secwatch.observer — SEC 8-K summary
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Issuer:     FIRST KEYSTONE CORP (FKYS)
CIK:        0000737875
Form:       8-K
Filed at:   2024-07-30T23:59:59+00:00
Accession:  0000737875-24-000032
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/737875/000073787524000032/0000737875-24-000032-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/737875/000073787524000032/fkys-20240730x8k.htm
  HTML page:      https://secwatch.observer/filing/0000737875-24-000032

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