BERWICK, Pa. - First Keystone Corporation (OTC PINK: FKYS), the parent company of First Keystone Community Bank, announced a consistent quarterly cash dividend of $0.28 per share for the first quarter of 2024, mirroring the dividend amount from the same period in the previous year. This payment is slated for shareholders on record as of March 14, 2024, with distribution scheduled for March 28, 2024.
Despite maintaining its dividend, First Keystone Corporation disclosed a downturn in profitability and net interest income for the fourth quarter of 2023. The company reported a substantial 60.4% decrease in net income, falling to $5,560,000, and a decline in net interest income by 22.4%, amounting to $29,116,000. Earnings per share also saw a significant drop of 61.3% to $0.91.
Assets, however, showed a positive trajectory, increasing by 6.5% to reach $1,415,870,000. Total net loans also experienced growth, rising by 6.3% to $904,153,000. Conversely, total deposits slightly decreased by 1.3%, totaling $980,439,000. The return on assets stood at 0.42%, and the return on equity was reported at 4.55%.
The Corporation expressed optimism for the year ahead, aiming to be the financial services provider of choice in the communities it serves. First Keystone Community Bank operates across several Pennsylvania counties, offering a range of banking products and services.
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