Angled view of the front of the Kish Innovation Center building with Kish sign
REEDSVILLE, PA – Five directors were elected at Kish Bancorp, Inc.’s 123rd consecutive annual shareholders’ meeting, held at the Kish Innovation Center in Reedsville. Eric J. Barron of North Carolina, William L. Dancy of Belleville, Gregory T. Hayes of State College, Paul G. Howes of State College, and Paul H. Silvis of State College were elected to serve three-year terms ending in 2026. Also recognized at the meeting were the other directors of Kish Bancorp and Kish Bank serving existing terms: William P. Hayes, William S. Lake, Frances V. Vaughn, James A. Troha, Michael K. Halloran, Kathleen L. Rhine, and George V. Woskob.
In his address to the shareholders attending, William P. Hayes, Chairman and CEO, remarked, “Sustainable success means that Kish is focused on being here for the long haul, delivering performance for our customers, our team members, our communities, and our shareholders, for we cannot be sustainable without you.”
Hayes reviewed Kish’s financial performance in 2022, noting key highlights that included: dramatic gains in deposit market share, moving Kish ahead in all markets and surpassing all community bank competitors in Centre County; powerful increases in net income and net interest income driven by sustained growth, very strong asset quality, and an expanding margin; double-digit growth in earnings per share of 30.3% and return on shareholder equity of 14.95%; and a 9.4% increase in the quarterly dividend, representing the Corporation’s 7th consecutive year with dividend increases. Hayes also highlighted the incredible momentum Kish has maintained over the last decade, represented by net income that doubled from 2018 to 2022, with 14.47% average growth over the past 10 years.
“This snapshot is a powerful testimony to the performance of the entire Kish team—performance that has been truly sustained over time, through core conversions, new buildings, COVID-19, market expansions, and disruptions in the banking system,” said Hayes. “From the front line to the support teams to the non-Bank business units, they knocked the cover off the ball in 2022.”
Hayes reviewed current events in the banking industry, noting how Kish differs vastly from large regional banks in its quality of assets, balance sheet makeup, diversification of depositors, and liquidity management and access. Hayes also covered certain senior management leadership transition plans, which will be covered by a separate release.
President and Chief Operating Officer Gregory T. Hayes reviewed Kish’s strategic success in 2022, nothing achievements such as: the expansion of Kish’s physical presence with the opening of its Pine Grove Mills and Mifflintown branches and the renovation of its Reedsville Financial Center and branch; community impact through initiatives like Kish for the Cure, Teach Children to Save, and Kish Bank’s partnership with Giv Local; new loan origination systems; data utilization; an increased focus on Diversity, Equity, and Inclusion; and expanded education programs for employees.
Bill and Greg Hayes concluded the meeting by outlining Kish’s strategic objectives and opportunities for the coming years and the Bank’s continued unwavering commitment to its shareholders, customers, employees, and communities.
About Kish Bancorp, Inc.
Kish Bancorp, Inc. is a diversified financial services corporation headquartered in Belleville, PA with executive offices in State College and an Innovation Center in Reedsville. Kish Bank, a subsidiary of Kish Bancorp, Inc., operates 16 offices and financial centers serving Centre, Mifflin, Huntingdon, Blair, and Juniata counties, and a Loan Production Office in Hudson, Ohio. In addition to Kish Bank, other business units include: Kish Insurance, an independent property and casualty insurance agency; Kish Financial Solutions, which offers trust, fiduciary, and wealth management advisory services; Kish Benefits Consulting, which provides employee benefits consulting services; and Kish Travel, a full-service travel agency. KISB is the OTCQX stock ticker symbol for Kish Bancorp, Inc. For additional information, please visit ir.kishbancorp.com or otcmarkets.com/stock/KISB.