First Keystone Corp. Files Q3 2024 10-Q

TL;DR

FKYS Q3 10-Q filed. Financials look steady.

AI Summary

First Keystone Corp. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial position and operations as a commercial bank. Specific financial figures and operational details are presented within the report.

Why It Matters

This filing provides investors and analysts with a detailed look at the financial health and performance of First Keystone Corp. during the third quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report for a publicly traded company and does not indicate any immediate or unusual risks.

Key Numbers

• 1231 — Fiscal Year End (Indicates the end of the company's annual reporting cycle.)
• 20241108 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• FIRST KEYSTONE CORP (company) — Filer
• 0000737875 (company) — Central Index Key
• PA (location) — State of Incorporation
• 20240930 (date) — Period of Report

FAQ

Key Financial Figures

• $2 — e latest practical date: Common Stock, $2 Par Value, 6,218,781 shares as of Novem

Filing Documents

• fkys-20240930x10q.htm (10-Q) — 5100KB
• fkys-20240930xex31d1.htm (EX-31.1) — 10KB
• fkys-20240930xex31d2.htm (EX-31.2) — 10KB
• fkys-20240930xex32d1.htm (EX-32.1) — 7KB
• fkys-20240930xex32d2.htm (EX-32.2) — 7KB
• 0000737875-24-000048.txt ( ) — 23565KB
• fkys-20240930.xsd (EX-101.SCH) — 81KB
• fkys-20240930_cal.xml (EX-101.CAL) — 98KB
• fkys-20240930_def.xml (EX-101.DEF) — 381KB
• fkys-20240930_lab.xml (EX-101.LAB) — 586KB
• fkys-20240930_pre.xml (EX-101.PRE) — 563KB
• fkys-20240930x10q_htm.xml (XML) — 7327KB

- 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) September 30, December 31, 2024 2023 ASSETS Cash and due from banks $ 13,937 $ 9,462 Interest-bearing deposits in other banks 10,087 7,551 Total cash and cash equivalents 24,024 17,013 Debt securities available-for-sale, at fair value 405,081 392,968 Marketable equity securities, at fair value 1,434 1,482 Restricted investment in bank stocks, at cost 10,765 10,885 Loans 934,173 910,864 Loans held for sale 426 214 Allowance for credit losses ( 7,657 ) ( 6,925 ) Net loans 926,942 904,153 Premises and equipment, net 20,365 19,611 Operating lease right-of-use assets 1,427 1,472 Accrued interest receivable 5,259 5,201 Cash surrender value of bank owned life insurance 26,508 26,010 Investments in low-income housing partnerships 5,357 5,961 Goodwill — 19,133 Deferred income taxes 7,305 8,695 Other assets 4,226 3,286 TOTAL ASSETS $ 1,438,693 $ 1,415,870 LIABILITIES Deposits: Non-interest bearing $ 212,037 $ 198,569 Interest bearing 807,872 781,870 Total deposits 1,019,909 980,439 Short-term borrowings 167,475 153,468 Long-term borrowings 102,000 122,000 Subordinated debentures 25,000 25,000 Operating lease liabilities 1,943 1,976 Accrued interest payable 2,590 2,823 Other liabilities 12,432 8,549 TOTAL LIABILITIES 1,331,349 1,294,255 STOCKHOLDERS' EQUITY Preferred stock, par value $ 2.00 per share; authorized 1,000,000 shares as of September 30, 2024 and December 31, 2023; issued 0 as of September 30, 2024 and December 31, 2023 — — Common stock, par value $ 2.00 per share; authorized 20,000,000 shares as of September 30, 2024 and December 31, 2023; issued 6,417,006 as of September 30, 2024 and 6,352,665 as of December 31, 2023; out

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 and nine months ended September 30, 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 September 30, 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 nine months ended September 30, 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 an

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View this 10-Q filing on SEC EDGAR