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First Keystone (OTC: FKYS) revises 2025 results after higher credit losses

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8-K/A

Rhea-AI Filing Summary

First Keystone Corporation amended its previously reported 2025 results to reflect higher credit loss provisions and related adjustments. Revised figures show total interest income up $5,777,000 or 8.1% versus 2024, driven mainly by growth in commercial real estate loans, while total interest expense rose $405,000 or 1.0%.

The provision for credit losses increased by $3,061,000 year over year due to two large charge-offs and a significant commercial real estate loan moving to non-accrual in the fourth quarter of 2025, which the company describes as isolated events. Non-interest income grew $626,000 or 9.3%, helped by $255,000 of life insurance death benefit proceeds and higher mortgage sale gains and card fees.

Non-interest expense fell $16,670,000 or 33.0%, largely because 2024 included a non-cash goodwill impairment charge of $19,133,000. Net income for 2025 is now $6,152,000, or $0.99 per share, with dividends of $1.12 per share. Total assets reached $1,530,977,000 and deposits grew $91,557,000, with a notable shift from transactional deposits into retail CDs.

Positive

  • None.

Negative

  • Material downward revision to 2025 earnings: Net income is now $6,152,000 or $0.99 per share, lower than previously reported, mainly due to a much higher provision for credit losses driven by two large charge-offs and a significant commercial real estate loan moving to non-accrual.

Insights

Amended results lower 2025 earnings and highlight concentrated credit events.

First Keystone revised its 2025 earnings, cutting net income from the previously reported figure to $6,152,000, or $0.99 per share. The key driver is a higher provision for credit losses, up $3,061,000 year over year, tied to two large charge-offs and one significant commercial real estate loan placed on non-accrual.

The amendment also trims interest income and slightly adjusts non-interest income and expenses, but the main change is credit quality cost. Management characterizes the affected loans as isolated and notes strong growth in commercial real estate lending and deposits, with assets rising to $1,530,977,000 and deposits up $91,557,000 as of December 31, 2025.

Despite the downward earnings revision, profitability rebounded sharply from 2024, which included a $19,133,000 goodwill impairment. Future disclosures in company filings may clarify whether similar credit events recur or remain one-off, especially around commercial real estate exposures.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Total interest income increase $5,777,000 or 8.1% Increase versus year ended December 31, 2024
Provision for credit losses increase $3,061,000 Increase versus year ended December 31, 2024
Net income $6,152,000 Year ended December 31, 2025, revised
Earnings and dividends per share $0.99 EPS, $1.12 dividends Year ended December 31, 2025
Total assets $1,530,977,000 As of December 31, 2025, up $102,394,000 or 7.2%
Deposits growth $91,557,000 or 8.8% Increase at December 31, 2025 versus December 31, 2024
Goodwill impairment $19,133,000 Non-cash charge recorded in first quarter of 2024
Non-interest expense change -$16,670,000 or -33.0% Decrease versus year ended December 31, 2024
provision for credit losses financial
"The provision for credit losses increased by $3,061,000 as compared to the year ended December 31, 2024"
Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.
non-accrual financial
"movement to non-accrual of a significant commercial real estate loan completed during the fourth quarter of 2025"
A non-accrual loan or asset is one for which a lender has stopped counting expected interest as income because the borrower is very late on payments or in serious financial trouble. For investors, non-accruals signal that future cash from interest is uncertain and that the lender may need to write down the loan’s value or set aside extra reserves, similar to a landlord who stops recording rent when a tenant stops paying.
goodwill valuation impairment charge financial
"a full, non-cash, goodwill valuation impairment charge of $19,133,000 completed during the first quarter of 2024"
accumulated other comprehensive loss financial
"an improvement of $6,177,000 in accumulated other comprehensive loss as a result of market value improvement"
Accumulated other comprehensive loss is the running negative total of certain gains and losses that companies record outside their regular profit-and-loss statement, such as changes in the value of some investments, pension adjustments, or currency translation effects. It matters to investors because it reduces shareholders’ equity and reveals economic swings that haven’t affected reported net income yet — like a side ledger showing pending ups and downs that could influence future cash flow or balance-sheet strength.
mark-to-market adjustment financial
"as a result of changes in the mark-to-market adjustment on held equity securities"
brokered CDs financial
"an increase of $1,226,000 in expense related to brokered CDs offset by a decrease of $2,153,000"
Total interest income increase $5,777,000 8.1% vs 2024
Net income $6,152,000 $19,355,000 increase vs 2024
Earnings per share $0.99
Non-interest income change $626,000 9.3% increase vs 2024
Non-interest expense change -$16,670,000 -33.0% vs 2024
Total assets $1,530,977,000 $102,394,000 or 7.2% increase vs 2024
Understanding 8-K Material Events →
PA0000737875false00007378752026-01-302026-01-30

