Isabella Bank Corporation Announces Fourth Quarter and 2023 Earnings
Continued growth in loans, Isabella Wealth; outpaced by continued interest rate pressure
Among the 2023 highlights:
- Gross loans increased more than
$85 million , or 7%. - Isabella Wealth assets grew 25% to
$641 million , leading to an increase in wealth management fees of$552,000 , or 18%, over 2022. - Interest income increased
$13.8 million , or 21%, over 2022, offset by an increase in interest expense of$16.4 million . - Shareholders earned a cash dividend of
$1.12 per share in 2023, with an annualized dividend yield of 5.21%.
"Our 2023 financial results demonstrate Isabella Bank's ability to come out of a tough year still delivering strong results for shareholders," said Jerome E. Schwind, President and Chief Executive Officer. "Our liquidity and capital ratios remain strong and we delivered results against our strategic plan based on our strength in the marketplace.
"We continued to grow our footprint — including adding our eighth mid-Michigan county — and customers continued to turn to
Operating Results
Net income: Net income for the fourth quarter of 2023 was
Net interest income, fourth quarter 2023
: Net interest income for the fourth quarter 2023 declined
Net interest income, year-end 2023: Net interest income for the year ended
Noninterest income and expenses, fourth quarter 2023: Noninterest income increased
Noninterest income and expenses, year-end 2023: Noninterest income for the year ended
Net yield on interest earning assets: The Corporation's fully taxable equivalent net yield on interest earning assets was 2.85% and 3.05% for the fourth quarter and year ended
Balance Sheet
Assets: Total assets were
Loans: Loans outstanding as of December 31, 2023 totaled
Deposits: Deposits were
Capital: The Bank continues to be considered a "well-capitalized" institution, as its capital ratios exceeded the minimum designated requirements. As of
Dividend: The Corporation paid a
About the Corporation
For more information about
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
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||
(Dollars in thousands) |
|||
|
|||
|
|
|
|
ASSETS |
|
|
|
Cash and cash equivalents |
|
|
|
Cash and demand deposits due from banks |
$ 25,628 |
|
$ 27,420 |
Fed Funds sold and interest bearing balances due from banks |
8,044 |
|
11,504 |
Total cash and cash equivalents |
33,672 |
|
38,924 |
Available-for-sale securities, at fair value |
528,148 |
|
580,481 |
Mortgage loans available-for-sale |
— |
|
379 |
Loans |
1,349,463 |
|
1,264,173 |
Less allowance for credit losses |
13,108 |
|
9,850 |
Net loans |
1,336,355 |
|
1,254,323 |
Premises and equipment |
27,639 |
|
25,553 |
Corporate owned life insurance policies |
33,892 |
|
32,988 |
Equity securities without readily determinable fair values |
15,848 |
|
15,746 |
|
48,284 |
|
48,287 |
Accrued interest receivable and other assets |
35,130 |
|
33,586 |
TOTAL ASSETS |
$ 2,058,968 |
|
$ 2,030,267 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
Deposits |
|
|
|
Noninterest bearing |
$ 428,505 |
|
$ 494,346 |
Interest bearing demand deposits |
320,737 |
|
372,155 |
Certificates of deposit under |
857,768 |
|
810,642 |
Certificates of deposit over |
116,685 |
|
67,132 |
