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Kish Bancorp, Inc. Announces Second Quarter Financial Results

July 19, 2023



STATE COLLEGE, PA (KISB) – William P. Hayes, Executive Chairman of Kish Bancorp, Inc., has announced unaudited financial results for the six-month period ending June 30, 2023. Highlights for the first half of 2023 include:

  • Strong expansion in net income year-to-date of $1.17 million, or 21.8% ahead of the first half of 2022, supported by a significant rise in net interest income after provision of $4.2 million, or 24.0%
  • Sustained loan growth of $174.0 million, or 18.5%, to $1.115 billion
  • Growth in total assets of $205.0 million year over year, or 16.8%, to $1.424 billion
  • Healthy increase in total capital of 14.8%, supported by higher retained earnings of $11.8 million
  • Continued strong ROE of 13.38% and ROA of 0.95%
  • Low loan charge-offs and healthy credit quality metrics that remain at positive levels
  • Noninterest expense that grew commensurately with new client acquisition and new team member investment

Kish Bancorp’s total assets ended the period at $1.424 billion, an increase of $205.0 million, or 16.82%, over total assets of $1.219 billion a year ago. Total loans outstanding grew year over year by $174.0 million to $1.115 billion, or 18.48%, with continued strong activity by the Bank’s Central PA and northeastern Ohio lending teams. Investment securities increased to $193.4 million, a $10.4 million increase from the same period in 2022 at higher yields, reflecting rising market rates.

Total deposits grew by $89.9 million to $1.091 billion, an increase of 8.98% from $1.001 billion a year ago, with a continued notable expansion in core deposits created by new customer acquisition. “With the opening of our first Altoona branch this month (July), we anticipate a sustained acceleration in retail and commercial deposit expansion,” said Hayes.

Net income for the first half of 2023 was $6.53 million, an increase of $1.17 million, or 21.76%, compared to $5.36 million for the same period in 2022. Hayes noted that this increase remains ahead of the compounded growth rate of 14.7% over the previous five years. Total net interest income after loan loss provision rose $4.15 million year over year, an increase of 24.01%, reflecting an expanding net interest margin. A modest increase of $85 thousand in the credit loss provision reflected continued strong loan quality. The expansion in net interest income also benefitted from the increase in interest rates and the Bank’s success in controlling its cost of funds in concert with the overall rise in market rates.

Noninterest income for the first half of 2023 decreased 8.04% compared to the same period in 2022, which is mainly attributable to a loss of $351 thousand on equity securities and lower gains on sale of residential mortgage loans of $164 thousand. “When these categories are removed, noninterest income increased by 6.12%, which reflects strong results by Kish’s nonbanking business units, including Insurance and Travel,” said Hayes.

Noninterest expense increased year over year by $2.23 million, or 13.39%, to $18.91 million, compared to $16.68 million the year prior. “In part, this increase reflects higher data processing fees associated with a strong expansion in new customer numbers, as well as the strategic investment in the training and education of our employees,” said Hayes. He continued, “Team expansion remains as a lead to salary expense, coupled with the inflationary pressures on compensation expense. Data Processing as a line item is higher due to a reclassification of expenses that in 2022 were included in Occupancy. All other expense categories were well-controlled when compared to the prior year.”

Return on shareholders’ equity remained strong at 13.38%, compared to 13.35% for the same period in 2022. The Kish Bancorp, Inc. Board of Directors declared a quarterly dividend of $0.37 per share, payable July 31, 2023, to shareholders of record as of July 17, 2023. This represents an increase of $0.02, or 5.7%, over the prior quarter’s dividend, and represents Kish Bancorp’s eighth consecutive year of dividend increases and tenth in the last 11 years.

Hayes concluded, “We were pleased to announce Greg Hayes’ promotion to CEO on July 1 and his assumption of additional leadership responsibilities. My engagement as Executive Chairman will sustain my participation in the management of the company.”


View the full second quarter financial statement ›


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 18 offices and financial centers serving Centre, Mifflin, Huntingdon, Blair, and Juniata counties, and northeastern 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 or