EX-99.1 2 earningsrelease_20210930xe.htm EX-99.1 Document

Exhibit 99.1
For Immediate Release
Isabella Bank Corporation
401 North Main Street
Mt. Pleasant, MI 48858-1649
FOR MORE INFORMATION CONTACT:
Amber Zaske, Community Relations Specialist
Phone: 989-779-6309    Fax: 989-775-5501

Isabella Bank Corporation Announces Strong Third Quarter 2021 Earnings
Net income climbs 27% for the year compared to the same period in 2020
Mt. Pleasant, Michigan, October 21, 2021 — Isabella Bank Corporation (the “Corporation”) (OTCQX: ISBA) has released positive earnings results for the third quarter of 2021. The Corporation reported net income of $4.7 million for the quarter and $14.7 million for the first nine months of 2021. Both figures reflect increases over the same periods a year ago.
Earnings per common share were $0.59 in the third quarter and $1.85 for the first nine months of the year, increases from the same periods of 2020 at $0.55 and $1.46, respectively.
Highlights include growth in several key areas:
•Net income increased 27% when comparing the first three quarters of 2021 to the same period in 2020.
•Deposits rose to $1.7 billion, an increase of $126 million since the start of the year, largely the result of U.S. Small Business Administration Paycheck Protection Program (PPP) loans, government stimulus funds and new customer accounts.
•Total assets were $2.1 billion and assets under management were $2.9 billion as of September 30, 2021, both records for the Corporation.
Tender Offer Results:
The Corporation conducted a modified Dutch auction from September 1 to October 13, 2021 which designated a portion of funds from its recent $30 million subordinated debt issuance to purchase up to $20 million in ISBA common stock. The tender offer resulted in the Corporation purchasing 396,577 shares at a final price of $27.00 per share, for a total of $10.7 million. The tendered shares represented 5% of the outstanding shares.
“Our successful Dutch auction resulted in a reduction of ISBA shares in the open market, which should improve several key metrics for shareholders,” said Jae A. Evans, President and Chief Executive Officer. “Our ongoing stock repurchase plan and this tender offer both align with our strategic plan to improve shareholder value.


“Overall, Isabella Bank Corporation continues to grow its customer base through trusted, quality service as an independent, community bank,” Evans said. “We’re focused on meeting our customer needs while pursuing smart, strategic initiatives that benefit our shareholders, customers and communities over the long-term.”
Operating Results
Net income: Net income for the third quarter 2021 was $4.7 million, compared to $4.4 million in 2020. For the first nine months of 2021, net income was $14.7 million, compared to $11.6 million in the same period of 2020.
Net interest income: Net interest income for the first nine months of 2021 increased $2.4 million, or 6.6%, compared to the same period in 2020. Loan fees generated from participation in the SBA's Payroll Protection Program helped offset a reduction in gross interest income resulting from the decline in interest rates. Conversely, lower interest rates and a reduction in higher-cost borrowings benefited the Corporation with a $5.1 million decrease in interest expense during the nine-month period. The provision for loan losses also decreased $2 million when comparing the first nine months of 2021 to the same period in 2020, as a result of continued strong credit quality.
Noninterest income and expenses: Noninterest income decreased $90,000 during the first nine months of 2021 compared to 2020, when the Corporation recorded significant gains from redemption of bank-owned life insurance policies. During the same period in 2021, service charges and fees increased $800,000 and wealth management fees rose by $397,000. Noninterest expenses declined $98,000 as a result of a continued focus on reducing operating expenses.
Net yield on interest earning assets: The Corporation’s fully taxable equivalent net yield on interest earning assets was 2.85% and 2.87% for the third quarter and first nine months of 2021, respectively, compared to 2.89% and 2.93% for the same periods in 2020. The Corporation’s strategic plan includes programs to improve net yield on interest earning assets, including enhanced pricing related to loans and less reliance on higher cost borrowed funds and brokered deposits as funding sources.
Balance Sheet
Assets: Total assets stood at $2.1 billion and assets under management were at $2.9 billion as of September 30, 2021, both records for the Corporation. Assets under management include loans sold and serviced of $285 million and investment and trust assets managed by Isabella Wealth of $492 million, in addition to assets on the consolidated balance sheet. Assets under management increased $195 million compared to September 30, 2020.
Loans: Residential mortgage loans increased $14.1 million in the first nine months of the year and loans outstanding at the end of the third quarter totaled $1.2 billion. PPP loans, included within the commercial segment of the loan portfolio, declined by $20.4 million since the end of 2020 due to continued PPP loan forgiveness. This reduction in PPP loans was offset with growth in new commercial lending by $21.7 million.


