% to $914,807,000
• Total Deposits rose 5.2% to $984,209,000
• Net interest income increased 3.8% to $15,476,000

Negative

• Net income decreased 781.0% to $(16,997,000)
• Earnings per share decreased 775.6% to $(2.77)
• Goodwill impairment of $19,133,000 recognized in Q1 2024
• Increases in interest expense and non-interest expense

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 October 4, 2024, payable October 11, 2024.

Cash dividends amounted to $0.84 per share year-to-date as of September 30, 2024, the same as year-to-date cash dividends paid as of September 30, 2023.

During the second quarter 2024, the Corporation again achieved some record balance sheet levels. Key performance indicators and balance sheet measures at June 30, 2024 and year-to-date income statement results as of June 30, 2024 vs. the same period in 2023:

• Assets amounted to $1,418,228,000, an increase of 8.4%
• Total Net Loans grew 5.9% to $914,807,000
• Total Deposits were $984,209,000, a 5.2% increase
• Net interest income increased 3.8% to $15,476,000
• Net income decreased 781.0% to $(16,997,000) and 775.6% to $(2.77)/share. The decrease was primarily due to the Corporation recognizing goodwill impairment of $19,133,000 in the first quarter of 2024 as well as increases in interest expense and non-interest expense.

The Corporation looks forward to 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/20240920433871/en/

Elaine A. Woodland at 570-752-3671

Source: First Keystone Corporation

FAQ

What is First Keystone 's quarterly dividend for Q3 2024?

First Keystone (FKYS) declared a quarterly cash dividend of $0.28 per share for Q3 2024.

When will First Keystone pay its Q3 2024 dividend?

The Q3 2024 dividend will be paid on October 11, 2024, to shareholders of record as of October 4, 2024.

How much has First Keystone paid in dividends year-to-date as of September 30, 2024?

First Keystone has paid $0.84 per share in cash dividends year-to-date as of September 30, 2024.

What caused the significant decrease in First Keystone 's net income in 2024?

The decrease in net income was primarily due to a $19,133,000 goodwill impairment recognized in Q1 2024, as well as increases in interest and non-interest expenses.

How much did First Keystone 's (FKYS) assets grow as of June 30, 2024?

First Keystone 's assets increased by 8.4% to $1,418,228,000 as of June 30, 2024.