SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April 17, 1998
KEYSTONE FINANCIAL, INC.
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(Exact name of registrant as specified in its charter)
Pennsylvania 0-11460 23-2289209
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State or other jurisdiction (Commission File Number) (IRS Employer ID No.)
of incorporation)
One Keystone Plaza, P.O.Box 3660, Harrisburg, Pennsylvania 17105-3660
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(Address of principal executive offices) (ZIP CODE)
Registrant's telephone number including area code: (717) 233-1555
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Item 5. Other Events
The following document is filed as an exhibit to this Form 8-K:
I. Press Release of Keystone Financial, Inc.
dated April 17, 1998.
Signatures
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Keystone Financial, Inc.
(Registrant)
Date: April 17, 1998 Donald F. Holt
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Senior Vice President &
Corporate Controller
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release of Keystone Financial, Inc. dated
April 17, 1998.
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Press Release
FOR IMMEDIATE RELEASE
Contact: Donald F. Holt April 17, 1998
Sr. Vice President
Corporate Controller
(717)231-5704
KEYSTONE FINANCIAL REPORTS FIRST QUARTER GAINS
HARRISBURG, PA, April 17 -- Keystone Financial, Inc. (NASDAQ, NM: KSTN),
Pennsylvania's fourth largest bank holding company, today reported operating
results for the first quarter ended March 31, 1998.
First quarter net income increased six percent to $24,136,000, or 47 cents
per basic share, from $22,771,000, or 44 cents per basic share for the
comparable period last year. For the first quarter, return on average assets was
1.44 percent and return on average equity was 14.24 percent.
Assets at the close of the first quarter were $6,896,228,000, an eight
percent gain from $6,402,131,000 at the end of the first quarter of 1997.
Deposits grew to $5,233,330,000 from $5,042,779,000 for the corresponding period
of 1997, and loans increased to $4,648,367,000 from last year's $4,284,086,000.
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"Our favorable first quarter performance featured steady loan growth,
solid increases in fee income, and improving execution of our relationship
banking approach. We are confident that the strategies we are pursuing will
continue to build shareholder value," said Carl L.
Campbell, President and Chief Executive Officer.
Keystone Financial, Inc., with assets of approximately $6.9 billion, has
seven member banks - American Trust Bank, N.A. Cumberland, MD; Financial Trust
Company, Carlisle, PA; Keystone Bank, N.A., Horsham, PA; Keystone National Bank,
Lancaster, PA; Mid-State Bank, Altoona, PA; Northern Central Bank, Williamsport,
PA; and Pennsylvania National Bank, Pottsville, PA; -- which together operate
nearly 200 offices in Pennsylvania, Maryland and West Virginia. Keystone also
operates Martindale Andres & Co., an investment management services provider,
Keystone Financial Mortgage Co., MMC&P, a retirement benefit services firm,
Keystone Financial Leasing Corporation, and Key Call Phone Banking Center.
For more information, visit the company's web site on the Internet at
www.keyfin.com.
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Financial Highlights
(dollars in thousands, except per share data)
Quarter Ended March 31,
Earnings 1998 1997 Change
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Net Interest Income* $71,315 $68,542 4 %
Provision for Credit Losses 3,757 3,794 (1)
Noninterest Income 24,207 21,075 15
Noninterest Expense 56,107 51,362 9
Net Income 24,136 22,771 6
Earnings Per Share:
Basic $0.47 $0.44 7 %
Diluted 0.46 0.43 7
Dividends Per Share 0.28 0.26 8
Performance Indicators
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Return on Average Assets 1.44 % 1.45 %
Return on Average Equity 14.24 14.15
Net Interest Margin 4.43 % 4.56 %
Provision for Credit
Losses/Average Loans** 0.33 0.35
Noninterest Expense/Revenues 59.69 57.41
March 31,
At Period End 1998 1997
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Investments $1,699,196 $1,365,650 24 %
Loans 4,648,367 4,284,086 9
Total Assets 6,896,228 6,402,131 8
Deposits 5,233,330 5,042,779 4
Shareholders' Equity 677,990 645,892 5
Book Value per Share $13.13 $12.59
Equity to Assets Ratio 9.83% 10.09%
Risk Adjusted Capital/
Assets Ratio 13.71 14.68
Asset Quality
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Nonperforming Assets to Loans 0.68% 0.66%
Loans 90 Days Past Due 0.50 0.51
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Total Risk Elements to Loans 1.18% 1.17%
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Allowance for Credit Losses
to Loans 1.38% 1.33%
Allowance to Nonperforming Loans 237 281
Net Charge-Offs to Average Loans** 0.40 0.27
*Fully taxable-equivalent
**Annualized