Deposits: Total deposits were $1.7 billion as of September 30, 2021, an increase of $126 million since December 31, 2020.
Liquidity: The Corporation's liquidity position remains strong as evidenced by its $807.3 million of cash and available funds as of September 30, 2021. This total was comprised of $206.5 million in cash and cash equivalents, $260.8 million in available lines of credit and approximately $340 million in unencumbered investment securities.
Capital: The Bank is designated as a “well-capitalized” institution, as its capital ratios exceeded the minimum requirements. As of September 30, 2021, the Bank’s Tier 1 Leverage Ratio was 8.32%, Tier 1 Capital Ratio was 12.94% and Total Capital Ratio was 13.64%. The minimum requirements to be considered well capitalized are a Tier 1 Leverage Ratio of 5.0%, Tier 1 Capital Ratio of 8.0% and Total Capital Ratio of 10.0%.
Dividend: During the third quarter of 2021, the Corporation paid a $0.27 per common share cash dividend. Based on the Corporation’s closing stock price of $26.03 as of September 30, 2021, the annualized cash dividend yield was 4.15%.
About the Corporation
Isabella Bank Corporation (OTCQX: ISBA) is the parent holding company of Isabella Bank, a state chartered community bank headquartered in Mt. Pleasant, Michigan. Isabella Bank was established in 1903 and has been committed to serving the local banking needs of its customers and communities for 118 years. The Bank offers personal and commercial lending and deposit products, as well as investment, trust, and estate planning services through Isabella Wealth. The Bank has locations throughout seven Mid-Michigan counties: Clare, Gratiot, Isabella, Mecosta, Midland, Montcalm, and Saginaw.
For more information about Isabella Bank Corporation, visit the investors link at www.isabellabank.com. Isabella Bank Corporation common stock is quoted on the OTCQX tier of the OTC Markets Group, Inc.’s electronic quotation system (www.otcmarkets.com) under the symbol “ISBA.” The Corporation’s market maker is Boenning & Scattergood, Inc. (www.boenninginc.com) and its investor relations firm is Renmark Financial Communications, Inc. (www.renmarkfinancial.com).
Forward-Looking Statements
This press release 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 the actual results. Additional information concerning some of the factors that could cause materially different results is included in the sections titled “Risk Factors” and “Forward Looking Statements” set forth in Isabella Bank Corporation’s filings with the Securities and Exchange Commission, which are available from the Securities and Exchange Commission’s Public Reference facilities and from its website at www.sec.gov.


INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands)
September 30
2021		December 31
2020
ASSETS
Cash and cash equivalents
Cash and demand deposits due from banks$29,876 $31,296 
Interest bearing balances due from banks176,606 215,344 
Total cash and cash equivalents206,482 246,640 
Available-for-sale securities, at fair value494,384 339,228 
Mortgage loans available-for-sale818 2,741 
Loans
Commercial757,993 756,686 
Agricultural93,782 100,461 
Residential real estate321,620 307,543 
Consumer75,163 73,621 
Gross loans1,248,558 1,238,311 
Less allowance for loan and lease losses9,093 9,744 
Net loans1,239,465 1,228,567 
Premises and equipment24,569 25,140 
Corporate owned life insurance policies32,690 28,292 
Equity securities without readily determinable fair values17,383 17,383 
Goodwill and other intangible assets48,309 48,331 
Accrued interest receivable and other assets18,601 21,056 
TOTAL ASSETS$2,082,701 $1,957,378 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Noninterest bearing$430,950 $375,395 
Interest bearing demand deposits374,137 302,444 
Certificates of deposit under $250 and other savings806,185 781,286 
Certificates of deposit over $25081,044 107,192 
Total deposits1,692,316 1,566,317 
Borrowed funds
Federal funds purchased and repurchase agreements67,519 68,747 
Federal Home Loan Bank advances60,000 90,000 
Subordinated debt, net of unamortized issuance costs29,136 — 
Total borrowed funds156,655 158,747 
Accrued interest payable and other liabilities12,088 13,726 
Total liabilities1,861,059 1,738,790 
Shareholders’ equity
Common stock — no par value 15,000,000 shares authorized; issued and outstanding 7,926,610 shares (including 93,759 shares held in the Rabbi Trust) in 2021 and 7,997,247 shares (including 59,162 shares held in the Rabbi Trust) in 2020
140,004 142,247 
Shares to be issued for deferred compensation obligations4,455 4,183 
Retained earnings72,796 64,460 
Accumulated other comprehensive income4,387 7,698 
Total shareholders’ equity221,642 218,588 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$2,082,701 $1,957,378 


INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in thousands except per share amounts)
Three Months Ended 
 September 30		Nine Months Ended 
 September 30
 2021202020212020
Interest income
Loans, including fees$13,033 $13,554 $38,634 $40,105 
Available-for-sale securities
Taxable1,224 1,071 3,529 3,912 
Nontaxable725 911 2,393 2,950 
Federal funds sold and other160 164 516 803 
Total interest income15,142 15,700 45,072 47,770 
Interest expense
Deposits1,251 1,996 4,363 7,034 
Borrowings
Federal funds purchased and repurchase agreements13 7 40 22 
Federal Home Loan Bank advances299 1,200 1,093 3,911 
Subordinated debt, net of unamortized issuance costs266 — 349 — 
Total interest expense1,829 3,203 5,845 10,967 
Net interest income13,313 12,497 39,227 36,803 
Provision for loan losses(107)516 (599)1,409 
Net interest income after provision for loan losses13,420 11,981 39,826 35,394 
Noninterest income
Service charges and fees1,964 1,950 5,489 4,689 
Wealth management fees772 649 2,274 1,877 
Net gain on sale of mortgage loans339 1,036 1,459 1,653 
Earnings on corporate owned life insurance policies201 187 577 558 
Gains from redemption of corporate owned life insurance policies— — 150 873 
Other91 238 265 654 
Total noninterest income3,367 4,060 10,214 10,304 
Noninterest expenses
Compensation and benefits6,116 6,101 17,693 17,763 
Furniture and equipment1,349 1,426 4,049 4,318 
Occupancy866 889 2,726 2,668 
Other2,854 2,534 8,029 7,846 
Total noninterest expenses11,185 10,950 32,497 32,595 
Income before federal income tax expense5,602 5,091 17,543 13,103 
Federal income tax expense916 734 2,838 1,495 
NET INCOME$4,686 $4,357 $14,705 $11,608 
Earnings per common share
Basic$0.59 $0.55 $1.85 $1.46 
Diluted$0.58 $0.54 $1.82 $1.43 
Cash dividends per common share$0.27 $0.27 $0.81 $0.81 



AVERAGE BALANCES, INTEREST RATE, AND NET INTEREST INCOME (UNAUDITED)
(Dollars in thousands)
The following schedules present the daily average amount outstanding for each major category of interest earning assets, non-earning assets, interest bearing liabilities, and noninterest bearing liabilities. These schedules also present an analysis of interest income and interest expense for the periods indicated. All interest income is reported on a fully taxable equivalent (FTE) basis using a federal income tax rate of 21%. Loans in nonaccrual status, for the purpose of the following computations, are included in the average loan balances. Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB) restricted equity holdings are included in other interest earning assets.
Three Months Ended
September 30, 2021September 30, 2020
Average
Balance		Tax
Equivalent
Interest		Average
Yield /
Rate		Average
Balance		Tax
Equivalent
Interest		Average
Yield /
Rate
INTEREST EARNING ASSETS
Loans$1,203,468 $13,033 4.33 %$1,275,297 $13,554 4.25 %
Taxable investment securities332,056 1,224 1.47 %223,119 1,071 1.92 %
Nontaxable investment securities113,857 1,035 3.64 %135,168 1,238 3.66 %
Fed funds sold4 — 0.02 %— — — %
Other262,023 160 0.24 %140,042 164 0.47 %
Total earning assets1,911,408 15,452 3.23 %1,773,626 16,027 3.61 %
NONEARNING ASSETS
Allowance for loan losses(9,361)(8,996)
Cash and demand deposits due from banks30,120 29,311 
Premises and equipment24,540 25,627 
Accrued income and other assets109,750 122,279 
Total assets$2,066,457 $1,941,847 
INTEREST BEARING LIABILITIES
Interest bearing demand deposits$366,345 $46 0.05 %$277,695 $94 0.14 %
Savings deposits565,814 161 0.11 %462,867 173 0.15 %
Time deposits323,322 1,044 1.29 %375,916 1,729 1.84 %
Federal funds purchased and repurchase agreements62,790 13 0.08 %30,583 7 0.09 %
Federal Home Loan Bank advances62,718 299 1.91 %205,000 1,200 2.34 %
Subordinated debt, net of unamortized issuance costs
29,124 266 3.65 %— — — %
Total interest bearing liabilities1,410,113 1,829 0.52 %1,352,061 3,203 0.95 %
NONINTEREST BEARING LIABILITIES
Demand deposits419,017 349,212 
Other12,826 16,441 
Shareholders’ equity224,501 224,133 
Total liabilities and shareholders’ equity$2,066,457 $1,941,847 
Net interest income (FTE)$13,623 $12,824 
Net yield on interest earning assets (FTE)2.85 %2.89 %


