Le Lézard
Classified in: Business
Subject: ERN

Isabella Bank Corporation Announces Strong Third Quarter 2021 Earnings


MT. PLEASANT, Mich., Oct. 22, 2021 /PRNewswire/ -- Isabella Bank Corporation (the "Corporation") (OTCQX: ISBA) has released positive earnings results for the third quarter of 2021. The Corporation reported net income of $4.7 million for the quarter and $14.7 million for the first nine months of 2021. Both figures reflect increases over the same periods a year ago.

Earnings per common share were $0.59 in the third quarter and $1.85 for the first nine months of the year, increases from the same periods of 2020 at $0.55 and $1.46, respectively.

Highlights include growth in several key areas: 

Tender Offer Results:

The Corporation conducted a modified Dutch auction from September 1 to October 13, 2021 which designated a portion of funds from its recent $30 million subordinated debt issuance to purchase up to $20 million in ISBA common stock. The tender offer resulted in the Corporation purchasing 396,577 shares at a final price of $27.00 per share, for a total of $10.7 million. The tendered shares represented 5% of the outstanding shares.

"Our successful Dutch auction resulted in a reduction of ISBA shares in the open market, which should improve several key metrics for shareholders," said Jae A. Evans, President and Chief Executive Officer. "Our ongoing stock repurchase plan and this tender offer both align with our strategic plan to improve shareholder value.

"Overall, Isabella Bank Corporation continues to grow its customer base through trusted, quality service as an independent, community bank," Evans said. "We're focused on meeting our customer needs while pursuing smart, strategic initiatives that benefit our shareholders, customers and communities over the long-term."

Operating Results

Net income: Net income for the third quarter 2021 was $4.7 million, compared to $4.4 million in 2020. For the first nine months of 2021, net income was $14.7 million, compared to $11.6 million in the same period of 2020.

Net interest income: Net interest income for the first nine months of 2021 increased $2.4 million, or 6.6%, compared to the same period in 2020. Loan fees generated from participation in the SBA's Payroll Protection Program helped offset a reduction in gross interest income resulting from the decline in interest rates. Conversely, lower interest rates and a reduction in higher-cost borrowings benefited the Corporation with a $5.1 million decrease in interest expense during the nine-month period. The provision for loan losses also decreased $2 million when comparing the first nine months of 2021 to the same period in 2020, as a result of continued strong credit quality.

Noninterest income and expenses: Noninterest income decreased $90,000 during the first nine months of 2021 compared to 2020, when the Corporation recorded significant gains from redemption of bank-owned life insurance policies. During the same period in 2021, service charges and fees increased $800,000 and wealth management fees rose by $397,000. Noninterest expenses declined $98,000 as a result of a continued focus on reducing operating expenses.

Net yield on interest earning assets: The Corporation's fully taxable equivalent net yield on interest earning assets was 2.85% and 2.87% for the third quarter and first nine months of 2021, respectively, compared to 2.89% and 2.93% for the same periods in 2020. The Corporation's strategic plan includes programs to improve net yield on interest earning assets, including enhanced pricing related to loans and less reliance on higher cost borrowed funds and brokered deposits as funding sources.

Balance Sheet

Assets: Total assets stood at $2.1 billion and assets under management were at $2.9 billion as of September 30, 2021, both records for the Corporation. Assets under management include loans sold and serviced of $285 million and investment and trust assets managed by Isabella Wealth of $492 million, in addition to assets on the consolidated balance sheet. Assets under management increased $195 million compared to September 30, 2020.

Loans: Residential mortgage loans increased $14.1 million in the first nine months of the year and loans outstanding at the end of the third quarter totaled $1.2 billion. PPP loans, included within the commercial segment of the loan portfolio, declined by $20.4 million since the end of 2020 due to continued PPP loan forgiveness. This reduction in PPP loans was offset with growth in new commercial lending by $21.7 million

Deposits: Total deposits were $1.7 billion as of September 30, 2021, an increase of $126 million since December 31, 2020.

