Business
Isabella Bank Corporation Announces Fourth Quarter and 2019 Results
Strong Loan and Deposit Growth in 2019 MT. PLEASANT, Mich., March 13, 2020 /PRNewswire/ -- Isabella Bank Corporation (the "Corporation") (OTCQX: ISBA)
About this update from Isabella Bank Corporation
[{"type":"text","content":"Strong Loan and Deposit Growth in 2019\n\n\nMT. PLEASANT, Mich., March 13, 2020 /PRNewswire/ -- Isabella Bank Corporation (the \"Corporation\") (OTCQX: ISBA) released its earnings results for the fourth quarter and year ended December 31, 2019.\nThe Corporation reported net income of $898,000 for the fourth quarter of 2019, a decrease compared to earnings results of each of the first three quarters of 2019, primarily as a result of a loss on a non-core joint venture investment. Net income was $13.0 million and earnings per common share was $1.65 for the year ended December 31, 2019.\nAchievements in the fourth quarter of 2019 and the year ended December 31, 2019 include:\nCash dividend yield of 4.4% for the fourth quarter Loan growth of $57.9 million, or 5.1%, during 2019 Core deposit growth of $54.1 million, or 4.4%, during 2019 Interest income growth of $3.4 million, or 5.39%, in 2019 as compared to 2018\"We are pleased with the continued strong results related to our core business, even though we are disappointed with the results for the fourth quarter because of the joint venture loss,\" stated Jae A. Evans, President and Chief Executive Officer of the Corporation.\n\"In a year in which the interest rate environment continued to present challenges, we successfully increased net interest income by offering competitive lending and deposit products. Our financial results were affected by one-time financial events during the year, including a favorable FDIC assessment credit, as well as a loss recognized on a joint venture investment. The loss should not overshadow the improvement in core earnings, and we remain strongly focused on managing the balance sheet as part of our strategy to grow the bottom line to benefit our customers and our shareholders.\"\nNet Income\nNet income for the fourth quarter of 2019 and year ended December 31, 2019 was $898,000 and $13.0 million, respectively. Net income for the fourth quarter and year ended December 31, 2018 was $3.5 million and $14.0 million, respectively.\nNet interest income for the three months ended December 31, 2019 was $12.4 million. Provision for loan losses for the three months ended December 31, 2019 decreased by $360,000 when compared to the same period last year and was the result of continued low levels of losses and maintaining strong credit quality. Fourth quarter 2019 no...