Nine Months Ended
September 30, 2021September 30, 2020
Average
Balance		Tax
Equivalent
Interest		Average
Yield /
Rate		Average
Balance		Tax
Equivalent
Interest		Average
Yield /
Rate
INTEREST EARNING ASSETS
Loans$1,202,060 $38,634 4.29 %$1,228,579 $40,105 4.35 %
Taxable investment securities268,435 3,529 1.75 %237,509 3,912 2.20 %
Nontaxable investment securities122,675 3,346 3.64 %142,893 3,989 3.72 %
Fed funds sold3 — 0.01 %4 — 0.07 %
Other273,997 516 0.25 %114,108 803 0.94 %
Total earning assets1,867,170 46,025 3.29 %1,723,093 48,809 3.78 %
NONEARNING ASSETS
Allowance for loan losses(9,502)(8,580)
Cash and demand deposits due from banks29,236 23,772 
Premises and equipment24,836 25,911 
Accrued income and other assets109,835 117,852 
Total assets$2,021,575 $1,882,048 
INTEREST BEARING LIABILITIES
Interest bearing demand deposits$337,561 $168 0.07 %$254,283 $263 0.14 %
Savings deposits549,213 459 0.11 %445,702 1,064 0.32 %
Time deposits345,960 3,736 1.44 %389,375 5,707 1.95 %
Federal funds purchased and repurchase agreements56,424 40 0.09 %30,847 22 0.10 %
Federal Home Loan Bank advances79,048 1,093 1.84 %222,445 3,911 2.34 %
Subordinated debt, net of unamortized issuance costs
12,907 349 3.61 %— — — %
Total interest bearing liabilities1,381,113 5,845 0.56 %1,342,652 10,967 1.09 %
NONINTEREST BEARING LIABILITIES
Demand deposits405,046 304,322 
Other13,144 15,314 
Shareholders’ equity222,272 219,760 
Total liabilities and shareholders’ equity$2,021,575 $1,882,048 
Net interest income (FTE)$40,180 $37,842 
Net yield on interest earning assets (FTE)2.87 %2.93 %