Liquidity: The Corporation's liquidity position remains strong as evidenced by its $807.3 million of cash and available funds as of September 30, 2021. This total was comprised of $206.5 million in cash and cash equivalents, $260.8 million in available lines of credit and approximately $340 million in unencumbered investment securities.

Capital: The Bank is designated as a "well-capitalized" institution, as its capital ratios exceeded the minimum requirements. As of September 30, 2021, the Bank's Tier 1 Leverage Ratio was 8.32%, Tier 1 Capital Ratio was 12.94% and Total Capital Ratio was 13.64%. 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: During the third quarter of 2021, the Corporation paid a $0.27 per common share cash dividend. Based on the Corporation's closing stock price of $26.03 as of September 30, 2021, the annualized cash dividend yield was 4.15%.

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 118 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).

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.

 

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in thousands)



September 30
2021


December 31
2020

ASSETS




Cash and cash equivalents




Cash and demand deposits due from banks

$

29,876



$

31,296


Interest bearing balances due from banks

176,606



215,344


Total cash and cash equivalents

206,482



246,640


Available-for-sale securities, at fair value

494,384



339,228


Mortgage loans available-for-sale

818



2,741


Loans




Commercial

757,993



756,686


Agricultural

93,782



100,461


Residential real estate

321,620



307,543


Consumer

75,163



73,621


Gross loans

1,248,558



1,238,311


Less allowance for loan and lease losses

9,093



9,744


Net loans

1,239,465



1,228,567


Premises and equipment

24,569



25,140


Corporate owned life insurance policies

32,690



28,292


Equity securities without readily determinable fair values

17,383



17,383


Goodwill and other intangible assets

48,309



48,331


Accrued interest receivable and other assets

18,601



21,056


TOTAL ASSETS

$

2,082,701



$

1,957,378


LIABILITIES AND SHAREHOLDERS' EQUITY




Deposits




Noninterest bearing

$

430,950



$

375,395


Interest bearing demand deposits

374,137



302,444


Certificates of deposit under $250 and other savings

806,185



781,286


Certificates of deposit over $250

81,044



107,192


Total deposits

1,692,316



1,566,317


Borrowed funds




Federal funds purchased and repurchase agreements

67,519



68,747


Federal Home Loan Bank advances

60,000



90,000


Subordinated debt, net of unamortized issuance costs

29,136



?


Total borrowed funds

156,655



158,747


Accrued interest payable and other liabilities

12,088



13,726


Total liabilities

1,861,059



1,738,790


Shareholders' equity




Common stock ? no par value 15,000,000 shares authorized; issued and outstanding 7,926,610 shares (including 93,759 shares held in the Rabbi Trust) in 2021 and 7,997,247 shares (including 59,162 shares held in the Rabbi Trust) in 2020

140,004



142,247


Shares to be issued for deferred compensation obligations

4,455



4,183


Retained earnings

72,796



64,460


Accumulated other comprehensive income

4,387



7,698


Total shareholders' equity

221,642



218,588


TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

2,082,701



$

1,957,378


 

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(Dollars in thousands except per share amounts)



Three Months Ended 

 September 30


Nine Months Ended 

 September 30


2021


2020


2021


2020

Interest income








Loans, including fees

$

13,033



$

13,554



$

38,634



$

40,105


Available-for-sale securities








Taxable

1,224



1,071



3,529



3,912


Nontaxable

725



911



2,393



2,950


Federal funds sold and other

160



164



516



803


Total interest income

15,142



15,700



45,072



47,770


Interest expense








Deposits

1,251



1,996



4,363



7,034


Borrowings








Federal funds purchased and repurchase
agreements

13



7



40



22


Federal Home Loan Bank advances

299



1,200



1,093



3,911


Subordinated debt, net of unamortized issuance
costs

266



?



349



?


