Strong Fourth Quarter Caps Record Year for Isabella Bank Corporation

Rhea-AI Summary

Isabella Bank Corporation (OTCQX: ISBA) reported record financial results for 2022, with net income of $22.2 million, a 14% increase compared to 2021. Fourth-quarter net income rose to $6.3 million, up from $4.8 million a year prior. Earnings per share (EPS) reached $2.95 for the year, a 19% increase over the previous year. Total deposits increased by $33.9 million, or 2%, while net interest income grew by 15% to $60.5 million. The bank's asset quality improved significantly, with nonperforming loans at just 0.04%. Despite some noninterest income declines, the bank remains well-capitalized with strong capital ratios and a dividend increase of 3.7%.

Positive

• Record net income of $22.2 million, up 14% from 2021.
• EPS increased to $2.95, a 19% year-over-year rise.
• Total deposits grew by $33.9 million, or 2%.
• Net interest income rose 15% to $60.5 million.
• Nonperforming loans reduced to 0.04% of total loans.
• Well-capitalized with Tier 1 Capital Ratio at 14.07%.

Negative

• Noninterest income decreased by $156,000 compared to 2021.
• Increased noninterest expenses by $3.1 million due to higher compensation and other costs.

Record Net Income and EPS in 2022; EPS up 19% over 2021

MT. PLEASANT, Mich., Feb. 10, 2023 /PRNewswire/ -- Isabella Bank Corporation (the "Corporation") (OTCQX: ISBA) reported record net income, net interest income and earnings per share for the year ended December 31, 2022.  Fourth quarter net income was $6.3 million, surpassing $4.8 million for the same period in 2021, resulting in net income of $22.2 million in 2022, up 14% from $19.5 million reported in 2021.  Earnings per common share were $0.84 in the fourth quarter and $2.95 for the year, above the $0.63 and $2.48 reported for the same periods a year ago, respectively.

"Isabella Bank had another outstanding year, driven by solid growth across our geographic and business portfolios and a favorable interest rate environment," said Jae A. Evans, President & CEO.  "We are seeing the results of implementing our strategic plan, which led to increased market share in several markets, by investing in digital technology and new offerings."

Additional 2022 highlights:

• Total deposits increased $33.9 million in 2022, or 2%.
• Fourth quarter net interest income rose $2.8 million, or 21%, over the same period in 2021, and net interest income was $7.8 million in 2022, up 15% from 2021.
• Net yield on interest earning assets reached 3.43% in the fourth quarter, up from 2.86% for the same period in 2021.
• Asset quality also improved, with nonperforming loans at 0.04% of total loans, compared to 0.10% at the end of 2021.

"We are attracting new customers, while also expanding our offerings with current customers," Evans added.  "This is possible because of our outstanding Isabella Bank team.  We remain committed to growing with our customers and communities, just as we have since 1903.  Our reputation as a strong, reliable and community-focused bank will not change, even as we continue to evolve to provide the services our customers and communities want and need."

Operating Results

Net income: Fourth quarter 2022 net income increased 31.9% compared to the same period in 2021.  For the year ended December 31, 2022, net income was $22.2 million, compared to $19.5 million in 2021. 

Net interest income, fourth quarter 2022: Net interest income for the fourth quarter 2022 improved by $2.8 million, or 21%, compared to the fourth quarter of 2021.  Interest income increased $2.9 million, or 19.1%, driven largely by rising interest rates.

Net interest income: Net interest income for the year ended December 31, 2022 increased $7.8 million to $60.5 million, up 14.8% compared to 2021.  While Paycheck Protection Program loan fees declined, rising interest rates and growth in available-for-sale securities led to a $5.7 million, or 9.5%, increase in gross interest income for the year ended December 31, 2022, compared to 2021.  The Corporation continued to benefit from the significant reduction in its higher-cost borrowings — a strategic move that commenced in 2019 and contributed to a $2.1 million, or 28.3%, decrease in interest expense on deposits and borrowings for the year ended December 31, 2022, when compared to 2021.  The provision for loan loss in 2022 was $483,000 compared to a $518,000 provision reversal in 2021, when concerns over potential credit quality issues related to the pandemic did not materialize.

