Company: ISBA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000842517-25-000099
Chunk: 69

Company: ISABELLA BANK CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 retail certificates of deposit accounts continues based on the rate environment, resulting in a $2,648 increase in the balance during the first three months of 2025. Adversely, demand deposits declined $12,179 during the first quarter 2025.

Total equity was $215,556 at March 31, 2025 compared to $210,276 at year-end 2024. Our tangible book value per share was $22.58 as of March 31, 2025, compared to $21.82 on December 31, 2024.  Net unrealized losses on AFS securities reduced tangible book value per share by $2.30 and $2.82 for the respective periods.  Share repurchases totaled 45,582 during the first three months of 2025 for a value of $1,145 at an average price of $25.12.

We continue to have robust liquidity levels and capital.  As of March 31, 2025, we had $907,003 of unencumbered sources of liquidity and strong capital ratios; the Tier 1 Leverage Ratio was 8.96%, Tier 1 risk-based capital was 12.58%, and Total risk-based capital was 15.50%.

Reclassifications

Certain amounts reported in the interim 2024 consolidated financial statements have been reclassified to conform to the 2025 presentation.

Subsequent Events

On April 2, 2025, we recovered the full contractual balance of overdrawn deposit accounts from one customer.  These accounts were charged off during the third quarter of 2024 in the amount of $1,622.  Additionally, we collected all legal fees associated with the loss and the full contractual balance of all commercial loans outstanding with this customer.  The recovery of losses and fees will be reflected in our second quarter 2025 results.

We evaluated subsequent events after March 31, 2025 through the date our interim condensed consolidated financial statements were issued for potential recognition and disclosure.  No other subsequent events require financial statement recognition or disclosure between March 31, 2025 and the date our interim condensed consolidated financial statements were issued.

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Selected Financial Data (Unaudited)

The following table outlines our results of operations and provides certain performance measures as of, and for the:Three Months EndedMarch 312025December 312024September 302024June 302024March 312024PER SHAREBasic earnings$0.53 $0.54 $