FKYS 8-K
First Keystone Corp (FKYS)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest reported):
(Exact name of registrant as specified in its Charter) |
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File Number) | Identification No. |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (
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):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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).
Emerging growth company
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. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading symbol | Name of each exchange on which registered |
OTC: Pink |
ITEM 8.01. OTHER EVENTS
On September 20, 2024, First Keystone Corporation (the “Corporation”), parent company of First Keystone Community Bank, issued a press release reporting the declaration of their first quarter dividend. A copy of this press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits
Exhibit No. | Description |
99.1 | Press Release of First Keystone Corporation dated September 20, 2024 |
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned, there unto duly authorized.
| FIRST KEYSTONE CORPORATION | |
| (Registrant) | |
|
|
|
By: | /s/ Elaine A. Woodland | |
| Elaine A. Woodland | |
| President and CEO | |
| Date: | September 20, 2024 |
Exhibit 99.1
FIRST KEYSTONE CORPORATION ANNOUNCES
THIRD QUARTER DIVIDEND
Berwick, Pennsylvania – September 20, 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 October 4, 2024, payable October 11, 2024.
Cash dividends amounted to $0.84 per share year-to-date as of September 30, 2024, the same as year-to-date cash dividends paid as of September 30, 2023.
During the second quarter 2024, the Corporation again achieved some record balance sheet levels. Key performance indicators and balance sheet measures at June 30, 2024 and year-to-date income statement results as of June 30, 2024 vs. the same period in 2023:
• | Assets amounted to $1,418,228,000, an increase of 8.4% |
• | Total Net Loans grew 5.9% to $914,807,000 |
• | Total Deposits were $984,209,000, a 5.2% increase |
• | Net interest income increased 3.8% to $15,476,000 |
• | Net income decreased 781.0% to $(16,997,000) and 775.6% to $(2.77)/share. 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. |
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.