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Isabella Bank Corporation
ISBA
#8509
Rank
$0.30 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$39.48
Share price
0.31%
Change (1 day)
N/A
Change (1 year)
  1. Isabella Bank Corporation
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

Isabella Bank Corporation - 10-Q quarterly report FY2026 Q2


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
For the quarterly period ended June 30, 2026
or
☐Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
For the transition period from                      to                     
Commission File Number: 0-18415
Isabella Bank Corporation
(Exact name of registrant as specified in its charter)
Michigan38-2830092
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
401 N. Main StMt. Pleasant MI48858
(Address of principal executive offices)(Zip code)
(989) 772-9471
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, no par value per shareISBA
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer☒
Non-accelerated filer☐Smaller reporting company☒
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐  Yes   ☒  No
The number of common shares outstanding of the registrant’s Common Stock (no par value) was 7,628,873 as of August 6, 2026.

ISABELLA BANK CORPORATION
QUARTERLY REPORT ON FORM 10-Q
Table of Contents
4
Item 1.
4
Item 2.
42
Item 3.
57
Item 4.
57
58
Item 1.
58
Item 1A.
58
Item 2.
58
Item 3.
58
Item 4.
58
Item 5.
58
Item 6.
59
60
2
Glossary of Acronyms and Abbreviations
The acronyms and abbreviations identified below may be used throughout this Quarterly Report on Form 10-Q for the three and six-month periods ended June 30, 2026 (this “Form 10-Q”) or in our other SEC filings. You may find it helpful to refer back to this page while reading this report.
ACL: Allowance for credit lossesFHLB: Federal Home Loan Bank of Chicago
AFS: Available-for-saleFRB: Board of Governors of the Federal Reserve System
ALCO: Asset-Liability CommitteeFreddie Mac: Federal Home Loan Mortgage Corporation
ALLL: Allowance for loan and lease lossesFTE: Fully taxable equivalent
AOCI: Accumulated other comprehensive incomeGAAP: U.S. generally accepted accounting principles
ASC: FASB Accounting Standards CodificationHFS: Held-for-sale
ASU: FASB Accounting Standards UpdateHFI: Held-for-investment
ATM: Automated teller machineIRR: Interest rate risk
AUM: Assets under managementIT: Information Technology
BHC Act: Bank Holding Company Act of 1956N/A: Not applicable
Board: Board of Directors of Isabella Bank CorporationN/M: Not meaningful
BOLI: Bank-owned life insuranceNasdaq: Nasdaq Stock Market Index
CECL: Current expected credit lossesNAV: Net asset value
CFPB: Consumer Financial Protection BureauNIM: Net interest margin
CIK: Central Index KeyNSF: Non-sufficient funds
DIF: Deposit Insurance FundOCI: Other comprehensive income (loss)
DIFS: Michigan Department of Insurance and Financial ServicesOMSR: Originated mortgage servicing rights
Directors Plan: Isabella Bank Corporation and Related Companies Deferred Compensation Plan for DirectorsPCAOB: Public Company Accounting Oversight Board
Dividend Reinvestment Plan: Isabella Bank Corporation Stockholder Dividend Reinvestment Plan and Employee Stock Purchase PlanRabbi Trust: A trust established to fund our Directors Plan
ESPP: Isabella Bank Corporation 2025 Employee Stock Purchase PlanRSP: Isabella Bank Corporation Restricted Stock Plan
ETR: Effective tax rateSEC: U.S. Securities and Exchange Commission
Exchange Act: Securities Exchange Act of 1934, as amendedSOFR: Secured Overnight Financing Rate
FASB: Financial Accounting Standards BoardSOX: Sarbanes-Oxley Act of 2002
FDIC: Federal Deposit Insurance CorporationXBRL: eXtensible Business Reporting Language
FFIEC: Federal Financial Institutions Examinations CouncilYield Curve: U.S. Treasury Yield Curve
3
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars in thousands)June 30,
2026		December 31,
2025
ASSETS
Cash and cash equivalents$41,774 $26,041 
Marketable securities AFS (amortized cost of $450,111 and $507,689, respectively)
439,289 497,791 
Mortgage loans HFS410 423 
Loans held for investment1,589,672 1,536,364 
Allowance for credit losses(14,479)(13,727)
Loans, net1,575,193 1,522,637 
FHLB stock, at cost5,600 5,600 
Premises and equipment28,894 29,000 
Cash surrender value of BOLI46,603 46,133 
Goodwill and other intangible assets48,282 48,282 
Other assets33,596 33,541 
Total assets$2,219,641 $2,209,448 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Noninterest bearing demand deposits$414,018 $426,342 
Interest bearing demand deposits252,149 266,187 
Money market deposits453,478 436,631 
Savings300,867 280,429 
Certificates of deposit389,401 410,065 
Total deposits1,809,913 1,819,654 
Short-term borrowings116,012 68,000 
FHLB advances— 45,000 
Subordinated debt, net of unamortized issuance costs29,559 29,514 
Other liabilities15,453 15,884 
Total liabilities1,970,937 1,978,052 
Shareholders’ equity
Common stock — no par value, 15,000,000 shares authorized: issued and outstanding 7,628,809 shares at June 30, 2026 and 7,322,207 shares at December 31, 2025
135,079 123,204 
Shares to be issued for deferred compensation obligations2,532 2,366 
Retained earnings119,844 113,849 
Accumulated other comprehensive loss(8,751)(8,023)
Total shareholders’ equity248,704 231,396 
Total liabilities and shareholders’ equity$2,219,641 $2,209,448 









See notes to interim condensed consolidated financial statements (unaudited).
4
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended 
 June 30		Six Months Ended 
 June 30
(dollars in thousands, except per share amounts)2026202520262025
Interest income
Loans, including fees$22,607 $19,832 $44,071 $39,180 
AFS securities
Taxable2,902 2,513 5,391 4,616 
Nontaxable470 519 969 1,059 
FHLB stock64 125 139 285 
Federal funds sold and other173 253 775 735 
Total interest income26,216 23,242 51,345 45,875 
Interest expense
Deposits6,778 7,391 13,890 14,854 
Short-term borrowings1,007 324 1,743 665 
FHLB advances43 132 176 170 
Subordinated debt304 266 570 532 
Total interest expense8,132 8,113 16,379 16,221 
Net interest income18,084 15,129 34,966 29,654 
Provision for (reversal of) credit losses895 (1,099)1,499 (1,206)
Net interest income after provision for credit losses17,189 16,228 33,467 30,860 
Noninterest income
Service charges and fees2,440 1,936 4,717 3,810 
Wealth management fees1,216 1,084 2,324 2,063 
Increase in the cash surrender value of BOLI434 300 882 672 
Net gain on sale of mortgage loans15 47 48 77 
Other270 319 765 592 
Total noninterest income4,375 3,686 8,736 7,214 
Noninterest expenses
Compensation and benefits8,147 7,496 16,075 14,879 
Occupancy and equipment2,890 2,650 5,730 5,250 
Other professional services807 863 1,822 1,574 
ATM and debit card fees629 555 1,187 1,041 
Marketing514 469 1,020 928 
FDIC insurance premiums288 267 594 570 
Merger-related expenses505 — 505 — 
Other1,606 1,445 3,115 2,802 
Total noninterest expenses15,386 13,745 30,048 27,044 
Income before income tax expense6,178 6,169 12,155 11,030 
Income tax expense1,137 1,138 2,122 2,050 
Net income$5,041 $5,031 $10,033 $8,980 
Earnings per common share
Basic$0.69 $0.68 $1.37 $1.21 
Diluted0.69 0.68 1.37 1.21 
Cash dividends per common share0.28 0.28 0.56 0.56 



See notes to interim condensed consolidated financial statements (unaudited).
