Isabella Bank Corporation Announces Further Earnings Growth in Third Quarter

Record net income up 26% over third quarter 2021

MT. PLEASANT, Mich., Oct. 20, 2022 /PRNewswire/ -- Isabella Bank Corporation (the "Corporation") (OTCQX: ISBA) reported a record net income of $5.9 million for the third quarter of 2022 and $15.9 million for the nine-month period ended September 30, 2022. Earnings per common share were $0.78 in the third quarter and $2.11 for the first nine months of 2022.

Third-quarter 2022 highlights, compared to the same period in 2021, include:

• Net income increased 25.6% to $5.9 million.
• Net interest income improved $2.5 million, or 19%, aided by a 34% decline in interest expense.
• Net interest margin yield increased 43 basis points.
• Earnings per share improved 32% to $0.78.

Additionally, deposits grew $31.2 million during the third quarter, up $80.7 million year to date, an increase of nearly 5%.

"Isabella Bank continued to deliver strong financial results this quarter. The Federal Reserve's 2022 rate decisions contributed to a significant gain in net interest income and improvement in our net interest margin," said Jae A. Evans, President & CEO. "Further improvement is expected through the remainder of 2022.

"What's more, our commitment to shareholders, communities and customers continues to be seen through active implementation of multiple strategic initiatives," Evans said. "Construction is well underway on a third full-service branch in Saginaw, and customer response to our new, enhanced online banking system and mobile app has been tremendous."

Operating Results

Net income: Net income for third quarter 2022 was $5.9 million, a 25.6% increase compared to $4.7 million in the third quarter of 2021. For the first nine months of 2022, net income was $15.9 million, compared to $14.7 million in the same period of 2021. 

Net interest income: Net interest income for the third quarter 2022 improved by $2.5 million or 19% compared to the third quarter of 2021. For the first nine months of 2022, net interest income increased $5.0 million or 12.7% compared to the same period in 2021. While Paycheck Protection Program loan fees declined during the period, rising interest rates within the loan portfolio and growth in investment securities led to a $2.8 million increase in gross interest income during the nine-month period ended September 30, 2022, compared to the same period in 2021. The Corporation continued to benefit from a strategic reduction in higher-cost borrowings as interest expense on deposits and borrowings decreased $2.2 million, or 37.1%, for the nine-month period ended September 30, 2022, compared to the same period in 2021. The provision for loan loss for the first nine months of 2022 was $540,000 compared to a $599,000 provision reversal during the same period in 2021, when initial concerns over potential credit quality issues related to the onset of the pandemic did not materialize.

Noninterest income and expenses: Noninterest income increased $180,000 during the first nine months of this year, compared to the same period in 2021. A $1.1 million increase in service charges and fees including $605,000 of income related to mortgage servicing rights was offset by a $891,000 reduction in gain on sale of loans as residential mortgage originations declined in comparison to 2021. Noninterest expenses for the first nine months of 2022 increased $2.4 million, as a result of increased compensation and benefits cost, other losses, consulting, donations and community relations expenses.

Net yield on interest earning assets: The Corporation's fully taxable equivalent net yield on interest earning assets was 3.28% and 2.85% for the three months ended September 30, 2022 and 2021, an increase of 43 basis points. The net yield was 3.10% for the nine-month period ended September 30, 2022, compared to 2.87% for the same period in 2021. Considering the rate increases during the first nine months of 2022 and the anticipation of future rate increases in the remainder of the year, the Corporation expects continued improvement in the net yield on interest earning assets.

Balance Sheet

Assets: The Corporation had $2.06 billion in total assets and $2.8 billion of assets under management as of September 30, 2022. Managed assets included loans sold and serviced of $268.9 million and $464.1 million in investment and trust assets managed by Isabella Wealth.