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K/A

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CURRENT REPORT

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PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

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Date of Report (Date of earliest reported): January 30, 2026

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FIRST KEYSTONE CORPORATION

(Exact name of registrant as specified in its Charter)

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PENNSYLVANIA

000-21344

23-2249083

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.

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111 West Front Street, Berwick, Pennsylvania

18603

(Address of principal executive offices)

(Zip Code)

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Registrant's telephone number, including area code: (570) 752-3671

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock

FKYS

OTCID

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EXPLANATORY NOTE

On January 30, 2026, First Keystone Corporation (the “Corporation”) filed a Current Report on Form 8-K (the “Original Form 8-K”) to report Corporation’s unaudited financial results at and for the quarter and year ended December 31, 2025. The Corporation is now filing this Amendment to the Original Form 8-K in order to amend the financial information furnished in Exhibit 99.1 to the Original Form 8-K to give effect to adjustments to the Corporation’s allowance for credit losses and related entries made subsequent to year-end.

ITEM 2.02.    RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On January 30, 2026, the Corporation filed the Original Form 8-K in which it furnished a copy of a press release announcing the Corporation’s unaudited financial results at and for the quarter and year ended December 31, 2025 (the “Original Press Release”). The Corporation is now filing this Amendment to furnish a revised press release (the “Revised Press Release”) to give effect to adjustments to the Corporation’s allowance for credit losses and related entries made subsequent to 2025 year-end.

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The Original Press Release reported total interest income of $5,843,000, an increase of 8.2% from 2024 year-end. The Revised Press Release reports total interest income of $5,777,000, an increase of 8.1% from December 31, 2024.

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The Original Press Release reported the provision for credit losses at an increase of $1,273,000 as compared to the year ended December 31, 2024 mainly due to a large charge-off that was completed during the fourth quarter of 2025. The Revised Press Release reports the provision for credit losses at an increase of $3,601,000 as compared to December 31, 2024 mainly due to two larger charge-offs and the movement to non-accrual of a significant commercial real estate loan completed during the fourth quarter of 2025.

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The Original Press Release reported non-interest income at an increase of $627,000 or 9.4% from December 31, 2024. The Revised Press Release reports non-interest income at an increase of $626,000 or 9.3% from 2024 year-end.

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The Original Press Release reported non-interest expense at a decrease of $16,678,000 or 32.8% from 2024. The Revised Press Release reports non-interest expense at a decrease of $16,670,000 or 33.0% from 2024 year-end.

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The Original Press Release reported income tax expense increasing $645,000 during the year ended December 31, 2025. The Revised Press Release reports income tax expense increasing $252,000 during the year ended December 31, 2025.

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The Original Press Release reported net income of $7,622,000 for the year ended December 31, 2025 or $1.22 per share, an increase of $20,825,000 from 2024 year-end. The Revised Press Release reports net income of $6,152,000 for the year ended December 31, 2025 or $0.99 per share, an increase of $19,355,000 from 2024 year-end.