5
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended 
 June 30		Six Months Ended 
 June 30
(dollars in thousands)2026202520262025
Net income$5,041 $5,031 $10,033 $8,980 
Unrealized gains (losses) on AFS securities(200)3,879 (924)8,893 
Tax effect (1)
51 (827)196 (1,925)
Unrealized gains (losses) on AFS securities, net of tax(149)3,052 (728)6,968 
Comprehensive income$4,892 $8,083 $9,305 $15,948 
(1) See “Note 6 – Capital Ratios and Shareholders' Equity” of these consolidated financial statements for tax effect reconciliation.





























See notes to interim condensed consolidated financial statements (unaudited).
6
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
Common Stock
(dollars in thousands, except per share amounts)Common Shares
Outstanding		AmountCommon Shares to be
Issued for
Deferred
Compensation
Obligations		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Totals
Beginning balance at March 31, 20257,408,010 $125,547 $2,508 $104,940 $(17,439)$215,556 
Comprehensive income (loss)— — — 5,031 3,052 8,083 
Issuance of common stock11,498 340 — — — 340 
Common stock transferred from the Rabbi Trust to satisfy deferred compensation obligations— 211 (211)— — — 
Share-based payment awards under the Directors Plan— — 34 — — 34 
Share-based compensation expense recognized in earnings under the RSP— 14 — — — 14 
Common stock repurchased(57,824)(1,505)— — — (1,505)
Cash dividends paid ($0.28 per common share)
— — — (2,022)— (2,022)
Ending balance at June 30, 20257,361,684 $124,607 $2,331 $107,949 $(14,387)$220,500 
Beginning balance at March 31, 20267,333,319 $123,251 $2,522 $116,790 $(8,602)$233,961 
Comprehensive income (loss)— — — 5,041 (149)4,892 
Issuance of common stock300,594 12,015 — — — 12,015 
Common stock transferred from the Rabbi Trust to satisfy deferred compensation obligations— 24 (24)— — — 
Share-based payment awards under the Directors Plan— — 34 — — 34 
Share-based compensation expense recognized in earnings under the RSP— 13 — — — 13 
Common stock repurchased(5,104)(224)— — — (224)
Cash dividends paid ($0.28 per common share)
— — — (1,987)— (1,987)
Ending balance at June 30, 20267,628,809 $135,079 $2,532 $119,844 $(8,751)$248,704 
7
Common Stock
(dollars in thousands, except per share amounts)Common Shares
Outstanding		AmountCommon Shares to be
Issued for
Deferred
Compensation
Obligations		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Totals
Beginning balance at December 31, 20247,424,893 $126,224 $2,383 $103,024 $(21,355)$210,276 
Comprehensive income (loss)— — — 8,980 6,968 15,948 
Issuance of common stock28,830 759 — — — 759 
Common stock issued for deferred compensation under the RSP11,367 — — — — — 
Common stock transferred from the Rabbi Trust to satisfy deferred compensation obligations— 253 (253)— — — 
Share-based payment awards under the Directors Plan— — 201 — — 201 
Share-based compensation expense recognized in earnings under the RSP— 21 — — — 21 
Common stock repurchased(103,406)(2,650)— — — (2,650)
Cash dividends paid ($0.56 per common share)
— — — (4,055)— (4,055)
Ending balance at June 30, 20257,361,684 $124,607 $2,331 $107,949 $(14,387)$220,500 
Beginning balance at December 31, 20257,322,207 $123,204 $2,366 $113,849 $(8,023)$231,396 
Comprehensive income (loss)— — — 10,033 (728)9,305 
Issuance of common stock310,276 12,448 — — — 12,448 
Common stock transferred from the Rabbi Trust to satisfy deferred compensation obligations— 24 (24)— — — 
Common stock issued for deferred compensation under the RSP9,492 — — — — — 
Share-based payment awards under the Directors Plan— — 190 — — 190 
Share-based compensation expense recognized in earnings under the RSP— 29 — — — 29 
Common stock repurchased(13,166)(626)— — — (626)
Cash dividends paid ($0.56 per common share)
— — — (4,038)— (4,038)
Ending balance at June 30, 20267,628,809 $135,079 $2,532 $119,844 $(8,751)$248,704 












See notes to interim condensed consolidated financial statements (unaudited).
8
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months Ended 
 June 30
(dollars in thousands)20262025
Operating activities
Net income$10,033 $8,980 
Reconciliation of net income to net cash provided by operating activities
Provision for (reversal of) credit losses1,499 (1,206)
Depreciation1,141 1,072 
Net amortization of AFS securities181 543 
Net gain on sale of mortgage loans(48)(77)
Increase in the cash surrender value of BOLI, net of expenses(874)(667)
Gains from redemption of BOLI policies(137)— 
Share-based payment awards219 222 
Origination of loans HFS(2,028)(3,018)
Proceeds from loan sales2,089 3,282 
Net changes in:
Other assets(212)1,781 
Other liabilities(381)1,513 
Net cash provided by operating activities11,482 12,425 
Investing activities
Proceeds from maturities, calls and prepayments of AFS securities121,763 47,819 
Purchases of AFS securities(64,366)(51,000)
Net change in loans HFI(54,153)27,053 
Purchases of premises and equipment(945)(1,584)
Purchases of BOLI policies— (10,225)
Proceeds from redemption of BOLI policies541 — 
Proceeds from sale of FHLB stock— 7,162 
Proceeds from sales of foreclosed assets396 118 
Low income housing tax credit investments(40)(3,767)
Net cash provided by investing activities3,196 15,576 
Financing activities
Net increase (decrease) in deposits(9,741)102,316 
Net increase (decrease) in short-term borrowings48,012 (10,359)
Net (decrease) in FHLB advances(45,000)(30,000)
Cash dividends paid on common stock(4,038)(4,055)
Proceeds from issuance of common stock12,448 759 
Common stock repurchased(626)(2,650)
Net cash provided by financing activities1,055 56,011 
Increase (decrease) in cash and cash equivalents15,733 84,012 
Cash and cash equivalents at beginning of period26,041 24,542 
Cash and cash equivalents at end of period$41,774 $108,554 
Supplemental cash flows information
Interest paid$16,595 $16,335 
Federal income taxes paid3,810 400 
Supplemental noncash information
Transfers of loans to foreclosed assets98 293 
Transfers of foreclosed assets to premises and equipment90 — 
See notes to interim condensed consolidated financial statements (unaudited).
