Company: ISBA
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0000842517-25-000053
Chunk: 139

Company: ISABELLA BANK CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 139
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 December 31, 2024, substantially all of the Bank’s assets were restricted from transfer to the Corporation in the form of loans or advances.  Bank dividends are the principal source of funds for the Corporation.  Payment of dividends without regulatory approval is limited to the current year’s retained net income plus retained net income for the preceding two years, less any required transfers to common stock.  At January 1, 2025, the amount available to the Corporation for dividends from the Bank, without regulatory approval, was approximately $3,700.

Note 15 – Related Party Transactions

In the ordinary course of business, we grant loans to principal officers and directors and their affiliates (including their families and companies in which they have 10% or more ownership).  Annual activity consisted of the following for the years ended December 31:20242023Balance, January 1$19,527 $20,963 New loans1,962 569 Repayments(18,538)(2,005)Balance, December 31$2,951 $19,527 Total deposits of these principal officers and directors and their affiliates amounted to $4,024 and $7,735 at December 31, 2024 and 2023, respectively.From time to time, we make charitable donations to The Isabella Bank Foundation (the “Foundation”), which is a non-controlled nonprofit organization formed for the purpose of distributing charitable donations to recipient organizations generally located in the communities we serve.  Our donations are recognized as expense when paid to the Foundation.  The assets and transactions of the Foundation are not included in our consolidated financial statements.Assets of the Foundation include cash and cash equivalents, certificates of deposit, and shares of Isabella Bank Corporation common stock.  The Foundation owned 20,000 shares of our common stock as of December 31, 2024 and 2023.  Such shares are included in the computation of dividends and earnings per share.The following table displays total assets of, and our donations to, the Foundation as of, and for the years ended December 31:202420232022Total assets$1,236 $1,221 $1,385 Donations— — 50 

Note 16 – Parent Company Only Financial Information

Condensed Balance SheetsDecember 3120242023AssetsCash on deposit at the Bank$34,498 $25,010 Investments in subsidiaries156,486 157,671 Premises and equipment1,140