Kish News & Media

Angled view of the front of the Kish Innovation Center building with Kish sign

Kish Bancorp, Inc. Announces Fourth Quarter Financial Results

January 17, 2024



STATE COLLEGE, PA (KISB) – William P. Hayes, Executive Chairman of Kish Bancorp, Inc., has announced unaudited financial results for the year ended December 31, 2023. Highlights for the year included:

  • Growth in total assets of $247.4 million year over year, or 19.09%, to $1.543 billion from $1.295 billion
  • Sustained strong loan growth of $209.4 million, or 20.45%
  • Expansion in net income to $13.5 million, or 5.0%, from $12.86 million in 2022
  • A significant rise in net interest income, after provision, of $4.7 million, or 12.2%
  • Healthy internal capital formation of 12.9%, supported by higher retained earnings, improved AOCI, and the Corporation’s new stock issuance
  • Continued strong ROE of 13.02% and ROA of 0.94%

In making the announcement, Hayes said, “This year represented another outstanding period of accomplishment and growth for Kish. Although headwinds created by higher interest rates depressed residential mortgage lending, the performance of the rest of our retail and commercial banking units remained strong, while our non-banking units continued their steady growth.”

The Corporation’s total assets ended the year 2023 at $1.543 billion, an increase of $247.4 million, or 19.09%, compared to total assets of $1.295 billion the year prior. Continued strong production by Kish’s central PA and northeastern Ohio commercial lending teams contributed to year-over-year growth in total loans outstanding of $209.4 million, or 20.45%, to $1.233 billion. Investment securities increased to $192.6 million, a $23.7 million increase from the same period in 2022. Total deposits grew by $142 million to $1.179 billion, an increase of 13.69% from $1.037 billion a year ago.

Hayes noted, “The opening of Kish Bank’s first Altoona branch in July was well received and contributed to an acceleration in retail and commercial deposit expansion in the second half of 2023.”

Net income for the year 2023 was $13.5 million, an increase of $640 thousand, or 5.0%, compared to $12.86 million in 2022. Total net interest income after credit loss provision rose $4.67 million year over year, an increase of 12.21% (or 14.07% before provision). “This continues to reflect a strong and well-balanced net interest margin capable of withstanding interest rate volatility,” said Hayes. He continued, “An increase of $711 thousand in the credit loss provision was driven by continued growth in outstanding loans, although loan quality metrics remained strong with actual loan charge-offs near zero.”

Noninterest income decreased 6.09% compared to 2022, which was mainly attributable to a loss of $145 thousand on equity securities and lower gains on sale of residential mortgage loans of $340 thousand. When these categories are removed, noninterest income increased by 3.03%, reflecting strong results in bank service fees and the performance of Kish’s nonbanking business units. Specifically, year-over-year increases in Insurance commissions of $212 thousand and Travel revenue of $43 thousand supported noninterest income totals.

Noninterest expense increased year over year by $3.06 million, or 8.73%, to $38.13 million as of December 31, 2023, compared to $35.07 million the year prior. “In part, this increase reflects our investment in technology, a strong expansion in new customers, and the strategic investment in the training and education of our employees,” said Hayes. He added, “Team additions, driven by our expansion into Blair County, remain a primary driver of higher salary expense, although inflationary pressures also added to the increase in compensation expense.” Data Processing as a line item was higher in 2023 due to a reclassification of expenses that in 2022 were included in Occupancy, and all other expense categories remained well-controlled when compared to the prior year.

Return on shareholders’ equity remained strong at 13.02%, compared to 14.95% for 2022. The Board of Directors declared a quarterly dividend in the amount of $0.37 per share, payable January 31, 2024, to shareholders of record as of January 16, 2024. The year 2023 marked the eighth consecutive year of dividend increases for Kish Bancorp, as a $0.02 (or 5.7%) increase was declared in the second quarter.

Hayes concluded by noting that in September 2023, Kish Bancorp announced a private stock offering to raise additional capital in support of Kish’s sustained growth. “Despite healthy capital generation through strong levels of retained earnings, the Company’s total asset growth of $500 million in less than four years necessitated additional capital augmentation to support projected future growth,” Hayes said. “With more than $8 million raised to date, combined with the more than $11 million increase in retained earnings and a positive $2.1 million decline in AOCI, the 2023 addition of more than $20 million in capital now positions the Company well for sustained profitable growth in the future, much of which is already in the pipeline.”

Although the private offering is limited to accredited investors, Hayes stated that existing shareholders can utilize Kish’s Dividend Reinvestment Plan if interested in adding to their investment in Kish Bancorp, Inc. Otherwise, prospective investors will find Kish Bancorp listed under KISB on the OTCQX exchange, which trades with regular frequency through any brokerage account.


View the full fourth 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