9
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1 – Significant Accounting Policies
Basis of Presentation and Consolidation
The consolidated financial statements include the accounts of Isabella Bank Corporation, a registered financial holding company, and its wholly owned banking subsidiary, Isabella Bank. All intercompany balances and accounts have been eliminated in consolidation. References to “we,” “our,” “us,” and “the Corporation” refer to Isabella Bank Corporation, a Michigan corporation and registered financial holding company, our wholly-owned banking subsidiary, Isabella Bank, and our other consolidated subsidiaries. References to “the Bank” refer to Isabella Bank.
The accompanying unaudited interim condensed consolidated financial statements in this Form 10-Q have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary for a fair presentation have been included. Operating results for the three and six-month periods ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. For further information, refer to our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 13, 2026 (the “2025 Annual Report on Form 10-K”). All financial data presented in these notes, as well as in Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-Q, including financial data presented in the tables and explanations thereof, are expressed in thousands except per share amounts and ratios and unless otherwise noted.
Recent Developments
On June 16, 2026, the Corporation and the Bank entered into an equity distribution agreement with Piper Sandler & Co., as sales agent, pursuant to which the Corporation may offer and sell, from time to time, shares of its common stock with an aggregate gross sales price of up to $30.0 million, including through “at-the-market” offerings and other permitted methods. The sales agent is entitled to a commission of up to 3.0% of the gross sales price of the common stock sold in such offering. The Corporation is not obligated to sell any shares of its common stock pursuant to the equity distribution agreement, and may suspend or terminate sales thereunder at any time. Any shares sold will be issued pursuant to the Corporation’s effective shelf registration statement on Form S-3 and related prospectus supplement, and net proceeds, if any, are expected to be used for general corporate purposes, which may include, without limitation, contribution to the capital of the Bank to support its lending activities and growth. Please see Note 5 below for additional information about our at-the-market offering.
On June 11, 2026, the Corporation, 401 Merger Sub, Inc., a Michigan corporation and a wholly owned subsidiary of the Corporation (“Merger Sub”), and Grand River Commerce, Inc. (“Grand River”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Grand River, with Grand River as the surviving entity (the “Merger”), and immediately following the Merger, Grand River will merge with and into the Corporation, with the Corporation as the surviving entity (the “Second Step Merger”). The Merger Agreement further provides that immediately following the Second Step Merger, Grand River Bank, a Michigan state-chartered member bank and wholly owned subsidiary of Grand River, will merge with and into the Bank, with the Bank as the surviving bank (the “Bank Merger” and, together with the Merger and the Second Step Merger, the “Transaction”). We expect to complete the Merger in the fourth quarter of 2026, subject to satisfaction of closing conditions, including receipt of customary required regulatory approvals and the approval of the Merger Agreement by the shareholders of Grand River.
Upon the terms and subject to the conditions of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each voting and non-voting share of common stock of Grand River (“Grand River Common Stock”) issued and outstanding immediately prior to the Effective Time, other than certain shares held by Grand River or the Corporation or dissenting shares, will be converted into the right to receive, at the election of the holder thereof, and subject to adjustment and proration, as applicable, (i) an amount of cash equal to the quotient of (A) $18,262,391 (the “Aggregate Cash Consideration”), divided by (B) the product obtained by multiplying (x) the number of shares of Grand River Common Stock issued and outstanding as of the Effective Time by (y) 0.35 (the “Cash Conversion Number”), rounded to the nearest cent (the “Per Share Cash Consideration”), or (ii) the number of shares of common stock of the Corporation, no par value (“Isabella Common Stock”), multiplied by the Exchange Ratio (as defined below).
The Exchange Ratio is defined in the Merger Agreement as a number, as adjusted, of shares of Isabella Common Stock equal to the quotient of (A) 839,003 shares of Isabella Common Stock, divided by (B) the difference of (1) the aggregate number of shares of Grand River Common Stock issued and outstanding immediately prior to the Effective Time, other than certain shares held by Grand River or the Corporation or dissenting shares, minus (2) the Cash Conversion Number, rounded to the nearest ten
10
thousandth (the “Per Share Stock Consideration”). The Per Share Cash Consideration and/or the Per Share Stock Consideration are sometimes referred to herein collectively as the “Merger Consideration.”
Merger Consideration elections by Grand River shareholders will be subject to proration procedures whereby 65% of the shares of Grand River Common Stock will be exchanged for the Per Share Stock Consideration and 35% of the shares of Grand River common stock will be exchanged for the Per Share Cash Consideration. Based on the assumption of 9,136,529 shares of Grand River Common Stock issued and outstanding as of the Effective Time, the Per Share Cash Consideration to be paid is estimated to be approximately $5.71 and the Exchange Ratio is estimated to be approximately 0.1413. At March 31, 2026, Grand River had approximately $511.7 million in total assets, $433.0 million in total loans and $438.9 million in total deposits. The pro forma company is projected to have approximately $2.7 billion in total assets.
Identification and Classification of Merger-Related Expenses
Merger-related expenses are costs incurred directly in connection with merger and acquisition activities and are expensed in the period in which the costs are incurred and services are received. The costs to issue equity securities associated with the Merger are netted against the value of the securities issued. Merger-related expenses are expected to include legal fees for negotiation and drafting of merger agreements, accounting and auditing fees related to due diligence and financial statement preparation, consulting fees for strategic advisory services specific to the merger, costs related to regulatory filings and compliance, expenses for integration planning and execution (including IT, systems integration, and contract terminations), severance and retention bonuses for employees affected by the Merger, and travel and accommodation expenses directly related to merger activities. Merger-related expenses of $505,000 recognized in second quarter 2026 primarily include consulting fees and legal fees.
Operating Segments
Segment information is prepared on the same basis that our Chief Executive Officer, who is our Chief Operating Decision Maker (“CODM”), manages our segments, evaluates financial results, and makes key operating decisions. While the CODM monitors the revenue streams of our various products and services, operations are managed, and financial performance is evaluated on a corporate-wide basis. Operating segments are aggregated into one as operating results for all segments are similar. Accordingly, all of the banking-related operations are considered by management to be aggregated in one reportable operating segment.
The segment is also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products and services, and geographical regions are similar. The CODM will evaluate the financial performance of our business components by evaluating revenue streams, significant expenses, and budget to actual results in assessing our reportable segment and in the determination of allocating resources. Further, the CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets.
Consolidated net income is used to benchmark our results against our competitors. Benchmarking and monitoring of budget to actual results are used in assessing performance and in establishing compensation. Revenue from banking operations consists primarily of loan and investment interest, deposit related fees, and wealth fees. Interest expense, provision for credit losses, compensation, and occupancy and equipment costs provide the significant expenses in our banking operations. All operations are domestic.
Changes in Significant Accounting Policies
Our accounting policies are materially the same as those discussed in Note 1 to the Consolidated Financial Statements included in our 2025 Annual Report on Form 10-K.
Subsequent Events
We evaluated subsequent events after June 30, 2026 through the date our interim condensed consolidated financial statements were issued for potential recognition and disclosure. Management determined that no subsequent events require financial statement recognition or disclosure between June 30, 2026 and the date our interim condensed consolidated financial statements were issued.

