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First Keystone (FKYS)

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.

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 Aug 22
9 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
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

Beta Read what these cash burn values mean

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
1.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 1 1
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 2.61M 2.51M +3.8%
Total shares 104.35K 104.35K
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Fulton Bank, N.a. 104.35K $2.61M 0.0%
Largest transactions Shares Bought/sold Change
Fulton Bank, N.a. 104.35K 0 0.0%

Financial report summary

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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.

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