Spyros Degleris of State College, Dr. James Lakso of Huntingdon, Kathleen Rhine of State College and George V. Woskob of State College were elected directors of Kish Bancorp Inc. at the company’s 119th consecutive annual shareholders’ meeting in Belleville in May. All will serve three-year terms ending in 2022. Also recognized were the Corporation’s and Bank’s other directors who are serving existing terms: William Hayes, Dr. Eric Barron, William Dancy, Edward Friedman, Paul Howes, William Lake, Paul Silvis, Frances Vaughn and Gregory Hayes.
“Kish Bancorp shareholders and the Kish management team are truly fortunate to have the benefit of insight from a board with broad and diverse perspectives on this region we serve,” said William P. Hayes, chairman and CEO of Kish Bancorp Inc. “Most importantly, they demonstrate a deep appreciation for the role of governance in overseeing the affairs and setting the strategic direction of the corporation.”
In his address to the shareholders present, Hayes reviewed the company’s financial performance in 2018, noting achievements such as: expanded market share in all three counties Kish serves; a two-for-one stock split and a split-adjusted dividend increase of 8.7%; the up-listing of Kish Bancorp shares to the OTCQX exchange; the design, engineering, and site development for the Kish Innovation Center, a new operations and technology facility in Reedsville; the completed evaluation of the Bank’s core processing platform and the launching of the core modernization project; elevated community alignment and reinvestment; and branch enhancement and expansion projects in Bellefonte and Allensville. Branch enhancements reflect the evolution of a streamlined Expect More branch of the future and, in the case of Allensville, serve as a new model for serving smaller rural communities.
“2018 marked a truly impressive year, as measured by human effort and achievement across a broad spectrum of mission-critical activities,” said Hayes, continuing, “It is one thing to talk about achievements, but what is all the more compelling is when those achievements are validated by the hard numbers that document our successful pursuit of the Kish mission: sustainable success and performance for our customers, communities and team members.”
Hayes highlighted outstanding financial performance for 2018, including: net income growth (up 45.63% over the prior year); sustained growth in loans (up 10.85%) and deposits (up 4.38%); robust expansion in earnings per share (up 41.90%); and strong affiliate performance—particularly by insurance and wealth management services—which contributed to an expansion in noninterest income (up 14.01%). Total assets at the end of the year were $851 million, continuing the corporation’s steady upward progression toward $1 billion in assets. “By every measure and from every perspective, 2018 was truly a record year,” Hayes concluded.
Hayes explained that the corporation’s 2018 financial results are rooted in long-range planning activities that date to the years immediately following the great recession. “With the steady hand and long-term vision of the board and their confidence in Kish’s future, today we can pause to celebrate the exceptional success achieved in 2018 that resulted from more than five years of planning and execution,” he said.
Following the summary of Kish Bancorp’s performance in 2018, president and chief operating officer, Gregory Hayes, discussed the significant opportunities that are associated with the core modernization and Innovation Center projects. He stated that these mission-critical initiatives will not only create significant efficiencies but will elevate Kish’s capacity to participate in the digital delivery evolution that will sweep through the financial services industry in the years immediately ahead.