11
Pending Accounting Standards
ASU No. 2024-03: “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”
In November 2024, ASU No. 2024-03 was issued to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling general and administrative expense, and research and development). The new authoritative guidance is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, as clarified in ASU No. 2025-01 issued in January 2025. The new authoritative guidance under ASU No. 2024-03 is not expected to have a significant impact on our operations or financial statement disclosures.

12
Note 2 – AFS Securities
The amortized cost and fair value of AFS securities, with gross unrealized gains and losses, are as follows as of the dates indicated:
June 30, 2026December 31, 2025
(dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
U.S. Treasury$100,032 $— $872 $99,160 $200,327 $— $2,793 $197,534 
States and political subdivisions64,109 19 2,972 61,156 71,857 45 2,697 69,205 
Auction rate money market preferred3,200 — 781 2,419 3,200 — 787 2,413 
Agency mortgage-backed securities20,743 — 1,216 19,527 23,373 — 1,121 22,252 
Agency collateralized mortgage obligations27,541 — 1,740 25,801 30,312 — 1,518 28,794 
Agency commercial mortgage-backed securities228,036 267 3,188 225,115 172,170 1,149 1,647 171,672 
Corporate6,450 — 339 6,111 6,450 — 529 5,921 
Total$450,111 $286 $11,108 $439,289 $507,689 $1,194 $11,092 $497,791 
We made an accounting policy election to exclude accrued interest receivable on AFS securities from the amortized cost basis of AFS securities, as displayed above. Accrued interest receivable on AFS securities was $1.6 million and $1.7 million at June 30, 2026 and December 31, 2025, respectively, which is included in other assets on the consolidated balance sheets. Additional policy information related to AFS securities are discussed in detail in Note 1, Significant Accounting Policies in the consolidated financial statements included within the 2025 Annual Report on Form 10-K.
The amortized cost and fair value of AFS securities by contractual maturity as of June 30, 2026 are as follows:
MaturingSecurities with Variable Monthly Payments or Noncontractual Maturities
(dollars in thousands)Due in
One Year
or Less		After One
Year But
Within
Five Years		After Five
Years But
Within
Ten Years		After
Ten Years		Total
U.S. Treasury$100,032 $— $— $— $— $100,032 
States and political subdivisions8,780 15,497 20,571 19,261 — 64,109 
Auction rate money market preferred— — — — 3,200 3,200 
Agency mortgage-backed securities— — — — 20,743 20,743 
Agency collateralized mortgage obligations— — — — 27,541 27,541 
Agency commercial mortgage-backed securities6,871 148,499 72,666 — — 228,036 
Corporate— 2,500 3,950 — — 6,450 
Total amortized cost$115,683 $166,496 $97,187 $19,261 $51,484 $450,111 
Fair value$114,739 $163,871 $95,248 $17,684 $47,747 $439,289 
Expected maturities for government sponsored enterprises and states and political subdivisions may differ from contractual maturities as issuers may have the right to call or prepay obligations.
As the auction rate money market preferred investments have continual call dates, they are not reported by a specific maturity group. Because of their variable monthly payments, agency mortgage-backed securities and collateralized mortgage obligations are not reported by a specific maturity group.
13
The information in the following tables pertains to AFS securities with gross unrealized losses as of June 30, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous loss position for which an allowance for credit losses has not been recorded.
June 30, 2026
Less Than Twelve MonthsTwelve Months or More
(dollars in thousands)Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Total
Unrealized
Losses
U.S. Treasury$— $— $872 $99,160 $872 
States and political subdivisions130 10,989 2,842 27,884 2,972 
Auction rate money market preferred— — 781 2,419 781 
Agency mortgage-backed securities— — 1,216 19,527 1,216 
Agency collateralized mortgage obligations— — 1,740 25,801 1,740 
Agency commercial mortgage-backed securities1,232 110,180 1,956 82,866 3,188 
Corporate— — 339 6,111 339 
Total$1,362 $121,169 $9,746 $263,768 $11,108 
Number of securities in an unrealized loss position:36 140 176 
December 31, 2025
Less Than Twelve MonthsTwelve Months or More
(dollars in thousands)Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Total
Unrealized
Losses
U.S. Treasury$— $— $2,793 $197,534 $2,793 
States and political subdivisions993 13,446 1,704 24,823 2,697 
Auction rate money market preferred— — 787 2,413 787 
Agency mortgage-backed securities— — 1,121 22,252 1,121 
Agency collateralized mortgage obligations— — 1,518 28,794 1,518 
Agency commercial mortgage-backed securities39 9,042 1,608 91,222 1,647 
Corporate— — 529 5,921 529 
Total$1,032 $22,488 $10,060 $372,959 $11,092 
Number of securities in an unrealized loss position:38 138 176 
As of June 30, 2026, no ACL has been recognized on AFS securities in an unrealized loss position, as management does not believe any of the securities are impaired due to reasons of credit quality. This is based on our analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors related to our AFS securities and consideration of our historical credit loss experience and internal forecasts. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. Management does not currently intend to sell any of the securities classified as AFS in the table above, and believes it is more likely than not that we will not have to sell any such securities before a recovery of cost. Unrealized losses are generally due to a continued elevated market interest rate environment compared to the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their respective maturity date or repricing date, or if the market yields for such investments decline.
14
Note 3 – Loans and ACL
Loan Composition
The following table provides a detailed listing of our loan portfolio, excluding loans HFS, as of the dates indicated:
June 30, 2026December 31, 2025
(dollars in thousands)BalancePercent of TotalBalancePercent of Total
Commercial and industrial
Secured$198,156 12.47%$189,071 12.31%
Unsecured33,434 2.10%31,379 2.04%
Total commercial and industrial231,590 14.57%220,450 14.35%
Commercial real estate
Commercial mortgage owner occupied242,550 15.26%229,906 14.96%
Commercial mortgage non-owner occupied223,980 14.09%223,984 14.58%
Commercial mortgage 1-4 family investor106,150 6.68%101,400 6.60%
Commercial mortgage multifamily100,591 6.31%84,468 5.50%
Total commercial real estate673,271 42.34%639,758 41.64%
Advances to mortgage brokers75,159 4.73%76,676 4.99%
Agricultural
Agricultural mortgage67,620 4.25%69,769 4.54%
Agricultural other29,842 1.88%32,340 2.11%
Total agricultural97,462 6.13%102,109 6.65%
Residential real estate
Senior lien388,931 24.47%372,287 24.23%
Junior lien11,697 0.74%10,970 0.71%
Home equity lines of credit49,364 3.11%44,623 2.91%
Total residential real estate449,992 28.32%427,880 27.85%
Consumer
Secured - direct26,755 1.68%28,648 1.86%
Secured - indirect32,001 2.01%37,456 2.44%
Unsecured3,442 0.22%3,387 0.22%
Total consumer62,198 3.91%69,491 4.52%
Total$1,589,672 100.00%$1,536,364 100.00%
We grant commercial, agricultural, residential real estate, and consumer loans to customers primarily in Bay, Clare, Gratiot, Isabella, Mecosta, Midland, Montcalm, and Saginaw counties in Michigan. The ability of borrowers to honor their repayment obligations is often dependent upon the real estate, agricultural, manufacturing, retail, gaming, tourism, health care, higher education, and general economic conditions of this region. Substantially all of our consumer and residential real estate loans are secured by various items of property, while commercial loans are secured primarily by real estate, business assets, and personal guarantees. A portion of loans are unsecured.