Loans: Loans outstanding as of September 30, 2022 totaled $1.2 billion. Gross loans declined $64.9 million since December 31, 2021 due to a decrease in the amount of $70.5 million in advances to mortgage brokers, which is included within the commercial loan portfolio, however, is not considered a component of the Corporation's core lending business. Credit quality remained strong as evidenced by total past due and nonaccrual loans which were 0.32% of gross loans as of September 30, 2022.

Deposits: Total deposits were $1.8 billion as of September 30, 2022, an increase of $80.7 million, or 4.7%, since December 31, 2021.  Growth in accounts from new customers is the driving factor behind this increase.

Capital: The Bank is considered a "well-capitalized" institution, as its capital ratios exceeded the minimum designated requirements. As of September 30, 2022, the Bank's Tier 1 Leverage Ratio was 9.07%, Tier 1 Capital Ratio was 14.10% and Total Capital Ratio was 14.83%. 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 2022, the Corporation paid a $0.27 per common share cash dividend. Based on the Corporation's closing stock price of $21.40 as of September 30, 2022, the annualized cash dividend yield was 5.05%.

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 119 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 2022		December 31 2021
ASSETS
Cash and cash equivalents
Cash and demand deposits due from banks	$           26,763		$           25,563
Fed Funds sold and interest bearing balances due from banks	72,149		79,767
Total cash and cash equivalents	98,912		105,330
Available-for-sale securities, at fair value	581,233		490,601
Mortgage loans available-for-sale	934		1,735
Loans
Commercial	730,504		807,439
Agricultural	96,850		93,955
Residential real estate	334,412		326,361
Consumer	74,385		73,282
Gross loans	1,236,151		1,301,037
Less allowance for loan and lease losses	9,677		9,103
Net loans	1,226,474		1,291,934
Premises and equipment	25,107		24,419
Corporate owned life insurance policies	32,764		32,472
Equity securities without readily determinable fair values	15,496		17,383
Goodwill and other intangible assets	48,290		48,302
Accrued interest receivable and other assets	34,767		19,982
TOTAL ASSETS	$      2,063,977		$      2,032,158
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest bearing	$         510,127		$         448,352
Interest bearing demand deposits	368,537		364,563
Certificates of deposit under $250 and other savings	842,081		818,841
Certificates of deposit over $250	70,288		78,583
Total deposits	1,791,033		1,710,339
Borrowed funds
Federal funds purchased and repurchase agreements	52,479		50,162
Federal Home Loan Bank advances	—		20,000
Subordinated debt, net of unamortized issuance costs	29,225		29,158
Total borrowed funds	81,704		99,320
Accrued interest payable and other liabilities	14,628		11,451
Total liabilities	1,887,365		1,821,110
Shareholders' equity
Common stock — no par value 15,000,000 shares authorized; issued and outstanding 7,564,348 shares (including 139,084 shares held in the Rabbi Trust) in 2022 and 7,532,641 shares (including 105,654 shares held in the Rabbi Trust) in 2021	129,094		129,052
Shares to be issued for deferred compensation obligations	4,888		4,545
Retained earnings	85,497		75,592
Accumulated other comprehensive income (loss)	(42,867)		1,859
Total shareholders' equity	176,612		211,048
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$      2,063,977		$      2,032,158

 

 

