Isabella Bank Corporation Announces Further Earnings Growth in Third Quarter
Isabella Bank Corporation (OTCQX: ISBA) reported a record net income of $5.9 million for Q3 2022, up 25.6% from Q3 2021, driven by a 19% rise in net interest income. Earnings per share reached $0.78, a 32% increase year-over-year. Total deposits grew by $31.2 million in Q3 and $80.7 million year-to-date, indicating strong customer acquisition. The Bank's capital ratios exceeded minimum requirements, affirming its well-capitalized status. A cash dividend of $0.27 was also paid in Q3, reflecting a 5.05% annualized yield.
- Net income increased by 25.6%, totaling $5.9 million for Q3 2022.
- Net interest income rose by $2.5 million, or 19%, compared to Q3 2021.
- Earnings per share improved by 32%, reaching $0.78.
- Total deposits grew by $31.2 million in Q3 and $80.7 million year-to-date.
- The Bank's capital ratios surpassed the minimum requirements, indicating a stable financial position.
- Loans outstanding decreased by $64.9 million since December 31, 2021.
Record net income up
MT. PLEASANT, Mich., Oct. 20, 2022 /PRNewswire/ -- Isabella Bank Corporation (the "Corporation") (OTCQX: ISBA) reported a record net income of
Third-quarter 2022 highlights, compared to the same period in 2021, include:
- Net income increased
25.6% to$5.9 million . - Net interest income improved
$2.5 million , or19% , aided by a34% decline in interest expense. - Net interest margin yield increased 43 basis points.
- Earnings per share improved
32% to$0.78 .
Additionally, deposits grew
"Isabella Bank continued to deliver strong financial results this quarter. The Federal Reserve's 2022 rate decisions contributed to a significant gain in net interest income and improvement in our net interest margin," said Jae A. Evans, President & CEO. "Further improvement is expected through the remainder of 2022.
"What's more, our commitment to shareholders, communities and customers continues to be seen through active implementation of multiple strategic initiatives," Evans said. "Construction is well underway on a third full-service branch in Saginaw, and customer response to our new, enhanced online banking system and mobile app has been tremendous."
Net income: Net income for third quarter 2022 was
Net interest income: Net interest income for the third quarter 2022 improved by
Noninterest income and expenses: Noninterest income increased
Net yield on interest earning assets: The Corporation's fully taxable equivalent net yield on interest earning assets was
Assets: The Corporation had
Loans: Loans outstanding as of September 30, 2022 totaled
Deposits: Total deposits were
Capital: The Bank is considered a "well-capitalized" institution, as its capital ratios exceeded the minimum designated requirements. As of September 30, 2022, the Bank's Tier 1 Leverage Ratio was
Dividend: During the third quarter of 2022, the Corporation paid a
Isabella Bank Corporation (OTCQX: ISBA) is the parent holding company of Isabella Bank, a state chartered community bank headquartered in Mt. Pleasant, Michigan. Isabella Bank was established in 1903 and has been committed to serving the local banking needs of its customers and communities for 119 years. The Bank offers personal and commercial lending and deposit products, as well as investment, trust, and estate planning services through Isabella Wealth. The Bank has locations throughout seven Mid-Michigan counties: Clare, Gratiot, Isabella, Mecosta, Midland, Montcalm, and Saginaw.
For more information about Isabella Bank Corporation, visit the investors link at www.isabellabank.com. Isabella Bank Corporation common stock is quoted on the OTCQX tier of the OTC Markets Group, Inc.'s electronic quotation system (www.otcmarkets.com) under the symbol "ISBA." The Corporation's market maker is Boenning & Scattergood, Inc. (www.boenninginc.com) and its investor relations firm is Renmark Financial Communications, Inc. (www.renmarkfinancial.com).
This press release includes forward-looking statements. To the extent that the foregoing information refers to matters that may occur in the future, please be aware that such forward-looking statements may differ materially from the actual results. Additional information concerning some of the factors that could cause materially different results is included in the sections titled "Risk Factors" and "Forward Looking Statements" set forth in Isabella Bank Corporation's filings with the Securities and Exchange Commission, which are available from the Securities and Exchange Commission's Public Reference facilities and from its website at www.sec.gov.