Loans that we have the intent and ability to hold in our portfolio are reported at their outstanding principal balance adjusted for any charge-offs, the ACL, and deferred fees or costs. Unless a loan has a nonaccrual status, interest income is accrued over the term of the loan based on the principal amount outstanding. We made an accounting policy election to exclude accrued interest receivable on loans from the amortized cost basis of loans. Accrued interest receivable on loans was $6.0 million and $6.7 million at June 30, 2026 and December 31, 2025, respectively, which is included in other assets on the consolidated balance sheets. Loan origination fees and certain direct loan origination costs are capitalized and recognized as a component of interest income over the term of the loan using the interest method. Net unamortized deferred loan costs were $2.9 million and $3.0 million as of June 30, 2026 and December 31, 2025, respectively.
Commercial and agricultural loans include loans for commercial real estate, commercial operating loans, advances to mortgage brokers, farmland and agricultural production, and loans to states and political subdivisions. Repayment of these loans is dependent upon the successful operation and management of a business. We minimize our risk by limiting the amount of direct
15
credit exposure to any one borrower to $18.0 million. Borrowers with direct credit needs of more than $18.0 million may be serviced through the use of loan participations with other commercial banks. Commercial and agricultural real estate loans commonly require loan-to-value limits of 80% or less. Depending upon the type of loan, past credit history, and current operating results, we may require the borrower to pledge accounts receivable, inventory, property, or equipment. Government agency guarantees may be required. Personal guarantees and/or life insurance beneficiary assignments are generally required from the owners of closely held corporations, partnerships, and sole proprietorships. In addition, we may require annual financial statements, prepare cash flow analyses, and review credit reports of our borrowers.
We offer adjustable-rate mortgages, construction loans, and fixed rate residential real estate loans which have amortization periods up to a maximum of 30 years. We consider the anticipated direction of interest rates, balance sheet duration, the sensitivity of our balance sheet to changes in interest rates, our liquidity needs, and overall loan demand to determine whether or not to sell fixed rate loans to Freddie Mac.
Our lending policies generally limit the maximum loan-to-value ratio on residential real estate loans to 100% of the lower of the appraised value of the property or the purchase price. Private mortgage insurance is typically required on loans with loan-to-value ratios in excess of 80% unless the loan qualifies for government guarantees.
Underwriting criteria for originated residential real estate loans generally include:
•Evaluation of the borrower’s ability to make monthly payments.
•Evaluation of the value of the property securing the loan.
•Ensuring the payment of principal, interest, taxes, and hazard insurance generally does not exceed 28% of a borrower’s gross income.
•Ensuring all debt servicing does not exceed 40% of income.
•Verification of acceptable credit reports.
•Verification of employment, income, and financial information.
Appraisals are performed by independent appraisers and are reviewed for appropriateness. Generally, mortgage loan requests are reviewed by our mortgage loan committee or through a secondary market underwriting system. Loans in excess of $1.5 million require the approval of one or more of the following Bank committees: Internal Loan Committee, the Executive Loan Committee, or the Board of Directors.
Consumer loans include secured and unsecured personal loans. Loans are amortized for a period of up to 15 years based on the age and value of the underlying collateral. The underwriting emphasis is on a borrower’s perceived intent and ability to pay rather than collateral value. No consumer loans are sold to the secondary market.
Nonaccrual and Past Due Loans
Nonaccrual loan policies, including a description of nonaccrual loans, are discussed in detail in Note 1, Significant Accounting Policies, and Note 3, Loans and ACL, in the consolidated financial statements included within the 2025 Annual Report on Form 10-K. There have been no material changes to these policies in 2026. The following table summarizes nonaccrual loan data by class of loans as of the dates indicated:
June 30, 2026December 31, 2025
(dollars in thousands)Total Nonaccrual LoansNonaccrual Loans with No ACLTotal Nonaccrual LoansNonaccrual Loans with No ACL
Commercial and industrial
Secured$623 $200 $442 $— 
Commercial real estate
Commercial mortgage owner occupied726 — 766 — 
Commercial mortgage 1-4 family investor3,002 3,002 3,000 3,000 
Agricultural
Agricultural mortgage919 919 — — 
Agricultural other1,948 1,948 — — 
Residential real estate
Senior lien572 572 370 370 
Total$7,790 $6,641 $4,578 $3,370 
16
The following tables summarize the past due and current loans for the entire loan portfolio as of the dates indicated:
June 30, 2026
Past Due:Accruing Loans 90 or More Days Past Due
(dollars in thousands)30-59
Days		60-89
Days		90 Days
or More		CurrentTotal
Commercial and industrial
Secured$51 $— $— $198,105 $198,156 $— 
Unsecured25 — — 33,409 33,434 — 
Total commercial and industrial76 — — 231,514 231,590 — 
Commercial real estate
Commercial mortgage owner occupied— — — 242,550 242,550 — 
Commercial mortgage non-owner occupied136 — — 223,844 223,980 — 
Commercial mortgage 1-4 family investor— — 3,002 103,148 106,150 — 
Commercial mortgage multifamily— — — 100,591 100,591 — 
Total commercial real estate136 — 3,002 670,133 673,271 — 
Advances to mortgage brokers— — — 75,159 75,159 — 
Agricultural
Agricultural mortgage855 — — 66,765 67,620 — 
Agricultural other1,100 776 — 27,966 29,842 — 
Total agricultural1,955 776 — 94,731 97,462 — 
Residential real estate
Senior lien14 433 312 388,172 388,931 — 
Junior lien— — — 11,697 11,697 — 
Home equity lines of credit88 — — 49,276 49,364 — 
Total residential real estate102 433 312 449,145 449,992 — 
Consumer
Secured - direct27 — — 26,728 26,755 — 
Secured - indirect45 25 — 31,931 32,001 — 
Unsecured32 — — 3,410 3,442 — 
Total consumer104 25 — 62,069 62,198 — 
Total$2,373 $1,234 $3,314 $1,582,751 $1,589,672 $— 
17
December 31, 2025
Past Due:Accruing Loans 90 or More Days Past Due
(dollars in thousands)30-59
Days		60-89
Days		90 Days
or More		CurrentTotal
Commercial and industrial
Secured$121 $443 $— $188,507 $189,071 $— 
Unsecured— — — 31,379 31,379 — 
Total commercial and industrial121 443 — 219,886 220,450 — 
Commercial real estate
Commercial mortgage owner occupied— 766 — 229,140 229,906 — 
Commercial mortgage non-owner occupied839 — — 223,145 223,984 — 
Commercial mortgage 1-4 family investor67 — 3,000 98,333 101,400 — 
Commercial mortgage multifamily— — — 84,468 84,468 — 
Total commercial real estate906 766 3,000 635,086 639,758 — 
Advances to mortgage brokers— — — 76,676 76,676 — 
Agricultural
Agricultural mortgage— — — 69,769 69,769 — 
Agricultural other60 — — 32,280 32,340 — 
Total agricultural60 — — 102,049 102,109 — 
Residential real estate
Senior lien5,012 385 — 366,890 372,287 — 
Junior lien12 — — 10,958 10,970 — 
Home equity lines of credit115 — — 44,508 44,623 — 
Total residential real estate5,139 385 — 422,356 427,880 — 
Consumer
Secured - direct21 — — 28,627 28,648 — 
Secured - indirect284 30 — 37,142 37,456 — 
Unsecured1 5 — 3,381 3,387 — 
Total consumer306 35 — 69,150 69,491 — 
Total$6,532 $1,629 $3,000 $1,525,203 $1,536,364 $— 

18
Credit Quality Ratings and Indicators
We have certain lending policies and procedures in place designed to maximize loan income within an acceptable level of risk. The Board of Directors reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management and the Board of Directors with frequent reports related to loan production, loan quality, and concentration of credit, loan delinquencies, nonperforming loans and potential problem loans. We seek to diversify the loan portfolio as a means of managing risk associated with fluctuations in economic conditions.