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Dollars in thousands except per share amounts)
	Three Months Ended   September 30				Nine Months Ended   September 30
	2022		2021		2022		2021
Interest income
Loans, including fees	$           13,563		$           13,033		$           39,120		$           38,634
Available-for-sale securities
Taxable	2,209		1,224		5,851		3,529
Nontaxable	726		725		2,090		2,393
Federal funds sold and other	521		160		822		516
Total interest income	17,019		15,142		47,883		45,072
Interest expense
Deposits	908		1,251		2,698		4,363
Borrowings
Federal funds purchased and repurchase agreements	9		13		26		40
Federal Home Loan Bank advances	33		299		152		1,093
Subordinated debt, net of unamortized issuance costs	266		266		798		349
Total interest expense	1,216		1,829		3,674		5,845
Net interest income	15,803		13,313		44,209		39,227
Provision for loan losses	18		(107)		540		(599)
Net interest income after provision for loan losses	15,785		13,420		43,669		39,826
Noninterest income
Service charges and fees	2,122		1,964		6,615		5,489
Wealth management fees	679		772		2,217		2,274
Earnings on corporate owned life insurance policies	223		201		655		577
Net gain on sale of mortgage loans	174		339		568		1,459
Other	54		91		339		415
Total noninterest income	3,252		3,367		10,394		10,214
Noninterest expenses
Compensation and benefits	6,369		6,116		18,480		17,693
Furniture and equipment	1,490		1,349		4,382		4,049
Occupancy	918		866		2,813		2,726
Other	3,140		2,854		9,223		8,029
Total noninterest expenses	11,917		11,185		34,898		32,497
Income before federal income tax expense	7,120		5,602		19,165		17,543
Federal income tax expense	1,233		916		3,249		2,838
NET INCOME	$              5,887		$              4,686		$           15,916		$           14,705
Earnings per common share
Basic	$                0.78		$                0.59		$                2.11		$                1.85
Diluted	$                0.77		$                0.58		$                2.08		$                1.82
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, 2022						September 30, 2021
	Average Balance		Tax Equivalent Interest		Average Yield / Rate		Average Balance		Tax Equivalent Interest		Average Yield / Rate
INTEREST EARNING ASSETS
Loans	$    1,256,723		$         13,563		4.32 %		$    1,203,468		$         13,033		4.33 %
Taxable investment securities	490,751		2,190		1.79 %		332,056		1,224		1.47 %
Nontaxable investment securities	110,058		1,002		3.64 %		113,857		1,035		3.64 %
Fed funds sold	16		—		1.98 %		4		—		0.02 %
Other	101,687		521		2.05 %		262,023		160		0.24 %
Total earning assets	1,959,235		17,276		3.53 %		1,911,408		15,452		3.23 %
NONEARNING ASSETS
Allowance for loan losses	(9,691)						(9,361)
Cash and demand deposits due from banks	24,875						30,120
Premises and equipment	24,475						24,540
Accrued income and other assets	78,151						109,750
Total assets	$    2,077,045						$    2,066,457
INTEREST BEARING LIABILITIES
Interest bearing demand deposits	$       381,282		$                64		0.07 %		$       366,345		$                46		0.05 %
Savings deposits	642,916		270		0.17 %		565,814		161		0.11 %
Time deposits	262,628		574		0.87 %		323,322		1,044		1.29 %
Federal funds purchased and repurchase agreements	49,267		9		0.07 %		62,790		13		0.08 %
Federal Home Loan Bank advances	6,739		33		1.96 %		62,718		299		1.91 %
Subordinated debt, net of unamortized issuance costs	29,211		266		3.64 %		29,124		266		3.65 %
Total interest bearing liabilities	1,372,043		1,216		0.35 %		1,410,113		1,829		0.52 %
NONINTEREST BEARING LIABILITIES
Demand deposits	497,215						419,017
Other	13,627						12,826
Shareholders' equity	194,160						224,501
Total liabilities and shareholders' equity	$    2,077,045						$    2,066,457
Net interest income (FTE)			$         16,060						$         13,623
Net yield on interest earning assets (FTE)					3.28 %						2.85 %

 

 

