First Keystone reports Q1 net loss of $18.4M, records $19.1M goodwill impairment

FIRST KEYSTONE CORP

Net loss per share $3.00 vs net income in Q1 2023; net income decreased by $19.7M.
Goodwill impairment of $19.1M triggered by stock price decline in Q1 2024.
Total interest income up 27.3% but interest expense up $3.97M due to deposit costs and borrowing.
Non-interest expense rose to $27.1M from impairment and salary/wage increases.
Stockholders' equity decreased 17.0% ($21.3M) due to impairment and securities/derivative losses.

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