Company: ISBA
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0000842517-25-000053
Chunk: 119

Company: ISABELLA BANK CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 119
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 31:20242023AmountRateAmountRateFixed rate at 3.25% to floating, due 2031$30,000 3.25 %$30,000 3.25 %Unamortized issuance costs(576)(665)Total subordinated debt, net$29,424 $29,335 

Note 8 – Benefit Plans

401(k) PlanWe have a 401(k) plan in which substantially all employees are eligible to participate.  Employees may contribute up to 100% of their compensation subject to certain limits based on federal tax laws.  The plan includes a matching safe harbor contribution for all eligible employees equal to 100% of the first 5.0% of an employee's compensation contributed to the Plan during the year.  Employees are 100% vested in the safe harbor matching contributions.For 2024, 2023 and 2022, expenses attributable to the plan were $965, $885, and $805, respectively.Defined Benefit Pension PlanWe maintain a noncontributory defined benefit pension plan, which was curtailed effective March 1, 2007.  As a result of the curtailment, future salary increases are no longer considered (the projected benefit obligation is equal to the accumulated benefit obligation), and plan benefits are based on years of service and the individual employee’s five highest consecutive years of compensation out of the last ten years of service through March 1, 2007.

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Table of Contents

Changes in the projected benefit obligation and plan assets during each year, the funded status of the plan, and the net amount recognized in our consolidated balance sheets using an actuarial measurement date of December 31, are summarized as follows during the years ended December 31:20242023Change in benefit obligationBenefit obligation, beginning balance$6,628 $6,896 Interest cost294 317 Actuarial loss (gain)(76)(241)Benefits paid, including plan expenses(443)(344)Benefit obligation, ending balance6,403 6,628 Change in plan assetsFair value of plan assets, beginning balance7,066 6,582 Investment return (loss)680 828 Contributions— — Benefits paid, including plan expenses(443)(344)Fair value of plan assets, ending balance7,303 7,066 Surplus (deficiency) in funded status, ending balance$900 $438 Accumulated