ISABELLA BANK CORP

Listed Company

ISBACIK 0000842517NasdaqAcceleratedSmaller ReportingState Commercial BanksMichiganFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$18.91M

Total Assets

$2.21B

Equity

$231.40M

Shares Out

7.33M

Op. Cash Flow

$26.82M

Business

ISABELLA BANK CORP is a registered financial services holding company that owns and oversees Isabella Bank, providing community banking and related financial services. It offers deposit products, checking, savings and certificates of deposit, mobile and internet banking, ATMs, cash management, commercial, agricultural, residential and consumer lending, and full-service investment management, trust and estate services. The company operates through its banking subsidiary and related wealth management activities as its primary business segments. Its services are delivered through 31 local branch offices across central and northern Michigan and digital channels.

Summary from filing dated 2025-03-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	81	77	66	53	51
Taxable	10	9	10	—	—
Nontaxable	2	2	3	—	—
FHLB stock	418,000	640,000	355,000	174,000	—
Federal funds sold and other	2	950,000	1	1	706,000
Total interest income	96	90	80	66	60
Deposits	30	30	18	4	5
Short-term borrowings	2	1	961,000	79,000	53,000
FHLB advances	487,000	2	1	—	—
Subordinated debt	1	1	1	1	615,000
Total interest expense	33	34	22	5	—
Net interest income	63	56	58	60	53
Provision (reversal) for credit losses	−563,000	2	629,000	483,000	−518,000
Net interest income after provision for credit losses	63	54	57	60	53
Service charges and fees	9	8	8	9	8
Wealth management fees	4	4	4	3	3
Earnings on BOLI	2	1	920,000	884,000	800,000
Net gain on sale of mortgage loans	180,000	213,000	317,000	631,000	2
Net gains on sale of AFS securities	0	0	67,000	—	—
Other	1	1	1	416,000	643,000
Total noninterest income	16	15	14	14	14
Compensation and benefits	30	29	26	25	24
Occupancy and equipment	11	11	10	10	4
Other professional services	3	2	2	2	—
ATM and debit card fees	2	2	2	2	—
Marketing	2	2	2	2	—
FDIC insurance premiums	1	1	922,000	537,000	—
Memberships and subscriptions	1	928,000	1	876,000	—
Other losses	643,000	1	871,000	546,000	—
Other	4	4	4	3	11
Total noninterest expenses	55	52	49	47	44
Income before income tax expense	24	16	22	27	23
Income tax expense	5	3	4	5	4
Net income	19	14	18	22	19
Basic (in dollars per share)	2.56	1.86	2.42	2.95	2.48
Diluted (in dollars per share)	2.56	1.86	2.4	2.91	2.45
Cash dividends per common share (in dollars per share)	1.12	1.12	1.12	1.09	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and demand deposits due from banks	23	23	26	27	26
Fed Funds sold and interest bearing balances due from banks	3	2	8	12	80
Total cash and cash equivalents	26	25	34	39	105
AFS securities, at fair value	498	489	528	580	491
FHLB stock	6	13	13	—	—
Mortgage loans HFS	423,000	242,000	0	379,000	2
Loans	1,536	1,424	1,349	—	—
Less allowance for credit losses	14	13	13	10	—
Net loans	1,523	1,411	1,336	—	—
Premises and equipment	29	28	28	26	24
Cash surrender value of BOLI	46	35	34	33	32
Goodwill and other intangible assets	48	48	48	48	48
Other assets	34	38	38	34	20
Total assets	2,209	2,086	2,059	2,030	2,032
Noninterest bearing deposits	426	416	429	494	448
Interest bearing deposits	1,393	1,331	—	—	—
Total deposits	1,820	1,747	1,724	1,744	1,710
Short-term borrowings	68	54	47	58	50
FHLB advances	45	30	40	0	20
Subordinated debt, net of unamortized issuance costs	30	29	29	29	29
Total borrowed funds	143	113	116	87	99
Other liabilities	16	16	17	—	—
Total liabilities	1,978	1,876	1,857	1,844	1,821
Common stock no par value 15,000,000 shares authorized; issued and outstanding 7,322,207 shares at December 31, 2025 and 7,424,893 shares at December 31, 2024	123	126	127	129	129
Shares to be issued for deferred compensation obligations	2	2	4	5	5
Retained earnings	114	103	97	90	76
Accumulated other comprehensive loss	−8	−21	−26	−37	2
Total shareholders equity	231	210	202	186	211
Total liabilities and shareholders equity	2,209	2,086	2,059	2,030	2,032

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	2	2	2	2	2
Net amortization of AFS securities	967,000	1	1	−2	2
Increase in cash value of BOLI	−2	−990,000	−904,000	818,000	−751,000
Share-based payment awards	341,000	476,000	782,000	610,000	—
Deferred income tax expense (benefit)	38,000	−310,000	1	13,000	−523,000
Origination of loans HFS	−8	−9	−10	−21	−49
Proceeds from loan sales	8	9	10	23	52
Other assets	3	2	−360,000	−3	1
Other liabilities	4	−208,000	1	2	—
Net cash provided by (used in) operating activities	27	20	24	27	26
Proceeds from maturities, calls and prepayments of AFS securities	74	49	75	—	—
Purchases of AFS securities	−67	−5	−11	−211	−262
Net change in loans HFI	−112	−77	−86	37	—
Purchases of premises and equipment	−3	−2	−4	−3	−2
Purchases of BOLI policies	−10	0	0	—	—
Proceeds from sale of FHLB stock	7	0	0	2	0
Low income housing tax credit investments	−4	−2	−623,000	−46,000	−413,000
Net cash provided by (used in) investing activities	−116	−38	−26	−106	−230
Net increase (decrease) in deposits	73	23	−21	34	144
Net increase (decrease) in short-term borrowings	14	7	−11	8	−19
Net increase (decrease) in FHLB advances	15	−10	40	−20	−70
Cash dividends paid on common stock	−8	−8	−8	−8	−8
Proceeds from issuance of common stock	1	2	2	2	2
Common stock repurchased	−5	−3	−3	—	—
Common stock purchased for deferred compensation obligations	0	−1	−2	−1	−1
Net cash provided by (used in) financing activities	91	9	−3	13	63
Increase (decrease) in cash and cash equivalents	1	−9	−5	−66	−141
Interest paid	33	34	21	5	8
Federal income taxes paid	2	2	2	—	—
Investment in low income housing tax credits	0	2	5	0	0
Transfers of loans to foreclosed assets	953,000	657,000	378,000	456,000	361,000

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