Total deposits |
1,723,695 |
|
1,744,275 |
Borrowed funds |
|
|
|
Federal funds purchased and repurchase agreements |
46,801 |
|
57,771 |
|
40,000 |
|
— |
Subordinated debt, net of unamortized issuance costs |
29,335 |
|
29,245 |
Total borrowed funds |
116,136 |
|
87,016 |
Accrued interest payable and other liabilities |
16,735 |
|
12,766 |
Total liabilities |
1,856,566 |
|
1,844,057 |
Shareholders' equity |
|
|
|
Common stock — no par value 15,000,000 shares authorized; issued and outstanding |
127,323 |
|
128,651 |
Shares to be issued for deferred compensation obligations |
3,693 |
|
5,005 |
Retained earnings |
97,282 |
|
89,748 |
Accumulated other comprehensive income (loss) |
(25,896) |
|
(37,194) |
Total shareholders' equity |
202,402 |
|
186,210 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ 2,058,968 |
|
$ 2,030,267 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|||||||
(Dollars in thousands except per share amounts) |
|||||||
|
|||||||
|
Three Months Ended December 31 |
|
Year Ended
|
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Interest income |
|
|
|
|
|
|
|
Loans, including fees |
$ 17,580 |
|
$ 14,163 |
|
$ 65,670 |
|
$ 53,283 |
Available-for-sale securities |
|
|
|
|
|
|
|
Taxable |
2,303 |
|
2,512 |
|
9,514 |
|
8,363 |
Nontaxable |
623 |
|
718 |
|
2,642 |
|
2,808 |
Federal funds sold and other |
550 |
|
522 |
|
1,805 |
|
1,344 |
Total interest income |
21,056 |
|
17,915 |
|
79,631 |
|
65,798 |
Interest expense |
|
|
|
|
|
|
|
Deposits |
6,399 |
|
1,323 |
|
18,352 |
|
4,021 |
Borrowings |
|
|
|
|
|
|
|
Federal funds purchased and repurchase agreements |
357 |
|
53 |
|
961 |
|
79 |
|
422 |
|
— |
|
1,309 |
|
152 |
Subordinated debt, net of unamortized issuance costs |
266 |
|
267 |
|
1,065 |
|
1,065 |
Total interest expense |
7,444 |
|
1,643 |
|
21,687 |
|
5,317 |
Net interest income |
13,612 |
|
16,272 |
|
57,944 |
|
60,481 |
Provision for credit losses |
684 |
|
(57) |
|
629 |
|
483 |
Net interest income after provision for credit losses |
12,928 |
|
16,329 |
|
57,315 |
|
59,998 |
Noninterest income |
|
|
|
|
|
|
|
Service charges and fees |
2,212 |
|
2,115 |
|
8,297 |
|
8,730 |
Wealth management fees |
932 |
|
788 |
|
3,557 |
|
3,005 |
Earnings on corporate owned life insurance policies |
239 |
|
229 |
|
920 |
|
884 |
Net gain on sale of mortgage loans |
85 |
|
63 |
|
317 |
|
631 |
Other |
48 |
|
77 |
|
736 |
|
416 |
Total noninterest income |
3,516 |
|
3,272 |
|
13,827 |
|
13,666 |
Noninterest expenses |
|
|
|
|
|
|
|
Compensation and benefits |
6,116 |
|
6,407 |
|
25,905 |
|
24,887 |
Furniture and equipment |
1,697 |
|
1,624 |
|
6,519 |
|
6,006 |
Occupancy |
857 |
|
878 |
|
3,778 |
|
3,691 |
Other |
3,245 |
|
3,013 |
|
13,108 |
|
12,236 |
Total noninterest expenses |
11,915 |
|
11,922 |
|
49,310 |
|
46,820 |
Income before federal income tax expense |
4,529 |
|
7,679 |
|
21,832 |
|
26,844 |
Federal income tax expense |
726 |
|
1,357 |
|
3,665 |
|
4,606 |
NET INCOME |
$ 3,803 |
|
$ 6,322 |
|
$ 18,167 |
|
$ 22,238 |
Earnings per common share |
|
|
|
|
|
|
|
Basic |
$ 0.51 |
|
$ 0.84 |
|
$ 2.42 |
|
$ 2.95 |
Diluted |
$ 0.51 |
|
$ 0.83 |
|
$ 2.40 |
|
$ 2.91 |
Cash dividends per common share |
$ 0.28 |
|
$ 0.28 |
|
$ 1.12 |
|
$ 1.09 |
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.
