Business
Isabella Bank Corporation Reports Fourth Quarter 2024 Results
MT. PLEASANT, Mich., Jan. 30, 2025 /PRNewswire/ -- Isabella Bank Corporation (OTCQX: ISBA) (the "Company" or "we") reported fourth quarter 2024 net income of
About this update from Isabella Bank Corporation
[{"type":"text","content":"MT. PLEASANT, Mich., Jan. 30, 2025 /PRNewswire/ -- Isabella Bank Corporation (OTCQX: ISBA) (the \"Company\" or \"we\") reported fourth quarter 2024 net income of $4.0 million, or $0.54 per diluted share, an increase compared to $3.8 million, or $0.51 per diluted share in the same quarter of 2023. The non-GAAP measure of core earnings in the fourth quarter 2024 totaled $3.9 million, or $0.52 per diluted share, an increase compared to $3.8 million, or $0.50 per diluted share for the same quarter of 2023.\n\nFor the full year, net income was $13.9 million, or $1.86 per diluted share, compared to $18.2 million, or $2.40 per diluted share for 2023. The non-GAAP measure of 2024 core earnings was $15.0 million, or $2.01 per diluted share, compared to $18.0 million, or $2.37 per diluted share, in 2023.\nFOURTH QUARTER 2024 HIGHLIGHTS (compared to fourth quarter 2023, unless otherwise stated)\nReturn on assets of 0.76%, compared to 0.73%Core loan growth of 4% annualized, compared to 6%Net interest margin of 2.99%, compared to 2.83%Noninterest income growth of 13%, compared to 3%Net loan charge-offs to average loans of 0.01%, compared to 0.03%\"Over the past several quarters we've emphasized that our financial performance is based on the strength of our core operations and maintaining our earnings momentum, and this quarter reflected the same focus,\" said the Chief Executive Officer Jerome Schwind. He noted that net interest margin expanded again in the fourth quarter, when non-recurring loan recoveries are excluded, and continue to grow core loans while adhering to our disciplined credit culture.\n\"We enter 2025 looking forward to continued repricing of low fixed rate loans to variable rates, and the redeployment of more than $70 million of securities that will amortize and mature during the year,\" Schwind added. \"Our teams also have been working on initiatives that will drive higher noninterest income, mostly in the second half of 2025. We are well-positioned to deliver long-term value to our shareholders in 2025 and beyond.\n\"What sets Isabella Bank apart is the talent, dedication, and teamwork of our employees, who continue to deliver exceptional service and financial strength, as noted by reader's choice awards across our market,\" Schwind added. In September 2024, the Company was honored as the Best Bank in Isabella County by T...