First Keystone reports net loss of $17M for H1 2024, driven by $19.1M goodwill impairment

FIRST KEYSTONE CORP

2024-Q2 EPS reported -$2.77

Net loss of $16,997K ($2.77 per share) for six months ended June 30, 2024; net income down $19,493K YoY.
Goodwill impairment of $19,133K recognized in Q1 2024 due to stock price decline triggering impairment testing.
Total assets grew 8.4% to $1.418B; deposits up 5.2% via brokered CDs; stockholders' equity fell 16.6%.
Interest income up 28.1% but interest expense increased sharply from higher deposit costs and borrowings.
Provision for credit losses increased $740K; non-interest expense rose mainly from goodwill impairment and higher salaries.

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