Total interest expense

1,829



3,203



5,845



10,967


Net interest income

13,313



12,497



39,227



36,803


Provision for loan losses

(107)



516



(599)



1,409


Net interest income after provision for
loan losses

13,420



11,981



39,826



35,394


Noninterest income








Service charges and fees

1,964



1,950



5,489



4,689


Wealth management fees

772



649



2,274



1,877


Net gain on sale of mortgage loans

339



1,036



1,459



1,653


Earnings on corporate owned life insurance policies

201



187



577



558


Gains from redemption of corporate owned life
insurance policies

?



?



150



873


Other

91



238



265



654


Total noninterest income

3,367



4,060



10,214



10,304


Noninterest expenses








Compensation and benefits

6,116



6,101



17,693



17,763


Furniture and equipment

1,349



1,426



4,049



4,318


Occupancy

866



889



2,726



2,668


Other

2,854



2,534



8,029



7,846


Total noninterest expenses

11,185



10,950



32,497



32,595


Income before federal income tax expense

5,602



5,091



17,543



13,103


Federal income tax expense

916



734



2,838



1,495


NET INCOME

$

4,686



$

4,357



$

14,705



$

11,608


Earnings per common share








Basic

$

0.59



$

0.55



$

1.85



$

1.46


Diluted

$

0.58



$

0.54



$

1.82



$

1.43


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 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


September 30, 2021


September 30, 2020


Average

Balance


Tax

Equivalent

Interest


Average

Yield /

Rate


Average

Balance


Tax

Equivalent

Interest


Average

Yield /

Rate

INTEREST EARNING ASSETS












Loans

$

1,203,468



$

13,033



4.33

%


$

1,275,297



$

13,554



4.25

%

Taxable investment securities

332,056



1,224



1.47

%


223,119



1,071



1.92

%

Nontaxable investment securities

113,857



1,035



3.64

%


135,168



1,238



3.66

%

Fed funds sold

4



?



0.02

%


?



?



?

%

Other

262,023



160



0.24

%


140,042



164



0.47

%

Total earning assets

1,911,408



15,452



3.23

%


1,773,626



16,027



3.61

%

NONEARNING ASSETS












Allowance for loan losses

(9,361)







(8,996)






Cash and demand deposits due from
banks

30,120







29,311






Premises and equipment

24,540







25,627






Accrued income and other assets

109,750







122,279






Total assets

$

2,066,457







$

1,941,847






INTEREST BEARING LIABILITIES












Interest bearing demand deposits

$

366,345



$

46



0.05

%


$

277,695



$

94



0.14

%

Savings deposits

565,814



161



0.11

%


462,867



173



0.15

%

Time deposits

323,322



1,044



1.29

%


375,916



1,729



1.84

%

Federal funds purchased and repurchase
agreements

62,790



13



0.08

%


30,583



7



0.09

%

Federal Home Loan Bank advances

62,718



299



1.91

%


205,000



1,200



2.34

%

Subordinated debt, net of unamortized
issuance costs

29,124



266



3.65

%


?



?



?

%

Total interest bearing liabilities

1,410,113



1,829



0.52

%


1,352,061



3,203



0.95

%

NONINTEREST BEARING LIABILITIES












Demand deposits

419,017







349,212






Other

12,826







16,441






Shareholders' equity

224,501







224,133






Total liabilities and shareholders' equity

$

2,066,457







$

1,941,847






Net interest income (FTE)



$

13,623







$

12,824




Net yield on interest earning
assets (FTE)





2.85

%






2.89

%





Nine Months Ended


September 30, 2021


September 30, 2020


Average

Balance


Tax

Equivalent

Interest


Average

Yield /

Rate


Average

Balance


Tax

Equivalent

Interest


Average

Yield /

Rate

INTEREST EARNING ASSETS












Loans

$

1,202,060



$

38,634



4.29

%


$

1,228,579



$

40,105



4.35

%

Taxable investment securities

268,435



3,529



1.75

%


237,509



3,912



2.20

%

Nontaxable investment securities

122,675



3,346



3.64

%


142,893



3,989



3.72

%

Fed funds sold

3



?