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Dollars in thousands) | |||
September 30 | December 31 | ||
ASSETS | |||
Cash and cash equivalents | |||
Cash and demand deposits due from banks | $ 26,763 | $ 25,563 | |
Fed Funds sold and interest bearing balances due from banks | 72,149 | 79,767 | |
Total cash and cash equivalents | 98,912 | 105,330 | |
Available-for-sale securities, at fair value | 581,233 | 490,601 | |
Mortgage loans available-for-sale | 934 | 1,735 | |
Loans | |||
Commercial | 730,504 | 807,439 | |
Agricultural | 96,850 | 93,955 | |
Residential real estate | 334,412 | 326,361 | |
Consumer | 74,385 | 73,282 | |
Gross loans | 1,236,151 | 1,301,037 | |
Less allowance for loan and lease losses | 9,677 | 9,103 | |
Net loans | 1,226,474 | 1,291,934 | |
Premises and equipment | 25,107 | 24,419 | |
Corporate owned life insurance policies | 32,764 | 32,472 | |
Equity securities without readily determinable fair values | 15,496 | 17,383 | |
Goodwill and other intangible assets | 48,290 | 48,302 | |
Accrued interest receivable and other assets | 34,767 | 19,982 | |
TOTAL ASSETS | $ 2,063,977 | $ 2,032,158 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Deposits | |||
Noninterest bearing | $ 510,127 | $ 448,352 | |
Interest bearing demand deposits | 368,537 | 364,563 | |
Certificates of deposit under | 842,081 | 818,841 | |
Certificates of deposit over | 70,288 | 78,583 | |
Total deposits | 1,791,033 | 1,710,339 | |
Borrowed funds | |||
Federal funds purchased and repurchase agreements | 52,479 | 50,162 | |
Federal Home Loan Bank advances | — | 20,000 | |
Subordinated debt, net of unamortized issuance costs | 29,225 | 29,158 | |
Total borrowed funds | 81,704 | 99,320 | |
Accrued interest payable and other liabilities | 14,628 | 11,451 | |
Total liabilities | 1,887,365 | 1,821,110 | |
Shareholders' equity | |||
Common stock — no par value 15,000,000 shares authorized; issued and outstanding | 129,094 | 129,052 | |
Shares to be issued for deferred compensation obligations | 4,888 | 4,545 | |
Retained earnings | 85,497 | 75,592 | |
Accumulated other comprehensive income (loss) | (42,867) | 1,859 | |
Total shareholders' equity | 176,612 | 211,048 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 2,063,977 | $ 2,032,158 |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Dollars in thousands except per share amounts) | |||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Interest income | |||||||
Loans, including fees | $ 13,563 | $ 13,033 | $ 39,120 | $ 38,634 | |||
Available-for-sale securities | |||||||
Taxable | 2,209 | 1,224 | 5,851 | 3,529 | |||
Nontaxable | 726 | 725 | 2,090 | 2,393 | |||
Federal funds sold and other | 521 | 160 | 822 | 516 | |||
Total interest income | 17,019 | 15,142 | 47,883 | 45,072 | |||
Interest expense | |||||||
Deposits | 908 | 1,251 | 2,698 | 4,363 | |||
Borrowings | |||||||
Federal funds purchased and repurchase | 9 | 13 | 26 | 40 | |||
Federal Home Loan Bank advances | 33 | 299 | 152 | 1,093 | |||
