FIRST KEYSTONE CORP (FKYS): restructuring charge — First Keystone records $19.1M goodwill impairment; declares $0.28 dividend

FIRST KEYSTONE CORP

Non-cash goodwill impairment of $19.1M as of March 31, 2024 triggered by stock price decline in Q1.
Impairment relates to 2007 Pocono Community Bank acquisition and 2004 Danville branch purchase; no impact on regulatory capital or cash.
Q2 dividend of $0.28 per share (unchanged YoY); payable June 28, 2024 to holders of record June 13, 2024.
Quantitative impairment test performed; Board determined charge on May 29, 2024.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

FIRST KEYSTONE CORP announced a impairment with charges of approximately $19,133,000 affecting First Keystone Community Bank.

Type: impairment
Charge: approximately $19,133,000
Affected area: First Keystone Community Bank

Exact text from the filing

The Corporation performed a quantitative impairment test as of March 31, 2024, due primarily to the decrease in the Corporation’s stock price during the first quarter of 2024 as a triggering event, and based on the results of the test, the Board of Directors determined on May 29, 2024, that the Corporation will record a first quarter non-cash goodwill impairment charge of approximately $19,133,000.

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FIRST KEYSTONE CORP filing history →

Source: SEC EDGAR

accession 0001104659-24-066481

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