Business
Isabella Bank Corporation Announces Second Quarter 2020 Results
Earnings Climb 37% Over First Quarter 2020 MT. PLEASANT, Mich., July 27, 2020 /PRNewswire/ -- Isabella Bank Corporation (the "Corporation") (OTCQX: ISBA)
About this update from Isabella Bank Corporation
[{"type":"text","content":"Earnings Climb 37% Over First Quarter 2020\n\n\nMT. PLEASANT, Mich., July 27, 2020 /PRNewswire/ -- Isabella Bank Corporation (the \"Corporation\") (OTCQX: ISBA) released its earnings results for the second quarter of 2020. The Corporation reported net income of $4.2 million and earnings per common share of $0.53 for the second quarter of 2020.\n\"All employees at Isabella Bank continue to do everything we can to help those we serve get through the COVID-19 pandemic and the recent flooding disaster in Midland County and the surrounding areas,\" stated Jae A. Evans, President and Chief Executive Officer of the Corporation. \"We've worked with our customers to provide loan payment relief, emergency disaster loans and are pleased to have provided over 950 PPP loans for a total of $99.5 million to support our local businesses.\"\n\"As we look at the positive results of the second quarter and plan for the future,\" he added, \"our continued focus on improving net interest margin, maintaining credit quality and controlling expense remains steadfast while we assist our customers and communities through these challenging times.\"\nSecond quarter 2020 highlights include:\nNet income increases $1.1 million, or 37%, compared to first quarter 2020 Commitment and support for our communities through Paycheck Protection Program (\"PPP\") loans Loans and deposits grew 9%, largely due to PPP funding Noninterest income increased $235,000, or 8%, compared to the second quarter of 2019Net Income\nNet income for the second quarter of 2020 and six-month period ended June 30, 2020 was $4.2 million and $7.3 million, respectively. Net income for the second quarter of 2019 and six-month period ended June 30, 2019 was $4.2 million and $7.7 million, respectively.\nNet interest income for the three months ended June 30, 2020 was $12.3 million and unchanged in comparison to the same period in 2019. Provision for loan losses for the three months ended June 30, 2020 increased by $284,000 compared to the same period last year, primarily the result of increased economic and environmental risk factors driven largely by COVID-19. Second quarter 2020 noninterest income increased $235,000 from the same period in 2019 as a result of a gain from the redemption of a corporate-owned life insurance policy and gains from the sale of mortgage loans. Second quarter 2020 noni...