|
Three Months Ended |
||||||||||
|
|
|
|
||||||||
|
Average Balance |
|
Tax Equivalent Interest |
|
Average Yield / Rate |
|
Average Balance |
|
Tax Equivalent Interest |
|
Average Yield / Rate |
INTEREST EARNING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ 1,340,271 |
|
$ 17,580 |
|
5.25 % |
|
$ 1,244,972 |
|
$ 14,163 |
|
4.55 % |
Taxable investment securities |
473,660 |
|
2,274 |
|
1.92 % |
|
520,139 |
|
2,499 |
|
1.92 % |
Nontaxable investment securities |
90,408 |
|
899 |
|
3.98 % |
|
107,508 |
|
999 |
|
3.72 % |
Fed funds sold |
13 |
|
— |
|
5.76 % |
|
14 |
|
— |
|
4.00 % |
Other |
39,585 |
|
549 |
|
5.55 % |
|
56,142 |
|
522 |
|
3.72 % |
Total earning assets |
1,943,937 |
|
21,302 |
|
4.38 % |
|
1,928,775 |
|
18,183 |
|
3.77 % |
NONEARNING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
(12,780) |
|
|
|
|
|
(9,792) |
|
|
|
|
Cash and demand deposits due from banks |
23,244 |
|
|
|
|
|
24,312 |
|
|
|
|
Premises and equipment |
27,444 |
|
|
|
|
|
25,382 |
|
|
|
|
Accrued income and other assets |
71,592 |
|
|
|
|
|
63,553 |
|
|
|
|
Total assets |
$ 2,053,437 |
|
|
|
|
|
$ 2,032,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST BEARING LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand deposits |
$ 317,996 |
|
$ 504 |
|
0.63 % |
|
$ 358,809 |
|
$ 104 |
|
0.12 % |
Savings deposits |
634,539 |
|
2,819 |
|
1.78 % |
|
635,771 |
|
535 |
|
0.34 % |
Time deposits |
338,852 |
|
3,076 |
|
3.63 % |
|
254,604 |
|
684 |
|
1.07 % |
Federal funds purchased and repurchase agreements |
50,049 |
|
357 |
|
2.85 % |
|
55,478 |
|
53 |
|
0.38 % |
|
29,674 |
|
422 |
|
5.69 % |
|
— |
|
— |
|
— % |
Subordinated debt, net of unamortized issuance costs |
29,320 |
|
266 |
|
3.63 % |
|
29,233 |
|
267 |
|
3.65 % |
Total interest bearing liabilities |
1,400,430 |
|
7,444 |
|
2.13 % |
|
1,333,895 |
|
1,643 |
|
0.49 % |
NONINTEREST BEARING LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
446,747 |
|
|
|
|
|
504,791 |
|
|
|
|
Other |
17,302 |
|
|
|
|
|
13,103 |
|
|
|
|
Shareholders' equity |
188,958 |
|
|
|
|
|
180,441 |
|
|
|
|
Total liabilities and shareholders' equity |
$ 2,053,437 |
|
|
|
|
|
$ 2,032,230 |
|
|
|
|
Net interest income (FTE) |
|
|
$ 13,858 |
|
|
|
|
|
$ 16,540 |
|
|
Net yield on interest earning assets (FTE) |
|
|
|
|
2.85 % |
|
|
|
|
|
3.43 % |
|
(1) Includes loans and mortgage loans available-for-sale |
|
Year Ended |
||||||||||
|
|
|
|
||||||||
|
Average Balance |
|
Tax Equivalent Interest |
|
Average Yield / Rate |
|
Average Balance |
|
Tax Equivalent Interest |
|
Average Yield / Rate |
INTEREST EARNING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ 1,308,891 |
|
$ 65,670 |
|
5.02 % |
|
$ 1,249,634 |
|
$ 53,283 |
|
4.26 % |
Taxable investment securities |
485,718 |
|
9,399 |
|
1.94 % |
|
477,159 |
|
8,294 |
|
1.74 % |
Nontaxable investment securities |
