First Keystone posts $15.5M net loss for 9M 2024 on $19.1M goodwill impairment

FIRST KEYSTONE CORP

2024-Q3 EPS reported -$2.52

Net loss of $15.49M ($2.52/share) for nine months ended Sep 30, 2024; net income down $19.27M YoY.
Goodwill impairment charge of $19.13M in Q1 2024 was the primary cause of the net loss.
Interest income up 28.1% but interest expense rose 50.3% due to higher deposit costs.
Provision for credit losses increased $1.83M due to loan growth and a large charge-off in Q3 2024.
Total assets grew 9.0% to $1.44B; stockholders' equity fell 6.7% from impairment and dividends.

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