Subordinated debt, net of unamortized issuance | 266 | 266 | 798 | 349 | |||
Total interest expense | 1,216 | 1,829 | 3,674 | 5,845 | |||
Net interest income | 15,803 | 13,313 | 44,209 | 39,227 | |||
Provision for loan losses | 18 | (107) | 540 | (599) | |||
Net interest income after provision for | 15,785 | 13,420 | 43,669 | 39,826 | |||
Noninterest income | |||||||
Service charges and fees | 2,122 | 1,964 | 6,615 | 5,489 | |||
Wealth management fees | 679 | 772 | 2,217 | 2,274 | |||
Earnings on corporate owned life insurance policies | 223 | 201 | 655 | 577 | |||
Net gain on sale of mortgage loans | 174 | 339 | 568 | 1,459 | |||
Other | 54 | 91 | 339 | 415 | |||
Total noninterest income | 3,252 | 3,367 | 10,394 | 10,214 | |||
Noninterest expenses | |||||||
Compensation and benefits | 6,369 | 6,116 | 18,480 | 17,693 | |||
Furniture and equipment | 1,490 | 1,349 | 4,382 | 4,049 | |||
Occupancy | 918 | 866 | 2,813 | 2,726 | |||
Other | 3,140 | 2,854 | 9,223 | 8,029 | |||
Total noninterest expenses | 11,917 | 11,185 | 34,898 | 32,497 | |||
Income before federal income tax | 7,120 | 5,602 | 19,165 | 17,543 | |||
Federal income tax expense | 1,233 | 916 | 3,249 | 2,838 | |||
NET INCOME | $ 5,887 | $ 4,686 | $ 15,916 | $ 14,705 | |||
Earnings per common share | |||||||
Basic | $ 0.78 | $ 0.59 | $ 2.11 | $ 1.85 | |||
Diluted | $ 0.77 | $ 0.58 | $ 2.08 | $ 1.82 | |||
Cash dividends per common share | $ 0.27 | $ 0.27 | $ 0.81 | $ 0.81 |
AVERAGE BALANCES, INTEREST RATE, AND NET INTEREST INCOME (UNAUDITED)
(Dollars in thousands)
The following schedules present the daily average amount outstanding for each major category of interest earning assets, non-earning assets, interest bearing liabilities, and noninterest bearing liabilities. These schedules also present an analysis of interest income and interest expense for the periods indicated. All interest income is reported on a fully taxable equivalent (FTE) basis using a federal income tax rate of
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Average Balance | Tax Equivalent Interest | Average Yield / Rate | Average Balance | Tax Equivalent Interest | Average Yield / Rate | ||||||
INTEREST EARNING ASSETS | |||||||||||
Loans | $ 1,256,723 | $ 13,563 | 4.32 % | $ 1,203,468 | $ 13,033 | 4.33 % | |||||
Taxable investment securities | 490,751 | 2,190 | 1.79 % | 332,056 | 1,224 | 1.47 % | |||||
Nontaxable investment securities | 110,058 | 1,002 | 3.64 % | 113,857 | 1,035 | 3.64 % | |||||
Fed funds sold | 16 | — | 1.98 % | 4 | — | 0.02 % | |||||
Other | 101,687 | 521 | 2.05 % | 262,023 | 160 | 0.24 % | |||||
Total earning assets | 1,959,235 | 17,276 | 3.53 % | 1,911,408 | 15,452 | 3.23 % | |||||
NONEARNING ASSETS | |||||||||||
Allowance for loan losses | (9,691) | (9,361) | |||||||||
Cash and demand deposits due from | 24,875 | 30,120 | |||||||||
Premises and equipment | 24,475 | 24,540 | |||||||||
Accrued income and other assets | 78,151 | 109,750 | |||||||||
Total assets | $ 2,077,045 | $ 2,066,457 | |||||||||
INTEREST BEARING LIABILITIES | |||||||||||
