Company: ISBA
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0000842517-25-000053
Chunk: 116

Company: ISABELLA BANK CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 116
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$— $— $465 $56 Commercial real estate— — 234 28 Agricultural— — 181 — Residential real estate254 — 203 — Consumer— — — — Total$254 $— $1,083 $84 We have designated loans classified as collateral dependent for which we apply the practical expedient to measure the ACL based on the fair value of the collateral less cost to sell, when the repayment is expected to be provided substantially by the sale or operation of the collateral and the borrower is experiencing financial difficulty. The fair value of the collateral is based on appraisals, which may be adjusted due to their age, and the type, location, and condition of the property or area or general market conditions to reflect the expected change in value between the effective date of the appraisal and the measurement date. Appraisals are updated every one to two years depending on the type of loan and the total exposure of the borrower. Loans evaluated for expected credit losses on an individual basis include $254 in collateral dependent loans.

Note 4 – Premises and Equipment

A summary of premises and equipment at December 31 follows:20242023Land$6,309 $6,309 Buildings and improvements36,370 34,984 Furniture and equipment33,960 35,528 Total76,639 76,821 Less: accumulated depreciation48,980 49,182 Premises and equipment, net$27,659 $27,639 Depreciation expense amounted to $2,086, $1,978, and $2,071 in 2024, 2023, and 2022, respectively.

Note 5 – Goodwill and Other Intangible Assets

The carrying amount of goodwill was $48,282 at December 31, 2024 and 2023.Identifiable intangible assets were as follows as of December 31: 2024 GrossIntangibleAssetsAccumulatedAmortizationNetIntangibleAssetsCore deposit premium resulting from acquisitions$5,579 $5,578 $1  2023 GrossIntangibleAssetsAccumulatedAmortizationNetIntangibleAssetsCore deposit premium resulting from acquisitions$5,579 $5,577 $2 Amortization expense associated with identifiable intangible assets was $1, $3, and $15 in 2024,