ISABELLA BANK Corp Files 10-Q for Q1 2024

TL;DR

<b>ISABELLA BANK Corp has filed its Q1 2024 10-Q report.</b>

AI Summary

ISABELLA BANK Corp (ISBA) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. ISABELLA BANK Corp filed a 10-Q for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31. ISABELLA BANK Corp is incorporated in Michigan (MI). The company's principal business address is 401 NORTH MAIN STREET, MT PLEASANT, MI 48858.

Why It Matters

For investors and stakeholders tracking ISABELLA BANK Corp, this filing contains several important signals. This 10-Q filing provides an update on ISABELLA BANK Corp's financial performance and position for the first quarter of 2024. Investors and analysts can use this report to assess the bank's operational health, profitability, and any changes in its financial structure compared to previous periods.

Risk Assessment

Risk Level: low — ISABELLA BANK Corp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments based on the provided header information.

Analyst Insight

Monitor future filings for detailed financial statements and management discussion to understand performance trends and strategic initiatives.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-02 — Filing Date (Filed as of date)
• 2024-01-01 — Q1 2024 Start Date (Fiscal period start date)
• 1231 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• ISABELLA BANK Corp (company) — Filer name
• MT PLEASANT (location) — Business address city
• MI (location) — Business address state
• 48858 (postal_code) — Business address zip
• 9897729471 (phone_number) — Business phone
• IBT BANCORP INC /MI/ (company) — Former company name

FAQ

Industry Context

ISABELLA BANK Corp operates within the State Commercial Banks industry (SIC 6022).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements.
2. Analyze the Management's Discussion and Analysis section for insights into performance drivers.
3. Compare Q1 2024 results with prior periods and industry benchmarks.

Year-Over-Year Comparison

This is the initial 10-Q filing provided for analysis; no prior filing data is available for comparison.

Key Financial Figures

• $250 — 320,737 Certificates of deposit under $250 and other savings 881,528 857,768 Cert

Filing Documents

• isba-20240331.htm (10-Q) — 4327KB
• isba_20240331xqxex311.htm (EX-31.1) — 11KB
• isba_20240331xqxex312.htm (EX-31.2) — 11KB
• isba_20240331xqxex32.htm (EX-32) — 6KB
• 0000842517-24-000088.txt (&nbsp;) — 20586KB
• isba-20240331.xsd (EX-101.SCH) — 68KB
• isba-20240331_cal.xml (EX-101.CAL) — 117KB
• isba-20240331_def.xml (EX-101.DEF) — 452KB
• isba-20240331_lab.xml (EX-101.LAB) — 744KB
• isba-20240331_pre.xml (EX-101.PRE) — 624KB
• isba-20240331_htm.xml (XML) — 5859KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 4

Financial Statements

Item 1. Financial Statements 4

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 55

Controls and Procedures

Item 4. Controls and Procedures 55

– OTHER INFORMATION

PART II – OTHER INFORMATION 56

Legal Proceedings

Item 1. Legal Proceedings 56

Risk Factors

Item 1A. Risk Factors 56

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 56

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 56

Other Information

Item 5. Other Information 56

Exhibits

Item 6. Exhibits 57

SIGNATURES

SIGNATURES 58 2 Table of Contents

Forward Looking Statements

Forward Looking Statements This report contains certain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended and Rule 3b-6 promulgated thereunder. We intend such forward looking statements to be covered by the safe harbor provisions for forward looking statements contained in the Private Securities Litigation Reform Act of 1995, and are included in this statement for purposes of these safe harbor provisions. Forward looking statements, which are based on certain assumptions and describe future plans, strategies and expectations, are generally identifiable by use of the words "believe", "expect", "intend", "anticipate", "estimate", "project", or similar expressions. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in: interest rates, general economic conditions, federal or state tax laws, monetary and fiscal policy, a health crisis, the quality or composition of the loan or investment portfolio, demand for loan products, fluctuation in the value of collateral securing our loan portfolio, deposit flows, competition, cybersecurity risk, demand for financial services in our market area, and accounting principles, policies, practices and guidelines. These risks and uncertainties should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements. Further information concerning our business, including additional factors that could materially affect our consolidated financial results, is included in our filings with the SEC. Glossary of Acronyms and Abbreviations The acronyms and abbreviations identified below may be used throughout this Quarterly Report on Form 10-Q or in our oth

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Dollars in thousands) March 31 2024 December 31 2023 ASSETS Cash and cash equivalents Cash and demand deposits due from banks $ 22,987 $ 25,628 Fed Funds sold and interest bearing balances due from banks 2,231 8,044 Total cash and cash equivalents 25,218 33,672 AFS securities, at fair value 517,585 528,148 Mortgage loans AFS 366 — Loans 1,365,508 1,349,463 Less allowance for credit losses 13,390 13,108 Net loans 1,352,118 1,336,355 Premises and equipment 27,951 27,639 Bank owned life insurance policies 34,131 33,892 Equity securities without readily determinable fair values 15,848 15,848 Goodwill and other intangible assets 48,284 48,284 Accrued interest receivable and other assets 36,075 35,130 TOTAL ASSETS $ 2,057,576 $ 2,058,968 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Noninterest bearing $ 413,272 $ 428,505 Interest bearing demand deposits 349,401 320,737 Certificates of deposit under $250 and other savings 881,528 857,768 Certificates of deposit over $250 124,106 116,685 Total deposits 1,768,307 1,723,695 Borrowed funds Federal funds purchased and repurchase agreements 42,998 46,801 FHLB advances — 40,000 Subordinated debt, net of unamortized issuance costs 29,357 29,335 Total borrowed funds 72,355 116,136 Accrued interest payable and other liabilities 16,240 16,735 Total liabilities 1,856,902 1,856,566 Shareholders' equity Common stock — no par value 15,000,000 shares authorized; issued and outstanding 7,488,101 shares (including 169,677 shares held in the Rabbi Trust) in 2024 and 7,485,889 shares (including 150,581 shares held in the Rabbi Trust) in 2023 126,656 127,323 Shares to be issued for deferred compensation obligations 3,890 3,693 Retained earnings 98,318 97,282 Accumulated other comprehensive income (loss) ( 28,190 ) ( 25,896 ) Total shareholders' equity 200,674 202,402 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,

View Full Filing

View this 10-Q filing on SEC EDGAR