Interest bearing demand deposits | $ 381,282 | $ 64 | 0.07 % | $ 366,345 | $ 46 | 0.05 % | |||||
Savings deposits | 642,916 | 270 | 0.17 % | 565,814 | 161 | 0.11 % | |||||
Time deposits | 262,628 | 574 | 0.87 % | 323,322 | 1,044 | 1.29 % | |||||
Federal funds purchased and | 49,267 | 9 | 0.07 % | 62,790 | 13 | 0.08 % | |||||
Federal Home Loan Bank advances | 6,739 | 33 | 1.96 % | 62,718 | 299 | 1.91 % | |||||
Subordinated debt, net of | 29,211 | 266 | 3.64 % | 29,124 | 266 | 3.65 % | |||||
Total interest bearing liabilities | 1,372,043 | 1,216 | 0.35 % | 1,410,113 | 1,829 | 0.52 % | |||||
NONINTEREST BEARING | |||||||||||
Demand deposits | 497,215 | 419,017 | |||||||||
Other | 13,627 | 12,826 | |||||||||
Shareholders' equity | 194,160 | 224,501 | |||||||||
Total liabilities and shareholders' | $ 2,077,045 | $ 2,066,457 | |||||||||
Net interest income (FTE) | $ 16,060 | $ 13,623 | |||||||||
Net yield on interest earning | 3.28 % | 2.85 % |
Nine Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Average Balance | Tax Equivalent Interest | Average Yield / Rate | Average Balance | Tax Equivalent Interest | Average Yield / Rate | ||||||
INTEREST EARNING ASSETS | |||||||||||
Loans | $ 1,251,206 | $ 39,120 | 4.17 % | $ 1,202,060 | $ 38,634 | 4.29 % | |||||
Taxable investment securities | 462,675 | 5,795 | 1.67 % | 268,435 | 3,529 | 1.75 % | |||||
Nontaxable investment securities | 107,041 | 2,934 | 3.65 % | 122,675 | 3,346 | 3.64 % | |||||
Fed funds sold | 8 | — | 1.69 % | 3 | — | 0.01 % | |||||
Other | 113,847 | 822 | 0.96 % | 273,997 | 516 | 0.25 % | |||||
Total earning assets | 1,934,777 | 48,671 | 3.35 % | 1,867,170 | 46,025 | 3.29 % | |||||
NONEARNING ASSETS | |||||||||||
Allowance for loan losses | (9,372) | (9,502) | |||||||||
Cash and demand deposits due from | 24,843 | 29,236 | |||||||||
Premises and equipment | 24,401 | 24,836 | |||||||||
Accrued income and other assets | 87,989 | 109,835 | |||||||||
Total assets | $ 2,062,638 | $ 2,021,575 | |||||||||
INTEREST BEARING LIABILITIES | |||||||||||
Interest bearing demand deposits | $ 379,952 | $ 170 | 0.06 % | $ 337,561 | $ 168 | 0.07 % | |||||
Savings deposits | 628,823 | 600 | 0.13 % | 549,213 | 459 | 0.11 % | |||||
Time deposits | 275,586 | 1,928 | 0.93 % | 345,960 | 3,736 | 1.44 % | |||||
Federal funds purchased and | 48,119 | 26 | 0.07 % | 56,424 | 40 | 0.09 % | |||||
Federal Home Loan Bank advances | 10,513 | 152 | 1.93 % | 79,048 | 1,093 | 1.84 % | |||||
Subordinated debt, net of | 29,189 | 798 | 3.65 % | 12,907 | 349 | 3.61 % | |||||
Total interest bearing liabilities | 1,372,182 | 3,674 | 0.36 % | 1,381,113 | 5,845 | 0.56 % | |||||
NONINTEREST BEARING | |||||||||||
Demand deposits | 475,373 | 405,046 | |||||||||
Other | 15,242 | 13,144 | |||||||||
Shareholders' equity | 199,841 | 222,272 | |||||||||
Total liabilities and shareholders' | $ 2,062,638 | $ 2,021,575 | |||||||||
Net interest income (FTE) | $ 44,997 | $ 40,180 | |||||||||
Net yield on interest earning | 3.10 % | 2.87 % |
SELECTED FINANCIAL DATA (UNAUDITED) (Dollars in thousands except per share amounts) | |||||||||