0.01

%


4



?



0.07

%

Other

273,997



516



0.25

%


114,108



803



0.94

%

Total earning assets

1,867,170



46,025



3.29

%


1,723,093



48,809



3.78

%

NONEARNING ASSETS












Allowance for loan losses

(9,502)







(8,580)






Cash and demand deposits due
from banks

29,236







23,772






Premises and equipment

24,836







25,911






Accrued income and other assets

109,835







117,852






Total assets

$

2,021,575







$

1,882,048






INTEREST BEARING LIABILITIES












Interest bearing demand deposits

$

337,561



$

168



0.07

%


$

254,283



$

263



0.14

%

Savings deposits

549,213



459



0.11

%


445,702



1,064



0.32

%

Time deposits

345,960



3,736



1.44

%


389,375



5,707



1.95

%

Federal funds purchased and repurchase
agreements

56,424



40



0.09

%


30,847



22



0.10

%

Federal Home Loan Bank advances

79,048



1,093



1.84

%


222,445



3,911



2.34

%

Subordinated debt, net of unamortized
issuance costs

12,907



349



3.61

%


?



?



?

%

Total interest bearing liabilities

1,381,113



5,845



0.56

%


1,342,652



10,967



1.09

%

NONINTEREST BEARING LIABILITIES












Demand deposits

405,046







304,322






Other

13,144







15,314






Shareholders' equity

222,272







219,760






Total liabilities and shareholders'
equity

$

2,021,575







$

1,882,048






Net interest income (FTE)



$

40,180







$

37,842




Net yield on interest earning
assets (FTE)





2.87

%






2.93

%

 

SELECTED FINANCIAL DATA (UNAUDITED)

(Dollars in thousands except per share amounts)



Three Months Ended


September 30
2021


June 30
2021


March 31
2021


December 31
2020


September 30
2020

PER SHARE










Basic earnings (loss)

$

0.59



$

0.58



$

0.68



$

(0.10)



$

0.55


Diluted earnings (loss)

$

0.58



$

0.57



$

0.67



$

(0.10)



$

0.54


Dividends

$

0.27



$

0.27



$

0.27



$

0.27



$

0.27


Tangible book value

$

21.87



$

21.73



$

21.35



$

21.29



$

21.75


Quoted market value










High

$

26.74



$

23.90



$

22.50



$

21.95



$

19.00


Low

$

22.55



$

21.00



$

19.45



$

15.73



$

15.75


Close (1)

$

26.03



$

23.00



$

21.75



$

19.57



$

16.74


Common shares outstanding (1)

7,926,610



7,946,658



7,958,883



7,997,247



8,007,901


Average number of common shares outstanding

7,932,227



7,969,462



8,006,144



7,966,811



7,966,811


Average number of diluted common shares
outstanding

8,044,572



8,088,524



8,133,157



8,111,283



8,111,283


PERFORMANCE RATIOS










Return on average total assets

0.91

%


0.91

%


1.09

%


(0.15)

%


0.90

%

Return on average shareholders' equity

8.35

%


8.35

%


9.78

%


(1.30)

%


7.78

%

Return on average tangible shareholders' equity

10.65

%


10.69

%


12.53

%


(1.63)

%


9.93

%

Net interest margin yield (FTE)

2.85

%


2.79

%


2.98

%


3.04

%


2.89

%

ASSETS UNDER MANAGEMENT (1)










Loans sold with servicing retained

$

285,392



$

290,033



$

298,514



$

301,377



$

289,524


Assets managed by Isabella Wealth

$

491,784



$

493,287



$

454,459



$

443,967



$

403,730


Total assets under management

$

2,859,877



$

2,814,727



$

2,768,405



$

2,702,722



$

2,664,951


ASSET QUALITY (1)










Nonaccrual status loans

$

3,077



$

3,329



$

4,532



$

5,313



$

4,946


Performing troubled debt restructurings

$

26,189



$

28,947



$

22,200



$

23,257



$

20,536


Foreclosed assets

$

348



$

365



$

384



$

527



$

651


Net loan charge-offs (recoveries)