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The Original Press Release reported total assets of $1,532,439,000, an increase of $103,856,000 or 7.3% from December 31, 2024. The Revised Press Release reports total assets of $1,530,977,000, an increase of $102,394,000 or 7.2% from December 31, 2024.

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The Original Press Release reported total stockholders’ equity as increasing $7,748,000 or 7.3% from December 31, 2024 mainly due to an improvement of $6,177,000 in accumulated other comprehensive loss as a result of market value improvement in the current interest rate environment and a $649,000 increase in retained earnings. The Revised Press Release reports total stockholders’ equity as increasing $6,278,000 or 5.9% from December 31, 2024 mainly due to an improvement of $6,177,000 in accumulated other comprehensive loss as a result of market value improvement in the current interest rate environment.

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The Revised Press Release is attached as Exhibit 99.1 to this report and incorporated herein by reference. The information in Exhibit 99.1 shall not be deemed as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

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ITEM 9.01.    FINANCIAL STATEMENTS AND EXHIBITS

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(a)    Not applicable

(b)    Not applicable

(c)    Not applicable

(d)    Exhibits

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Exhibit No.

Description

99.1

Press Release of First Keystone Corporation dated March 30, 2026.

104

Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).

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Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.

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FIRST KEYSTONE CORPORATION

 

(Registrant)

 

 

 

By:

/s/ Jack W. Jones

 

Jack W. Jones

 

President and CEO

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Date: March 30, 2026

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Exhibit 99.1

FIRST KEYSTONE ANNOUNCES AMENDED

FOURTH QUARTER 2025 EARNINGS (UNAUDITED)

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Berwick, Pennsylvania – March 30, 2026 - First Keystone Corporation (OTC: FKYS), parent company of First Keystone Community Bank, reported an increase in interest income by $5,777,000 or 8.1%, as compared to the year ended December 31, 2024. The increase was predominantly due to growth in commercial real estate loans. Total interest expense increased by $405,000 or 1.0% overall mainly due to an increase of $2,225,000 in interest expense related to deposits offset by a decrease of $1,820,000 in interest expense related to short- and long-term borrowings. Interest on short-term borrowings decreased by $1,731,000 as compared to December 31, 2024 mainly due to lower average balances of short-term borrowings throughout 2025 at $132,726,000 vs. $158,422,000 in 2024. The increased deposit interest for the year ended December 31, 2025 is mainly due to an increase of $3,152,000 in expense related to retail CDs and an increase of $1,226,000 in expense related to brokered CDs offset by a decrease of $2,153,000 in expense related to other retail deposits. Retail CD balances have increased $135,733,000 at December 31, 2025 vs. December 31, 2024, with migration of funds from other retail deposit products into CD products throughout 2025. Average brokered CD balances were $108,398,000 for the year ended December 31, 2025 vs. $77,357,000 for the year ended December 31, 2024. The net effect of derivative agreements increased net interest income by $583,000 for the year ended December 31, 2025 and $1,623,000 for the year ended December 31, 2024. The provision for credit losses increased by $3,061,000 as compared to the year ended December 31, 2024 mainly due to two larger charge-offs and the movement to non-accrual of a significant commercial real estate loan completed during the fourth quarter of 2025. The circumstances related to each respective loan were isolated and not indicative of any deterioration in the loan portfolio.

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Non-interest income increased by $626,000 or 9.3% for the year ended December 31, 2025 as compared to the same period in 2024. Net securities gains/losses improved by $119,000 to a gain of $224,000 compared to a gain of $105,000 for the year ended December 31, 2024 as a result of changes in the mark-to-market adjustment on held equity securities. Other non-interest income increased $371,000 mainly due to $255,000 in gains from life insurance proceeds realized from a death benefit received during the first half of 2025, a $63,000 increase in gains on sales of mortgage loans, and a $33,000 increase in ATM and debit card fee income.

