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Isabella Bank Corporation (OTCQX: ISBA) is a financial services holding company headquartered in Mt. Pleasant, Michigan. Established in 1903, the corporation has been a steadfast presence in mid-Michigan for over 120 years. Isabella Bank, its banking subsidiary, operates through 31 locations across eight Mid-Michigan counties: Bay, Clare, Gratiot, Isabella, Mecosta, Midland, Montcalm, and Saginaw.
Isabella Bank provides a comprehensive suite of financial products and services. Banking services include interest and noninterest-bearing checking accounts, savings accounts, money market accounts, and certificates of deposit. Lending services encompass commercial real estate loans, lines of credit, agricultural loans, residential real estate loans, consumer loans, and credit cards. The bank also offers trust services, safe deposit box rentals, credit life insurance, and brokerage products through Raymond James Financial Services.
Isabella Bank stands out with its commitment to customer service, offering 24-hour banking services both locally and nationally through shared ATMs, online banking, and direct deposits for businesses, institutions, and individuals. The bank has consistently adapted to changing market conditions, evidenced by their recent expansion into Bay County with a new loan production office in Bay City and a full-service branch in Saginaw.
Financially, Isabella Bank remains robust despite industry challenges posed by rising interest rates. For the third quarter of 2023, the bank reported net income of $4.4 million, reflecting resilience in a competitive environment. Total assets reached $2.1 billion with $3 billion under management. The bank's capital ratios exceed the required minimums, marking it as a “well-capitalized” institution.
Recent achievements include the growth in core loans and deposits, strategic moves to enhance shareholder value, and maintaining a strong liquidity position. The bank has also demonstrated a commitment to shareholder returns with consistent dividend payouts, including a fourth-quarter cash dividend of $0.28 per share in 2023.
Looking ahead, Isabella Bank remains focused on strategic initiatives to ensure long-term success and continued community support. For more detailed financial performance and news, visit their Investor Relations page on www.isabellabank.com.
Isabella Bank (ISBA) reported Q3 2024 net income of $3.3 million ($0.44 per diluted share), down from $4.4 million ($0.58 per diluted share) in Q3 2023. Core earnings reached $4.6 million ($0.61 per diluted share). The quarter saw 12% annualized loan growth and 14% annualized deposit growth. Total assets grew $46.8 million to $2.1 billion, with total loans increasing $42.6 million to $1.42 billion. Net interest margin was 2.98%. The quarter included a $1.6 million charge related to overdrawn deposit accounts from a customer, offset by the recovery of two previously charged-off commercial loans.
Stonegate Capital Partners has updated their coverage on Isabella Bank (OTCQX: ISBA) for Q2 2024. The key takeaways from this update include:
- The company's book value is well above the current stock price, suggesting potential undervaluation
- Isabella Bank offers an attractive 5.7% dividend yield
- The company's Net Interest Margin (NIM) is trending in-line with industry peers, indicating competitive performance
This update provides investors with insights into Isabella Bank 's financial position and market performance, highlighting potential investment considerations.
Isabella Bank (OTCQX: ISBA) has declared a third-quarter cash dividend of $0.28 per common share, payable on September 30, 2024, to shareholders of record as of September 26, 2024. Based on ISBA's closing stock price of $19.15 per share as of August 28, 2024, the annualized cash dividend yield is 5.85%. Jerome E. Schwind, President and CEO, emphasized the company's focus on financial performance and strategic initiatives to enhance shareholder value, highlighting their commitment to providing an attractive return on investment.
Isabella Bank (OTCQX: ISBA) reported Q2 2024 net income of $3.5 million, or $0.46 per diluted share, compared to $4.6 million or $0.61 per share in Q2 2023. Key highlights include:
- Total loans grew by an annualized rate of 5%
- Earning asset yield increased to 4.58% from 4.11%
- Wealth management income rose by 7%
- Nonperforming loans ratio at 0.07%
The company's net interest margin improved to 2.83%, up from 2.78% last quarter. Total assets remained steady at $2.06 billion, with loan growth offset by lower cash and security balances. The allowance for credit losses decreased to $13.1 million. Despite a 2.6% decline in total deposits, the Bank maintains robust liquidity and strong capital ratios.
Isabella Bank (OTCQX:ISBA) has declared a second-quarter cash dividend of $0.28 per common share, as announced on May 30, 2024. The dividend will be payable on June 28, 2024, to shareholders on record as of June 26, 2024. With a closing stock price of $19.00 per share on May 29, 2024, the annualized dividend yield stands at 5.89%. CEO Jerome E. Schwind emphasized that this dividend highlights the company's commitment to enhancing shareholder value through strategic initiatives and consistent financial performance.
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