Noninterest income and expenses, fourth quarter 2022: Noninterest income decreased $336,000 compared to the fourth quarter of 2021, primarily driven by a reduction in gain on sale of mortgage loans.  Noninterest expenses for the quarter increased $725,000, attributed to increased compensation, equipment, and loan underwriting expenses.

Noninterest income and expenses: Noninterest income for the year ended December 31, 2022 decreased $156,000 compared to 2021.  Gain on sale of mortgages decreased $1.1 million, as demand for residential mortgage originations declined due to the rising interest rate environment.  This was offset by an increase in service charges and fees of $1.1 million, with $619,000 of the increase related to mortgage servicing rights.  Noninterest expense increased $3.1 million in 2022 compared to 2021, primarily the result of increased compensation, other losses, and donations and community relations expenses.

Net yield on interest earning assets: The Corporation's fully taxable equivalent net yield on interest earning assets was 3.43% and 3.18% for the fourth quarter and year ended 2022, respectively, compared to 2.86% and 2.87% for the same periods in 2021.  The marked improvement is a result of strategies that positioned the Bank to benefit in a rising interest rate environment, including a reduced reliance on higher-cost borrowed funds and brokered deposits.

Balance Sheet

Assets: Total assets were $2.03 billion and assets under management were $2.81 billion as of December 31, 2022.  Managed assets included loans sold and serviced of $264.2 million as well as $513.9 million in investment and trust assets managed by Isabella Wealth.

Loans: Loans outstanding as of December 31, 2022 totaled $1.26 billion.  Core loan growth improved $35.1 million, or 2.9%, primarily due to commercial loan growth.  Gross loans declined $36.9 million since December 31, 2021 due to a decrease of $72 million in advances to mortgage brokers, which are included in the commercial loan portfolio but are not considered a component of the Bank's core lending business.  While the Bank has experienced fluctuations in credit quality indicators in recent periods, credit quality remained strong, as evidenced by total past due and nonaccrual loans being just 0.88% of gross loans as of December 31, 2022.  Additionally, nonperforming loans at year end 2022 declined to $457,000, or 0.04% of total loans, compared to $1.3 million, or 0.10%, at December 31, 2021.

Deposits: Growth in accounts from new customers drove total deposits to $1.74 billion as of December 31, 2022, an increase of $33.9 million, or 2.0%, since December 31, 2021.  A large percentage of this increase came in the form of demand deposits which helps to minimize total interest expense and reduce overall cost of funds.

Capital: Due to an increase in short-term and intermediate-term benchmark interest rates, unrealized losses related to available-for-sale securities increased significantly during 2022.  As a result, shareholders' equity has declined, negatively impacting tangible book value.  The Bank continues to be considered a "well-capitalized" institution, as its capital ratios exceeded the minimum designated requirements.  As of December 31, 2022, the Bank's Tier 1 Leverage Ratio was 9.36%, Tier 1 Capital Ratio was 14.07% and Total Capital Ratio was 14.80%. The minimum requirements to be considered well capitalized are a Tier 1 Leverage Ratio of 5.0%, Tier 1 Capital Ratio of 8.0% and Total Capital Ratio of 10.0%.

Dividend: The Corporation paid a $0.28 per common share cash dividend for the fourth quarter of 2022, an increase of 3.7% compared to fourth quarter of 2021. Total cash dividends paid for the year ended December 31, 2022 totaled $1.09.  Based on the Corporation's closing stock price of $23.50 as of December 31, 2022, the annualized cash dividend yield was 4.77%.

About the Corporation

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 120 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 investor relations firm is Renmark Financial Communications, Inc. (www.renmarkfinancial.com).

Forward-Looking Statements

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.

