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Isabella Bank Corp (ISBA+2.66%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in total assets to $2,086,241,000 from $2,058,968,000 in the previous year. The increase is attributed to growth in loans funded by deposits and amortization of available-for-sale securities.
Net income for the year was $13,889,000, down from $18,167,000 in the previous year. The decrease in net income is primarily due to slower repricing of earning assets compared to the rising costs of interest-bearing liabilities.
Net interest income was $55,835,000 in 2024, compared with $57,944,000 in 2023. The net interest margin yield was 2.90%, compared to 3.05% in the previous year.
The provision for credit losses for the year was $1,884,000, compared to $629,000 in 2023. This includes a net charge-off of $1,556,000 related to overdrawn deposit accounts from a single customer.
Noninterest income increased to $14,576,000, up 5.4% from the previous year, driven by higher wealth management fees and customer service fees.
Noninterest expenses were $52,129,000, an increase from $49,310,000 in 2023, primarily due to annual merit increases and medical claims.
Total deposits increased to $1,747,060,000, with retail certificates of deposit accounts up by $41,217,000 due to continued demand in the rate environment.
The company maintains a strong liquidity position with $776,672,000 in unencumbered sources of liquidity and robust capital ratios, including a Tier 1 leverage ratio of 8.86%.
Isabella Bank Corp does not anticipate any regulatory actions and continues to focus on maintaining a strong financial position.
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 annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.