Kish Bancorp, Inc. Reports Strong Second Quarter and First Half 2024 Results
Kish Bancorp, Inc. (OTCQX: KISB), parent company of Kish Bank, announced its financial results for the second quarter and first half of 2024. The company reported net income of $3.2 million, or $1.06 per share, for the second quarter of 2024, compared to $3.1 million, or $1.06 per share, for the first quarter of 2024, and $3.2 million, or $1.24 per share, for the second quarter of 2023. For the first six months of 2024, net income was $6.2 million, or $2.12 per share, compared to $6.5 million, or $2.47 per share, for the same period in 2023. All results are unaudited.
“We are pleased with our performance in the second quarter, driven by robust loan growth and solid asset quality metrics,” said William P. Hayes, Executive Chairman of Kish Bancorp. “Our focus on effective balance sheet management and strategic investments has positioned us well in a challenging economic environment.”
The second quarter of 2024 saw a provision for credit losses of $467,000, reflecting adjustments under the CECL accounting model due to the expansion of the commercial loan portfolio. This compares to a provision of $113,000 in the first quarter of 2024 and $149,000 in the second quarter of 2023. Importantly, the provision increase does not indicate deterioration in loan quality, which remains strong.
Key Financial Highlights for Second Quarter 2024:
- Total assets grew by $187.8 million, or 13.2%, year-over-year to $1.6 billion.
- Total deposits increased by $178.6 million, or 16.4%, year-over-year to $1.3 billion.
- Net loans increased by $202.9 million, or 18.3%, year-over-year to $1.3 billion.
- Net interest income before provision increased by $1.2 million, or 11.1%, year-over-year.
- Noninterest income increased by $81,000, or 3.2%, compared to the second quarter of 2023.
- Net interest margin expanded to 3.29% in the second quarter of 2024.
“Our earnings reflect a strong performance across our business lines, with notable growth in earning assets and stable net interest margins,” said Gregory T. Hayes, President and CEO of Kish Bancorp. “We continue to enhance our service offerings and maintain robust capital levels to support our growth strategy.”
At June 30, 2024, Kish Bancorp maintained well-capitalized ratios, including a Tier 1 leverage ratio of 9.00%, a Tier 1 capital ratio of 9.90%, and a Total risk-based capital ratio of 10.59%.
“We remain committed to delivering long-term value to our shareholders through consistent dividend payments and prudent financial management,” added Hayes. Kish Bancorp declared a quarterly dividend of $0.37 per share, payable on July 31, 2024, to shareholders of record as of July 15, 2024.
For more information on Kish Bancorp’s financial performance, visit www.kishbank.com.