96,845 |
|
3,780 |
|
3.90 % |
|
107,158 |
|
3,933 |
|
3.67 % |
Fed funds sold |
12 |
|
1 |
|
5.04 % |
|
10 |
|
— |
|
2.42 % |
Other |
41,965 |
|
1,804 |
|
4.30 % |
|
99,301 |
|
1,344 |
|
1.35 % |
Total earning assets |
1,933,431 |
|
80,654 |
|
4.17 % |
|
1,933,262 |
|
66,854 |
|
3.46 % |
NONEARNING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
(12,784) |
|
|
|
|
|
(9,477) |
|
|
|
|
Cash and demand deposits due from banks |
24,592 |
|
|
|
|
|
24,708 |
|
|
|
|
Premises and equipment |
26,589 |
|
|
|
|
|
24,648 |
|
|
|
|
Accrued income and other assets |
74,319 |
|
|
|
|
|
81,823 |
|
|
|
|
Total assets |
$ 2,046,147 |
|
|
|
|
|
$ 2,054,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST BEARING LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand deposits |
$ 346,875 |
|
$ 1,086 |
|
0.31 % |
|
$ 374,623 |
|
$ 274 |
|
0.07 % |
Savings deposits |
626,027 |
|
8,290 |
|
1.32 % |
|
630,574 |
|
1,135 |
|
0.18 % |
Time deposits |
308,699 |
|
8,976 |
|
2.91 % |
|
270,296 |
|
2,612 |
|
0.97 % |
Federal funds purchased and repurchase agreements |
43,061 |
|
961 |
|
2.23 % |
|
49,974 |
|
79 |
|
0.16 % |
|
23,699 |
|
1,309 |
|
5.52 % |
|
7,863 |
|
152 |
|
1.93 % |
Subordinated debt, net of unamortized issuance costs |
29,287 |
|
1,065 |
|
3.64 % |
|
29,200 |
|
1,065 |
|
3.65 % |
Total interest bearing liabilities |
1,377,648 |
|
21,687 |
|
1.57 % |
|
1,362,530 |
|
5,317 |
|
0.39 % |
NONINTEREST BEARING LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
461,689 |
|
|
|
|
|
482,781 |
|
|
|
|
Other |
16,043 |
|
|
|
|
|
14,695 |
|
|
|
|
Shareholders' equity |
190,767 |
|
|
|
|
|
194,958 |
|
|
|
|
Total liabilities and shareholders' equity |
$ 2,046,147 |
|
|
|
|
|
$ 2,054,964 |
|
|
|
|
Net interest income (FTE) |
|
|
$ 58,967 |
|
|
|
|
|
$ 61,537 |
|
|
Net yield on interest earning assets (FTE) |
|
|
|
|
3.05 % |
|
|
|
|
|
3.18 % |
|
(1) Includes loans and mortgage loans available-for-sale |
SELECTED FINANCIAL DATA (UNAUDITED) |
|||||
(Dollars in thousands except per share amounts) |
|||||
|
|||||
|
Year Ended |
||||
|
|
|
|
|
|
PER SHARE |
|
|
|
|
|
Basic earnings |
$ 2.42 |
|
$ 2.95 |
|
$ 2.48 |
Diluted earnings |
$ 2.40 |
|
$ 2.91 |
|
$ 2.45 |
Dividends |
$ 1.12 |
|
$ 1.09 |
|
$ 1.08 |
Tangible book value |
$ 20.59 |
|
$ 18.25 |
|
$ 21.61 |
Quoted market value |
|
|
|
|
|
High |
$ 26.00 |
|
$ 26.25 |
|
$ 29.00 |
Low |
$ 19.13 |
|
$ 21.00 |
|
$ 19.45 |
Close (1) |
$ 21.50 |
|
$ 23.50 |
|
$ 25.50 |
Common shares outstanding (1) |
7,485,889 |
|
7,559,421 |
|
7,532,641 |
Average number of common shares outstanding |
7,511,591 |
|
7,549,878 |
|
7,853,398 |
Average number of diluted common shares outstanding |
7,575,492 |
|
7,647,612 |
|
7,965,961 |
PERFORMANCE RATIOS |
|
|
|
|
|
Return on average total assets |
0.89 % |
|
1.08 % |
|
0.96 % |
Return on average shareholders' equity |
9.52 % |
