ISABELLA BANK Corp
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| ☒ | Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 |
|---|
For the quarterly period ended September 30, 2024
or
| ☐ | Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 |
|---|
For the transition period from to
Commission File Number:0-18415
Isabella Bank Corp oration
(Exact name of registrant as specified in its charter)
| Michigan | 38-2830092 | ||
|---|---|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||
| 401 N. Main St | Mt. Pleasant | MI | 48858 |
| (Address of principal executive offices) | (Zip code) |
(989)772-9471
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| None | N/A | N/A |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐ Yes ☒ No
The number of common shares outstanding of the registrant’s Common Stock (no par value) was 7,435,398 as of November 12, 2024.
ISABELLA BANK CORPORATION
QUARTERLY REPORT ON FORM 10-Q
| PART I – FINANCIAL INFORMATION | 4 | |
|---|---|---|
| Item 1. | Financial Statements | 4 |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 41 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 54 |
| Item 4. | Controls and Procedures | 54 |
| PART II – OTHER INFORMATION | 55 | |
| Item 1. | Legal Proceedings | 55 |
| Item 1A. | Risk Factors | 55 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 55 |
| Item 3. | Defaults Upon Senior Securities | 55 |
| Item 4. | Mine Safety Disclosures | 55 |
| Item 5. | Other Information | 55 |
| Item 6. | Exhibits | 56 |
| SIGNATURES | 57 |
Glossary of Acronyms and Abbreviations
The acronyms and abbreviations identified below may be used throughout this Quarterly Report on Form 10-Q or in our other SEC filings. You may find it helpful to refer back to this page while reading this report.
| ACL: Allowance for credit losses | Freddie Mac: Federal Home Loan Mortgage Corporation |
|---|---|
| AFS: Available-for-sale | FTE: Fully taxable equivalent |
| ALCO: Asset-Liability Committee | GAAP: U.S. generally accepted accounting principles |
| AOCI: Accumulated other comprehensive income | HFS: Held-for-sale |
| ASC: FASB Accounting Standards Codification | IRR: Interest rate risk |
| ASU: FASB Accounting Standards Update | N/A: Not applicable |
| ATM: Automated teller machine | N/M: Not meaningful |
| BOLI: Bank-owned life insurance | NAV: Net asset value |
| CECL: Current expected credit losses | NIM: Net Interest Margin |
| CIK: Central Index Key | NSF: Non-sufficient funds |
| DIF: Deposit Insurance Fund | OCI: Other comprehensive income (loss) |
| DIFS: Department of Insurance and Financial Services | OMSR: Originated mortgage servicing rights |
| Directors Plan: Isabella Bank Corporation and Related Companies Deferred Compensation Plan for Directors | OREO: Other real estate owned |
| Dividend Reinvestment Plan: Isabella Bank Corporation Stockholder Dividend Reinvestment Plan and Employee Stock Purchase Plan | Rabbi Trust: A trust established to fund our Directors Plan |
| Exchange Act: Securities Exchange Act of 1934 | RSP: Isabella Bank Corporation Restricted Stock Plan |
| FASB: Financial Accounting Standards Board | SOFR: Secured Overnight Financing Rate |
| FDIC: Federal Deposit Insurance Corporation | SEC: U.S. Securities and Exchange Commission |
| FFIEC: Federal Financial Institutions Examinations Council | SOX: Sarbanes-Oxley Act of 2002 |
| FRB: Federal Reserve Bank | XBRL: eXtensible Business Reporting Language |
| FHLB: Federal Home Loan Bank | Yield Curve: U.S. Treasury Yield Curve |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.