First Keystone Corporation (OTC BB: FKYS), parent company of First
Keystone Community Bank, reported net income of $8,553,000 for the nine
months ended September 30, 2013, as compared to $7,998,000 for the same
period in 2012. Earnings per share through the third quarter of 2013
were $1.56 versus $1.47 through the third quarter of 2012, an increase
of 6.1%. For the nine month period in 2013, annualized return on assets
was 1.39% and annualized return on equity was 11.14%.
Chief Executive Officer Matthew P. Prosseda reported, “With the
continued low interest rate environment, interest income continues to
decline. We have been experiencing superior asset yields. But as those
assets mature, reinvestment rates are lower. Our cost of funds has
continued to decline; however, it has not been enough to offset the
decline in interest income.”
Total assets increased to $839,692,000 as a result of increases in both
the loan portfolio and the investment portfolio. Net loans increased by
$14,580,000, or 3.4% from September 30, 2012. Deposits increased by
$35,851,000, or 5.7%.
Cash dividends for the first three quarters of the year were $.78, up
4.0%, as compared to the same period in 2012.
First Keystone Community Bank provides innovative business and personal
banking products that focus on “Yesterday’s Traditions. Tomorrow’s
Vision.” First Keystone Community Bank is an independently owned
community bank since 1864 and presently operates offices in Columbia
(5), Luzerne (7), Montour (1), and Monroe (4) counties. In the fourth
quarter they expect to open an additional Luzerne County office in
Shickshinny, Pennsylvania.
Inquiries regarding the purchase of the Corporation’s stock may be made
through the following brokers: RBC Dain Rauscher, 800-223-4207; Janney
Montgomery Scott, Inc., 800-526-6397; Boenning & Scattergood, Inc.,
800-883-8383; and Stifel Nicolaus & Co. Inc., 800-223-6807.
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 Matthew P. Prosseda
at 570-752-3671.
Copyright Business Wire 2013