ISABELLA BANK Corp Files Q3 2024 10-Q

TL;DR

ISABELLA BANK Corp dropped its Q3 2024 10-Q. Check financials.

AI Summary

ISABELLA BANK Corp filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with the latest financial performance and operational details of ISABELLA BANK Corp, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a publicly traded company.

Key Numbers

• 20240930 — Period End Date (The end of the reporting period for this 10-Q filing.)
• 20241114 — Filing Date (The date the 10-Q was officially filed with the SEC.)
• 2024 Q3 — Reporting Quarter (Indicates the filing covers the third quarter of 2024.)

Key Players & Entities

• ISABELLA BANK Corp (company) — Filer of the 10-Q
• 0000842517 (company) — Central Index Key for ISABELLA BANK Corp
• 20240930 (date) — Conformed period of report
• 20241114 (date) — Filing date
• 401 NORTH MAIN STREET (location) — Business and mailing address
• MT PLEASANT (location) — City for business and mailing address
• MI (location) — State for business and mailing address
• 48858 (location) — ZIP code for business and mailing address
• 9897729471 (phone_number) — Business phone number

FAQ

Filing Documents

• isba-20240930.htm (10-Q) — 4440KB
• isba_20240930xqxex311.htm (EX-31.1) — 11KB
• isba_20240930xqxex312.htm (EX-31.2) — 11KB
• isba_20240930xqxex32.htm (EX-32) — 6KB
• 0000842517-24-000201.txt ( ) — 20726KB
• isba-20240930.xsd (EX-101.SCH) — 56KB
• isba-20240930_cal.xml (EX-101.CAL) — 84KB
• isba-20240930_def.xml (EX-101.DEF) — 375KB
• isba-20240930_lab.xml (EX-101.LAB) — 652KB
• isba-20240930_pre.xml (EX-101.PRE) — 537KB
• isba-20240930_htm.xml (XML) — 6131KB

– 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 41

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 54

Controls and Procedures

Item 4. Controls and Procedures 54

– OTHER INFORMATION

PART II – OTHER INFORMATION 55

Legal Proceedings

Item 1. Legal Proceedings 55

Risk Factors

Item 1A. Risk Factors 55

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 55

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 55

Other Information

Item 5. Other Information 55

Exhibits

Item 6. Exhibits 56

SIGNATURES

SIGNATURES 57 2 Table of Contents 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 other SEC filings. You may find it helpful to refer back to this page while reading this report. ACL: Allowance for credit losses Freddie Mac: Federal Home Loan Mortgage Corporation AFS: Available-for-sale FTE: Fully taxable equivalent ALCO: Asset-Liability Committee GAAP: U.S. generally accepted accounting principles AOCI: Accumulated other comprehensive income HFS: Held-for-sale ASC: FASB Accounting Standards Codification IRR: Interest rate risk ASU: FASB Accounting Standards Update N/A: Not applicable ATM: Automated teller machine N/M: Not meaningful BOLI: Bank-owned life insurance NAV: Net asset value CECL: Current expected credit losses NIM: Net Interest Margin CIK: Central Index Key NSF: Non-sufficient funds DIF: Deposit Insurance Fund OCI: Other comprehensive income (loss) DIFS: Department of Insurance and Financial Services OMSR: Originated mortgage servicing rights Directors Plan: Isabella Bank Corporation and Related Companies Deferred Compensation Plan for Directors OREO: Other real estate owned Dividend Reinvestment Plan: Isabella Bank Corporation Stockholder Dividend Reinvestment Plan and Employee Stock Purchase Plan Rabbi Trust: A trust established to fund our Directors Plan Exchange Act: Securities Exchange Act of 1934 RSP: Isabella Bank Corporation Restricted Stock Plan FASB: Financial Accounting Standards Board SOFR: Secured Overnight Financing Rate FDIC: Federal Deposit Insurance Corporation SEC: U.S. Securities and Exchange Commission FFIEC: Federal Financial Institutions Examinations Council SOX: Sarbanes-Oxley Act of 2002 FRB: Federal Reserve Bank XBRL: eXtensible Business Reporting Language FHLB: Federal Home Loan Bank Yield Curve: U.S. Treasury Yield Curve 3 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Dollars in thousands) September 30 2024 December 31 2023 ASSETS Cash and demand deposits due from banks $ 27,019 $ 25,628 Fed Funds sold and interest bearing balances due from banks 359 8,044 Total cash and cash equivalents 27,378 33,672 AFS securities, at fair value 506,806 528,148 FHLB stock 12,762 12,762 Mortgage loans HFS 504 — Loans 1,424,283 1,349,463 Less allowance for credit losses 12,635 13,108 Net loans 1,411,648 1,336,355 Premises and equipment 27,674 27,639 BOLI policies 34,625 33,892 Goodwill and other intangible assets 48,283 48,284 Other assets 37,221 38,216 Total assets $ 2,106,901 $ 2,058,968 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Demand deposits $ 421,493 $ 428,505 Interest bearing demand deposits 376,592 320,737 Savings 600,150 628,079 Certificates of deposit 383,597 346,374 Total deposits 1,781,832 1,723,695 Short-term borrowings 52,434 46,801 FHLB advances 15,000 40,000 Subordinated debt, net of unamortized issuance costs 29,402 29,335 Total borrowed funds 96,836 116,136 Other liabilities 15,248 16,735 Total liabilities 1,893,916 1,856,566 Shareholders' equity Common stock — no par value 15,000,000 shares authorized: issued and outstanding 7,438,720 shares in 2024 and 7,485,889 shares in 2023 125,218 127,323 Shares to be issued for deferred compensation obligations 3,981 3,693 Retained earnings 101,065 97,282 Accumulated other comprehensive income (loss) ( 17,279 ) ( 25,896 ) Total shareholders' equity 212,985 202,402 Total liabilities and shareholders' equity $ 2,106,901 $ 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 September 30 Nine Months Ended September 30 2024 2023 2024 2023 Interest income Loa

View Full Filing

View this 10-Q filing on SEC EDGAR