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8-K - FORM 8-K - ISABELLA BANK Corp | k50356e8vk.htm |
EX-99.2 - EX-99.2 - ISABELLA BANK Corp | k50356exv99w2.htm |
Exhibit 99.1
First Quarter 2011 Earnings
April 28, 2011
Annual Shareholder Meeting
May 3, 2011 at 5:00 p.m.
Comfort Inn & Suites Conference Center
2424 S. Mission St., Mt. Pleasant
Dear Shareholder,
April 28, 2011
Annual Shareholder Meeting
May 3, 2011 at 5:00 p.m.
Comfort Inn & Suites Conference Center
2424 S. Mission St., Mt. Pleasant
Dear Shareholder,
I am pleased to announce Isabella Bank Corporations first quarter net income in 2011 was $2.32
million, a 14.48% increase when compared to the first quarter of 2010. On March 31, 2011, the
Corporation paid a cash dividend of $0.19 per share and, based on the Corporations average stock
price of $18.07 for the month of March 2011, the annualized dividend yield was 4.21%.
Our community bank heritage has served us well in these challenging economic times and we work hard
each day to continue that tradition. Our team concentrates on growing within our markets, managing
operational efficiencies, and minimizing loan delinquencies so that we can continue to serve the
banking needs of our local communities in the same way we have for over 100 years. Here are a few
of our financial highlights from the first quarter of 2011:
| We continue to experience growth. As of March 31, 2011, the Corporations total assets were $1.26 billion, a 2.97% increase when compared to December 31, 2010. Assets under management, which includes loans sold and serviced, trust assets, and assets managed by the Corporations Raymond James brokerage operations, were $1.88 billion. | ||
| Our asset quality continues to improve. As of March 31, 2011, the Corporation had a relatively low percentage of total assets classified as nonperforming (0.66%). This is a 23.26% decrease compared to first quarter 2010. | ||
| We are well capitalized. The Corporations risk based capital to risk adjusted total assets ratio was 13.78% as of March 31, 2011, which is considered to be exceptionally strong when compared to the 8.0% required to be categorized as adequately capitalized under the Federal Reserve Boards risk based capital rules. |
Just as we strive to offer quality products and services for our customers, we also focus on ways
that we can improve the resources for our shareholders. We have recently made several improvements
to our investor relations website including the addition of a search feature, the ability to view
the website in a mobile friendly format, and links which allow you to easily share information from
the site with others. In June, we will also be introducing a new look for our quarterly
shareholder statements. These statements will provide you with more detail about your Isabella
Bank Corporation (ISBA) investment while presenting it in a format that is easy to read. We hope
you enjoy these new resources.
As I close, I would like to thank you for your support and faith in Isabella Bank. I look forward
to seeing you at the upcoming Shareholder Meeting and, if you have any questions or concerns,
please feel free to email me at rbarz@isabellabank.com or call me directly at (989) 779-6305.
Richard J. Barz, CEO
This letter includes forward-looking statements. To the extent that the foregoing information
refers to matters that may occur in the future, please be aware that such forward-looking
statements may differ materially from actual results. Additional information concerning some of
the factors that could cause materially different results is included in Isabella Bank
Corporations annual report on Form 10-K for the year ended December 31, 2010, and Form 10-Q for
the quarter ended March 31, 2011, which are or will be available from the Securities and Exchange
Commissions Public Reference facilities and from its website at www.sec.gov.