ISABELLA BANK Corp Files Q2 2024 10-Q

TL;DR

**ISABELLA BANK Corp dropped its Q2 10-Q. Financials for H1 2024 are in.**

AI Summary

ISABELLA BANK Corp filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024 and provides financial details for the company, which operates as a commercial bank. The report includes balance sheet information as of June 30, 2024, and December 31, 2023, along with income statement data for the three and six months ended June 30, 2024, and 2023.

Why It Matters

This 10-Q filing provides investors and analysts with crucial financial performance data for ISABELLA BANK Corp for the second quarter of 2024, enabling informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 20240630 — Period End Date (The end of the reporting period for the 10-Q)
• 20240812 — Filing Date (The date the 10-Q was officially filed with the SEC)
• 6022 — SIC Code (Standard Industrial Classification for Commercial Banks)

Key Players & Entities

• ISABELLA BANK Corp (company) — Filer of the 10-Q
• 0000842517 (company) — Central Index Key for ISABELLA BANK Corp
• MT PLEASANT, MI (location) — Business and mailing address

FAQ

Filing Documents

• isba-20240630.htm (10-Q) — 4237KB
• isba_20240630xqxex311.htm (EX-31.1) — 11KB
• isba_20240630xqxex312.htm (EX-31.2) — 11KB
• isba_20240630xqxex32.htm (EX-32) — 6KB
• 0000842517-24-000146.txt ( ) — 20687KB
• isba-20240630.xsd (EX-101.SCH) — 63KB
• isba-20240630_cal.xml (EX-101.CAL) — 93KB
• isba-20240630_def.xml (EX-101.DEF) — 389KB
• isba-20240630_lab.xml (EX-101.LAB) — 716KB
• isba-20240630_pre.xml (EX-101.PRE) — 573KB
• isba-20240630_htm.xml (XML) — 6136KB

– 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 50

Controls and Procedures

Item 4. Controls and Procedures 51

– OTHER INFORMATION

PART II – OTHER INFORMATION 52

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 52

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 52

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 52

Other Information

Item 5. Other Information 52

Exhibits

Item 6. Exhibits 53

SIGNATURES

SIGNATURES 54 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) June 30 2024 December 31 2023 ASSETS Cash and demand deposits due from banks $ 22,690 $ 25,628 Fed Funds sold and interest bearing balances due from banks 869 8,044 Total cash and cash equivalents 23,559 33,672 AFS securities, at fair value 505,646 528,148 FHLB stock 12,762 12,762 Mortgage loans HFS 637 — Loans 1,381,636 1,349,463 Less allowance for credit losses 13,095 13,108 Net loans 1,368,541 1,336,355 Premises and equipment 27,843 27,639 BOLI policies 34,382 33,892 Goodwill and other intangible assets 48,283 48,284 Other assets 38,486 38,216 Total assets $ 2,060,139 $ 2,058,968 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Demand deposits $ 412,193 $ 428,505 Interest bearing demand deposits 338,329 320,737 Savings 603,328 628,079 Certificates of deposit 368,449 346,374 Total deposits 1,722,299 1,723,695 Federal funds purchased and repurchase agreements 44,194 46,801 FHLB advances 45,000 40,000 Subordinated debt, net of unamortized issuance costs 29,380 29,335 Total borrowed funds 118,574 116,136 Other liabilities 17,017 16,735 Total liabilities 1,857,890 1,856,566 Shareholders' equity Common stock — no par value 15,000,000 shares authorized: issued and outstanding 7,474,016 shares in 2024 and 7,485,889 shares in 2023 126,126 127,323 Shares to be issued for deferred compensation obligations 3,951 3,693 Retained earnings 99,808 97,282 Accumulated other comprehensive income (loss) ( 27,636 ) ( 25,896 ) Total shareholders' equity 202,249 202,402 Total liabilities and shareholders' equity $ 2,060,139 $ 2,058,968 See notes to interim condensed consolidated financial statements (unaudited). 4 Table of Contents INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Dollars in thousands except per share amounts) Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Interest

View Full Filing

View this 10-Q filing on SEC EDGAR