Internally assigned credit risk ratings are reviewed, at a minimum, when loans are renewed or when management has knowledge of improvements or deterioration of the credit quality of individual credits. Descriptions of the internally assigned credit risk ratings for commercial and agricultural loans are discussed in detail in Note 3, Loans and ACL, in the consolidated financial statements included within the 2025 Annual Report on Form 10-K. There have been no material changes to the risk rating definitions in 2026.
The following tables display commercial and agricultural loans by credit risk ratings and year of origination as of the dates indicated:
June 30, 2026
(dollars in thousands)20262025202420232022PriorRevolving
Loans		Revolving Loans Converted to TermTotal
Commercial and industrial: Secured
Risk ratings 1-3$4,709 $530 $9,263 $9,104 $1,310 $4,649 $42,167 $— $71,732 
Risk rating 417,063 16,363 14,750 9,295 3,765 4,193 33,901 — 99,330 
Risk rating 5700 1,108 2,148 142 14,996 27 4,132 — 23,253 
Risk rating 6126 — 64 19 — 4 3,005 — 3,218 
Risk rating 7150 — 423 — — — 50 — 623 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$22,748 $18,001 $26,648 $18,560 $20,071 $8,873 $83,255 $— $198,156 
2026 year-to-date gross charge-offs$— $24 $— $— $— $— $1 $— $25 
Commercial and industrial: Unsecured
Risk ratings 1-3$432 $798 $— $1,743 $341 $— $2,860 $— $6,174 
Risk rating 43,808 8,862 704 594 463 200 10,668 — 25,299 
Risk rating 5— 7 8 59 — 450 1,335 — 1,859 
Risk rating 6— 18 74 — — 10 — — 102 
Risk rating 7— — — — — — — — — 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$4,240 $9,685 $786 $2,396 $804 $660 $14,863 $— $33,434 
2026 year-to-date gross charge-offs$— $— $— $— $— $— $23 $— $23 
Commercial real estate: Owner occupied
Risk ratings 1-3$1,200 $5,353 $3,647 $8,330 $1,336 $32,123 $1,172 $— $53,161 
Risk rating 413,877 39,154 30,959 18,922 26,217 46,808 3,458 — 179,395 
Risk rating 5— 1,814 1,040 530 976 3,141 387 — 7,888 
Risk rating 6— — 1,312 — — 69 — — 1,381 
Risk rating 7— — 725 — — — — — 725 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$15,077 $46,321 $37,683 $27,782 $28,529 $82,141 $5,017 $— $242,550 
2026 year-to-date gross charge-offs$— $— $— $154 $— $— $— $— $154 
19
June 30, 2026
(dollars in thousands)20262025202420232022PriorRevolving
Loans		Revolving Loans Converted to TermTotal
Commercial real estate: Non-owner occupied
Risk ratings 1-3$6,115 $4,185 $253 $712 $5,768 $4,836 $138 $— $22,007 
Risk rating 413,868 24,717 7,072 20,335 43,396 53,933 1,223 — 164,544 
Risk rating 55,795 247 9,816 8,671 9,994 2,365 500 — 37,388 
Risk rating 6— — — — — 41 — — 41 
Risk rating 7— — — — — — — — — 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$25,778 $29,149 $17,141 $29,718 $59,158 $61,175 $1,861 $— $223,980 
2026 year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate: 1-4 family investor
Risk ratings 1-3$314 $735 $708 $221 $2,533 $2,183 $5,272 $— $11,966 
Risk rating 49,075 15,249 8,425 5,762 7,010 36,462 7,321 — 89,304 
Risk rating 5117 114 — 341 210 213 469 — 1,464 
Risk rating 6— — — 233 — 38 142 — 413 
Risk rating 7— 44 — 2,959 — — — — 3,003 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$9,506 $16,142 $9,133 $9,516 $9,753 $38,896 $13,204 $— $106,150 
2026 year-to-date gross charge-offs$— $134 $74 $23 $— $— $— $— $231 
Commercial real estate: Multifamily
Risk ratings 1-3$8,930 $— $869 $— $1,555 $1,771 $188 $— $13,313 
Risk rating 48,349 20,880 5,950 922 18,315 28,483 220 — 83,119 
Risk rating 5— — 475 902 — 2,782 — — 4,159 
Risk rating 6— — — — — — — — — 
Risk rating 7— — — — — — — — — 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$17,279 $20,880 $7,294 $1,824 $19,870 $33,036 $408 $— $100,591 
2026 year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Advances to mortgage brokers
Risk ratings 1-3$75,159 $— $— $— $— $— $— $— $75,159 
2026 year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Agricultural mortgage
Risk ratings 1-3$316 $2,566 $876 $539 $3,206 $5,208 $29 $— $12,740 
Risk rating 42,649 4,166 2,685 3,626 10,032 16,187 596 — 39,941 
Risk rating 56,229 1,364 264 161 535 1,416 745 — 10,714 
Risk rating 62,500 — — — — 806 — — 3,306 
Risk rating 7— — — — 855 64 — — 919 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$11,694 $8,096 $3,825 $4,326 $14,628 $23,681 $1,370 $— $67,620 
2026 year-to-date gross charge-offs$— $— $— $— $44 $— $— $— $44 


20
June 30, 2026
(dollars in thousands)20262025202420232022PriorRevolving
Loans		Revolving Loans Converted to TermTotal
Agricultural other
Risk ratings 1-3$323 $800 $316 $345 $562 $424 $4,309 $— $7,079 
Risk rating 41,387 1,363 600 614 419 330 9,943 — 14,656 
Risk rating 514 668 20 107 20 904 2,989 — 4,722 
Risk rating 61,350 — — — — — 87 — 1,437 
Risk rating 7— 1,876 — 72 — — — — 1,948 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$3,074 $4,707 $936 $1,138 $1,001 $1,658 $17,328 $— $29,842 
2026 year-to-date gross charge-offs$— $58 $— $— $— $— $— $— $58 
December 31, 2025
(dollars in thousands)20252024202320222021PriorRevolving
Loans		Revolving Loans Converted to TermTotal
Commercial and industrial: Secured
Risk ratings 1-3$257 $10,256 $8,605 $1,841 $3,660 $2,471 $36,713 $— $63,803 
Risk rating 420,722 19,606 13,553 5,939 5,653 1,278 30,804 — 97,555 
Risk rating 52,271 2,290 139 15,215 45 — 4,085 — 24,045 
Risk rating 681 75 19 — 30 6 3,015 — 3,226 
Risk rating 7— 442 — — — — — — 442 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$23,331 $32,669 $22,316 $22,995 $9,388 $3,755 $74,617 $— $189,071 
2025 year-to-date gross charge-offs$— $— $22 $— $— $— $— $— $22 
Commercial and industrial: Unsecured
Risk ratings 1-3$867 $25 $2,165 $156 $10 $312 $3,302 $— $6,837 
Risk rating 411,882 955 813 1,240 188 274 7,080 — 22,432 
