FIRST KEYSTONE CORP Files 2023 Annual Report on Form 10-K

TL;DR

<b>FIRST KEYSTONE CORP has filed its 2023 10-K annual report.</b>

AI Summary

FIRST KEYSTONE CORP (FKYS) filed a Annual Report (10-K) with the SEC on March 29, 2024. Filed Form 10-K for the fiscal year ended December 31, 2023. Company is FIRST KEYSTONE CORP, SIC code 6022 (State Commercial Banks). Incorporated in Pennsylvania, with fiscal year ending December 31. Business and mailing address: 111 W FRONT ST, PO BOX 289, BERWICK, PA 18603. Phone number: 570-752-3671 X 1150.

Why It Matters

For investors and stakeholders tracking FIRST KEYSTONE CORP, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and operations for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — FIRST KEYSTONE CORP shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new risks or positive developments beyond routine disclosures.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand FIRST KEYSTONE CORP's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-29 — Filing Date (Filed as of date)
• 131 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• FIRST KEYSTONE CORP (company) — Filer name
• PA (location) — State of incorporation and business address
• BERWICK (location) — City in business address
• 6022 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

FIRST KEYSTONE CORP operates within the State Commercial Banks industry (SIC 6022).

Regulatory Implications

As a commercial bank, the company is subject to regulations from federal and state authorities governing financial institutions.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and asset growth.
2. Review the Management's Discussion and Analysis (MD&A) for insights into operational performance and strategy.
3. Examine the risk factors section for potential challenges and mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 2023 annual report (10-K) filing, providing year-end financial and operational data.

Key Financial Figures

• $2.00 — (g) of the Act: Common Stock, par value $2.00 per share Indicate by check mark if t
• $18.24 — per share closing price on that date of $18.24 as quoted on the Over the Counter Marke
• $1.4 b — d stockholders' equity of approximately $1.4 billion, $980 million and $122 million, r
• $980 million — ' equity of approximately $1.4 billion, $980 million and $122 million, respectively. The Ba
• $122 m — ximately $1.4 billion, $980 million and $122 million, respectively. The Bank was orig
• $500 million — a "large institution" as one with over $500 million in assets, which does include the Bank.

Filing Documents

• fkys-20231231x10k.htm (10-K) — 5964KB
• fkys-20231231xex21.htm (EX-21) — 2KB
• fkys-20231231xex23d1.htm (EX-23.1) — 3KB
• fkys-20231231xex31d1.htm (EX-31.1) — 10KB
• fkys-20231231xex31d2.htm (EX-31.2) — 10KB
• fkys-20231231xex32d1.htm (EX-32.1) — 6KB
• fkys-20231231xex32d2.htm (EX-32.2) — 6KB
• 0000737875-24-000013.txt (&nbsp;) — 26008KB
• fkys-20231231.xsd (EX-101.SCH) — 112KB
• fkys-20231231_cal.xml (EX-101.CAL) — 132KB
• fkys-20231231_def.xml (EX-101.DEF) — 487KB
• fkys-20231231_lab.xml (EX-101.LAB) — 846KB
• fkys-20231231_pre.xml (EX-101.PRE) — 826KB
• fkys-20231231x10k_htm.xml (XML) — 6965KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 18 Item 1C. Cybersecurity 18 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 19 Item 4. Mine Safety Disclosures 20 Part II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 21 Item 6. [RESERVED] 22 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 52 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 108 Item 9A.

Controls and Procedures

Controls and Procedures 108 Item 9B. Other Information 109 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 109 Part III Item 10. Directors, Executive Officers and Corporate Governance 109 Item 11.

Executive Compensation

Executive Compensation 109 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 110 Item 13. Certain Relationships and Related Transactions, and Director Independence 110 Item 14. Principal Accountant Fees and Services 110 Part IV Item 15. Exhibits and Financial Statement Schedules 110 Item 16. Form 10-K Summary 111

Signatures

Signatures 113 Table of Contents FIRST KEYSTONE CORPORATION FORM 10-K PART I

Forward-Looking Statements

Forward-Looking Statements In addition to historical information, this Annual Report on Form 10-K contains forward-looking statements, which are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in First Keystone Corporation's (the "Corporation") market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "intends", "will", "should", "anticipates", or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs to the Corporation; ineffectiveness of the business strategy due to changes in current or future market conditions; the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks; securities market and monetary volatilities and fluctuations; the effects of economic conditions on current and future customers, partic

BUSINESS

ITEM 1. BUSINESS General First Keystone Corporation (the "Corporation") is a Pennsylvania business corporation, and a bank holding company, registered with and supervised by the Board of Governors of the Federal Reserve System (the "Federal Reserve Board"). The Corporation was incorporated on July 6, 1983, and commenced operations on July 2, 1984, upon consummation of the acquisition of all of the outstanding stock of First National Bank of Berwick (the predecessor to First Keystone Community Bank). The Corporation has one wholly-owned subsidiary, First Keystone Community Bank (the "Bank"), which has a commercial banking operation and trust department as its major lines of business. Since commencing operations, the Corporation's business has consisted primarily of managing and supervising the Bank, and its principal source of income has been dividends paid by the Bank. Greater than 100% of the Corporation's revenue and profit came from the commercial bank subsidiary for the years ended December 31, 2023 and 2022, and community banking was the only reportable segment. At December 31, 2023, the Corporation had total consolidated assets, deposits and stockholders' equity of approximately $1.4 billion, $980 million and $122 million, respectively. The Bank was originally organized in 1864 as a national banking association. On October 1, 2010, the Bank converted from a national banking association to a Pennsylvania chartered commercial bank and trust company under the supervision of the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation (the "FDIC"). The Bank's deposits are insured by the FDIC to the maximum extent of the law, and it is regulated by the FDIC and the Pennsylvania Department of Banking and Securities. The Bank is subject to regulation by the Federal Reserve Board governing reserves required to be maintained against certain deposits and other matters. The Bank is also a member of the Federal Home Loan Bank of

View Full Filing

View this 10-K filing on SEC EDGAR