$

160



$

(58)



$

(50)



$

18



$

(113)


Nonperforming loans to gross loans

0.25

%


0.28

%


0.38

%


0.43

%


0.38

%

Nonperforming assets to total assets

0.18

%


0.19

%


0.26

%


0.31

%


0.30

%

Allowance for loan and lease losses to gross loans

0.73

%


0.78

%


0.78

%


0.79

%


0.73

%

CAPITAL RATIOS (1)










Shareholders' equity to assets

10.64

%


10.88

%


10.83

%


11.17

%


11.29

%

Tier 1 leverage

8.37

%


8.46

%


8.56

%


8.37

%


8.76

%

Common equity tier 1 capital

13.07

%


13.81

%


13.77

%


12.97

%


12.90

%

Tier 1 risk-based capital

13.07

%


13.81

%


13.77

%


12.97

%


12.90

%

Total risk-based capital

16.03

%


17.00

%


14.54

%


13.75

%


13.64

%

(1) At end of period



















































Nine Months Ended










September 30
2021


September 30
2020


September 30
2019

PER SHARE














Basic earnings









$

1.85



$

1.46



$

1.53


Diluted earnings









$

1.82



$

1.43



$

1.50


Dividends









$

0.81



$

0.81



$

0.78


Tangible book value









$

21.87



$

21.75



$

20.66


Quoted market value














High









$

26.74



$

24.50



$

24.50


Low









$

19.45



$

15.60



$

22.01


Close (1)









$

26.03



$

16.74



$

22.30


Common shares outstanding (1)









7,926,610



8,007,901



7,938,234


Average number of common shares outstanding









7,948,578



7,945,762



7,895,610


Average number of diluted common shares outstanding









8,065,252



8,096,802



8,084,965


PERFORMANCE RATIOS














Return on average total assets









0.97

%


0.82

%


0.89

%

Return on average shareholders' equity









8.82

%


7.04

%


7.85

%

Return on average tangible shareholders' equity









11.28

%


9.05

%


10.29

%

Net interest margin yield (FTE)









2.87

%


2.93

%


3.07

%

ASSETS UNDER MANAGEMENT (1)














Loans sold with servicing retained









$

285,392



$

289,524



$

258,873


Assets managed by Isabella Wealth









$

491,784



$

403,730



$

475,574


Total assets under management









$

2,859,877



$

2,664,951



$

2,548,131


ASSET QUALITY (1)














Nonaccrual status loans









$

3,077



$

4,946



$

8,107


Performing troubled debt restructurings









$

26,189



$

20,536



$

20,310


Foreclosed assets









$

348



$

651



$

513


Net loan charge-offs (recoveries)









$

52



$

(158)



$

193


Nonperforming loans to gross loans









0.25

%


0.38

%


0.59

%

Nonperforming assets to total assets









0.18

%


0.30

%


0.42

%

Allowance for loan and lease losses to gross loans









0.73

%


0.73

%


0.69

%

CAPITAL RATIOS (1)














Shareholders' equity to assets









10.64

%


11.29

%


11.71

%

Tier 1 leverage









8.37

%


8.76

%


9.16

%

Common equity tier 1 capital









13.07

%


12.90

%


12.58

%

Tier 1 risk-based capital









13.07

%


12.90

%


12.58

%

Total risk-based capital









16.03

%


13.64

%


13.21

%

(1) At end of period


 

SUPPLEMENTAL BALANCE SHEET DATA (UNAUDITED)

(Dollars in thousands)



