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Volume 3 - Issue 3
December 2021
Greetings!

Welcome to the Winter issue of “From the Vault!”

My how time flies! 

2021 has been another busy year for us here at FKCB, as I’m sure it may have been for you as well. As we all continue to endure the effects of COVID, First Keystone Community Bank remains committed to connecting with each other and building a culture that will benefit our employees, customers, communities, and shareholders.

Toward that goal, I am happy to announce that we recently completed another successful community outreach project to “CONNECT for Wellness.” This initiative focused on providing support for school children in each of our market areas. Our employees donated, collected and distributed hygiene products (soap, shampoo, toothbrushes and toothpaste, deodorant, brushes and combs, etc.) to ten local non-profit agencies focused on supporting children of all ages. Our donations were certainly welcomed and appreciated by both the agencies and the kids.

I’m also excited to share news that four of our employees were recognized with the “Future Under 40 Award” at the PA Bankers Association’s annual Young Professionals Conference. This award recognizes individuals age 40 and under who have made a significant impact in their institution, community and the banking industry. This year’s conference announced ten award winners and we brought home four of the awards! Please check out each of our awardees highlighted later in this newsletter.

While connecting with our employees and communities, we remain focused on First Keystone’s financial performance. Throughout the year we have remained committed to increasing revenue from core operating functions and reducing expenses, all while improving our day-to-day interactions and increasing productivity. I am pleased to share some highlights of the financial progress we made through September 30, 2021, in comparison to September 30, 2020:
  • Our total assets reached a high of just over $1.39 billion dollars
  • Net loans grew by 7% to $748 million
  • Net income grew to $11.5 million, a 34% increase compared to the same period in 2020
  • Return on Average Assets ratio was 1.22% and Return on Average Equity came in at 10.39%

As always, we thank and recognize all of our employees, officers and Board of Directors for their continued outstanding efforts. We also sincerely thank you for your unwavering support and confidence.

On behalf of everyone at First Keystone Community Bank, we look forward to continuing to serve all your banking needs in the years to come. Wishing you and your family a very Merry Christmas and a Happy and Healthy New Year!

Warmest Regards,
Elaine A. Woodland
President and CEO
We are proud to announce that four of our team members received this year's Pennsylvania Bankers Association
Future Under 40 Award
THE IRS REMINDS TAXPAYERS
THERE ARE THINGS YOU SHOULD DO BEFORE THE CURRENT TAX YEAR
ENDS ON DECEMBER 31
Donate to charity
Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. Tax Exempt Organization Search on IRS.gov allows users to search for charities. It provides information about an organization's federal tax status and filings.

The law now permits taxpayers to claim a limited deduction on their 2021 federal income tax returns for cash contributions they made to certain qualifying charitable organizations even if they don't itemize their deductions. Taxpayers, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions to qualifying charities during 2021. The maximum deduction is $600 for married individuals filing joint returns.

Most cash donations made to charity qualify for the deduction. However, there are some exceptions . Cash contributions include those made by check, credit card or debit card as well as unreimbursed out-of-pocket expenses in connection with volunteer services to a qualifying charitable organization.

Check Individual Taxpayer Identification Number (ITIN)
An ITIN only needs to be renewed if it has expired and is needed on a U.S. federal tax return.

If an Individual Taxpayer Identification Number was not included on a U.S. federal tax return at least once for tax years 2018, 2019 and 2020, the ITIN will expire on December 31, 2021.

As a reminder, ITINs with middle digits 70 through 88 have expired. In addition, ITINs with middle digits 90 through 99, if assigned before 2013, have expired. Individuals who previously submitted a renewal application that was approved, do not need to renew again.

Find information about retirement plans
IRS.gov has end-of-year tax information about retirement plans. This includes resources for individuals about retirement planning, contributions and withdrawals.

Contribute salary deferral
Taxpayers can make a salary deferral to a retirement plan. This helps maximize the tax credit available for eligible contributions. Taxpayers should make sure their total salary deferral contributions do not exceed the $19,500 limit for 2021.

Get banked and set up direct deposit
Direct deposit gives taxpayers access to their refund faster than a paper check. Those without a bank account can learn how to open an account at an FDIC-insured bank or through the National Credit Union Locator Tool.
Veterans should see the Veterans Benefits Banking Program for access to financial services at participating banks.

Connect with the IRS
Taxpayers can use social media to get the latest tax and filing tips from the IRS. The IRS shares information on things like tax changes, scam alerts, initiatives, tax products and taxpayer services. These social media tools are available in different languages, including English, Spanish and American Sign Language.

Think about tax refunds
Taxpayers should be careful not to expect getting a refund by a certain date. This is especially true for those who plan to use their refund to make major purchases or pay bills. Just as each tax return is unique to the individual, so is each taxpayer's refund. Taxpayers can take steps now to get ready to file their federal tax return in 2022.

For more information from the IRS you can visit their website:
Learn More About Our
There is a vast amount of additional
information and resources that can be found on the
Federal Trade Commission website.
FIRST KEYSTONE COMMUNITY BANK

SPONSORS THE THIRD ANNUAL
2021 BLOOMSBURG FAIR QUEEN
The 2021 Fair Queen Madison Coolbaugh

Congratulations

Madison Coolbaugh
of Berwick, The 2021 Bloomsburg Fair Queen.
Madison's responsibilities as Fair Queen include raising awareness of the education, local agriculture, and entertainment that the Bloomsburg Fair provides to the region.
Madison has been very active in the
community since being crowned Fair Queen.
PLEASE HELP WELCOME

Brandon Brown
AVP, Commercial Services Officer, Wyoming Valley
For more complete checklists and guidance on collecting and safeguarding important information download the
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