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First Keystone Corp. (FKYS0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $13,203,000 for the year, compared to a net income of $5,560,000 in the previous year. The loss was primarily due to a goodwill impairment charge of $19,133,000 recognized in the first quarter of 2024.
Total assets increased to $1,428,583,000 at year-end 2024, up from $1,415,870,000 at the end of 2023. The increase was driven by growth in the loan portfolio, which rose to $948,451,000, a 4.1% increase from the previous year.
Total deposits increased by 6.7% to $1,045,880,000 as of December 31, 2024, with significant growth in time deposits.
Net interest income increased by 10.9% to $32,279,000 for the year, driven by higher interest rates and loan growth. The net interest margin was 2.40% for 2024, compared to 2.38% in 2023.
Non-interest income rose 8.8% to $6,697,000, largely due to net securities gains and increased trust department income.
Non-interest expense increased significantly to $50,584,000, primarily due to the goodwill impairment charge. Excluding this charge, expenses related to salaries and employee benefits, occupancy, and professional services also contributed to the increase.
The provision for credit losses was $1,640,000 for 2024, compared to a credit balance of $217,000 in 2023, reflecting management's assessment of current economic conditions and loan portfolio growth.
The allowance for credit losses was $7,672,000 as of December 31, 2024, representing 0.83% of average loans outstanding.
First Keystone Corp. remains well-capitalized, with capital ratios exceeding regulatory requirements. The tier 1 leverage ratio was 10.24% at year-end 2024.
The filing also details various financial agreements, including borrowings from the Federal Home Loan Bank and securities sold under agreements to repurchase.
The company continues to focus on expanding its deposit base and managing interest rate risk through strategic asset-liability management.
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. annual 10-K report dated March 26, 2025. To report an error, please email earnings@qz.com.