Risk rating 52 — 61 — 476 — 1,488 — 2,027 
Risk rating 6— 83 — — — — — — 83 
Risk rating 7— — — — — — — — — 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$12,751 $1,063 $3,039 $1,396 $674 $586 $11,870 $— $31,379 
2025 year-to-date gross charge-offs$— $50 $— $— $— $— $— $— $50 
Commercial real estate: Owner occupied
Risk ratings 1-3$5,021 $4,101 $8,467 $1,385 $17,482 $16,095 $1,419 $— $53,970 
Risk rating 433,004 33,403 20,559 27,541 26,605 23,021 2,380 — 166,513 
Risk rating 51,687 192 557 1,149 131 2,866 372 — 6,954 
Risk rating 6— 1,327 304 — 72 — — — 1,703 
Risk rating 7— 766 — — — — — — 766 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$39,712 $39,789 $29,887 $30,075 $44,290 $41,982 $4,171 $— $229,906 
2025 year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
21
December 31, 2025
(dollars in thousands)20252024202320222021PriorRevolving
Loans		Revolving Loans Converted to TermTotal
Commercial real estate: Non-owner occupied
Risk ratings 1-3$3,346 $273 $4,996 $5,910 $9,132 $3,360 $102 $— $27,119 
Risk rating 426,715 7,300 21,512 44,632 31,180 26,464 1,595 — 159,398 
Risk rating 5249 9,938 7,641 10,192 1,612 6,343 466 — 36,441 
Risk rating 6— — 982 — — 44 — — 1,026 
Risk rating 7— — — — — — — — — 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$30,310 $17,511 $35,131 $60,734 $41,924 $36,211 $2,163 $— $223,984 
2025 year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate: 1-4 family investor
Risk ratings 1-3$615 $764 $225 $2,631 $1,445 $1,126 $3,068 $— $9,874 
Risk rating 415,675 9,486 7,180 7,873 26,081 13,609 6,983 — 86,887 
Risk rating 5269 — 137 216 — 122 338 — 1,082 
Risk rating 6— — 515 — — 42 — — 557 
Risk rating 7— — 3,000 — — — — — 3,000 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$16,559 $10,250 $11,057 $10,720 $27,526 $14,899 $10,389 $— $101,400 
2025 year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate: Multifamily
Risk ratings 1-3$— $885 $363 $1,603 $852 $1,099 $288 $— $5,090 
Risk rating 420,842 5,030 957 18,892 10,087 19,158 220 — 75,186 
Risk rating 5— 480 914 — — 2,798 — — 4,192 
Risk rating 6— — — — — — — — — 
Risk rating 7— — — — — — — — — 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$20,842 $6,395 $2,234 $20,495 $10,939 $23,055 $508 $— $84,468 
2025 year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Advances to mortgage brokers
Risk ratings 1-3$76,676 $— $— $— $— $— $— $— $76,676 
2025 year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Agricultural mortgage
Risk ratings 1-3$2,647 $714 $419 $2,993 $1,990 $3,945 $338 $— $13,046 
Risk rating 44,426 4,098 3,449 11,231 5,864 11,802 1,642 — 42,512 
Risk rating 5852 269 1,083 418 5,829 622 952 — 10,025 
Risk rating 6535 — — 2,068 69 1,514 — — 4,186 
Risk rating 7— — — — — — — — — 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$8,460 $5,081 $4,951 $16,710 $13,752 $17,883 $2,932 $— $69,769 
2025 year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 



22
December 31, 2025
(dollars in thousands)20252024202320222021PriorRevolving
Loans		Revolving Loans Converted to TermTotal
Agricultural other
Risk ratings 1-3$860 $503 $434 $671 $221 $277 $4,054 $— $7,020 
Risk rating 42,055 801 738 610 483 62 11,202 — 15,951 
Risk rating 5881 55 133 17 889 391 2,308 — 4,674 
Risk rating 63,476 — 88 — 61 — 1,070 — 4,695 
Risk rating 7— — — — — — — — — 
Risk rating 8— — — — — — — — — 
Risk rating 9— — — — — — — — — 
Total$7,272 $1,359 $1,393 $1,298 $1,654 $730 $18,634 $— $32,340 
2025 year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Our primary credit quality indicator for residential real estate and consumer loans is the individual loan’s past due status. The following tables display loans by payment status and year of origination as of the dates indicated:
June 30, 2026
(dollars in thousands)20262025202420232022PriorRevolving
Loans		Revolving Loans Converted to TermTotal
Residential real estate: Senior lien
Current$35,742 $67,672 $50,477 $32,889 $39,266 $150,137 $— $11,729 $387,912 
Past due 30-89 days— — — — 249 198 — — 447 
Past due 90 or more days— — — — — — — — — 
Nonaccrual— — 85 — 178 309 — — 572 
Total$35,742 $67,672 $50,562 $32,889 $39,693 $150,644 $— $11,729 $388,931 
2026 year-to-date gross charge-offs$— $— $1 $— $— $— $— $— $1 
Residential real estate: Junior lien
Current$1,835 $4,359 $2,937 $1,863 $432 $271 $— $— $11,697 
Past due 30-89 days— — — — — — — — — 
Past due 90 or more days— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total$1,835 $4,359 $2,937 $1,863 $432 $271 $— $— $11,697 
2026 year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential real estate: Home equity lines of credit
Current$— $— $— $— $— $— $49,276 $— $49,276 
Past due 30-89 days— — — — — — 88 — 88 
Past due 90 or more days— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total$— $— $— $— $— $— $49,364 $— $49,364 
2026 year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Consumer: Secured - direct
Current$5,002 $5,769 $4,936 $4,134 $3,137 $3,750 $— $— $26,728 
Past due 30-89 days— — 20 — 7 — — — 27 
Past due 90 or more days— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total$5,002 $5,769 $4,956 $4,134 $3,144 $3,750 $— $— $26,755 
2026 year-to-date gross charge-offs$— $— $24 $66 $14 $3 $— $— $107 
23
June 30, 2026
(dollars in thousands)20262025202420232022PriorRevolving
Loans		Revolving Loans Converted to TermTotal
Consumer: Secured - indirect
Current$2,398 $3,321 $3,787 $11,348 $3,930 $7,147 $— $— $31,931 
Past due 30-89 days— — 25 15 28 2 — — 70 
Past due 90 or more days— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total$2,398 $3,321 $3,812 $11,363 $3,958 $7,149 $— $— $32,001 
2026 year-to-date gross charge-offs$— $— $— $50 $— $24 $— $— $74 
Consumer: Unsecured
Current$965 $1,115 $377 $56 $23 $1 $873 $— $3,410 