SELECTED FINANCIAL DATA (UNAUDITED)
(Dollars in thousands except per share amounts)
Three Months Ended
September 30
2021		June 30
2021		March 31
2021		December 31
2020		September 30
2020
PER SHARE
Basic earnings (loss)$0.59 $0.58 $0.68 $(0.10)$0.55 
Diluted earnings (loss)$0.58 $0.57 $0.67 $(0.10)$0.54 
Dividends$0.27 $0.27 $0.27 $0.27 $0.27 
Tangible book value$21.87 $21.73 $21.35 $21.29 $21.75 
Quoted market value
High$26.74 $23.90 $22.50 $21.95 $19.00 
Low$22.55 $21.00 $19.45 $15.73 $15.75 
Close (1)
$26.03 $23.00 $21.75 $19.57 $16.74 
Common shares outstanding (1)
7,926,610 7,946,658 7,958,883 7,997,247 8,007,901 
Average number of common shares outstanding7,932,227 7,969,462 8,006,144 7,966,811 7,966,811 
Average number of diluted common shares outstanding8,044,572 8,088,524 8,133,157 8,111,283 8,111,283 
PERFORMANCE RATIOS
Return on average total assets0.91 %0.91 %1.09 %(0.15)%0.90 %
Return on average shareholders' equity8.35 %8.35 %9.78 %(1.30)%7.78 %
Return on average tangible shareholders' equity10.65 %10.69 %12.53 %(1.63)%9.93 %
Net interest margin yield (FTE)2.85 %2.79 %2.98 %3.04 %2.89 %
ASSETS UNDER MANAGEMENT (1)
Loans sold with servicing retained$285,392 $290,033 $298,514 $301,377 $289,524 
Assets managed by Isabella Wealth$491,784 $493,287 $454,459 $443,967 $403,730 
Total assets under management$2,859,877 $2,814,727 $2,768,405 $2,702,722 $2,664,951 
ASSET QUALITY (1)
Nonaccrual status loans$3,077 $3,329 $4,532 $5,313 $4,946 
Performing troubled debt restructurings$26,189 $28,947 $22,200 $23,257 $20,536 
Foreclosed assets$348 $365 $384 $527 $651 
Net loan charge-offs (recoveries)$160 $(58)$(50)$18 $(113)
Nonperforming loans to gross loans0.25 %0.28 %0.38 %0.43 %0.38 %
Nonperforming assets to total assets0.18 %0.19 %0.26 %0.31 %0.30 %
Allowance for loan and lease losses to gross loans0.73 %0.78 %0.78 %0.79 %0.73 %
CAPITAL RATIOS (1)
Shareholders' equity to assets10.64 %10.88 %10.83 %11.17 %11.29 %
Tier 1 leverage8.37 %8.46 %8.56 %8.37 %8.76 %
Common equity tier 1 capital13.07 %13.81 %13.77 %12.97 %12.90 %
Tier 1 risk-based capital13.07 %13.81 %13.77 %12.97 %12.90 %
Total risk-based capital16.03 %17.00 %14.54 %13.75 %13.64 %
(1) At end of period


Nine Months Ended
September 30
2021		September 30
2020		September 30
2019
PER SHARE
Basic earnings$1.85 $1.46 $1.53 
Diluted earnings$1.82 $1.43 $1.50 
Dividends$0.81 $0.81 $0.78 
Tangible book value$21.87 $21.75 $20.66 
Quoted market value
High$26.74 $24.50 $24.50 
Low$19.45 $15.60 $22.01 
Close (1)
$26.03 $16.74 $22.30 
Common shares outstanding (1)
7,926,610 8,007,901 7,938,234 
Average number of common shares outstanding7,948,578 7,945,762 7,895,610 
Average number of diluted common shares outstanding8,065,252 8,096,802 8,084,965 
PERFORMANCE RATIOS
Return on average total assets0.97 %0.82 %0.89 %
Return on average shareholders' equity8.82 %7.04 %7.85 %
Return on average tangible shareholders' equity11.28 %9.05 %10.29 %
Net interest margin yield (FTE)2.87 %2.93 %3.07 %
ASSETS UNDER MANAGEMENT (1)
Loans sold with servicing retained$285,392 $289,524 $258,873 
Assets managed by Isabella Wealth$491,784 $403,730 $475,574 
Total assets under management$2,859,877 $2,664,951 $2,548,131 
ASSET QUALITY (1)
Nonaccrual status loans$3,077 $4,946 $8,107 
Performing troubled debt restructurings$26,189 $20,536 $20,310 
Foreclosed assets$348 $651 $513 
Net loan charge-offs (recoveries)$52 $(158)$193 
Nonperforming loans to gross loans0.25 %0.38 %0.59 %
Nonperforming assets to total assets0.18 %0.30 %0.42 %
Allowance for loan and lease losses to gross loans0.73 %0.73 %0.69 %
CAPITAL RATIOS (1)
Shareholders' equity to assets10.64 %11.29 %11.71 %
Tier 1 leverage8.37 %8.76 %9.16 %
Common equity tier 1 capital13.07 %12.90 %12.58 %
Tier 1 risk-based capital13.07 %12.90 %12.58 %
Total risk-based capital16.03 %13.64 %13.21 %
(1) At end of period