September 30
2021


June 30
2021


March 31
2021


December 31
2020


September 30
2020

Commercial

$

757,993



$

723,888



$

725,540



$

756,686



$

821,102


Agricultural

93,782



95,197



91,629



100,461



102,263


Residential real estate

321,620



312,567



305,909



307,543



304,559


Consumer

75,163



75,011



72,840



73,621



75,384


Gross loans

$

1,248,558



$

1,206,663



$

1,195,918



$

1,238,311



$

1,303,308





September 30
2021


June 30
2021


March 31
2021


December 31
2020


September 30
2020

Noninterest bearing demand deposits

$

430,950



$

428,410



$

404,710



$

375,395



$

353,082


Interest bearing demand deposits

374,137



326,971



328,440



302,444



287,809


Savings deposits

572,136



549,134



555,688



505,497



474,483


Certificates of deposit

312,027



326,214



331,413



358,165



354,210


Brokered certificates of deposit

?



?



14,029



14,029



14,029


Internet certificates of deposit

3,066



5,777



9,301



10,787



11,482


Total deposits

$

1,692,316



$

1,636,506



$

1,643,581



$

1,566,317



$

1,495,095





September 30
2021


June 30
2021


March 31
2021


December 31
2020


September 30
2020

U.S. Treasury

$

192,069



$

132,593



$

29,371



$

?



$

?


States and political subdivisions

128,689



130,960



140,329



143,656



148,401


Auction rate money market preferred

3,246



3,260



3,224



3,237



3,194


Mortgage-backed securities

62,030



68,155



75,835



88,652



104,165


Collateralized mortgage obligations

100,767



109,294



116,865



101,983



107,294


Corporate

7,583



4,192



1,700



1,700



?


Available-for-sale securities, at fair
value

$

494,384



$

448,454



$

367,324



$

339,228



$

363,054





September 30
2021


June 30
2021


March 31
2021


December 31
2020


September 30
2020

Federal Home Loan Bank advances

$

60,000



$

70,000



$

90,000



$

90,000



$

205,000


Securities sold under agreements to
repurchase without stated maturity dates

67,519



62,274



51,967



68,747



33,349


Subordinated debt, net of unamortized
issuance costs

29,136



29,121



?



?



?


Total borrowed funds

$

156,655



$

161,395



$

141,967



$

158,747



$

238,349


 

SUPPLEMENTAL STATEMENTS OF INCOME DATA (UNAUDITED)

(Dollars in thousands)



Three Months Ended September 30


Nine Months Ended September 30


2021


2020


2021


2020

Service charges and fees








ATM and debit card fees

$

1,156



$

1,003



$

3,282



$

2,680


Service charges and fees on deposit accounts

601



436



1,518



1,373


Freddie Mac servicing fee

177



162



572



476


Net OMSR income (loss)

(28)



271



(128)



(79)


Other fees for customer services

58



78



245



239


Total service charges and fees

1,964



1,950



5,489



4,689


Wealth management fees

772



649



2,274



1,877


Net gain on sale of mortgage loans

339



1,036



1,459



1,653


Earnings on corporate owned life insurance policies

201



187



577



558


Gains from redemption of corporate owned life
insurance policies

?



?



150



873


Other








Net income (loss) on joint venture investment

?



181



?



308


All other

91



57



265



346


Total other

91



238



265



654


Total noninterest income

$

3,367



$

4,060



$

10,214



$

10,304





Three Months Ended September 30


Nine Months Ended September 30


2021


2020


2021


2020

Compensation and benefits

$

6,116



$

6,101



$

17,693



$

17,763


Furniture and equipment

1,349



1,426



4,049



4,318


Occupancy

866



889



2,726



2,668


Other








Audit, consulting, and legal fees

665



417



1,553



1,348


ATM and debit card fees

473



373



1,352



1,024


Marketing costs

236



209



683



677


Memberships and subscriptions

234



188



662



546


Loan underwriting fees

238



199



628



577


FDIC insurance premiums

169



159



529



459


Director fees

166



168



505



527


Donations and community relations

198



131



452



566


All other

475



690



1,665



2,122


Total other noninterest expenses

2,854



2,534



8,029



7,846


Total noninterest expenses

$

11,185



$

10,950



$

32,497



$

32,595


 

SOURCE Isabella Bank Corporation


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