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Kish Bancorp Inc. announces second quarter financial results | News, Sports, Jobs

STATE COLLEGE — William P. Hayes, Chairman and CEO of Kish Bancorp Inc., has released unaudited financial results for the six-month period ended June 30. Highlights for the first half of 2021 include:

¯ Strong growth in net income (up 44.4% from earnings at June 30, 2020)

¯ New customer acquisition drives balance sheet growth (total assets up 10.5% from 2020)

¯ Continued growth in residential mortgage market share (mortgage sales increased by 66.9% over 2020)

¯ Strong capital formation (12.9% year-on-year) combined with an excellent return on equity (15.55% compared to 11.83% in 2020), complemented by a successful $20 million subordinated debt issuance

¯ Sound credit quality measures that validate the adequacy of the loan loss reserve

¯ Successful expansion into new adjacent markets and Northeast Ohio

¯ Continued financial benefits from investment in control technology (data processing costs down 32.5% from 2020)

Announcing the results for the period, Hayes noted: “While financial performance has been strong during this period of uncertainty, we are extremely pleased that the Kish team has been able to use our resources to focusing on the needs of our customers and communities, while at the same time strengthening our balance sheet to respond to any uncertainties ahead.Because of our focus on what matters, we are confident that this period will prove to be the foundation for the success of Kish Bancorp for years to come.”

Kish Bancorp’s total assets ended the period at $1.159 billion, up 10.58% from total assets of $1.048 billion a year ago. Total loans outstanding grew $71.3 million, or 9.08%, year over year to $856.8 million. In 2021, a total of $35 million in loans was made to local businesses as part of the third round of the Paycheck Protection Program (PPS), offset by the cancellation of $38.2 million in 2020 PPP loans in the first half of 2021.

“The strongest contributor to loan growth in the first half of the year was our Northeast Ohio lending team, which produced more than $50 million in outstanding loans,” said Hayes, pointing to Kish’s continued successful expansion. Bank in the state.

Total deposits increased $109 million to $928.8 million, up 13.29% from $819.8 million a year ago, with continued notable expansion in core deposits created by the acquisition of new customers and the liquidity generated by ongoing government stimulus programs. Investment securities grew to $177.5 million, up $38.9 million from last year’s balance. Loans rose marginally to $137.1 million, compared to $136 million a year ago.

Net income for the six-month period was $5.22 million – an increase of $1.60 million, or 44.42%, compared to $3.61 million for the same period in 2020. This increase reflects the growth of both net interest income, up 13.86% over last year, and non-interest-bearing income, up 35.18% in total.

“The increase in net interest income benefited from the continued decline in interest expense on deposits,” continues Hayes. from $1,367 million in 2021 versus $0.819 million last year, and secondly from the addition of insurance agency revenues from the Sausman Insurance Agency acquisition.Net income was also positively impacted by the increase in market value in the equity portfolio and the decline in the contribution to the loan loss reserve, as overall credit quality measures remain at excellent levels.”

Noninterest expenses increased year over year $1.6 million, or 11.05%, to $16.4 million, in part due to increased salaries and benefits related to additions to the Kish team, as well as staffing costs related to with the opening of the new Kish Innovation Center. Data processing costs decreased 33.52% to $882 thousand, from $1.3 million last year. These lower costs were the result of Kish Bank’s core conversion, which was completed in the second quarter of 2020. All other cost categories remained well under control.

The Board of Directors has paid a quarterly dividend of $0.29 per share, payable July 30, 2021, to shareholders with a record July 15, 2021. This is an increase of $0.02 per share from the prior year .

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