Isabella Bank Corporation Announces Third Quarter 2023 Earnings

Growth in core loans and deposits; pricing competition continues

MT. PLEASANT, Mich., Oct. 19, 2023 /PRNewswire/ -- Isabella Bank Corporation (the "Corporation") (OTCQX: ISBA) has reported net income of $4.4 million for the third quarter of 2023 and $14.4 million for the nine-month period ended September 30, 2023.  Earnings per common share were $0.59 for the third quarter of 2023 and $1.91 for the first nine months of the year.

Third Quarter 2023 Highlights:

• Core loan portfolio grew $14.6 million as borrowing demand remained steady.
  
  

• Deposits grew $54.5 million, or 3.2%, despite strong pricing competition in the market.
  
  

• Wealth management fees increased 26.4% compared to the third quarter of 2022.
  
  

• Shareholders earned a cash dividend of $0.28 per share, with an annualized dividend yield of 5.32%, as of September 30, 2023.

"Our financial results for the third quarter are strong despite the continued pressure of rising interest rates and economic uncertainty," said Jae A. Evans, President and Chief Executive Officer.  "Competition for deposits continued during the third quarter, leading to increased deposit rates and pressure on our net interest margin.  We've benefited from core and non-core loan growth which has mitigated some of this pressure.

"We remain focused on the long-term success of the bank with strategic decisions and initiatives designed to enhance shareholder value and the customer experience," Evans added.  "We are pleased to have recently opened a new loan and wealth office in downtown Bay City, expanding our physical presence to Bay County.  In addition, a new full-service branch in Saginaw opened earlier this year.  The continued, steady growth of our footprint demonstrates our commitment to customers and communities as a leading, independent community bank."

Operating Results

Net income: Net income for the third quarter of 2023 was $4.4 million, compared to $5.9 million in the third quarter of 2022.  Net income for the first nine months of the year was $14.4 million, compared to $15.9 million for the same period in 2022.  Interest income continued to improve in the third quarter, but fell short of the growth in interest expense due to rising rates on deposits and increased borrowings.

Net interest income: Net interest income for the third quarter of 2023 decreased by $1.5 million compared to the third quarter of 2022.  For the first nine months of the year, net interest income increased by $123,000 compared to the same period in 2022.  Rising interest rates and loan growth led to an increase in gross interest income of $3.5 million and $10.7 million for the third quarter and first nine months of 2023, compared to the same periods in 2022.  Conversely, rising interest rates on deposits and an increase in borrowings led to a $5.0 million and $10.6 million increase in interest expense for the third quarter and first nine months of 2023, compared to the same periods in 2022.

Noninterest income and expenses: Noninterest income was $3.4 million for the third quarter of 2023 versus $3.3 million for the third quarter of 2022.  For the first nine months of 2023, noninterest income decreased $83,000 compared to the same period in 2022, driven by a $574,000 reduction in mortgage servicing rights income and a $336,000 decline in the gain on the sale of mortgage loans, offset largely by a $408,000, or 18.4%, increase in wealth management fees.  Noninterest expenses increased $741,000 during the third quarter of 2023 and $2.5 million for the nine-month period ended September 30, 2023 in comparison to the same periods in 2022.  The increase was the result of increased compensation, equipment expense, FDIC insurance premiums, and other losses.

Net yield on interest earning assets: The Corporation's fully taxable equivalent net yield on interest earning assets was 3.02% and 3.12% for the three and nine months ended September 30, 2023, compared to 3.28% and 3.10% for the same periods in 2022.  While the third quarter of 2023 fell in comparison to the same period in 2022, net yield for the first nine months of 2023 improved through strategic initiatives - such as the reduced reliance on higher-cost borrowed funds and brokered deposits - that were implemented in prior periods in anticipation of rising interest rates.  To maintain a competitive edge in a rising interest rate environment, the Bank increased most of its deposit rates beginning in the fourth quarter of 2022 and in recent periods, increased the level of borrowings to fund loan growth.  As a result, this has negatively impacted the net yield on interest earning assets and further increases could slow the rate of improvement in the net yield on interest earning assets.