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Dollars in thousands)
	December 31 2022		December 31 2021
ASSETS
Cash and cash equivalents
Cash and demand deposits due from banks	$           27,420		$           25,563
Fed Funds sold and interest bearing balances due from banks	11,504		79,767
Total cash and cash equivalents	38,924		105,330
Available-for-sale securities, at fair value	580,481		490,601
Mortgage loans available-for-sale	379		1,735
Loans
Commercial	740,920		807,439
Agricultural	104,314		93,955
Residential real estate	340,885		326,361
Consumer	78,054		73,282
Gross loans	1,264,173		1,301,037
Less allowance for loan and lease losses	9,850		9,103
Net loans	1,254,323		1,291,934
Premises and equipment	25,553		24,419
Corporate owned life insurance policies	32,988		32,472
Equity securities without readily determinable fair values	15,746		17,383
Goodwill and other intangible assets	48,287		48,302
Accrued interest receivable and other assets	33,586		19,982
TOTAL ASSETS	$      2,030,267		$      2,032,158
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest bearing	$         494,346		$         448,352
Interest bearing demand deposits	372,155		364,563
Certificates of deposit under $250 and other savings	810,642		818,841
Certificates of deposit over $250	67,132		78,583
Total deposits	1,744,275		1,710,339
Borrowed funds
Federal funds purchased and repurchase agreements	57,771		50,162
Federal Home Loan Bank advances	—		20,000
Subordinated debt, net of unamortized issuance costs	29,245		29,158
Total borrowed funds	87,016		99,320
Accrued interest payable and other liabilities	12,766		11,451
Total liabilities	1,844,057		1,821,110
Shareholders' equity
Common stock — no par value 15,000,000 shares authorized; issued and outstanding 7,559,421 shares (including 154,879 shares held in the Rabbi Trust) in 2022 and 7,532,641 shares (including 105,654 shares held in the Rabbi Trust) in 2021	128,651		129,052
Shares to be issued for deferred compensation obligations	5,005		4,545
Retained earnings	89,748		75,592
Accumulated other comprehensive income (loss)	(37,194)		1,859
Total shareholders' equity	186,210		211,048
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$      2,030,267		$      2,032,158

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Dollars in thousands except per share amounts)
	Three Months Ended   December 31				Year Ended  December 31
	2022		2021		2022		2021
Interest income
Loans, including fees	$           14,163		$           12,776		$           53,283		$           51,410
Available-for-sale securities
Taxable	2,512		1,391		8,363		4,920
Nontaxable	718		684		2,808		3,077
Federal funds sold and other	522		190		1,344		706
Total interest income	17,915		15,041		65,798		60,113
Interest expense
Deposits	1,323		1,079		4,021		5,442
Borrowings
Federal funds purchased and repurchase agreements	53		13		79		53
Federal Home Loan Bank advances	—		209		152		1,302
Subordinated debt, net of unamortized issuance costs	267		266		1,065		615
Total interest expense	1,643		1,567		5,317		7,412
Net interest income	16,272		13,474		60,481		52,701
Provision for loan losses	(57)		81		483		(518)
Net interest income after provision for loan losses	16,329		13,393		59,998		53,219
Noninterest income
Service charges and fees	2,115		2,125		8,730		7,614
Wealth management fees	788		797		3,005		3,071
Earnings on corporate owned life insurance policies	229		223		884		800
Net gain on sale of mortgage loans	63		235		631		1,694
Gains from redemption of corporate owned life insurance policies	—		121		57		271
Other	77		107		359		372
Total noninterest income	3,272		3,608		13,666		13,822
Noninterest expenses
Compensation and benefits	6,407		6,056		24,887		23,749
Furniture and equipment	1,624		1,413		6,006		5,462
Occupancy	878		935		3,691		3,661
Other	3,013		2,793		12,236		10,822
Total noninterest expenses	11,922		11,197		46,820		43,694
Income before federal income tax expense	7,679		5,804		26,844		23,347
Federal income tax expense	1,357		1,010		4,606		3,848
NET INCOME	$              6,322		$              4,794		$           22,238		$           19,499
Earnings per common share
Basic	$                0.84		$                0.63		$                2.95		$                2.48
Diluted	$                0.83		$                0.63		$                2.91		$                2.45
Cash dividends per common share	$                0.28		$                0.27		$                1.09		$                1.08

 

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 21%. Loans in nonaccrual status, for the purpose of the following computations, are included in the average loan balances. Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB) restricted equity holdings are included in other interest earning assets.