Three Months Ended | |||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | |||||
PER SHARE | |||||||||
Basic earnings | $ 0.78 | $ 0.70 | $ 0.63 | $ 0.63 | $ 0.59 | ||||
Diluted earnings | $ 0.77 | $ 0.69 | $ 0.62 | $ 0.63 | $ 0.58 | ||||
Dividends | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.27 | ||||
Tangible book value | $ 16.96 | $ 18.85 | $ 19.56 | $ 21.61 | $ 21.87 | ||||
Quoted market value | |||||||||
High | $ 24.95 | $ 26.25 | $ 26.00 | $ 29.00 | $ 26.74 | ||||
Low | $ 21.39 | $ 23.00 | $ 24.50 | $ 24.75 | $ 22.55 | ||||
Close (1) | $ 21.40 | $ 24.80 | $ 25.85 | $ 25.50 | $ 26.03 | ||||
Common shares outstanding (1) | 7,564,348 | 7,553,113 | 7,542,758 | 7,532,641 | 7,926,610 | ||||
Average number of common shares | 7,555,333 | 7,545,001 | 7,533,711 | 7,570,961 | 7,932,227 | ||||
Average number of diluted common shares | 7,650,950 | 7,650,145 | 7,639,688 | 7,679,019 | 8,044,572 | ||||
PERFORMANCE RATIOS | |||||||||
Return on average total assets | 1.13 % | 1.04 % | 0.92 % | 0.96 % | 0.91 % | ||||
Return on average shareholders' equity | 12.13 % | 10.83 % | 9.02 % | 8.83 % | 8.35 % | ||||
Return on average tangible | 16.15 % | 14.38 % | 11.72 % | 11.31 % | 10.65 % | ||||
Net interest margin yield (FTE) | 3.28 % | 3.16 % | 2.86 % | 2.86 % | 2.85 % | ||||
ASSETS UNDER MANAGEMENT (1) | |||||||||
Loans sold with servicing retained | $ 268,879 | $ 273,294 | $ 275,556 | $ 278,844 | $ 285,392 | ||||
Assets managed by Isabella Wealth | $ 464,136 | $ 454,535 | $ 501,829 | $ 516,243 | $ 491,784 | ||||
Total assets under management | $ 2,796,992 | $ 2,776,202 | $ 2,838,318 | $ 2,827,245 | $ 2,859,877 | ||||
ASSET QUALITY (1) | |||||||||
Nonaccrual status loans | $ 580 | $ 540 | $ 747 | $ 1,245 | $ 3,077 | ||||
Performing troubled debt restructurings | $ 18,702 | $ 21,905 | $ 22,335 | $ 25,276 | $ 26,189 | ||||
Foreclosed assets | $ 240 | $ 241 | $ 187 | $ 211 | $ 348 | ||||
Net loan charge-offs (recoveries) | $ 41 | $ (11) | $ (64) | $ 71 | $ 160 | ||||
Nonperforming loans to gross loans | 0.05 % | 0.05 % | 0.06 % | 0.10 % | 0.25 % | ||||
Nonperforming assets to total assets | 0.04 % | 0.05 % | 0.05 % | 0.08 % | 0.18 % | ||||
Allowance for loan and lease losses to | 0.78 % | 0.76 % | 0.76 % | 0.70 % | 0.73 % | ||||
CAPITAL RATIOS (1) | |||||||||
Shareholders' equity to assets | 8.56 % | 9.31 % | 9.50 % | 10.39 % | 10.64 % | ||||
Tier 1 leverage | 8.44 % | 8.38 % | 8.12 % | 7.97 % | 8.37 % | ||||
Common equity tier 1 capital | 12.92 % | 12.44 % | 12.83 % | 12.07 % | 13.07 % | ||||
Tier 1 risk-based capital | 12.92 % | 12.44 % | 12.83 % | 12.07 % | 13.07 % | ||||
Total risk-based capital | 15.85 % | 15.33 % | 15.84 % | 14.94 % | 16.03 % | ||||
(1) At end of period |
Nine Months Ended | |||||
September 30 | September 30 | September 30 | |||
PER SHARE | |||||
Basic earnings | $ 2.11 | $ 1.85 | $ 1.46 | ||
Diluted earnings | $ 2.08 | $ 1.82 | $ 1.43 | ||
Dividends | $ 0.81 | $ 0.81 | $ 0.81 | ||
Tangible book value | $ 16.96 | $ 21.87 | $ 21.75 | ||
