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Isabella Bank Corporation Reports First Quarter 2024 Results
Loan, Deposit and Wealth Asset Growth continue in 2024 MT. PLEASANT, Mich., April 18, 2024 /PRNewswire/ -- Isabella Bank Corporation (OTCQX: ISBA) (the
About this update from Isabella Bank Corporation
[{"type":"text","content":"Loan, Deposit and Wealth Asset Growth continue in 2024\nMT. PLEASANT, Mich., April 18, 2024 /PRNewswire/ -- Isabella Bank Corporation (OTCQX: ISBA) (the \"Company\") reported first quarter 2024 net income of $3.1 million or $0.42 per diluted share compared to $5.3 million or $0.70 per diluted share in the same quarter of 2023.\n\nFIRST QUARTER 2024 HIGHLIGHTS (compared to first quarter 2023, unless otherwise stated)\nTotal commercial loan growth of 8% annualized, compared to 0.4%Earning asset yield of 4.45%, compared to 3.89%Wealth management income increased 19%Nonperforming loans to total loans ratio of 0.09%\"Earnings declined year-over-year because of continued interest rate pressure. However, the bank recorded positive results in loans, deposits and wealth management assets as a result of continuing to attract new customers while retaining strong loyalty among our current customers,\" according to Chief Executive Officer Jerome Schwind. \"We've also maintained excellent liquidity and strong credit quality among loan customers, factors that fuel our underlying strength and resilience during continued high interest rates.\n\"As previously announced, the corporation paid a quarterly cash dividend of $0.28 per share of common stock, which continues to provide an attractive dividend yield for shareholders.\"\nFINANCIAL CONDITION (March 31, 2024 compared to December 31, 2023)Total assets were $2.06 billion at the end of both the first quarter 2024 and year-end 2023, primarily due to loan growth, which were offset by lower balances in cash and securities. Excess cash, security amortization, and strong deposit growth provided the funding for loan growth and borrowing payoffs during the quarter.\nTotal loans grew $16 million to $1.37 billion at the end of first quarter 2024. Total commercial loans, which include advances to mortgage brokers and agricultural loans, increased $18.3 million as the Company selectively expanded its book of business across many industries, but most notably in construction and real estate sectors. Residential loan volume remained stable during the quarter as originations kept pace with paydowns, as well as a few sales in the secondary market. Demand for mortgages remains low given prevailing market rates, housing prices and low inventory.\nSecurities available for sale decreased $10.6 million to $517.6 mil...