Company: ISBA
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0000842517-25-000210
Chunk: 58

Company: ISABELLA BANK CORP
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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5December 31, 2024AmountRateAmountRateFixed rate due 2025$— 0.00 %$30,000 4.52 %Subordinated notesWe have $30,000 in aggregate principal amount of 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031 (the "Notes").  The Notes initially bear a fixed interest rate of 3.25% until June 15, 2026, after which time until maturity on June 15, 2031, the interest rate will reset quarterly to an annual floating rate equal to the then-current 3-month SOFR plus 256 basis points. The Notes are redeemable by us at any time at our option, in whole or in part, on or after June 15, 2026.  The Notes are not subject to redemption at the option of the holders.  Additionally, the Notes are intended to qualify for Tier 2 capital treatment, subject to regulatory limitations.The following table summarizes our outstanding subordinated notes as of:September 30, 2025December 31, 2024AmountRateAmountRateFixed rate at 3.25% to floating, due 2031$30,000 3.25 %$30,000 3.25 %Unamortized issuance costs(508)(576)Total subordinated debt, net$29,492 $29,424 

Note 5 – Computation of Earnings Per Common Share

Basic earnings per common share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may be issued relate solely to outstanding shares in the Directors Plan and grant awards under the RSP.Earnings per common share have been computed based on the following for the: Three Months Ended  September 30Nine Months Ended  September 302025202420252024Average number of common shares outstanding for basic calculation7,357,977 7,454,097 7,385,813 7,475,571 Average potential effect of common shares in the RSP13,675 19,087 13,628 16,833 Average number of common shares outstanding used to calculate diluted earnings per common share7,371,652 7,473,184 7,399,441 7,