SUPPLEMENTAL BALANCE SHEET DATA (UNAUDITED)
(Dollars in thousands)
September 30
2021		June 30
2021		March 31
2021		December 31
2020		September 30
2020
Commercial$757,993 $723,888 $725,540 $756,686 $821,102 
Agricultural93,782 95,197 91,629 100,461 102,263 
Residential real estate321,620 312,567 305,909 307,543 304,559 
Consumer75,163 75,011 72,840 73,621 75,384 
Gross loans$1,248,558 $1,206,663 $1,195,918 $1,238,311 $1,303,308 
September 30
2021		June 30
2021		March 31
2021		December 31
2020		September 30
2020
Noninterest bearing demand deposits$430,950 $428,410 $404,710 $375,395 $353,082 
Interest bearing demand deposits374,137 326,971 328,440 302,444 287,809 
Savings deposits572,136 549,134 555,688 505,497 474,483 
Certificates of deposit312,027 326,214 331,413 358,165 354,210 
Brokered certificates of deposit— — 14,029 14,029 14,029 
Internet certificates of deposit3,066 5,777 9,301 10,787 11,482 
Total deposits$1,692,316 $1,636,506 $1,643,581 $1,566,317 $1,495,095 
September 30
2021		June 30
2021		March 31
2021		December 31
2020		September 30
2020
U.S. Treasury$192,069 $132,593 $29,371 $— $— 
States and political subdivisions128,689 130,960 140,329 143,656 148,401 
Auction rate money market preferred3,246 3,260 3,224 3,237 3,194 
Mortgage-backed securities62,030 68,155 75,835 88,652 104,165 
Collateralized mortgage obligations100,767 109,294 116,865 101,983 107,294 
Corporate7,583 4,192 1,700 1,700 — 
Available-for-sale securities, at fair value$494,384 $448,454 $367,324 $339,228 $363,054 
September 30
2021		June 30
2021		March 31
2021		December 31
2020		September 30
2020
Federal Home Loan Bank advances$60,000 $70,000 $90,000 $90,000 $205,000 
Securities sold under agreements to repurchase without stated maturity dates67,519 62,274 51,967 68,747 33,349 
Subordinated debt, net of unamortized issuance costs29,136 29,121 — — — 
Total borrowed funds$156,655 $161,395 $141,967 $158,747 $238,349 


SUPPLEMENTAL STATEMENTS OF INCOME DATA (UNAUDITED)
(Dollars in thousands)
Three Months Ended September 30Nine Months Ended September 30
2021202020212020
Service charges and fees
ATM and debit card fees$1,156 $1,003 $3,282 $2,680 
Service charges and fees on deposit accounts601 436 1,518 1,373 
Freddie Mac servicing fee177 162 572 476 
Net OMSR income (loss)(28)271 (128)(79)
Other fees for customer services58 78 245 239 
Total service charges and fees1,964 1,950 5,489 4,689 
Wealth management fees772 649 2,274 1,877 
Net gain on sale of mortgage loans339 1,036 1,459 1,653 
Earnings on corporate owned life insurance policies201 187 577 558 
Gains from redemption of corporate owned life insurance policies— — 150 873 
Other
Net income (loss) on joint venture investment— 181 — 308 
All other91 57 265 346 
Total other91 238 265 654 
Total noninterest income$3,367 $4,060 $10,214 $10,304 
Three Months Ended September 30Nine Months Ended September 30
2021202020212020
Compensation and benefits$6,116 $6,101 $17,693 $17,763 
Furniture and equipment1,349 1,426 4,049 4,318 
Occupancy866 889 2,726 2,668 
Other
Audit, consulting, and legal fees665 417 1,553 1,348 
ATM and debit card fees473 373 1,352 1,024 
Marketing costs236 209 683 677 
Memberships and subscriptions234 188 662 546 
Loan underwriting fees238 199 628 577 
FDIC insurance premiums169 159 529 459 
Director fees166 168 505 527 
Donations and community relations198 131 452 566 
All other475 690 1,665 2,122 
Total other noninterest expenses2,854 2,534 8,029 7,846 
Total noninterest expenses$11,185 $10,950 $32,497 $32,595