In This Story
First Keystone Corp. (FKYS-2.01%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net income of $1,507,000 for the quarter, an increase from $1,283,000 in the same quarter of the previous year. The increase is attributed to higher interest income from loans and securities.
Interest income for the quarter was $18,242,000, up from $14,237,000 in the previous year, while interest expense increased to $10,088,000 from $7,353,000. This resulted in a net interest income of $8,154,000, compared to $6,884,000 in the previous year.
The provision for credit losses was $718,000, compared to a credit balance of $370,000 in the previous year. This increase reflects management's assessment of current economic conditions and loan portfolio growth.
Non-interest income rose to $1,860,000 from $1,476,000, driven by higher gains on securities and increased trust department income.
Non-interest expenses increased to $7,820,000 from $7,420,000, primarily due to higher salaries and employee benefits, as well as increased Pennsylvania shares tax expense.
The company reported a net income per share of $0.25, up from $0.21 in the previous year. Dividends remained steady at $0.28 per share.
Total assets increased to $1,438,693,000, with total loans rising to $934,599,000. The increase in loans was primarily in the real estate segment.
Total deposits grew to $1,019,909,000, with significant increases in time deposits due to new CD promotions.
The company recognized a goodwill impairment charge of $19,133,000 in the first quarter of 2024, impacting the year-to-date financials.
First Keystone Corp. maintains a strong capital position, with a total risk-based capital ratio of 15.59% as of September 30, 2024.
The filing also discusses the company's liquidity management and market risk strategies, highlighting a focus on maintaining a stable net interest margin amid changing interest rates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Keystone Corp. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.