Balance Sheet

Assets: Total assets were $2.1 billion and assets under management were $3 billion as of September 30, 2023.  Managed assets include loans sold and serviced of $252 million as well as $591 million in investment and trust assets managed by Isabella Wealth.  Investment and trust assets increased $77 million, or 14.9%, since December 31, 2022.

Loans: Loans outstanding as of September 30, 2023 totaled $1.3 billion.  Core loans increased $14.6 million during the third quarter and rose $45.7 million compared to December 31, 2022.  This reflects growth in the commercial and consumer portfolios.  In addition, the Bank resumed its engagement in a mortgage participation program in the second quarter, with loans outstanding of $24.8 million as of September 30, 2023.  Adherence to strong underwriting standards are reflected in the continued low levels of total past due and nonaccrual loans, which were $1.2 million, or 0.09% of total loans, at the end of the period.

Deposits: Total deposits were $1.8 billion as of September 30, 2023, an increase of $25.2 million, or 1.4%, since December 31, 2022.  Strong pricing competition within the industry continues.

Capital: The Bank is considered a "well-capitalized" institution, as its capital ratios exceeded the minimum designated requirements.  As of September 30, 2023, the Bank's Tier 1 Leverage Ratio was 8.97%, Tier 1 Capital Ratio was 12.75%, and Total Capital Ratio was 13.67%. 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 2023, the Corporation paid a $0.28 per common share cash dividend. Based on the Corporation's closing stock price of $21.05 as of September 29, 2023, the annualized cash dividend yield was 5.32%.

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 its customers' and communities' local banking needs for 120 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 31 locations throughout eight Mid-Michigan counties: Bay, Clare, Gratiot, Isabella, Mecosta, Midland, Montcalm, and Saginaw.

For more information about Isabella Bank Corporation, visit the Investor Relations 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 investor relations firms include Renmark Financial Communications, Inc. (www.renmarkfinancial.com) and Stonegate Capital Partners, Inc.  (www.stonegateinc.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.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Dollars in thousands)
	September 30 2023		December 31 2022
ASSETS
Cash and cash equivalents
Cash and demand deposits due from banks	$           48,862		$           27,420
Fed Funds sold and interest bearing balances due from banks	67,017		11,504
Total cash and cash equivalents	115,879		38,924
Available-for-sale securities, at fair value	516,897		580,481
Mortgage loans available-for-sale	105		379
Loans	1,334,674		1,264,173
Less allowance for credit losses	12,767		9,850
Net loans	1,321,907		1,254,323
Premises and equipment	26,960		25,553
Corporate owned life insurance policies	33,654		32,988
Equity securities without readily determinable fair values	15,848		15,746
Goodwill and other intangible assets	48,285		48,287
Accrued interest receivable and other assets	38,955		33,586
TOTAL ASSETS	$      2,118,490		$      2,030,267
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest bearing	$         445,043		$         494,346
Interest bearing demand deposits	363,558		372,155
Certificates of deposit under $250 and other savings	853,991		810,642
Certificates of deposit over $250	106,882		67,132
Total deposits	1,769,474		1,744,275
Borrowed funds
Federal funds purchased and repurchase agreements	52,330		57,771
Federal Home Loan Bank advances	65,000		—
Subordinated debt, net of unamortized issuance costs	29,312		29,245
Total borrowed funds	146,642		87,016
Accrued interest payable and other liabilities	17,251		12,766
Total liabilities	1,933,367		1,844,057
Shareholders' equity
Common stock — no par value 15,000,000 shares authorized; issued and outstanding 7,490,557 shares (including 136,694 shares held in the Rabbi Trust) in 2023 and 7,559,421 shares (including 154,879 shares held in the Rabbi Trust) in 2022	127,680		128,651
Shares to be issued for deferred compensation obligations	3,641		5,005
Retained earnings	95,533		89,748
Accumulated other comprehensive income (loss)	(41,731)		(37,194)
Total shareholders' equity	185,123		186,210
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$      2,118,490		$      2,030,267