Quoted market value | |||||
High | $ 26.25 | $ 26.74 | $ 24.50 | ||
Low | $ 21.39 | $ 19.45 | $ 15.60 | ||
Close (1) | $ 21.40 | $ 26.03 | $ 16.74 | ||
Common shares outstanding (1) | 7,564,348 | 7,926,610 | 8,007,901 | ||
Average number of common shares outstanding | 7,544,909 | 7,948,578 | 7,945,762 | ||
Average number of diluted common shares outstanding | 7,647,117 | 8,065,252 | 8,096,802 | ||
PERFORMANCE RATIOS | |||||
Return on average total assets | 1.03 % | 0.97 % | 0.82 % | ||
Return on average shareholders' equity | 10.62 % | 8.82 % | 7.04 % | ||
Return on average tangible shareholders' equity | 14.01 % | 11.28 % | 9.05 % | ||
Net interest margin yield (FTE) | 3.10 % | 2.87 % | 2.93 % | ||
ASSETS UNDER MANAGEMENT (1) | |||||
Loans sold with servicing retained | $ 268,879 | $ 285,392 | $ 289,524 | ||
Assets managed by Isabella Wealth | $ 464,136 | $ 491,784 | $ 403,730 | ||
Total assets under management | $ 2,796,992 | $ 2,859,877 | $ 2,664,951 | ||
ASSET QUALITY (1) | |||||
Nonaccrual status loans | $ 580 | $ 3,077 | $ 4,946 | ||
Performing troubled debt restructurings | $ 18,702 | $ 26,189 | $ 23,257 | ||
Foreclosed assets | $ 240 | $ 348 | $ 651 | ||
Net loan charge-offs (recoveries) | $ (34) | $ 52 | $ (158) | ||
Nonperforming loans to gross loans | 0.05 % | 0.25 % | 0.38 % | ||
Nonperforming assets to total assets | 0.04 % | 0.18 % | 0.30 % | ||
Allowance for loan and lease losses to gross loans | 0.78 % | 0.73 % | 0.73 % | ||
CAPITAL RATIOS (1) | |||||
Shareholders' equity to assets | 8.56 % | 10.64 % | 11.29 % | ||
Tier 1 leverage | 8.44 % | 8.37 % | 8.76 % | ||
Common equity tier 1 capital | 12.92 % | 13.07 % | 12.90 % | ||
Tier 1 risk-based capital | 12.92 % | 13.07 % | 12.90 % | ||
Total risk-based capital | 15.85 % | 16.03 % | 13.64 % | ||
(1) At end of period |
SUPPLEMENTAL BALANCE SHEET DATA (UNAUDITED) (Dollars in thousands) | |||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | |||||
Commercial | $ 730,504 | $ 772,567 | $ 727,614 | $ 807,439 | $ 757,993 | ||||
Agricultural | 96,850 | 94,726 | 88,169 | 93,955 | 93,782 | ||||
Residential real estate | 334,412 | 329,795 | 328,559 | 326,361 | 321,620 | ||||
Consumer | 74,385 | 74,822 | 74,029 | 73,282 | 75,163 | ||||
Gross loans | $ 1,236,151 | $ 1,271,910 | $ 1,218,371 | $ 1,301,037 | $ 1,248,558 | ||||
September 30 | June 30 | March 31 | December 31 | September 30 | |||||
Noninterest bearing demand deposits | $ 510,127 | $ 488,110 | $ 461,473 | $ 448,352 | $ 430,950 | ||||
Interest bearing demand deposits | 368,537 | 370,284 | 387,187 | 364,563 | 374,137 | ||||
Savings deposits | 651,129 | 635,397 | 635,195 | 596,662 | 572,136 | ||||
Certificates of deposit | 260,741 | 265,477 | 279,708 | 297,696 | 312,027 | ||||
Internet certificates of deposit | 499 | 598 | 598 | 3,066 | 3,066 | ||||
Total deposits | $ 1,791,033 | $ 1,759,866 | $ 1,764,161 | $ 1,710,339 | $ 1,692,316 | ||||
September 30 | June 30 | March 31 | December 31 | September 30 | |||||
U.S. Treasury | $ 206,791 | $ 214,474 | $ 218,268 | $ 209,703 | $ 192,069 | ||||