	Three Months Ended
	December 31, 2022						December 31, 2021
	Average Balance		Tax Equivalent Interest		Average Yield / Rate		Average Balance		Tax Equivalent Interest		Average Yield / Rate
INTEREST EARNING ASSETS
Loans	$    1,244,972		$         14,163		4.55 %		$    1,226,192		$         12,776		4.17 %
Taxable investment securities	520,139		2,499		1.92 %		383,175		1,391		1.45 %
Nontaxable investment securities	107,508		999		3.72 %		104,115		889		3.42 %
Fed funds sold	14		—		4.00 %		9		—		0.01 %
Other	56,142		522		3.72 %		199,605		190		0.38 %
Total earning assets	1,928,775		18,183		3.77 %		1,913,096		15,246		3.19 %
NONEARNING ASSETS
Allowance for loan losses	(9,792)						(9,082)
Cash and demand deposits due from banks	24,312						28,852
Premises and equipment	25,382						24,534
Accrued income and other assets	63,553						109,238
Total assets	$    2,032,230						$    2,066,638
INTEREST BEARING LIABILITIES
Interest bearing demand deposits	$       358,809		$              104		0.12 %		$       367,130		$                48		0.05 %
Savings deposits	635,771		535		0.34 %		584,475		157		0.11 %
Time deposits	254,604		684		1.07 %		306,817		874		1.14 %
Federal funds purchased and repurchase agreements	55,478		53		0.38 %		60,508		13		0.09 %
Federal Home Loan Bank advances	—		—		— %		40,543		209		2.06 %
Subordinated debt, net of unamortized issuance costs	29,233		267		3.65 %		29,143		266		3.65 %
Total interest bearing liabilities	1,333,895		1,643		0.49 %		1,388,616		1,567		0.45 %
NONINTEREST BEARING LIABILITIES
Demand deposits	504,791						449,766
Other	13,103						12,002
Shareholders' equity	180,441						216,254
Total liabilities and shareholders' equity	$    2,032,230						$    2,066,638
Net interest income (FTE)			$         16,540						$         13,679
Net yield on interest earning assets (FTE)					3.43 %						2.86 %

 

	Year Ended
	December 31, 2022						December 31, 2021
	Average Balance		Tax Equivalent Interest		Average Yield / Rate		Average Balance		Tax Equivalent Interest		Average Yield / Rate
INTEREST EARNING ASSETS
Loans	$    1,249,634		$         53,283		4.26 %		$    1,208,141		$         51,410		4.26 %
Taxable investment securities	477,159		8,294		1.74 %		297,357		4,920		1.65 %
Nontaxable investment securities	107,158		3,933		3.67 %		117,997		4,235		3.59 %
Fed funds sold	10		—		2.42 %		5		—		0.02 %
Other	99,301		1,344		1.35 %		255,246		706		0.28 %
Total earning assets	1,933,262		66,854		3.46 %		1,878,746		61,271		3.26 %
NONEARNING ASSETS
Allowance for loan losses	(9,477)						(9,396)
Cash and demand deposits due from banks	24,708						29,139
Premises and equipment	24,648						24,760
Accrued income and other assets	81,823						109,625
Total assets	$    2,054,964						$    2,032,874
INTEREST BEARING LIABILITIES
Interest bearing demand deposits	$       374,623		$              274		0.07 %		$       345,015		$              216		0.06 %
Savings deposits	630,574		1,135		0.18 %		558,102		616		0.11 %
Time deposits	270,296		2,612		0.97 %		336,094		4,610		1.37 %
Federal funds purchased and repurchase agreements	49,974		79		0.16 %		57,453		53		0.09 %
Federal Home Loan Bank advances	7,863		152		1.93 %		69,342		1,302		1.88 %
Subordinated debt, net of unamortized issuance costs	29,200		1,065		3.65 %		17,000		615		3.62 %
Total interest bearing liabilities	1,362,530		5,317		0.39 %		1,383,006		7,412		0.54 %
NONINTEREST BEARING LIABILITIES
Demand deposits	482,781						416,247
Other	14,695						12,858
Shareholders' equity	194,958						220,763
Total liabilities and shareholders' equity	$    2,054,964						$    2,032,874
Net interest income (FTE)			$         61,537						$         53,859
Net yield on interest earning assets (FTE)					3.18 %						2.87 %

