First Keystone Corporation (the “Corporation”) is a Pennsylvania business corporation, and a bank holding company, registered with and supervised by the Board of Governors of the Federal Reserve System. The Corporation was incorporated on July 6, 1983, and commenced operations on July 2, 1984, upon consummation of the acquisition of all of the outstanding stock of First National Bank of Berwick (the predecessor to First Keystone Community Bank). The Corporation has one wholly-owned subsidiary, First Keystone Community Bank (the “Bank”), which has a commercial banking operation and trust department as its major lines of business. Since commencing operations, the Corporation’s business has consisted primarily of managing and supervising the Bank, and its principal source of income has been dividends paid by the Bank. Greater than 97% of the Corporation’s revenue and profit came from the commercial bank subsidiary for the years ended December 31, 2019 and 2018, and was the only reportable segment. At December 31, 2019, the Corporation had total consolidated assets, deposits and stockholders’ equity of approximately $1 billion, $762 million and $129 million, respectively.
Company profile
Ticker
FKYS
Exchange
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Corporate docs
IRS number
232249083
Investment data
Securities sold
Number of investors
Calendar
5 Aug 22
9 Aug 22
31 Dec 22
Financial summary
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 10.22M | 10.22M | 10.22M | 10.22M | 10.22M | 10.22M |
Cash burn (monthly) | (no burn) | 7.2M | (no burn) | (no burn) | (no burn) | (no burn) |
Cash used (since last report) | n/a | 9.63M | n/a | n/a | n/a | n/a |
Cash remaining | n/a | 596.05K | n/a | n/a | n/a | n/a |
Runway (months of cash) | n/a | 0.1 | n/a | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
3 Aug 22 | Bull Robert Alvin | First Keystone Corporation common stock | Buy | Acquire P | No | No | 23.5 | 2,145 | 50.41K | 148,023.008 |
2 Aug 22 | John E Arndt | First Keystone Corporation common stock | Buy | Acquire P | No | No | 22.5 | 1,666 | 37.49K | 115,601 |
22 Jun 22 | Michael L Jezewski | First Keystone Corporation common stock | Buy | Acquire P | No | No | 23.47 | 73 | 1.71K | 36,239.735 |
2 Jun 22 | Michael L Jezewski | First Keystone Corporation common stock | Buy | Acquire P | No | No | 24.11 | 139 | 3.35K | 36,166.735 |
2 Jun 22 | Michael L Jezewski | First Keystone Corporation common stock | Buy | Acquire P | No | No | 24.1 | 361 | 8.7K | 36,027.735 |
20 May 22 | Michael L Jezewski | First Keystone Corporation common stock | Buy | Acquire P | No | No | 23.98 | 250 | 6K | 35,666.735 |
Institutional ownership, Q1 2022
1.7% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 1 |
Opened positions | 0 |
Closed positions | 0 |
Increased positions | 0 |
Reduced positions | 0 |
13F shares | Current |
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Total value | 2.61M |
Total shares | 104.35K |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|---|---|
Fulton Bank, N.a. | 104.35K | $2.61M |
Financial report summary
?Management Discussion
- Net income increased to $14,688,000 for the year ended December 31, 2021, as compared to $11,837,000 for the prior year, an increase of 24.1%. Earnings per share, both basic and diluted, for 2021 was $2.49 as compared to $2.03 in 2020, an increase of 22.7%. Dividends per share for 2021 and 2020 were $1.12 and $1.08, respectively, representing a 3.7% increase. The Corporation’s return on average assets was 1.15% in 2021 and 1.09% in 2020. Return on average equity increased to 9.93% in 2021 from 8.61% in 2020. Total interest income in 2021 amounted to $42,048,000, an increase of $2,481,000 or 6.3% from 2020. The increase in interest income reflects an additional $934,000 in servicing fees earned from the SBA related to the origination of PPP loans for a total of $1,544,000 throughout 2021, plus an increase in interest earned on commercial real estate loans. Total interest expense of $5,148,000 decreased $1,212,000 or 19.1% from 2020. The majority of this decrease related to a decrease in interest paid on deposits and short-term borrowings in 2021.
Content analysis
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Readability |
H.S. sophomore Bad
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New words:
complex, efficiency, entertainment, exacerbated, fewer, frail, geopolitical, indoor, led, longevity, Russia, sparked, turmoil, Ukraine, upgraded, usage, vendor, worldwide
Removed:
unprecedented, upheaval
Financial reports
Current reports
8-K
First Keystone Announces
29 Jul 22
8-K
First Keystone Corporation Announces Second Quarter Dividend
26 May 22
8-K
Submission of Matters to a Vote of Security Holders
10 May 22
8-K
First Keystone Announces
29 Apr 22
8-K
First Keystone Corporation Announces First Quarter Dividend
24 Feb 22
8-K
Departure of Directors or Certain Officers
15 Feb 22
8-K
First Keystone Announces
31 Jan 22
8-K
First Keystone Corporation Announces Third Quarter and Special Dividends
24 Nov 21
8-K
First Keystone Announces
29 Oct 21
8-K
First Keystone Corporation Announces Third Quarter and Special Dividends
27 Aug 21
Registration and prospectus
D
$25M in debt, sold $25M, 18 investors
11 Dec 20
424B3
Prospectus supplement
27 Aug 19
S-3/A
Shelf registration (amended)
9 Nov 18
S-3
Shelf registration
2 Nov 18
425
Business combination disclosure
14 Oct 07
424B3
Prospectus supplement
10 Oct 07
S-4/A
Registration of securities issued in business combination transactions (amended)
11 Sep 07
S-4
Registration of securities issued in business combination transactions
22 Aug 07
425
Business combination disclosure
15 May 07
Other
EFFECT
Notice of effectiveness
8 Nov 18
CORRESP
Correspondence with SEC
6 Nov 18
UPLOAD
Letter from SEC
5 Nov 18
UPLOAD
Letter from SEC
7 Mar 11
CORRESP
Correspondence with SEC
19 Dec 10
CORRESP
Correspondence with SEC
21 Nov 10
UPLOAD
Letter from SEC
16 Nov 10
CORRESP
Correspondence with SEC
26 May 10
CORRESP
Correspondence with SEC
6 May 10
UPLOAD
Letter from SEC
4 May 10
Ownership
4
FIRST KEYSTONE / ROBERT ALVIN BULL ownership change
4 Aug 22
4
FIRST KEYSTONE / JOHN E ARNDT ownership change
3 Aug 22
4
FIRST KEYSTONE / Michael L Jezewski ownership change
22 Jun 22
4
FIRST KEYSTONE / Michael L Jezewski ownership change
2 Jun 22
4
FIRST KEYSTONE / Michael L Jezewski ownership change
23 May 22
3
FIRST KEYSTONE / Whitney B Holloway ownership change
4 Apr 22
4
FIRST KEYSTONE / Donald Matthew Bower ownership change
14 Feb 22
4
FIRST KEYSTONE / Michael L Jezewski ownership change
11 Feb 22
4
FIRST KEYSTONE / Michael L Jezewski ownership change
19 Nov 21
4
FIRST KEYSTONE / Michael L Jezewski ownership change
17 Nov 21