States and political subdivisions | 114,000 | 119,649 | 114,015 | 121,205 | 128,689 | ||||
Auction rate money market preferred | 2,479 | 2,497 | 2,867 | 3,242 | 3,246 | ||||
Mortgage-backed securities | 41,042 | 45,796 | 49,578 | 56,148 | 62,030 | ||||
Collateralized mortgage obligations | 209,720 | 167,572 | 152,441 | 92,301 | 100,767 | ||||
Corporate | 7,201 | 7,602 | 7,750 | 8,002 | 7,583 | ||||
Available-for-sale securities, at | $ 581,233 | $ 557,590 | $ 544,919 | $ 490,601 | $ 494,384 | ||||
September 30 | June 30 | March 31 | December 31 | September 30 | |||||
Securities sold under agreements to | $ 52,479 | $ 47,247 | $ 51,353 | $ 50,162 | $ 67,519 | ||||
Federal Home Loan Bank advances | — | 10,000 | 10,000 | 20,000 | 60,000 | ||||
Subordinated debt, net of unamortized | 29,225 | 29,203 | 29,181 | 29,158 | 29,136 | ||||
Total borrowed funds | $ 81,704 | $ 86,450 | $ 90,534 | $ 99,320 | $ 156,655 |
SUPPLEMENTAL STATEMENTS OF INCOME DATA (UNAUDITED) (Dollars in thousands) | |||||||
Three Months Ended | Nine Months Ended | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Service charges and fees | |||||||
ATM and debit card fees | $ 1,212 | $ 1,156 | $ 3,507 | $ 3,282 | |||
Service charges and fees on deposit accounts | 673 | 601 | 1,913 | 1,518 | |||
Freddie Mac servicing fee | 168 | 177 | 506 | 572 | |||
Net mortgage servicing rights income (loss) | — | (28) | 477 | (128) | |||
Other fees for customer services | 69 | 58 | 212 | 245 | |||
Total service charges and fees | 2,122 | 1,964 | 6,615 | 5,489 | |||
Wealth management fees | 679 | 772 | 2,217 | 2,274 | |||
Earnings on corporate owned life insurance policies | 223 | 201 | 655 | 577 | |||
Net gain on sale of mortgage loans | 174 | 339 | 568 | 1,459 | |||
Other | 54 | 91 | 339 | 415 | |||
Total noninterest income | $ 3,252 | $ 3,367 | $ 10,394 | $ 10,214 | |||
Three Months Ended | Nine Months Ended | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Compensation and benefits | $ 6,369 | $ 6,116 | $ 18,480 | $ 17,693 | |||
Furniture and equipment | 1,490 | 1,349 | 4,382 | 4,049 | |||
Occupancy | 918 | 866 | 2,813 | 2,726 | |||
Other | |||||||
Audit, consulting, and legal fees | 595 | 665 | 1,749 | 1,553 | |||
ATM and debit card fees | 543 | 473 | 1,485 | 1,352 | |||
Marketing costs | 209 | 236 | 812 | 683 | |||
Donations and community relations | 239 | 198 | 665 | 452 | |||
Memberships and subscriptions | 230 | 234 | 654 | 662 | |||
Loan underwriting fees | 243 | 238 | 640 | 628 | |||
Director fees | 210 | 166 | 598 | 505 | |||
All other | 871 | 644 | 2,620 | 2,194 | |||
Total other noninterest expenses | 3,140 | 2,854 | 9,223 | 8,029 | |||
Total noninterest expenses | $ 11,917 | $ 11,185 | $ 34,898 | $ 32,497 |
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SOURCE Isabella Bank Corporation
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What is Isabella Bank's stock symbol?
What is the dividend yield for Isabella Bank's stock?
How have Isabella Bank's deposits changed in 2022?