Kish News & Media

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

Kish Bancorp, Inc. Announces First Quarter Financial Results

April 19, 2024



STATE COLLEGE, PA (KISB) – William P. Hayes, Executive Chairman of Kish Bancorp, Inc., has announced unaudited financial results for the quarter ending March 31, 2024. Highlights for the first quarter of 2024 include:

  • Growth in total assets of $175.5 million year over year (YOY), or 12.77%, to $1.550 billion from $1.374 billion a year ago
  • Total deposit growth YOY of $126 million, or 11.83%, as Kish continued to attract new client relationships
  • Sustained strong loan growth of $191.2 million, or 17.97%, over the prior year
  • An increase in net interest income, before provision, of $754 thousand, or 7.08%
  • An increase in noninterest income of 7.58%
  • Healthy internal capital formation of 10.3%, supported by higher retained earnings, improved AOCI, and the Corporation’s new stock issuance
  • Continued strong Return on Equity of 10.84% and Return on Assets of 0.80%

The Corporation’s total assets ended the quarter at $1.550 billion, an increase of $175.5 million, or 12.77%, compared to total assets of $1.374 billion as of March 31, 2023. Total loans outstanding grew year over year by $191.2 million, or 17.97%, to $1.255 billion. Investment securities decreased to $185.2 million, a decrease of $18.2 million from the same period in 2023.

“Total deposits grew by $126 million to $1.192 billion, an increase of 11.83% from $1.066 billion a year ago,” said Hayes. He noted, “The opening of Kish Bank’s first Altoona branch in July 2023 contributed to an acceleration in retail and commercial deposit expansion during its first nine months of operation.”

Net income for the first three months of 2024 was $3.09 million, a decrease of $230 thousand, or 6.9%, compared to $3.32 million for the same period in 2023. Total net interest income after credit loss provision rose $577 thousand YOY ($754 thousand before provision), an increase of 5.38% (7.08% before provision), continuing to indicate a strong and well-balanced net interest margin. An increase of $177 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 for the first quarter of 2024 increased by 7.58% compared to the same period in 2023, which is attributable in large part to strong results from Kish’s Wealth Management unit of $940 thousand, a 28.1% (or $206 thousand) increase over 2023,” said Hayes. He continued, “A loss of $149 thousand on equity securities was improved over the prior year by $174 thousand, or 53.87%.”

Noninterest expense increased YOY by $1.05 million, or 11.08%, to $10.55 million as of March 31, 2024, compared to $9.5 million the year prior. “In part, this increase reflects our strategic investment in technology and the training and education of our employees, all necessary to support the strong expansion in new customers,” said Hayes. “Team additions, partially driven by our expansion into Blair County, remain a driver of higher salary expense, although inflationary pressures also added to the increase in compensation expense. All other expense categories were well-controlled when compared to the prior year.”

The Board of Directors declared a quarterly dividend in the amount of $0.37 per share, payable April 30, 2024, to shareholders of record as of April 15, 2024, which was unchanged from the prior quarter.

Hayes concluded with a note that in September 2023, Kish announced a private offering of Kish Bancorp stock to raise additional capital in support of its sustained growth. “With more than $10 million raised to date, combined with a more than $9.2 million increase in retained earnings YOY and a positive $427 thousand decline in AOCI, the addition of $20 million in shareholders’ capital has positioned Kish well for sustained profitable growth in the year ahead,” said Hayes.

Although the private offering is limited to accredited investors, existing Kish Bancorp shareholders always have the opportunity to utilize the Company’s Dividend Reinvestment Plan if they would like to add to their investment. KISB is also listed on the OTCQX exchange and trades with regular frequency through retail brokerage accounts.


View the full first 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