
Kish Bancorp, Inc. (OTCQX: KISB), the parent company of Kish Bank, announced its financial results for the fourth quarter and full-year 2024. The company reported a net income of $4.1 million, or $1.39 per share, for the fourth quarter of 2024. This marks a slight decrease from the third quarter of 2024, which posted a net income of $4.2 million, or $1.41 per share. However, the fourth-quarter results represent a notable improvement compared to the fourth quarter of 2023, which reported net income of $3.5 million, or $1.22 per share.
For the full year 2024, Kish Bancorp achieved a net income of $14.5 million, a 7.6% increase over the previous year’s $13.5 million. This positive growth was driven by strong revenue generation and robust loan and deposit growth, although earnings per share for 2024 were $4.92, slightly lower than the $5.22 recorded in 2023.
The unaudited results reflect Kish’s continued success in navigating the economic environment, including its efforts to expand its loan portfolio, enhance its technological capabilities, and grow its customer base. “Loan growth had another strong quarter, with total loans outstanding up by $191.1 million, or 15.5%, year over year, and up $52.0 million, or 3.8% over the prior quarter,” said Gregory T. Hayes, President and CEO of Kish Bancorp.
Fourth Quarter 2024 Financial Performance
Kish Bancorp’s financial performance in the fourth quarter of 2024 was bolstered by favorable credit conditions, which resulted in a $142 thousand reversal of provision for credit losses. This compares to a provision expense of $665 thousand in the third quarter of 2024 and $575 thousand in the fourth quarter of 2023. The reversal was primarily due to net loan recoveries of $285 thousand, coupled with solid credit quality and improved economic indicators.
“We are pleased to report strong earnings for the fourth quarter, driven by record profits for the year 2024,” stated William P. Hayes, Executive Chairman of Kish Bancorp. “The increase in net interest income in the fourth quarter was primarily due to new loan growth, and while recent Fed rate cuts have put some pressure on our net interest margin, we expect improvement in future quarters as market rates stabilize and our cost of funds adjusts downward.”
Key Financial Highlights for the Fourth Quarter of 2024
- Total Assets: Kish Bancorp’s total assets grew by $149.8 million, or 9.7%, reaching $1.7 billion as of December 31, 2024, compared to $1.5 billion a year ago.
- Loan Growth: The company’s loan portfolio grew by $191.1 million, or 15.5%, year over year, to a total of $1.4 billion. This growth was driven by increases in construction loans, which rose by $55.4 million, or 34.5%, and multifamily loans, which grew by $43.8 million, or 25.1%.
- Deposits: Total deposits increased by $119.0 million, or 10.1%, to $1.3 billion, reflecting Kish Bank’s successful efforts to attract new clients and expand its customer relationships.
- Net Interest Income: Fourth-quarter net interest income, before the provision for credit losses, increased by $1.5 million, or 13.3%, compared to the fourth quarter of 2023.
- Noninterest Income: Noninterest income grew by $416 thousand, or 14.4%, compared to the year-ago quarter, with significant contributions from the company’s Wealth Management division, which posted a 30.5% increase in revenue.
- Noninterest Expense: Noninterest expense rose by $1.8 million, or 19.3%, to $11.2 million, primarily due to team expansion, higher salary expenses, and strategic investments in technology.
- Net Interest Margin: Kish’s net interest margin for the fourth quarter of 2024 was 3.23%, a slight contraction of 14 basis points from the same quarter last year. This decrease reflects the pressure from the recent Fed rate cuts, but the company anticipates that future quarters will see an improvement as the cost of funds adjusts downward.
- Stockholders’ Equity: Stockholders’ equity increased by 14.4% to $106.1 million as of December 31, 2024, compared to $92.8 million a year ago. Tangible book value per share rose by 2.1%, from $33.86 to $34.58, further highlighting the company’s strong capital position.
- Return on Equity and Assets: The company posted a return on average equity (ROE) of 13.56% and a return on average assets (ROA) of 0.97% in the fourth quarter, continuing to deliver strong returns for shareholders.
Expansion of the Deposit Franchise and Technological Innovations
In 2024, Kish Bancorp made significant strides in expanding its deposit franchise and enhancing its technological offerings. One of the key innovations was the launch of ATM + Live Banker, a new banking solution introduced at eight locations across Centre, Blair, Huntingdon, and Juniata Counties. This service allows customers to perform full-service banking transactions with a live, local Kish Bank teller via video, providing increased access and convenience for customers during expanded hours.

“We are excited to bring this transformative banking solution to our customers,” said Gregory T. Hayes. “While other banks are closing branches and reducing access to personal banking services, we are expanding access and enhancing our customers’ banking experience. ATM + Live Banker is just the beginning of our efforts to provide innovative and cost-effective solutions to meet our customers’ needs.”
Strong Credit Quality and Loan Recoveries
Kish Bancorp continued to maintain strong credit quality throughout 2024. The company recorded net loan recoveries of $262 thousand in the fourth quarter, compared to $39 thousand in net loan charge-offs in the same period last year. The allowance for credit losses stood at $8.9 million, or 0.63% of total loans, at December 31, 2024, compared to $7.5 million, or 0.61% of total loans, at the end of 2023.
Nonperforming loans totaled $722 thousand, or 0.05% of total loans, as of December 31, 2024, compared to $569 thousand, or 0.05% of total loans, a year earlier. The company’s allowance for credit losses represented 1233.52% of nonperforming loans, reflecting Kish’s commitment to prudent risk management.
Dividend Declaration
On January 2, 2025, Kish Bancorp’s Board of Directors declared a quarterly dividend of $0.39 per share, payable on January 31, 2025, to shareholders of record as of January 15, 2025. This dividend represents a stable payout, consistent with the previous quarter, and reflects the company’s strong financial position. Kish has a long history of paying uninterrupted dividends since 1987, with a dividend increase every year for the past nine consecutive years.
Outlook for 2025
Looking ahead to 2025, Kish Bancorp is optimistic about its continued growth and earnings momentum. The company plans to focus on expanding its core deposit franchise, entering new markets, and gaining market share in its existing markets. Additionally, Kish will continue to invest in technology enhancements and streamline operations to achieve long-term growth and profitability.
“We are confident in our ability to maintain strong earnings momentum in 2025,” stated William P. Hayes. “Our team is committed to delivering exceptional service to our customers while growing our business and increasing shareholder value. We believe that our strategic investments in technology, expanded deposit offerings, and strong balance sheet will position us for continued success in the year ahead.”
Kish Bancorp remains well-capitalized, with a Tier 1 leverage ratio of 9.02%, a Tier 1 capital ratio of 9.92%, and a total capital ratio of 10.62% as of December 31, 2024. These strong capital levels allow the company to maintain flexibility in executing its growth strategies while continuing to exceed regulatory requirements for a well-capitalized institution.
Kish Bancorp’s performance in 2024 underscores the company’s ability to execute its strategic initiatives effectively, generate strong earnings, and position itself for continued growth. With solid loan and deposit growth, a focus on technology and customer service innovation, and strong capital levels, Kish is well-positioned to deliver sustained value to its shareholders in the years ahead. As the company moves into 2025, it will continue to focus on expanding its market presence, enhancing its customer offerings, and maintaining a strong financial foundation.
Read more: Kish Bancorp Reports Q4 2024 Net Income of $4.1M, Full-Year at $14.5M