First Keystone Corporation Announces Third Quarter Dividend

Rhea-AI Summary

First Keystone Corporation declares $0.28 per share quarterly cash dividend, achieved record balance sheet levels and continued profitability in Q2 2023.

Positive

• Record balance sheet levels and continued profitability in Q2 2023

Negative

• Net interest income decreased 22.5% to $14,912,000
• Net income decreased 66.1% to $2,496,000 and 66.9% to $0.41/share

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 7, 2023, payable September 29, 2023.

Total cash dividends will be $0.84 per share as of September 30, 2023, the same as year-to-date cash dividends paid as of September 30, 2022.

During the second quarter 2023, the Corporation again achieved some record balance sheet levels and continued profitability. Key performance indicators and balance sheet measures at June 30, 2023 and year-to-date income statement results as of June 30, 2023 vs. the same period in 2022:

• Assets amounted to $1,307,899,000, a decrease of 0.3%
• Total Net Loans grew 8.6% to $864,082,000
• Total Deposits were $935,841,000, a 5.8% decrease
• Net interest income decreased 22.5% to $14,912,000
• Net income decreased 66.1% to $2,496,000 and 66.9% to $0.41/share
• Return on assets of 0.38%
• Return on equity of 3.99%

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/20230907505009/en/

Elaine A. Woodland

570-752-3671

Source: First Keystone Corporation