|
11.41 % |
|
8.83 % |
Return on average tangible shareholders' equity |
12.75 % |
|
15.17 % |
|
11.31 % |
Net interest margin yield (FTE) |
3.05 % |
|
3.18 % |
|
2.87 % |
ASSETS UNDER MANAGEMENT (1) |
|
|
|
|
|
Loans sold with servicing retained |
$ 248,756 |
|
$ 264,206 |
|
$ 278,844 |
Assets managed by Isabella Wealth |
$ 641,027 |
|
$ 513,918 |
|
$ 516,243 |
Total assets under management |
$ 2,948,751 |
|
$ 2,808,391 |
|
$ 2,827,245 |
ASSET QUALITY (1) |
|
|
|
|
|
Nonaccrual loans |
$ 982 |
|
$ 457 |
|
$ 1,245 |
Foreclosed assets |
$ 406 |
|
$ 439 |
|
$ 211 |
Net loan charge-offs (recoveries) |
$ 115 |
|
$ (264) |
|
$ 123 |
Nonperforming loans to gross loans |
0.08 % |
|
0.04 % |
|
0.10 % |
Nonperforming assets to total assets |
0.07 % |
|
0.05 % |
|
0.08 % |
Allowance for credit losses to gross loans |
0.97 % |
|
0.78 % |
|
0.70 % |
CAPITAL RATIOS (1) |
|
|
|
|
|
Shareholders' equity to assets |
9.83 % |
|
9.17 % |
|
10.39 % |
Tier 1 leverage |
8.76 % |
|
8.61 % |
|
7.97 % |
Common equity tier 1 capital |
12.54 % |
|
12.91 % |
|
12.07 % |
Tier 1 risk-based capital |
12.54 % |
|
12.91 % |
|
12.07 % |
Total risk-based capital |
15.52 % |
|
15.79 % |
|
14.94 % |
|
(1) At end of period |
SUPPLEMENTAL BALANCE SHEET DATA (UNAUDITED) |
|||||||||
(Dollars in thousands) |
|||||||||
|
|||||||||
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ 209,738 |
|
$ 195,814 |
|
$ 194,914 |
|
$ 189,185 |
|
$ 178,428 |
Commercial real estate |
564,244 |
|
566,639 |
|
564,254 |
|
566,410 |
|
566,012 |
Advances to mortgage brokers |
18,541 |
|
24,807 |
|
39,099 |
|
— |
|
— |
Agricultural |
99,994 |
|
99,233 |
|
96,689 |
|
94,760 |
|
104,985 |
Residential real estate |
356,418 |
|
348,196 |
|
343,474 |
|
336,186 |
|
336,694 |
Consumer |
100,528 |
|
99,985 |
|
95,972 |
|
84,110 |
|
78,054 |
Gross loans |
$ 1,349,463 |
|
$ 1,334,674 |
|
$ 1,334,402 |
|
$ 1,270,651 |
|
$ 1,264,173 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
Noninterest bearing demand deposits |
$ 428,505 |
|
$ 445,043 |
|
$ 458,845 |
|
$ 478,829 |
|
$ 494,346 |
Interest bearing demand deposits |
320,737 |
|
363,558 |
|
335,922 |
|
383,602 |
|
372,155 |
Savings deposits |
628,079 |
|
628,795 |
|
606,644 |
|
662,495 |
|
625,734 |
Certificates of deposit |
346,125 |
|
331,829 |
|
313,288 |
|
288,103 |
|
251,541 |
Internet certificates of deposit |
249 |
|
249 |
|
249 |
|
499 |
|
499 |
Total deposits |
$ 1,723,695 |
|
$ 1,769,474 |
|
$ 1,714,948 |
|
$ 1,813,528 |
|
$ 1,744,275 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
$ 214,801 |
|
$ 209,182 |
|
$ 209,353 |
|
$ 212,086 |
|
$ 208,701 |
States and political subdivisions |
92,876 |
|
89,773 |
|
95,242 |
|
108,719 |
|
117,512 |
Auction rate money market preferred |
2,931 |
|
2,570 |
|
2,637 |
|
2,716 |
|
2,342 |
Mortgage-backed securities |
32,815 |
|
32,923 |
|
35,532 |
