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First Keystone Announces Fourth Quarter 2023 Earnings (Unaudited) [Yahoo! Finance]

First Keystone Corp (FKYS) 
NASDAQ:AMEX Investor Relations: firstkeystonecorporation.com
Company Research Source: Yahoo! Finance
net income of $5,560,000 for the year ended December 31, 2023. Net income per share was $0.91 while dividends totaled $1.12 per share for the year ended December 31, 2023. Net income decreased by $8,464,000 or 60.4% as compared to the same period in 2022. The decrease was significantly due to increases in interest expense and non-interest expense. Total interest income increased by $10,575,000 or 22.8%, as compared to the year ended December 31, 2022. The increase was predominantly due to increased interest rates, growth in commercial real estate loans, and increased interest and dividend income on securities, offset by a $317,000 decrease in Paycheck Protection Program loan fees due to the discontinuation of the SBA program. Total interest expense increased by $18,959,000 primarily due to a $11,849,000 increase in interest paid to depositors to retain and grow deposit relationships and a $6,839,000 increase in interest paid on short-term borrowings primarily through the Federal Hom Show less Read more
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