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Dollars in thousands except per share amounts)
	Three Months Ended   September 30				Nine Months Ended   September 30
	2023		2022		2023		2022
Interest income
Loans, including fees	$           17,270		$             13,563		$           48,090		$           39,120
Available-for-sale securities
Taxable	2,327		2,209		7,211		5,851
Nontaxable	636		726		2,019		2,090
Federal funds sold and other	252		521		1,255		822
Total interest income	20,485		17,019		58,575		47,883
Interest expense
Deposits	5,015		908		11,953		2,698
Borrowings
Federal funds purchased and repurchase agreements	284		9		604		26
Federal Home Loan Bank advances	617		33		887		152
Subordinated debt, net of unamortized issuance costs	267		266		799		798
Total interest expense	6,183		1,216		14,243		3,674
Net interest income	14,302		15,803		44,332		44,209
Provision for credit losses	(292)		18		(55)		540
Net interest income after provision for credit losses	14,594		15,785		44,387		43,669
Noninterest income
Service charges and fees	2,060		2,122		6,085		6,615
Wealth management fees	858		679		2,625		2,217
Earnings on corporate owned life insurance policies	229		223		681		655
Net gain on sale of mortgage loans	109		174		232		568
Other	158		54		688		339
Total noninterest income	3,414		3,252		10,311		10,394
Noninterest expenses
Compensation and benefits	6,639		6,369		19,789		18,480
Furniture and equipment	1,612		1,490		4,822		4,382
Occupancy	923		918		2,921		2,813
Other	3,484		3,140		9,863		9,223
Total noninterest expenses	12,658		11,917		37,395		34,898
Income before federal income tax expense	5,350		7,120		17,303		19,165
Federal income tax expense	937		1,233		2,939		3,249
NET INCOME	$              4,413		$               5,887		$           14,364		$           15,916
Earnings per common share
Basic	$                0.59		$                 0.78		$                1.91		$                2.11
Diluted	$                0.58		$                 0.77		$                1.89		$                2.08
Cash dividends per common share	$                0.28		$                 0.27		$                0.84		$                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, 2023						September 30, 2022
	Average Balance		Tax Equivalent Interest		Average Yield / Rate		Average Balance		Tax Equivalent Interest		Average Yield / Rate
INTEREST EARNING ASSETS
Loans (1)	$    1,325,455		$         17,270		5.21 %		$    1,256,723		$         13,563		4.32 %
Taxable investment securities	478,846		2,298		1.92 %		490,751		2,190		1.79 %
Nontaxable investment securities	93,192		915		3.93 %		110,058		1,002		3.64 %
Fed funds sold	13		—		5.51 %		16		—		1.98 %
Other	30,400		252		3.32 %		101,687		521		2.05 %
Total earning assets	1,927,906		20,735		4.30 %		1,959,235		17,276		3.53 %
NONEARNING ASSETS
Allowance for credit losses	(12,937)						(9,691)
Cash and demand deposits due from banks	25,287						24,875
Premises and equipment	26,629						24,475
Accrued income and other assets	74,244						78,151
Total assets	$    2,041,129						$    2,077,045
INTEREST BEARING LIABILITIES
Interest bearing demand deposits	$       342,175		242		0.28 %		$       381,282		64		0.07 %
Savings deposits	595,372		2,156		1.45 %		642,916		270		0.17 %
Time deposits	324,399		2,617		3.23 %		262,628		574		0.87 %
Federal funds purchased and repurchase agreements	46,574		284		2.44 %		49,267		9		0.07 %
Federal Home Loan Bank advances	44,429		617		5.55 %		6,739		33		1.96 %
Subordinated debt, net of unamortized issuance costs	29,298		267		3.65 %		29,211		266		3.64 %
Total interest bearing liabilities	1,382,247		6,183		1.79 %		1,372,043		1,216		0.35 %
NONINTEREST BEARING LIABILITIES
Demand deposits	451,123						497,215
Other	16,802						13,627
Shareholders' equity	190,957						194,160
Total liabilities and shareholders' equity	$    2,041,129						$    2,077,045
Net interest income (FTE)			$         14,552						$         16,060
Net yield on interest earning assets (FTE)					3.02 %						3.28 %
(1) Includes loans and mortgage loans available-for-sale
	Nine Months Ended
	September 30, 2023						September 30, 2022
	Average Balance		Tax Equivalent Interest		Average Yield / Rate		Average Balance		Tax Equivalent Interest		Average Yield / Rate
INTEREST EARNING ASSETS
Loans (1)	$    1,298,316		$         48,090		4.94 %		$    1,251,206		$         39,120		4.17 %
Taxable investment securities	489,782		7,125		1.94 %		462,675		5,795		1.67 %
Nontaxable investment securities	99,014		2,882		3.88 %		107,041		2,934		3.65 %
Fed funds sold	11		—		5.06 %		8		—		1.69 %
Other	42,767		1,255		3.91 %		113,847		822		0.96 %
Total earning assets	1,929,890		59,352		4.10 %		1,934,777		48,671		3.35 %
NONEARNING ASSETS
Allowance for credit losses	(12,786)						(9,372)
Cash and demand deposits due from banks	25,043						24,843
Premises and equipment	26,300						24,401
Accrued income and other assets	75,239						87,989
Total assets	$    2,043,686						$    2,062,638
INTEREST BEARING LIABILITIES
Interest bearing demand deposits	$       356,608		582		0.22 %		$       379,952		170		0.06 %
Savings deposits	623,157		5,471		1.17 %		628,823		600		0.13 %
Time deposits	298,535		5,900		2.64 %		275,586		1,928		0.93 %
Federal funds purchased and repurchase agreements	40,707		604		1.98 %		48,119		26		0.07 %
Federal Home Loan Bank advances	21,685		887		5.45 %		10,513		152		1.93 %
Subordinated debt, net of unamortized issuance costs	29,275		799		3.64 %		29,189		798		3.65 %
Total interest bearing liabilities	1,369,967		14,243		1.39 %		1,372,182		3,674		0.36 %
NONINTEREST BEARING LIABILITIES
Demand deposits	466,725						475,373
Other	15,619						15,242
Shareholders' equity	191,375						199,841
Total liabilities and shareholders' equity	$    2,043,686						$    2,062,638
Net interest income (FTE)			$         45,109						$         44,997
Net yield on interest earning assets (FTE)					3.12 %						3.10 %
(1) Includes loans and mortgage loans available-for-sale

