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Isabella Bank Corporation Announces Strong Third Quarter 2021 Earnings
Net income climbs 27% for the year compared to the same period in 2020 MT. PLEASANT, Mich., Oct. 22, 2021 /PRNewswire/ -- Isabella Bank Corporation (the
About this update from Isabella Bank Corporation
[{"type":"text","content":"Net income climbs 27% for the year compared to the same period in 2020\n\n\nMT. PLEASANT, Mich., Oct. 22, 2021 /PRNewswire/ -- Isabella Bank Corporation (the \"Corporation\") (OTCQX: ISBA) has released positive earnings results for the third quarter of 2021. The Corporation reported net income of $4.7 million for the quarter and $14.7 million for the first nine months of 2021. Both figures reflect increases over the same periods a year ago.\nEarnings per common share were $0.59 in the third quarter and $1.85 for the first nine months of the year, increases from the same periods of 2020 at $0.55 and $1.46, respectively.\nHighlights include growth in several key areas: \nNet income increased 27% when comparing the first three quarters of 2021 to the same period in 2020. Deposits rose to $1.7 billion, an increase of $126 million since the start of the year, largely the result of U.S. Small Business Administration Paycheck Protection Program (PPP) loans, government stimulus funds and new customer accounts. Total assets were $2.1 billion and assets under management were $2.9 billion as of September 30, 2021, both records for the Corporation.Tender Offer Results:\nThe Corporation conducted a modified Dutch auction from September 1 to October 13, 2021 which designated a portion of funds from its recent $30 million subordinated debt issuance to purchase up to $20 million in ISBA common stock. The tender offer resulted in the Corporation purchasing 396,577 shares at a final price of $27.00 per share, for a total of $10.7 million. The tendered shares represented 5% of the outstanding shares.\n\"Our successful Dutch auction resulted in a reduction of ISBA shares in the open market, which should improve several key metrics for shareholders,\" said Jae A. Evans, President and Chief Executive Officer. \"Our ongoing stock repurchase plan and this tender offer both align with our strategic plan to improve shareholder value.\n\"Overall, Isabella Bank Corporation continues to grow its customer base through trusted, quality service as an independent, community bank,\" Evans said. \"We're focused on meeting our customer needs while pursuing smart, strategic initiatives that benefit our shareholders, customers and communities over the long-term.\"\nOperating Results\nNet income: Net income for the third quarter 2021 was $4.7 million, compared to $4....