Business
Isabella Bank Corporation Announces Strong Earnings for Third Quarter 2019
MT. PLEASANT, Mich., Oct. 24, 2019 /PRNewswire/ -- Isabella Bank Corporation (the "Corporation") (OTCQX: ISBA), released its earnings results for the third
About this update from Isabella Bank Corporation
[{"type":"text","content":"MT. PLEASANT, Mich., Oct. 24, 2019 /PRNewswire/ -- Isabella Bank Corporation (the \"Corporation\") (OTCQX: ISBA), released its earnings results for the third quarter of 2019 reporting record net income of $4.4 million or earnings per common share of $0.56. Achievements in the third quarter of 2019 and the nine month period ended September 30, 2019 include:\n20.2% increase in third quarter net income compared to the third quarter of 2018 Second consecutive quarter for record earnings results Loan growth of $15.2 million during the quarter and $63.1 million since year end 2018 Cash dividend yield of 4.7%\"We are very excited to share our record results for the third quarter of 2019,\" stated Jae A. Evans, President and Chief Executive Officer of the Corporation. \"While we benefited from some one-time financial events during the period, we continued to produce strong earnings results from our core operations which include offering competitive lending and deposit products. Additionally, we have placed considerable efforts into the management of our 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 three and nine month periods ended September 30, 2019 was $4.4 million and $12.1 million, respectively. Net income for the same periods of 2018 was $3.7 million and $10.5 million, respectively. Net interest income for the three month period ended September 30, 2019 increased $323,000 when compared to the previous quarter and $423,000 when compared to the same period last year as a result of growth in the loan portfolio, improved yields, and less reliance on higher cost deposits and borrowings. Third quarter 2019 noninterest income increased $396,000, or 13.8%, from the same period last year, while third quarter 2019 noninterest expense decreased $467,000, or 4.2%, from the same period last year.\nA combination of improved yields and growth in the loan portfolio over the past twelve months were large drivers of a $3.2 million increase in interest income for the first nine months of 2019 compared to the same period in 2018. Interest expense on deposits and borrowings increased $2.0 million for the nine month period ended September 30, 2019 when compared to the same period in 2018 primarily due to higher interest rates. Noninterest income increased $...