	Nine Months Ended
	September 30, 2022						September 30, 2021
	Average Balance		Tax Equivalent Interest		Average Yield / Rate		Average Balance		Tax Equivalent Interest		Average Yield / Rate
INTEREST EARNING ASSETS
Loans	$    1,251,206		$         39,120		4.17 %		$    1,202,060		$         38,634		4.29 %
Taxable investment securities	462,675		5,795		1.67 %		268,435		3,529		1.75 %
Nontaxable investment securities	107,041		2,934		3.65 %		122,675		3,346		3.64 %
Fed funds sold	8		—		1.69 %		3		—		0.01 %
Other	113,847		822		0.96 %		273,997		516		0.25 %
Total earning assets	1,934,777		48,671		3.35 %		1,867,170		46,025		3.29 %
NONEARNING ASSETS
Allowance for loan losses	(9,372)						(9,502)
Cash and demand deposits due from banks	24,843						29,236
Premises and equipment	24,401						24,836
Accrued income and other assets	87,989						109,835
Total assets	$    2,062,638						$    2,021,575
INTEREST BEARING LIABILITIES
Interest bearing demand deposits	$       379,952		$              170		0.06 %		$       337,561		$              168		0.07 %
Savings deposits	628,823		600		0.13 %		549,213		459		0.11 %
Time deposits	275,586		1,928		0.93 %		345,960		3,736		1.44 %
Federal funds purchased and repurchase agreements	48,119		26		0.07 %		56,424		40		0.09 %
Federal Home Loan Bank advances	10,513		152		1.93 %		79,048		1,093		1.84 %
Subordinated debt, net of unamortized issuance costs	29,189		798		3.65 %		12,907		349		3.61 %
Total interest bearing liabilities	1,372,182		3,674		0.36 %		1,381,113		5,845		0.56 %
NONINTEREST BEARING LIABILITIES
Demand deposits	475,373						405,046
Other	15,242						13,144
Shareholders' equity	199,841						222,272
Total liabilities and shareholders' equity	$    2,062,638						$    2,021,575
Net interest income (FTE)			$         44,997						$         40,180
Net yield on interest earning assets (FTE)					3.10 %						2.87 %

 

 

SELECTED FINANCIAL DATA (UNAUDITED) (Dollars in thousands except per share amounts)
	Three Months Ended
	September 30 2022		June 30 2022		March 31 2022		December 31 2021		September 30 2021
PER SHARE
Basic earnings	$            0.78		$            0.70		$            0.63		$            0.63		$            0.59
Diluted earnings	$            0.77		$            0.69		$            0.62		$            0.63		$            0.58
Dividends	$            0.27		$            0.27		$            0.27		$            0.27		$            0.27
Tangible book value	$          16.96		$          18.85		$          19.56		$          21.61		$          21.87
Quoted market value
High	$          24.95		$          26.25		$          26.00		$          29.00		$          26.74
Low	$          21.39		$          23.00		$          24.50		$          24.75		$          22.55
Close (1)	$          21.40		$          24.80		$          25.85		$          25.50		$          26.03
Common shares outstanding (1)	7,564,348		7,553,113		7,542,758		7,532,641		7,926,610
Average number of common shares outstanding	7,555,333		7,545,001		7,533,711		7,570,961		7,932,227
Average number of diluted common shares outstanding	7,650,950		7,650,145		7,639,688		7,679,019		8,044,572
PERFORMANCE RATIOS
Return on average total assets	1.13 %		1.04 %		0.92 %		0.96 %		0.91 %
Return on average shareholders' equity	12.13 %		10.83 %		9.02 %		8.83 %		8.35 %
Return on average tangible shareholders' equity	16.15 %		14.38 %		11.72 %		11.31 %		10.65 %
Net interest margin yield (FTE)	3.28 %		3.16 %		2.86 %		2.86 %		2.85 %
ASSETS UNDER MANAGEMENT (1)
Loans sold with servicing retained	$      268,879		$      273,294		$      275,556		$      278,844		$      285,392
Assets managed by Isabella Wealth	$      464,136		$      454,535		$      501,829		$      516,243		$      491,784
Total assets under management	$   2,796,992		$   2,776,202		$   2,838,318		$   2,827,245		$   2,859,877
ASSET QUALITY (1)
Nonaccrual status loans	$             580		$             540		$             747		$          1,245		$          3,077
Performing troubled debt restructurings	$        18,702		$        21,905		$        22,335		$        25,276		$        26,189
Foreclosed assets	$             240		$             241		$             187		$             211		$             348
Net loan charge-offs (recoveries)	$               41		$              (11)		$              (64)		$               71		$             160
Nonperforming loans to gross loans	0.05 %		0.05 %		0.06 %		0.10 %		0.25 %
Nonperforming assets to total assets	0.04 %		0.05 %		0.05 %		0.08 %		0.18 %
Allowance for loan and lease losses to gross loans	0.78 %		0.76 %		0.76 %		0.70 %		0.73 %
CAPITAL RATIOS (1)
Shareholders' equity to assets	8.56 %		9.31 %		9.50 %		10.39 %		10.64 %
Tier 1 leverage	8.44 %		8.38 %		8.12 %		7.97 %		8.37 %
Common equity tier 1 capital	12.92 %		12.44 %		12.83 %		12.07 %		13.07 %
Tier 1 risk-based capital	12.92 %		12.44 %		12.83 %		12.07 %		13.07 %
Total risk-based capital	15.85 %		15.33 %		15.84 %		14.94 %		16.03 %
(1) At end of period