 

SELECTED FINANCIAL DATA (UNAUDITED) (Dollars in thousands except per share amounts)
	Three Months Ended
	September 30 2023		June 30 2023		March 31 2023		December 31 2022		September 30 2022
PER SHARE
Basic earnings	$            0.59		$            0.62		$            0.70		$            0.84		$           0.78
Diluted earnings	$            0.58		$            0.61		$            0.70		$            0.83		$           0.77
Dividends	$            0.28		$            0.28		$            0.28		$            0.28		$           0.27
Tangible book value	$          18.27		$          18.69		$          19.24		$          18.25		$         16.96
Quoted market value
High	$          23.00		$          26.00		$          25.10		$          24.02		$         24.95
Low	$          19.61		$          19.13		$          22.08		$          21.00		$         21.39
Close (1)	$          21.05		$          20.50		$          24.80		$          23.50		$         21.40
Common shares outstanding (1)	7,490,557		7,496,826		7,540,015		7,559,421		7,564,348
Average number of common shares outstanding	7,495,168		7,498,584		7,556,585		7,564,405		7,555,333
Average number of diluted common shares outstanding	7,570,374		7,567,527		7,634,417		7,648,152		7,650,950
PERFORMANCE RATIOS
Return on average total assets	0.86 %		0.91 %		1.04 %		1.24 %		1.13 %
Return on average shareholders' equity	9.24 %		9.47 %		11.35 %		14.01 %		12.13 %
Return on average tangible shareholders' equity	12.37 %		12.58 %		15.28 %		19.14 %		16.15 %
Net interest margin yield (FTE)	3.02 %		3.11 %		3.22 %		3.43 %		3.28 %
ASSETS UNDER MANAGEMENT (1)
Loans sold with servicing retained	$      252,176		$      254,934		$      259,512		$      264,206		$     268,879
Assets managed by Isabella Wealth	$      590,666		$      593,530		$      571,453		$      513,918		$     464,136
Total assets under management	$  2,961,332		$  2,890,912		$  2,915,589		$  2,808,391		$ 2,796,992
ASSET QUALITY (1)
Nonaccrual loans	$             520		$             414		$             488		$             457		$            580
Foreclosed assets	$             509		$             405		$             414		$             439		$            240
Net loan charge-offs (recoveries)	$           (254)		$                (3)		$                (9)		$           (230)		$               41
Nonperforming loans to gross loans	0.04 %		0.04 %		0.04 %		0.04 %		0.05 %
Nonperforming assets to total assets	0.05 %		0.05 %		0.05 %		0.05 %		0.04 %
Allowance for credit losses to gross loans	0.96 %		0.96 %		0.99 %		0.78 %		0.78 %
CAPITAL RATIOS (1)
Shareholders' equity to assets	8.74 %		9.23 %		9.27 %		9.17 %		8.56 %
Tier 1 leverage	8.77 %		8.70 %		8.58 %		8.61 %		8.44 %
Common equity tier 1 capital	12.43 %		12.39 %		12.71 %		12.91 %		12.92 %
Tier 1 risk-based capital	12.43 %		12.39 %		12.71 %		12.91 %		12.92 %
Total risk-based capital	15.39 %		15.37 %		15.77 %		15.79 %		15.85 %
(1) At end of period

