First Keystone Corporation Announces Earnings Results for the Year Ended December 31, 2017
January 31, 2018 at 05:14 pm
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First Keystone Corporation announces earnings results for the year ended December 31, 2017. The company reported net income of $8,648,000, which equates to earnings of $1.52 per share. Net income in 2017 declined as compared to 2016 due to a number of factors. Net interest income was lower by $641,000, or 2.4%, due to Federal Reserve rate increases that have increased the cost of funds. A second factor in the decline was a reduction in net investment securities gains in 2017. Third, non-interest expense rose primarily as a result of higher salaries and employee benefits expense. Lastly, there was a charge to income tax expense of $379,000 in December 2017 due to the tax reform passed in December, Tax Cuts and Jobs Act of 2017. Net interest income for the year 2017 was $25,720,000. Total interest income was higher in 2017 as compared to 2016 as net loans grew by $36,885,000 or 7.2%. Income before income tax expense decreased $1,214,000 for the twelve months ended December 31, 2017 compared to the same period in 2016.
First Keystone Corporation is a bank holding company. The Company operates, through its subsidiary, First Keystone Community Bank (the Bank), which has a commercial banking operation and a trust department as its lines of business. The Bank is a full-service commercial bank providing a range of services to individuals and small to medium-sized businesses in its Northeastern Pennsylvania market area. The Bankâs commercial banking activities include accepting time, demand and savings deposits and making secured and unsecured commercial, real estate, agricultural and consumer loans. Additionally, the Bank provides personal and corporate trust and agency services to individuals, corporations and others, including trust investment accounts, investment advisory services, mutual funds, estate planning, and management of pension and profit-sharing plans. The area served by the Bank includes a mix of rural communities, small to mid-sized towns and cities.
FIRST KEYSTONE CORPORATION 