 

 

	Nine Months Ended
	September 30 2022		September 30 2021		September 30 2020
PER SHARE
Basic earnings	$            2.11		$            1.85		$            1.46
Diluted earnings	$            2.08		$            1.82		$            1.43
Dividends	$            0.81		$            0.81		$            0.81
Tangible book value	$          16.96		$          21.87		$          21.75
Quoted market value
High	$          26.25		$          26.74		$          24.50
Low	$          21.39		$          19.45		$          15.60
Close (1)	$          21.40		$          26.03		$          16.74
Common shares outstanding (1)	7,564,348		7,926,610		8,007,901
Average number of common shares outstanding	7,544,909		7,948,578		7,945,762
Average number of diluted common shares outstanding	7,647,117		8,065,252		8,096,802
PERFORMANCE RATIOS
Return on average total assets	1.03 %		0.97 %		0.82 %
Return on average shareholders' equity	10.62 %		8.82 %		7.04 %
Return on average tangible shareholders' equity	14.01 %		11.28 %		9.05 %
Net interest margin yield (FTE)	3.10 %		2.87 %		2.93 %
ASSETS UNDER MANAGEMENT (1)
Loans sold with servicing retained	$      268,879		$      285,392		$      289,524
Assets managed by Isabella Wealth	$      464,136		$      491,784		$      403,730
Total assets under management	$   2,796,992		$   2,859,877		$   2,664,951
ASSET QUALITY (1)
Nonaccrual status loans	$             580		$          3,077		$          4,946
Performing troubled debt restructurings	$        18,702		$        26,189		$        23,257
Foreclosed assets	$             240		$             348		$             651
Net loan charge-offs (recoveries)	$              (34)		$               52		$            (158)
Nonperforming loans to gross loans	0.05 %		0.25 %		0.38 %
Nonperforming assets to total assets	0.04 %		0.18 %		0.30 %
Allowance for loan and lease losses to gross loans	0.78 %		0.73 %		0.73 %
CAPITAL RATIOS (1)
Shareholders' equity to assets	8.56 %		10.64 %		11.29 %
Tier 1 leverage	8.44 %		8.37 %		8.76 %
Common equity tier 1 capital	12.92 %		13.07 %		12.90 %
Tier 1 risk-based capital	12.92 %		13.07 %		12.90 %
Total risk-based capital	15.85 %		16.03 %		13.64 %
(1) At end of period

 

 

