Welcome to our dedicated page for First Keystone news (Ticker: FKYS), a resource for investors and traders seeking the latest updates and insights on First Keystone stock.
First Keystone Corporation (FKYS) is a Pennsylvania-based commercial banking company and the parent of First Keystone Community Bank. Its news flow, as reflected in Business Wire releases and related Form 8-K filings, centers on earnings updates, dividend declarations, and other corporate developments tied to its community banking operations.
Readers of this FKYS news page can follow the Corporation’s unaudited quarterly and annual earnings announcements, where management discusses interest income driven by commercial real estate loans, changes in interest expense on deposits and borrowings, the effect of derivative agreements on net interest income, and provisions for credit losses. These releases also outline movements in non-interest income and non-interest expense, including items such as securities gains or losses, gains from life insurance proceeds, ATM and debit card fees, and goodwill impairment charges.
The Corporation regularly issues press releases announcing quarterly cash dividends on its common stock, specifying the dividend per share, record dates, and payment dates, and comparing year-to-date dividend levels with prior years. News items also cover balance sheet themes such as total assets, total net loans, total deposits, shifts from transactional deposits to term deposits, and the use of brokered certificates of deposit.
In addition, First Keystone Corporation uses news releases and Form 8-K filings to report governance and leadership changes, including appointments to senior management roles. Investors and observers can use this page to review the sequence of earnings reports, dividend announcements, and corporate updates that the Corporation has chosen to highlight in its public communications.
First Keystone (OTC PINK: FKYS) has declared a $0.28 per share quarterly cash dividend, payable December 31, 2024, to shareholders of record as of December 12, 2024. The company's year-to-date cash dividends will total $1.12 per share, matching 2023's distribution. The company reported significant growth as of September 30, 2024, with assets increasing 9.0% to $1.44 billion, total net loans growing 6.1% to $927.5 million, and deposits rising 2.8% to $1.02 billion. Notable improvements include an 18.4% increase in net interest income to $8.15 million and a 17.5% rise in net income to $1.51 million, with earnings per share up 19.0% to $0.25.
First Keystone (OTC Pink: FKYS) reported mixed financial results for Q3 2024. Total interest income increased by $11.6M (28.1%), driven by higher interest rates and commercial real estate loan growth. However, interest expenses rose by $9.8M (50.3%). The company recorded a net loss of $15.5M, primarily due to a $19.1M goodwill impairment charge. Total assets grew 9% to $1.44B, with securities up 22.2% and net loans increasing 6.1%. Deposits rose 2.8% to $27.6M, while stockholders' equity decreased 6.7% due to goodwill impairment and dividend payments.
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.
First Keystone (OTC Pink: FKYS) reported a net loss of $16,997,000 for the six months ended June 30, 2024, with a net loss per share of $2.77. The significant decrease in net income, compared to the same period in 2023, was primarily due to a $19,133,000 goodwill impairment charge in Q1 2024. Total interest income increased by 28.1%, while interest expense rose due to higher rates paid to depositors and increased borrowings. The provision for credit losses increased by $740,000. Total assets grew by 8.4% to $1,418,228,000, with increases in securities, loans, and deposits. Stockholders' equity decreased by 16.6% due to the goodwill impairment and market value changes in securities and derivative portfolios.
First Keystone (OTC Pink: FKYS) reported a net loss of $18,377,000 for Q2 2024, translating to a $3.00 net loss per share. Dividends were $0.28 per share. This represents a decrease in net income of $19,734,000 compared to Q2 2023, primarily due to a $19,133,000 goodwill impairment and increased interest and non-interest expenses. Total interest income rose by $3,639,000 (27.3%), driven by higher interest rates and growth in commercial real estate loans. Interest expenses also increased by $3,968,000 due to higher market rates and long-term borrowings. Non-interest income dropped by $108,000 (7.4%), and non-interest expenses surged to $27,145,000, largely due to the goodwill impairment. Despite these challenges, total assets reached $1,409,698,000, a 7.6% increase from the previous year. Deposits grew by $33,736,000 (3.6%), while stockholders' equity decreased by $21,315,000 (17.0%).
First Keystone (FKYS), the parent company of First Keystone Community Bank, announced a non-cash goodwill impairment of approximately $19.1 million as of March 31, 2024, due to a decrease in its stock price. This impairment does not affect regulatory capital ratios, liquidity, or cash balances.
The company also declared a $0.28 per share quarterly cash dividend, payable on June 28, 2024, to shareholders of record as of June 13, 2024. The dividend amount is unchanged from the same quarter last year.
The impairment stems from the acquisition of Pocono Community Bank in 2007 and assets in Danville, Pennsylvania, in 2004. First Keystone plans to file its Q1 2024 Form 10-Q promptly.
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