Articles from First Keystone Corporation

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported an increase in interest income of $1,264,000 or 7.5%, as compared to the three months ended March 31, 2024. The increase was predominantly due to increased interest rates and growth in commercial real estate loans. Total interest expense decreased by $31,000 or 0.3% overall. Decreased levels of short-term and long-term borrowings resulted in a decrease of $463,000 in interest expense which was offset by an increase of $508,000 in interest expense related to brokered CDs mainly due to an increase of $29,000,000 in the balance of brokered CDs at March 31, 2025 versus March 31, 2024. The net effect of derivative agreements on net interest income was $165,000 for the three months ended March 31, 2025 compared to $372,000 for the three months ended March 31, 2024. The provision for credit losses increased by $487,000 as compared to the three months ended March 31, 2024 due to loan portfolio growth and two charge-offs completed during the first quarter of 2025.

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 March 13, 2025, payable March 31, 2025.

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported an increase in total interest income of $14,434,000 or 25.3%, as compared to the year ended December 31, 2023. The increase was predominantly due to increased interest rates, growth in commercial real estate loans, and the purchase of higher yielding securities. Total interest expense increased by $11,271,000 or 40.4% primarily due to a $5,099,000 increase in interest paid to depositors to retain and grow deposit relationships, and increased levels of long-term borrowings and brokered CDs leveraged for a balance sheet strategy which resulted in $7,226,000 in additional interest expense in 2024 over the same period in 2023. The net effect of the derivatives on net interest income was $1,623,000 for the year ended December 31, 2024. The provision for credit losses increased by $1,857,000 as compared to the year ended December 31, 2023 due to loan portfolio growth and a large charge-off completed during the third quarter of 2024 related to various loans for a single borrower.

As previously announced, Elaine A. Woodland, President and Chief Executive Officer of the First Keystone Corporation (the “Corporation”) and First Keystone Community Bank (the “Bank”), the wholly-owned subsidiary of the Corporation, notified the Boards of Directors of the Corporation and Bank of her retirement as an employee and President and Chief Executive Officer of the Corporation and the Bank, respectively, effective January 31, 2025.

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 December 12, 2024, payable December 31, 2024.

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported an increase in total interest income by $11,586,000 or 28.1%, as compared to the nine months ended September 30, 2023. The increase was predominantly due to increased interest rates, growth in commercial real estate loans, and the purchase of higher yielding securities. Total interest expense increased by $9,752,000 or 50.3% primarily due to a $10,232,000 increase in interest paid to depositors to retain and grow deposit relationships, and increased levels of long-term borrowings and brokered CDs leveraged for a balance sheet strategy. The net effect of the derivatives on net interest income was $1,283,000 for the nine months ended September 30, 2024. The provision for credit losses increased by $1,828,000 as compared to the nine months ended September 30, 2023 due to loan portfolio growth and a large charge-off completed during the third quarter of 2024 related to various loans for a single borrower.

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.

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported a net loss for the six months ended June 30, 2024 of $16,997,000. Net loss per share was $2.77 while dividends totaled $0.56 per share for the six months ended June 30, 2024. Net income decreased by $19,493,000 as compared to the same period in 2023. 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.

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported a net loss for the three months ended March 31, 2024 of $18,377,000. Net loss per share was $3.00 while dividends totaled $0.28 per share for the three months ended March 31, 2024. Net income decreased by $19,734,000 as compared to the same period in 2023. The decrease was primarily due to the Corporation recognizing goodwill impairment of $19,133,000 as well as increases in interest expense and non-interest expense.

First Keystone Corporation (the “Corporation”) (OTC PINK: FKYS), parent company of First Keystone Community Bank, announces a non-cash goodwill impairment as of March 31, 2024 and declared a $0.28 per share quarterly cash dividend to shareholders of record as of June 13, 2024, payable June 28, 2024.

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 March 14, 2024, payable March 28, 2024.

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported net income of $5,560,000 for the year ended December 31, 2023. Net income per share was $0.91 while dividends totaled $1.12 per share for the year ended December 31, 2023. Net income decreased by $8,464,000 or 60.4% as compared to the same period in 2022. The decrease was significantly due to increases in interest expense and non-interest expense.

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 December 14, 2023, payable December 29, 2023.

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported net income for the nine months ended September 30, 2023 was $3,779,000. Net income per share was $0.62 while dividends totaled $0.84 per share for the nine months ended September 30, 2023. Net income decreased by $7,090,000 or 65.2% as compared to the same period in 2022. The decrease was significantly due to increases in interest expense and non-interest expense.

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.

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 June 8, 2023, payable June 30, 2023.

First Keystone Corporation (OTC PINK: FKYS), the parent company of First Keystone Community Bank, recently held its 2023 Annual Meeting of Shareholders at the Berwick Golf Club in Berwick, Pennsylvania. It was announced that D. Matthew Bower, Robert A. Bull, and Elaine A. Woodland were re-elected as a Class C Directors to serve for a three-year term and until their successors are properly elected and qualified. They will serve on the Board of Directors for First Keystone Corporation, and its subsidiary, First Keystone Community Bank.