 

SELECTED FINANCIAL DATA (UNAUDITED) (Dollars in thousands except per share amounts)
	Nine Months Ended
	September 30 2023		September 30 2022		September 30 2021
PER SHARE
Basic earnings	$            1.91		$            2.11		$            1.85
Diluted earnings	$            1.89		$            2.08		$            1.82
Dividends	$            0.84		$            0.81		$            0.81
Tangible book value	$          18.27		$          16.96		$          21.87
Quoted market value
High	$          26.00		$          26.25		$          26.74
Low	$          19.13		$          21.39		$          19.45
Close (1)	$          21.05		$          21.40		$          26.03
Common shares outstanding (1)	7,490,557		7,564,348		7,926,610
Average number of common shares outstanding	7,517,680		7,544,909		7,948,578
Average number of diluted common shares outstanding	7,591,664		7,647,117		8,065,252
PERFORMANCE RATIOS
Return on average total assets	0.94 %		1.03 %		0.97 %
Return on average shareholders' equity	10.01 %		10.62 %		8.82 %
Return on average tangible shareholders' equity	13.39 %		14.01 %		11.28 %
Net interest margin yield (FTE)	3.12 %		3.10 %		2.87 %
ASSETS UNDER MANAGEMENT (1)
Loans sold with servicing retained	$      252,176		$      268,879		$      285,392
Assets managed by Isabella Wealth	$      590,666		$      464,136		$      491,784
Total assets under management	$  2,961,332		$  2,796,992		$  2,859,877
ASSET QUALITY (1)
Nonaccrual loans	$             520		$             580		$          3,077
Foreclosed assets	$             509		$             240		$             348
Net loan charge-offs (recoveries)	$           (266)		$              (34)		$                52
Nonperforming loans to gross loans	0.04 %		0.05 %		0.25 %
Nonperforming assets to total assets	0.05 %		0.04 %		0.18 %
Allowance for credit losses to gross loans	0.96 %		0.78 %		0.73 %
CAPITAL RATIOS (1)
Shareholders' equity to assets	8.74 %		8.56 %		10.64 %
Tier 1 leverage	8.77 %		8.44 %		8.37 %
Common equity tier 1 capital	12.43 %		12.92 %		13.07 %
Tier 1 risk-based capital	12.43 %		12.92 %		13.07 %
Total risk-based capital	15.39 %		15.85 %		16.03 %
(1) At end of period

 