 

SELECTED FINANCIAL DATA (UNAUDITED) (Dollars in thousands except per share amounts)
	Year Ended
	December 31 2022		December 31 2021		December 31 2020
PER SHARE
Basic earnings	$            2.95		$            2.48		$            1.37
Diluted earnings	$            2.91		$            2.45		$            1.34
Dividends	$            1.09		$            1.08		$            1.08
Tangible book value	$          18.25		$          21.61		$          21.29
Quoted market value
High	$          26.25		$          29.00		$          24.50
Low	$          21.00		$          19.45		$          15.60
Close (1)	$          23.50		$          25.50		$          19.57
Common shares outstanding (1)	7,559,421		7,532,641		7,997,247
Average number of common shares outstanding	7,549,878		7,853,398		7,959,705
Average number of diluted common shares outstanding	7,647,612		7,965,961		8,106,091
PERFORMANCE RATIOS
Return on average total assets	1.08 %		0.96 %		0.57 %
Return on average shareholders' equity	11.41 %		8.83 %		4.93 %
Return on average tangible shareholders' equity	15.17 %		11.31 %		6.34 %
Net interest margin yield (FTE)	3.18 %		2.87 %		2.96 %
ASSETS UNDER MANAGEMENT (1)
Loans sold with servicing retained	$      264,206		$      278,844		$      301,377
Assets managed by Isabella Wealth	$      513,918		$      516,243		$      443,967
Total assets under management	$   2,808,391		$   2,827,245		$   2,702,722
ASSET QUALITY (1)
Nonaccrual status loans	$             457		$          1,245		$          5,313
Performing troubled debt restructurings	$        21,069		$        25,276		$        22,200
Foreclosed assets	$             439		$             211		$             527
Net loan charge-offs (recoveries)	$            (264)		$             123		$            (140)
Nonperforming loans to gross loans	0.04 %		0.10 %		0.43 %
Nonperforming assets to total assets	0.05 %		0.08 %		0.31 %
Allowance for loan and lease losses to gross loans	0.78 %		0.70 %		0.79 %
CAPITAL RATIOS (1)
Shareholders' equity to assets	9.17 %		10.39 %		11.17 %
Tier 1 leverage	8.61 %		7.97 %		8.37 %
Common equity tier 1 capital	12.91 %		12.07 %		12.97 %
Tier 1 risk-based capital	12.91 %		12.07 %		12.97 %
Total risk-based capital	15.79 %		14.94 %		13.75 %

(1) At end of period

 

