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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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