SUPPLEMENTAL BALANCE SHEET DATA (UNAUDITED) (Dollars in thousands)
	September 30 2023		June 30 2023		March 31 2023		December 31 2022		September 30 2022
Commercial and industrial	$         195,814		$         194,914		$         189,185		$         178,428		$         180,124
Commercial real estate	566,639		564,254		566,410		566,012		552,399
Advances to mortgage brokers	24,807		39,099		—		—		1,484
Agricultural	99,233		96,689		94,760		104,985		97,527
Residential real estate	348,196		343,474		336,186		336,694		330,232
Consumer	99,985		95,972		84,110		78,054		74,385
Gross loans	$      1,334,674		$      1,334,402		$      1,270,651		$      1,264,173		$      1,236,151
	September 30 2023		June 30 2023		March 31 2023		December 31 2022		September 30 2022
Noninterest bearing demand deposits	$         445,043		$         458,845		$         478,829		$         494,346		$         510,127
Interest bearing demand deposits	363,558		335,922		383,602		372,155		368,537
Savings deposits	628,795		606,644		662,495		625,734		651,129
Certificates of deposit	331,829		313,288		288,103		251,541		260,741
Internet certificates of deposit	249		249		499		499		499
Total deposits	$      1,769,474		$      1,714,948		$      1,813,528		$      1,744,275		$      1,791,033
	September 30 2023		June 30 2023		March 31 2023		December 31 2022		September 30 2022
U.S. Treasury	$         209,182		$         209,353		$         212,086		$         208,701		$         206,791
States and political subdivisions	89,773		95,242		108,719		117,512		114,000
Auction rate money market preferred	2,570		2,637		2,716		2,342		2,479
Mortgage-backed securities	32,923		35,532		37,797		39,070		41,042
Collateralized mortgage obligations	175,630		180,996		200,252		205,728		209,720
Corporate	6,819		6,737		7,080		7,128		7,201
Available-for-sale securities, at fair value	$         516,897		$         530,497		$         568,650		$         580,481		$         581,233
	September 30 2023		June 30 2023		March 31 2023		December 31 2022		September 30 2022
Securities sold under agreements to repurchase without stated maturity dates	$           52,330		$           37,102		$           31,995		$           57,771		$           52,479
Federal Home Loan Bank advances	65,000		55,000		—		—		—
Subordinated debt, net of unamortized issuance costs	29,312		29,290		29,267		29,245		29,225
Total borrowed funds	$         146,642		$         121,392		$           61,262		$           87,016		$           81,704

 

SUPPLEMENTAL STATEMENTS OF INCOME DATA (UNAUDITED) (Dollars in thousands)
	Three Months Ended September 30				Nine Months Ended September 30
	2023		2022		2023		2022
Service charges and fees
ATM and debit card fees	$               1,250		$               1,212		$               3,654		$               3,507
Service charges and fees on deposit accounts	598		673		1,797		1,913
Freddie Mac servicing fee	154		168		475		506
Net mortgage servicing rights income (loss)	(20)		—		(97)		477
Other fees for customer services	78		69		256		212
Total service charges and fees	2,060		2,122		6,085		6,615
Wealth management fees	858		679		2,625		2,217
Earnings on corporate owned life insurance policies	229		223		681		655
Net gain on sale of mortgage loans	109		174		232		568
Other	158		54		688		339
Total noninterest income	$               3,414		$               3,252		$             10,311		$             10,394
	Three Months Ended September 30				Nine Months Ended September 30
	2023		2022		2023		2022
Compensation and benefits	$               6,639		$               6,369		$             19,789		$             18,480
Furniture and equipment	1,612		1,490		4,822		4,382
Occupancy	923		918		2,921		2,813
Other
Audit, consulting, and legal fees	672		595		1,764		1,749
ATM and debit card fees	471		543		1,280		1,485
Marketing costs	398		209		883		812
Other losses	198		93		770		409
Memberships and subscriptions	259		230		729		654
Donations and community relations	252		239		692		665
FDIC insurance premiums	228		138		689		394
Loan underwriting fees	206		243		637		640
Director fees	179		210		581		598
All other	621		640		1,838		1,817
Total other noninterest expenses	3,484		3,140		9,863		9,223
Total noninterest expenses	$             12,658		$             11,917		$             37,395		$             34,898

 

Cision

View original content:https://www.prnewswire.com/news-releases/isabella-bank-corporation-announces-third-quarter-2023-earnings-301962707.html

SOURCE Isabella Bank Corporation