Business
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:
About this update from Isabella Bank Corporation
[{"type":"text","content":"Record net income up 26% over third quarter 2021\nMT. 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.\nThird-quarter 2022 highlights, compared to the same period in 2021, include:\nNet 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%.\n\"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.\n\"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.\"\nOperating ResultsNet 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. \nNet 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 Corp...