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Isabella Bank Corporation has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net income of $3,281, or $0.44 per diluted share, for the third quarter of 2024, compared to $4,413, or $0.58 per diluted share, in the same quarter of 2023.
Net interest income for the third quarter was $14,488, representing a net interest margin (NIM) of 2.98%, compared to $14,302 and a NIM of 2.99% in the same quarter of the previous year.
The provision for credit losses was $946 in the third quarter of 2024, compared to a credit of $292 in the same period of 2023.
Noninterest income for the quarter was $3,528, a slight increase from $3,414 in the same quarter of the previous year.
Noninterest expenses increased to $13,228 from $12,658 in the third quarter of 2023, with compensation and benefits expenses rising due to annual merit increases and higher incentive compensation.
Total assets as of September 30, 2024, were reported at $2,106,901, an increase from $2,058,968 at the end of 2023.
Loans outstanding totaled $1,424,283, reflecting growth in commercial loans and increased participation in advances to mortgage brokers.
The allowance for credit losses was $12,635 at the end of the quarter, a decrease from $13,108 at the end of 2023.
Total deposits increased to $1,781,832 from $1,723,695 at the end of 2023, with a notable increase in certificates of deposit.
Shareholders' equity was $212,985 as of September 30, 2024, compared to $202,402 at the end of the previous year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Isabella Bank Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.