Business
Isabella Bank Corporation Announces Strong Second Quarter 2022 Earnings
Earnings trend continues; strategies lift EPS and margin MT. PLEASANT, Mich., July 21, 2022 /PRNewswire/ -- Isabella Bank Corporation (the "Corporation")
About this update from Isabella Bank Corporation
[{"type":"text","content":"Earnings trend continues; strategies lift EPS and margin\nMT. PLEASANT, Mich., July 21, 2022 /PRNewswire/ -- Isabella Bank Corporation (the \"Corporation\") (OTCQX: ISBA) reported net income of $5.3 million for the second quarter of 2022 and $10 million for the six-month period ended June 30, 2022. Earnings per common share were $0.70 in the second quarter and $1.33 for the first six months of 2022.\nSecond-quarter 2022 highlights include:\nEarnings per share of $0.70 grew 21% in comparison to the second quarter of 2021.Net interest income improved $2.2 million compared to the second quarter of 2021, aided by a 39% decline in interest expense.Net interest margin yield benefited from rising interest rates, increasing 37 basis points compared to the second quarter of 2021.Loans grew $53.5 million during the second quarter, driven by commercial loans.\"We continue to deliver solid financial results as shown in our second quarter performance,\" said Jae A. Evans, President & CEO. \"Isabella Bank continues to experience increased net income and improvement in net interest margin. With additional interest rate increases anticipated by the Federal Reserve, we expect these improvements to continue throughout the remainder of 2022.\n\"Despite continued concerns over how inflation and other events happening around the world may impact the financial services industry, we continue to pursue strategic initiatives to enhance shareholder and customer value,\" Evans added. \n\"During the second quarter, we announced the construction of a new full-service branch in Saginaw, expanding our presence within the Great Lakes Bay Region. The Bank also successfully completed a planned online banking conversion during the quarter, thereby enhancing our customers' experience. We remain committed to meeting the needs of our communities and our customers by providing innovative and competitive products and services.\"\nOperating Results\nNet income: Net income for the second quarter 2022 was $5.3 million, a 14.6% increase compared to $4.6 million in the second quarter of 2021. For the first six months of 2022 and 2021, net income was $10 million. Net interest income improved, offset by increased operating expenses, as described below.\nNet interest income: Net interest income for the first half of 2022 increased $2.5 million compared to the same period in 2...