Company: ISBA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000842517-25-000099
Chunk: 84

Company: ISABELLA BANK CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 84
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,734 203,434 Average tangible shareholders' equity(H)165,929 164,629 160,161 152,451 155,150 Average diluted shares outstanding (4)(I)7,432,162 7,451,718 7,473,184 7,494,828 7,507,739 Adjusted diluted earnings per share(A/I)$0.57 $0.52 $0.61 $0.46 $0.41 Adjusted return on average assets(A/F)0.83 %0.74 %0.87 %0.68 %0.60 %Adjusted return on average shareholders' equity(A/G)8.05 %7.29 %8.70 %6.96 %6.08 %Adjusted return on average tangible shareholders' equity(A/H)10.40 %9.43 %11.32 %9.17 %7.97 %

(1) Includes provision for credit losses related to overdrawn deposit accounts from a single customer in the third quarter of 2024

(2) Included in Other professional services in the consolidated statements of income

(3) Income tax expense on life to date earnings on BOLI policies surrendered

(4) Whole shares

48

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

The information presented in the section captioned “Market Risk” in Management's Discussion and Analysis of Financial Condition and Results of Operations is incorporated herein by reference.

Item 4. Controls and Procedures.

DISCLOSURE CONTROLS AND PROCEDURES

We carried out an evaluation, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15(d)-15(e) under the Exchange Act) as of March 31, 2025, pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures as of March 31, 2025, were effective to ensure that information required to be disclosed in reports that we file or submit under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

During