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First Keystone Announces Third Quarter 2018 Earnings (Unaudited)

Global banking and finance news 28

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported net income of $2,596,000 and $6,849,000, respectively, for the three and nine month periods ended September 30, 2018. Earnings per share were $0.45 and $1.19 and dividends totaled $0.27 and $0.81 per share, respectively, for the three and nine months ended September 30, 2018. Year-to-date net income increased by $588,000 as compared to the same period in 2017. The increase was primarily driven by an increase in interest income due to positive loan growth and a decrease in income tax expense.

Total interest income increased year over year by $2,106,000 or 8.8% chiefly due to positive loan growth and loans repricing increasing interest on loans by $2,173,000 or 13.0%, offset by an increase in interest paid on deposits of $852,000 or 28.8%, principally stemming from the rising deposit interest rate environment effected by the recent short-term federal funds rate hikes.

Non-interest income, excluding net investment gains, was $316,000 higher in 2018 as compared to 2017. Service charges and fees on deposits and ATM and debit card income increased by $274,000 as compared to the same period in 2017. Gains on sales of mortgage loans decreased by $66,000, as fewer mortgages are being originated.

Non-interest expense increased in 2018 to $17,178,000. The $568,000 increase over 2017 was the result of increases in salaries and employee benefits expense mainly due to the hiring of additional sales staff and normal merit increases and an increase in professional service fees related to newly adopted accounting pronouncements, additional SEC filings and various initiatives.

Income tax expense was $664,000 lower in 2018 as compared to 2017 due to major tax reform legislation, which reduced the Corporations tax rate from 34% to 21%, effective January 1, 2018. The Corporation recognized $303,000 of tax credits from low-income housing partnerships in the first nine months of 2018.

Total assets increased to $1,013,780,000 at September 30, 2018, an increase of $28,672,000 or 2.9% as compared to September 30, 2017, due to improved loan portfolio growth.

Net loans increased $55,512,000 or 10.4%, while deposits decreased $59,037,000 or 7.8%. Stockholders equity decreased $2,499,000 or 2.2% as a result of a reduction in accumulated other comprehensive income.

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 companys consolidated financial statements when filed with the Securities and Exchange Commission (SEC). Accordingly, the financial information in this announcement is subject to change.

First Keystone Community Bank provides innovative business and personal banking products that focus on Yesterdays Traditions. Tomorrows Vision. The Bank currently operates offices in Columbia (5), Luzerne (8), Montour (1), Monroe (4), and Northampton (1) counties.

Inquiries regarding the purchase of the Corporations stock may be made through the following brokers: RBC Dain Rauscher, 800-223-4207; Janney Montgomery Scott, Inc., 800-526-6397; Boenning & Scattergood, Inc., 800-883-1212; and Stifel Nicolaus & Co. Inc., 800-679-5446.

Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include operating, legal and regulatory risks, changing economic and competitive conditions and other risks and uncertainties.

For more information on First Keystone Community Bank or its parent company, First Keystone Corporation, please contact Elaine A. Woodland at 570-752-3671.

First Keystone Corporation
Elaine A. Woodland, 570-752-3671


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