First Keystone Corp. Files Q1 2024 10-Q

TL;DR

FKYS Q1 24 10-Q filed. Bank financials updated.

AI Summary

First Keystone Corp. filed its 10-Q for the period ending March 31, 2024. The company, a commercial bank, reported its financial status for the first quarter of 2024. Key financial data points such as common stock, retained earnings, and accumulated other comprehensive income were disclosed for both the current and prior year periods.

Why It Matters

This filing provides investors and analysts with the latest financial performance and position of First Keystone Corp., a commercial bank, for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing for a publicly traded company, providing standard financial disclosures.

Key Numbers

• 2024-03-31 — Reporting Date (Financial data as of this date)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting period)
• 2023-03-31 — Prior Year Quarter End (For comparative analysis)

Key Players & Entities

• FIRST KEYSTONE CORP (company) — Filer
• 0000737875 (company) — Central Index Key
• PA (location) — State of Incorporation
• 20240331 (date) — Conformed Period of Report
• 20240603 (date) — Filed as of Date

FAQ

Key Financial Figures

• $2 — e latest practical date: Common Stock, $2 Par Value, 6,153,283 shares as of May 3

Filing Documents

• fkys-20240331x10q.htm (10-Q) — 4432KB
• fkys-20240331xex31d1.htm (EX-31.1) — 10KB
• fkys-20240331xex31d2.htm (EX-31.2) — 10KB
• fkys-20240331xex32d1.htm (EX-32.1) — 7KB
• fkys-20240331xex32d2.htm (EX-32.2) — 7KB
• 0000737875-24-000022.txt ( ) — 21416KB
• fkys-20240331.xsd (EX-101.SCH) — 80KB
• fkys-20240331_cal.xml (EX-101.CAL) — 93KB
• fkys-20240331_def.xml (EX-101.DEF) — 351KB
• fkys-20240331_lab.xml (EX-101.LAB) — 575KB
• fkys-20240331_pre.xml (EX-101.PRE) — 549KB
• fkys-20240331x10q_htm.xml (XML) — 6633KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements FIRST KEYSTONE CORPORATION AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands, except share and per share data) March 31, December 31, 2024 2023 ASSETS Cash and due from banks $ 9,945 $ 9,462 Interest-bearing deposits in other banks 5,296 7,551 Total cash and cash equivalents 15,241 17,013 Debt securities available-for-sale, at fair value 409,007 392,968 Marketable equity securities, at fair value 1,297 1,482 Restricted investment in bank stocks, at cost 10,950 10,885 Loans 909,362 910,864 Loans held for sale 109 214 Allowance for credit losses ( 7,196 ) ( 6,925 ) Net loans 902,275 904,153 Premises and equipment, net 19,835 19,611 Operating lease right-of-use assets 1,479 1,472 Accrued interest receivable 5,291 5,201 Cash surrender value of bank owned life insurance 26,172 26,010 Investments in low-income housing partnerships 5,756 5,961 Goodwill — 19,133 Deferred income taxes 8,619 8,695 Other assets 3,776 3,286 TOTAL ASSETS $ 1,409,698 $ 1,415,870 LIABILITIES Deposits: Non-interest bearing $ 204,984 $ 198,569 Interest bearing 776,667 781,870 Total deposits 981,651 980,439 Short-term borrowings 166,285 153,468 Long-term borrowings 122,000 122,000 Subordinated debentures 25,000 25,000 Operating lease liabilities 1,987 1,976 Accrued interest payable 3,109 2,823 Other liabilities 5,955 8,549 TOTAL LIABILITIES 1,305,987 1,294,255 STOCKHOLDERS' EQUITY Preferred stock, par value $ 2.00 per share; authorized 1,000,000 shares as of March 31, 2024 and December 31, 2023; issued 0 as of March 31, 2024 and December 31, 2023 — — Common stock, par value $ 2.00 per share; authorized 20,000,000 shares as of March 31, 2024 and December 31, 2023; issued 6,384,894 as of March 31, 2024 and 6,352,665 as of December 31, 2023; outstanding 6,153,283 as of

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND SUBSEQUENT EVENTS The consolidated financial statements include the accounts of First Keystone Corporation (the "Corporation") and its wholly owned subsidiary First Keystone Community Bank (the "Bank") (collectively the "Company"). All significant intercompany accounts and transactions have been eliminated. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for fair presentation have been included. Operating results for the three months ended March 31, 2024, are not necessarily indicative of the results for the year ending December 31, 2024. For further information, refer to the consolidated financial statements and notes thereto included in First Keystone Corporation's Annual Report on Form 10-K for the year ended December 31, 2023. Subsequent Events The Company has evaluated events and transactions occurring subsequent to the consolidated balance sheet date of March 31, 2024 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued. NOTE 2 RECENT ACCOUNTING STANDARDS UPDATES ("ASU") Adopted ASUs: There were no ASUs adopted during the first quarter of 2024. Pending ASUs: In December of 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires enhanced income tax disclosures related to the rate reconciliation and information related to income

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