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Non-interest expense decreased by $16,670,000 or 33.0% for the year ended December 31, 2025 as compared to the same period in 2024. The decrease from the same period in 2024 was mainly the result of a full, non-cash, goodwill valuation impairment charge of $19,133,000 completed during the first quarter of 2024 from impairment testing performed as a result of the decrease in the Corporation’s stock price as a triggering event. This decrease was offset by a $651,000 increase in salaries and employee benefits mainly driven by increased costs associated with healthcare, a $453,000 increase in data processing fees due to vendor relationship credits utilized in 2024 that were no longer available to utilize in 2025, $307,000 in other non-interest expense related to a fraud write off associated with a customer account in the first quarter of 2025, and a combined $386,000 increase in furniture, equipment and computers expense related to the replacement of the bank’s ATM fleet.

Income tax expense increased $252,000 during the year ended December 31, 2025, as compared to the same period in 2024 due to higher overall operating income.

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Net income for the year ended December 31, 2025 was $6,152,000. Net income per share was $0.99 while dividends totaled $1.12 per share for the year ended December 31, 2025. Net income increased by $19,355,000 as compared to the same period in 2024. The increase was primarily due to the Corporation recognizing goodwill impairment of $19,133,000 in the first quarter of 2024.

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Total Assets increased to $1,530,977,000 at December 31, 2025, an increase of $102,394,000 or 7.2% as compared to December 31, 2024. Securities and restricted stocks increased $4,121,000 as compared to December 31, 2024. Deposits increased by $91,557,000 or 8.8% at December 31, 2025 as compared to December 31, 2024. Retail CDs increased by $135,733,000 and other retail deposits decreased by $44,554,000, as the Corporation has experienced a shift from transactional deposits to term deposits. Stockholders’ equity increased $6,278,000 or 5.9% mainly due to an improvement of $6,177,000 in accumulated other comprehensive loss as a result of market value improvement in the current interest rate environment.

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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.

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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; and Stifel Nicolaus & Co. Inc., 800-679-5446.

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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.

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For more information on First Keystone Community Bank or its parent company, First Keystone Corporation, please contact Jack W. Jones at 570-752-3671.

Source: View Original Filing on SEC EDGAR

FAQ

How did First Keystone Corporation (FKYS) change its 2025 earnings in this amendment?

First Keystone now reports 2025 net income of $6,152,000, or $0.99 per share. Earnings remain sharply higher than 2024 mainly because 2024 included a $19,133,000 goodwill impairment, but they are lower than the company’s previously reported 2025 figures.

What happened to First Keystone Corporation (FKYS) credit loss provision in 2025?

The provision for credit losses increased by $3,061,000 compared with 2024. Management attributes this to two large charge-offs and moving a significant commercial real estate loan to non-accrual in late 2025, describing these situations as isolated rather than broad portfolio deterioration.

How did First Keystone Corporation (FKYS) interest income and expense change in 2025?

Interest income rose $5,777,000 or 8.1%, mainly from growth in commercial real estate loans. Total interest expense increased $405,000 or 1.0%, with higher deposit costs, especially retail and brokered CDs, offset by lower interest on short-term and long-term borrowings during 2025.

What drove the large drop in First Keystone Corporation (FKYS) non-interest expense in 2025?

Non-interest expense declined $16,670,000 or 33.0% versus 2024 primarily because 2024 included a full, non-cash goodwill impairment charge of $19,133,000. This benefit was partially offset by higher salaries, data processing fees, fraud write-offs, and ATM fleet replacement costs in 2025.

How did First Keystone Corporation (FKYS) balance sheet change by December 31, 2025?

Total assets increased to $1,530,977,000, up $102,394,000 or 7.2% from 2024. Deposits grew $91,557,000 or 8.8%, with retail CDs rising $135,733,000 while other retail deposits fell, reflecting customer movement from transactional to term deposit products.

What were First Keystone Corporation (FKYS) dividends relative to earnings in 2025?

For 2025, First Keystone reported dividends totaling $1.12 per share versus net income of $0.99 per share. This means dividend payments exceeded per-share earnings, which can matter for assessing payout sustainability and retained capital over time.

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