SUPPLEMENTAL BALANCE SHEET DATA (UNAUDITED) (Dollars in thousands)
	September 30 2022		June 30 2022		March 31 2022		December 31 2021		September 30 2021
Commercial	$         730,504		$         772,567		$         727,614		$         807,439		$         757,993
Agricultural	96,850		94,726		88,169		93,955		93,782
Residential real estate	334,412		329,795		328,559		326,361		321,620
Consumer	74,385		74,822		74,029		73,282		75,163
Gross loans	$      1,236,151		$      1,271,910		$      1,218,371		$      1,301,037		$      1,248,558
	September 30 2022		June 30 2022		March 31 2022		December 31 2021		September 30 2021
Noninterest bearing demand deposits	$         510,127		$         488,110		$         461,473		$         448,352		$         430,950
Interest bearing demand deposits	368,537		370,284		387,187		364,563		374,137
Savings deposits	651,129		635,397		635,195		596,662		572,136
Certificates of deposit	260,741		265,477		279,708		297,696		312,027
Internet certificates of deposit	499		598		598		3,066		3,066
Total deposits	$      1,791,033		$      1,759,866		$      1,764,161		$      1,710,339		$      1,692,316
	September 30 2022		June 30 2022		March 31 2022		December 31 2021		September 30 2021
U.S. Treasury	$         206,791		$         214,474		$         218,268		$         209,703		$         192,069
States and political subdivisions	114,000		119,649		114,015		121,205		128,689
Auction rate money market preferred	2,479		2,497		2,867		3,242		3,246
Mortgage-backed securities	41,042		45,796		49,578		56,148		62,030
Collateralized mortgage obligations	209,720		167,572		152,441		92,301		100,767
Corporate	7,201		7,602		7,750		8,002		7,583
Available-for-sale securities, at fair value	$         581,233		$         557,590		$         544,919		$         490,601		$         494,384
	September 30 2022		June 30 2022		March 31 2022		December 31 2021		September 30 2021
Securities sold under agreements to repurchase without stated maturity dates	$           52,479		$           47,247		$           51,353		$           50,162		$           67,519
Federal Home Loan Bank advances	—		10,000		10,000		20,000		60,000
Subordinated debt, net of unamortized issuance costs	29,225		29,203		29,181		29,158		29,136
Total borrowed funds	$           81,704		$           86,450		$           90,534		$           99,320		$         156,655

 

 

SUPPLEMENTAL STATEMENTS OF INCOME DATA (UNAUDITED) (Dollars in thousands)
	Three Months Ended   September 30				Nine Months Ended   September 30
	2022		2021		2022		2021
Service charges and fees
ATM and debit card fees	$              1,212		$              1,156		$              3,507		$              3,282
Service charges and fees on deposit accounts	673		601		1,913		1,518
Freddie Mac servicing fee	168		177		506		572
Net mortgage servicing rights income (loss)	—		(28)		477		(128)
Other fees for customer services	69		58		212		245
Total service charges and fees	2,122		1,964		6,615		5,489
Wealth management fees	679		772		2,217		2,274
Earnings on corporate owned life insurance policies	223		201		655		577
Net gain on sale of mortgage loans	174		339		568		1,459
Other	54		91		339		415
Total noninterest income	$              3,252		$              3,367		$           10,394		$           10,214
	Three Months Ended   September 30				Nine Months Ended   September 30
	2022		2021		2022		2021
Compensation and benefits	$              6,369		$              6,116		$           18,480		$           17,693
Furniture and equipment	1,490		1,349		4,382		4,049
Occupancy	918		866		2,813		2,726
Other
Audit, consulting, and legal fees	595		665		1,749		1,553
ATM and debit card fees	543		473		1,485		1,352
Marketing costs	209		236		812		683
Donations and community relations	239		198		665		452
Memberships and subscriptions	230		234		654		662
Loan underwriting fees	243		238		640		628
Director fees	210		166		598		505
All other	871		644		2,620		2,194
Total other noninterest expenses	3,140		2,854		9,223		8,029
Total noninterest expenses	$           11,917		$           11,185		$           34,898		$           32,497

 

 

View original content:https://www.prnewswire.com/news-releases/isabella-bank-corporation-announces-further-earnings-growth-in-third-quarter-301655517.html

SOURCE Isabella Bank Corporation