First Keystone Corporation (OTC Pink: FKYS, the “Corporation”), parent company of First Keystone Community Bank, reported net income for the three months ended March 31, 2023 of $1,357,000. Net income per share was $0.23 while dividends totaled $0.28 per share for the three months ended March 31, 2023. Net income decreased by $2,186,000 or 61.7% as compared to the same period in 2022. The decrease was significantly due to increases in interest expense and non-interest expense.

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 March 16, 2023, payable March 31, 2023.

First Keystone Corporation (OTC Pink: FKYS, the “Corporation”), parent company of First Keystone Community Bank, reported net income for the year ended December 31, 2022 of $14,024,000. Net income per share was $2.35 while dividends totaled $1.12 per share for the year ended December 31, 2022. Net income decreased by $664,000 or 4.5% as compared to the same period in 2021. The decrease was significantly due to decreases in PPP loan fees and non-interest income, mainly due to fewer sales of mortgage loans and net securities losses. These earnings declines were offset by an increase in net interest income and a net decrease in the provision for loan losses.

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 December 8, 2022, payable December 30, 2022.

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported net income for the nine months ended September 30, 2022 of $10,869,000. Net income per share was $1.82 while dividends totaled $0.84 per share for the nine months ended September 30, 2022. Net income decreased by $637,000 or 5.5% as compared to the same period in 2021. The decrease was primarily due to less PPP loan fees and a decrease in non-interest income, mainly due to fewer sales of mortgage loans and net securities losses. These earnings declines were offset by increases in total interest income.

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.

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported net income for the six months ended June 30, 2022 of $7,365,000. Net income per share was $1.24 while dividends totaled $0.56 per share for the six months ended June 30, 2022. Net income decreased by $118,000 or 1.6% as compared to the same period in 2021. The decrease was primarily due to less PPP loan fees and a decrease in non-interest income, mainly due to fewer sales of mortgage loans and net investment securities losses. These earnings declines were offset by increases in total interest income.

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 June 9, 2022, payable June 30, 2022.

First Keystone Corporation (OTC PINK: FKYS), the parent company of First Keystone Community Bank, recently held its 2022 Virtual Annual Meeting of Shareholders. It was announced that John E. Arndt, Whitney B. Holloway, and Nancy J. Marr were re-elected as a Class B Directors to serve for a three-year term and until their successors are properly elected and qualified. They will serve on the Board of Directors for First Keystone Corporation, and its subsidiary, First Keystone Community Bank.

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported net income for the first quarter ended March 31, 2022 of $3,543,000. Net income per share was $0.60 while dividends totaled $0.28 per share for the three months ended March 31, 2022. Net income decreased by $335,000 or 8.6% as compared to the same period in 2021. The decrease was primarily due to a decrease in non-interest income, mainly due to losses on the sales of mortgage loans and net investment securities losses as compared to gains for both during the same period of 2021.

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 March 10, 2022, payable March 31, 2022.

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported net income for the year ended December 31, 2021 of $14,688,000. Net income per share was $2.49 while dividends totaled $1.12 per share for the year ended December 31, 2021. Net income increased by $2,851,000 or 24.1% as compared to the same period in 2020. The increase was primarily due to increases in net interest income, mainly due to an increase in interest and fees on loans, increased income on securities and a decline in interest paid on deposits.

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported net income for the three and nine months ended September 30, 2021, of $4,023,000 and $11,506,000, respectively. Net income per share was $0.68 and $1.95 while dividends totaled $0.28 and $0.83 per share, respectively, for the three and nine months ended September 30, 2021. Net income for the nine months ended September 30, 2021 increased by $2,935,000 or 34.2% as compared to the same period in 2020. The increase was primarily due to increases in net interest income, mainly due to an increase in interest and fees on loans, increased income on securities and a decline in interest paid on deposits.

First Keystone Corporation (the “Corporation”) (OTC PINK: FKYS), parent company of First Keystone Community Bank, declared a $0.27 per share quarterly cash dividend and a $0.01 per share special dividend to shareholders of record as of September 9, 2021, payable September 30, 2021.

First Keystone Corporation (OTC Pink:FKYS), parent company of First Keystone Community Bank, reported net income for the three and six months ended June 30, 2021 of $3,605,000 and $7,483,000, respectively. Net income per share was $0.61 and $1.27 while dividends totaled $0.27 and $0.55 per share, respectively, for the three and six months ended June 30, 2021. Net income for the six months ended June 30, 2021 increased by $2,049,000 or 37.7% as compared to the same period in 2020. The increase was primarily due to increases in net interest income, mainly due to a decline in interest expense, and net securities gains.

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.

First Keystone Corporation (OTC PINK: FKYS), the parent company of First Keystone Community Bank, recently held its 2021 Virtual Annual Meeting of Shareholders. It was announced that Michael L. Jezewski, William E. Rinehart, and David R. Saracino were re-elected as a Class A Directors to serve for a three-year term and until their successors are properly elected and qualified. They will serve on the Board of Directors for First Keystone Corporation, and its subsidiary, First Keystone Community Bank.

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported net income for the first quarter of 2021 of $3,878,000. Net income per share was $0.66 while dividends totaled $0.28 per share and included a special dividend of $0.01 for the three months ended March 31, 2021. Net income increased by $1,825,000 or 88.9% as compared to the same period in 2020. The increase was primarily due to increases in net interest income, including $463,000 in SBA fees and net securities gains.