Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/737875/000114420415016228/v403218_10k.htm
March 2024
January 2024
December 2023
October 2023
September 2023
July 2023
May 2023
May 2023
April 2023
March 2023
Exhibit 99.1
FIRST KEYSTONE ANNOUNCES
2014 EARNINGS
Berwick, Pennsylvania – January 30, 2015 - First Keystone Corporation (OTCQB: FKYS), parent company of First Keystone Community Bank, reported net income of $10,211,000 for the year ended December 31, 2014. Net income for 2014 was $62,000 or 0.60% less than 2013. Net income per share was $1.84 for the year while dividends were $1.05.
Growth in net interest income continues to be hampered by low interest rates. Growth in earning assets, primarily net loans, helped to maintain levels of interest income, while less reliance on Certificates of Deposit allowed us to reduce interest expense. Total interest income in 2014 was essentially equal to 2013, coming in at $31,019,000. Total interest expense was lower by $502,000, or 10.1%. Net interest income increased from $26,007,000 to $26,567,000, or 2.2%.
Continuing improvements in asset quality and fewer charged-off loans have combined to allow us to reduce our provision for loan losses during 2014. Provision for loan losses was $433,000 in 2014 as compared to $1,372,000 in 2013.
Other income, before net investment securities gains, rose by $241,000, or 4.9% to $5,146,000. Trust department income and service charges and fees were higher while gains on sale of mortgage loans were lower. Net investment securities gains were $2,756,000 in 2014 as compared to $2,900,000 in 2013.
Non-interest expense was higher in 2014 as compared to 2013. Salaries and employee benefits expense was impacted by the opening of our Shickshinny Office in December 2013. Another impact was the cost of data processing in 2014. In March, we outsourced processing of our core data in order to enhance data security, provide improved disaster recovery and reduce the cost of additional hardware. In addition, occupancy expense related to the new administrative building and the Shickshinny office increased.
Income tax expense increased to $2,617,000 as a result of fewer holdings of tax-free municipal securities and credits for low-income housing partnerships.
Total assets increased to $912,353,000 as of December 31, 2014, or 1.2% over the same period in 2013. Net loans increased by 9.3% to $481,071,000. Total investment securities decreased slightly to $348,722,000.
Total deposits were lower by $28,513,000 and ended the year at $661,562,000. Excluding one large municipal customer, core deposits grew significantly as total time deposits were down by $30,242,000. Our Kasasa suite of free deposit accounts with rewards generated $4,364,000 in low cost deposits.
Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s consolidated financial statements when filed with the Securities and Exchange Commission (“SEC”). Accordingly, the financial information in this announcement is subject to change.
Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/737875/000114420415016228/v403218_10k.htm
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by First Keystone Corp.
First Keystone Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2015 10-K Annual Report includes:
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
First Keystone Corp provided additional information to their SEC Filing as exhibits
Ticker: FKYS
CIK: 737875
Form Type: 10-K Annual Report
Accession Number: 0001144204-15-016228
Submitted to the SEC: Mon Mar 16 2015 1:48:01 PM EST
Accepted by the SEC: Mon Mar 16 2015
Period: Wednesday, December 31, 2014
Industry: State Commercial Banks