Company: ISBA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000842517-25-000099
Chunk: 63

Company: ISABELLA BANK CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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 in OCI for recurring Level 3 fair value measurements held at the end of the reporting period.

Note 8 – Subsequent Events

On April 2, 2025, we recovered the full contractual balance of overdrawn deposit accounts from one customer.  These accounts were charged off during the third quarter of 2024 in the amount of $1,622.  Additionally, we collected all legal fees associated with the loss and the full contractual balance of all commercial loans outstanding with this customer.  The recovery of losses and fees will be reflected in our second quarter 2025 results.We evaluated subsequent events after March 31, 2025 through the date our interim condensed consolidated financial statements were issued for potential recognition and disclosure.  No other subsequent events require financial statement recognition or disclosure between March 31, 2025 and the date our interim condensed consolidated financial statements were issued.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

(Dollars in thousands except per share amounts and ratios, unless otherwise noted)

The following is management's discussion and analysis of our financial condition and results of operations for the unaudited three months ended March 31, 2025 and 2024. This analysis should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024 and with the unaudited interim condensed consolidated financial statements and notes, beginning on page 4 of this report.

General

Isabella Bank Corporation is a registered financial services holding company that was incorporated in September 1988 under Michigan law.  The Corporation's wholly owned subsidiary, Isabella Bank, has 31 offices located throughout Bay, Clare, Gratiot, Isabella, Mecosta, Midland, Montcalm, and Saginaw counties.  The area includes significant agricultural production, manufacturing, retail, gaming and tourism, and several colleges and universities.

Forward-Looking Statements

Information in this Quarterly Report on Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended and Rule 3b-6 promulgated thereunder. We intend such forward looking statements to be covered by the safe harbor provisions for forward looking statements contained in the Private Securities Litigation Reform Act of 1995, and are included in this statement