SUPPLEMENTAL BALANCE SHEET DATA (UNAUDITED) (Dollars in thousands)
	December 31 2022		September 30 2022		June 30 2022		March 31 2022		December 31 2021
Commercial	$         740,920		$         730,504		$         772,567		$         727,614		$         807,439
Agricultural	104,314		96,850		94,726		88,169		93,955
Residential real estate	340,885		334,412		329,795		328,559		326,361
Consumer	78,054		74,385		74,822		74,029		73,282
Gross loans	$      1,264,173		$      1,236,151		$      1,271,910		$      1,218,371		$      1,301,037
	December 31 2022		September 30 2022		June 30 2022		March 31 2022		December 31 2021
Noninterest bearing demand deposits	$         494,346		$         510,127		$         488,110		$         461,473		$         448,352
Interest bearing demand deposits	372,155		368,537		370,284		387,187		364,563
Savings deposits	625,734		651,129		635,397		635,195		596,662
Certificates of deposit	251,541		260,741		265,477		279,708		297,696
Internet certificates of deposit	499		499		598		598		3,066
Total deposits	$      1,744,275		$      1,791,033		$      1,759,866		$      1,764,161		$      1,710,339
	December 31 2022		September 30 2022		June 30 2022		March 31 2022		December 31 2021
U.S. Treasury	$         208,701		$         206,791		$         214,474		$         218,268		$         209,703
States and political subdivisions	117,512		114,000		119,649		114,015		121,205
Auction rate money market preferred	2,342		2,479		2,497		2,867		3,242
Mortgage-backed securities	39,070		41,042		45,796		49,578		56,148
Collateralized mortgage obligations	205,728		209,720		167,572		152,441		92,301
Corporate	7,128		7,201		7,602		7,750		8,002
Available-for-sale securities, at fair value	$         580,481		$         581,233		$         557,590		$         544,919		$         490,601
	December 31 2022		September 30 2022		June 30 2022		March 31 2022		December 31 2021
Securities sold under agreements to repurchase without stated maturity dates	$           57,771		$           52,479		$           47,247		$           51,353		$           50,162
Federal Home Loan Bank advances	—		—		10,000		10,000		20,000
Subordinated debt, net of unamortized issuance costs	29,245		29,225		29,203		29,181		29,158
Total borrowed funds	$           87,016		$           81,704		$           86,450		$           90,534		$           99,320

 

SUPPLEMENTAL STATEMENTS OF INCOME DATA (UNAUDITED) (Dollars in thousands)
	Three Months Ended   December 31				Year Ended  December 31
	2022		2021		2022		2021
Service charges and fees
ATM and debit card fees	$              1,267		$              1,318		$              4,774		$              4,600
Service charges and fees on deposit accounts	653		621		2,566		2,139
Freddie Mac servicing fee	163		175		669		747
Net mortgage servicing rights income (loss)	(42)		(56)		435		(184)
Other fees for customer services	74		67		286		312
Total service charges and fees	2,115		2,125		8,730		7,614
Wealth management fees	788		797		3,005		3,071
Earnings on corporate owned life insurance policies	229		223		884		800
Net gain on sale of mortgage loans	63		235		631		1,694
Gains from redemption of corporate owned life insurance policies	—		121		57		271
Other	77		107		359		372
Total noninterest income	$              3,272		$              3,608		$           13,666		$           13,822
	Three Months Ended   December 31				Year Ended  December 31
	2022		2021		2022		2021
Compensation and benefits	$              6,407		$              6,056		$           24,887		$           23,749
Furniture and equipment	1,624		1,413		6,006		5,462
Occupancy	878		935		3,691		3,661
Other
Audit, consulting, and legal fees	609		513		2,358		2,066
ATM and debit card fees	424		458		1,909		1,810
Marketing costs	244		256		1,056		939
Loan underwriting fees	364		221		1,004		849
Donations and community relations	258		253		923		705
Memberships and subscriptions	222		215		876		877
Director fees	192		198		790		703
FDIC insurance premiums	143		161		537		690
All other	557		518		2,783		2,183
Total other noninterest expenses	3,013		2,793		12,236		10,822
Total noninterest expenses	$           11,922		$           11,197		$           46,820		$           43,694

 

View original content:https://www.prnewswire.com/news-releases/strong-fourth-quarter-caps-record-year-for-isabella-bank-corporation-301744389.html

SOURCE Isabella Bank Corporation

FAQ

What were Isabella Bank's earnings per share for 2022?

Isabella Bank reported earnings per share of $2.95 for 2022, a 19% increase from 2021.

What is the net income reported by Isabella Bank for 2022?

Isabella Bank reported a net income of $22.2 million for the year ended December 31, 2022.

How much did Isabella Bank's total deposits increase in 2022?

Total deposits increased by $33.9 million, or 2%, in 2022.

What is Isabella Bank's nonperforming loan ratio at the end of 2022?

As of December 31, 2022, Isabella Bank's nonperforming loans ratio was 0.04%.

Did Isabella Bank increase its dividend for the fourth quarter of 2022?

Yes, Isabella Bank increased its fourth-quarter dividend by 3.7% to $0.28 per share.