|
37,797 |
|
39,070 |
Collateralized mortgage obligations |
177,775 |
|
175,630 |
|
180,996 |
|
200,252 |
|
205,728 |
Corporate |
6,950 |
|
6,819 |
|
6,737 |
|
7,080 |
|
7,128 |
Available-for-sale securities, at fair value |
$ 528,148 |
|
$ 516,897 |
|
$ 530,497 |
|
$ 568,650 |
|
$ 580,481 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to |
$ 46,801 |
|
$ 52,330 |
|
$ 37,102 |
|
$ 31,995 |
|
$ 57,771 |
|
40,000 |
|
65,000 |
|
55,000 |
|
— |
|
— |
Subordinated debt, net of unamortized issuance costs |
29,335 |
|
29,312 |
|
29,290 |
|
29,267 |
|
29,245 |
Total borrowed funds |
$ 116,136 |
|
$ 146,642 |
|
$ 121,392 |
|
$ 61,262 |
|
$ 87,016 |
SUPPLEMENTAL STATEMENTS OF INCOME DATA (UNAUDITED) |
|||||||
(Dollars in thousands) |
|||||||
|
|||||||
|
Three Months Ended
|
|
Year Ended
|
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Service charges and fees |
|
|
|
|
|
|
|
ATM and debit card fees |
$ 1,397 |
|
$ 1,267 |
|
$ 5,051 |
|
$ 4,774 |
Service charges and fees on deposit accounts |
616 |
|
653 |
|
2,413 |
|
2,566 |
Freddie Mac servicing fee |
155 |
|
163 |
|
630 |
|
669 |
Net mortgage servicing rights income (loss) |
(40) |
|
(42) |
|
(137) |
|
435 |
Other fees for customer services |
84 |
|
74 |
|
340 |
|
286 |
Total service charges and fees |
2,212 |
|
2,115 |
|
8,297 |
|
8,730 |
Wealth management fees |
932 |
|
788 |
|
3,557 |
|
3,005 |
Earnings on corporate owned life insurance policies |
239 |
|
229 |
|
920 |
|
884 |
Net gain on sale of mortgage loans |
85 |
|
63 |
|
317 |
|
631 |
Other |
48 |
|
77 |
|
736 |
|
416 |
Total noninterest income |
$ 3,516 |
|
$ 3,272 |
|
$ 13,827 |
|
$ 13,666 |
|
|||||||
|
Three Months Ended
|
|
Year Ended
|
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Compensation and benefits |
$ 6,116 |
|
$ 6,407 |
|
$ 25,905 |
|
$ 24,887 |
Furniture and equipment |
1,697 |
|
1,624 |
|
6,519 |
|
6,006 |
Occupancy |
857 |
|
878 |
|
3,778 |
|
3,691 |
Other |
|
|
|
|
|
|
|
Audit, consulting, and legal fees |
576 |
|
609 |
|
2,340 |
|
2,358 |
ATM and debit card fees |
487 |
|
424 |
|
1,767 |
|
1,909 |
Marketing costs |
276 |
|
244 |
|
1,159 |
|
1,056 |
Memberships and subscriptions |
313 |
|
222 |
|
1,042 |
|
876 |
Loan underwriting fees |
290 |
|
364 |
|
927 |
|
1,004 |
|
233 |
|
143 |
|
922 |
|
537 |
Donations and community relations |
223 |
|
258 |
|
915 |
|
923 |
Other losses |
101 |
|
137 |
|
871 |
|
546 |
Director fees |
183 |
|
192 |
|
764 |
|
790 |
All other |
563 |
|
420 |
|
2,401 |
|
2,237 |
Total other noninterest expenses |
3,245 |
|
3,013 |
|
13,108 |
|
12,236 |
Total noninterest expenses |
$ 11,915 |
|
$ 11,922 |
|
$ 49,310 |
|
$ 46,820 |
View original content:https://www.prnewswire.com/news-releases/isabella-bank-corporation-announces-fourth-quarter-and-2023-earnings-302064510.html
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