Past due 30-89 days— 11 — — — — 21 — 32 
Past due 90 or more days— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total$965 $1,126 $377 $56 $23 $1 $894 $— $3,442 
2026 year-to-date gross charge-offs$154 $33 $2 $3 $— $1 $3 $— $196 
December 31, 2025
(dollars in thousands)20252024202320222021PriorRevolving
Loans		Revolving Loans Converted to TermTotal
Residential real estate: Senior lien
Current$72,854 $43,102 $35,251 $42,022 $65,769 $93,563 $— $14,223 $366,784 
Past due 30-89 days112 284 633 774 830 2,500 — — 5,133 
Past due 90 or more days— — — — — — — — — 
Nonaccrual— — — — 179 191 — — 370 
Total$72,966 $43,386 $35,884 $42,796 $66,778 $96,254 $— $14,223 $372,287 
2025 year-to-date gross charge-offs$— $— $— $— $— $1 $— $— $1 
Residential real estate: Junior lien
Current$4,786 $3,252 $2,075 $507 $67 $271 $— $— $10,958 
Past due 30-89 days— 12 — — — — — — 12 
Past due 90 or more days— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total$4,786 $3,264 $2,075 $507 $67 $271 $— $— $10,970 
2025 year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential real estate: Home equity lines of credit
Current$— $— $— $— $— $— $44,467 $41 $44,508 
Past due 30-89 days— — — — — — 115 — 115 
Past due 90 or more days— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total$— $— $— $— $— $— $44,582 $41 $44,623 
2025 year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
24
December 31, 2025
(dollars in thousands)20252024202320222021PriorRevolving
Loans		Revolving Loans Converted to TermTotal
Consumer: Secured - direct
Current$7,870 $6,374 $5,501 $4,088 $2,238 $2,556 $— $— $28,627 
Past due 30-89 days— — 11 9 — 1 — — 21 
Past due 90 or more days— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total$7,870 $6,374 $5,512 $4,097 $2,238 $2,557 $— $— $28,648 
2025 year-to-date gross charge-offs$— $4 $33 $36 $9 $53 $— $— $135 
Consumer: Secured - indirect
Current$4,327 $4,457 $14,532 $5,133 $3,609 $5,084 $— $— $37,142 
Past due 30-89 days— 82 198 — — 34 — — 314 
Past due 90 or more days— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total$4,327 $4,539 $14,730 $5,133 $3,609 $5,118 $— $— $37,456 
2025 year-to-date gross charge-offs$— $— $— $— $— $13 $— $— $13 
Consumer: Unsecured
Current$1,686 $689 $171 $34 $5 $— $796 $— $3,381 
Past due 30-89 days5 — — — — — 1 — 6 
Past due 90 or more days— — — — — — — — — 
Nonaccrual— — — — — — — — — 
Total$1,691 $689 $171 $34 $5 $— $797 $— $3,387 
2025 year-to-date gross charge-offs$328 $1 $10 $1 $1 $— $— $— $341 

25
Loan Modifications
A loan modification includes terms outside of normal lending practices to a borrower experiencing financial difficulty.
Typical modifications granted include, but are not limited to:
•Agreeing to interest rates below prevailing market rates for debt with similar risk characteristics.
•Extending the maturity date or amortization period beyond typical lending guidelines for loans with similar risk characteristics.
•Agreeing to an interest-only payment structure, delaying principal payments, or delaying payments.
•Forgiving principal.
To determine if a borrower is experiencing financial difficulty, factors we consider include:
•The borrower is currently in default on any debt.
•The borrower would likely default on any debt if the concession is not granted.
•The borrower’s cash flow is insufficient to service all debt if the concession is not granted.
•The borrower has declared, or is in the process of declaring, bankruptcy.
•The borrower is unlikely to continue as a going concern (if the entity is a business).
The following is a summary of the amortized cost basis of loan modifications granted to borrowers experiencing financial difficulty for the periods indicated:
Three Months Ended June 30, 2026
Interest Rate ReductionOther-Than-Insignificant Payment DelayTerm ExtensionInterest Rate Reduction
and Term Extension		Other-Than-Insignificant Payment Delay and Term Extension
(dollars in thousands)Amortized Cost Basis% of Total Class of Financial ReceivableAmortized Cost Basis% of Total Class of Financial ReceivableAmortized Cost Basis% of Total Class of Financial ReceivableAmortized Cost Basis% of Total Class of Financial ReceivableAmortized Cost Basis% of Total Class of Financial Receivable
Commercial and industrial
Secured$— 0.00 %$151 0.08 %$151 0.08 %$50 0.03 %$423 0.21 %
Commercial real estate
Commercial mortgage owner occupied366 0.15 %725 0.30 %— 0.00 %— 0.00 %— 0.00 %
Commercial mortgage non-owner occupied— 0.00 %— 0.00 %5,795 2.59 %— 0.00 %— 0.00 %
Agricultural
Agricultural mortgage229 0.34 %— 0.00 %— 0.00 %— 0.00 %— 0.00 %
Agricultural other— 0.00 %— 0.00 %1,350 4.52 %— 0.00 %— 0.00 %
Residential real estate
Senior lien— 0.00 %85 0.02 %— 0.00 %— 0.00 %— 0.00 %
Total$595 $961 $7,296 $50 $423 
26
Six Months Ended June 30, 2026
Interest Rate ReductionOther-Than-Insignificant Payment DelayTerm ExtensionInterest Rate Reduction
and Term Extension		Other-Than-Insignificant Payment Delay and Term Extension
(dollars in thousands)Amortized Cost Basis% of Total Class of Financial ReceivableAmortized Cost Basis% of Total Class of Financial ReceivableAmortized Cost Basis% of Total Class of Financial ReceivableAmortized Cost Basis% of Total Class of Financial ReceivableAmortized Cost Basis% of Total Class of Financial Receivable
Commercial and industrial
Secured$— 0.00 %$151 0.08 %$161 0.08 %$50 0.03 %$423 0.21 %
Commercial real estate
Commercial mortgage owner occupied367 0.15 %2,625 1.08 %— 0.00 %— 0.00 %— 0.00 %
Commercial mortgage non-owner occupied— 0.00 %— 0.00 %5,795 2.59 %— 0.00 %— 0.00 %
Agricultural
Agricultural mortgage229 0.34 %— 0.00 %— 0.00 %— 0.00 %— 0.00 %
Agricultural other— 0.00 %— 0.00 %1,350 4.52 %— 0.00 %1,100 3.69 %
Residential real estate
Senior lien— 0.00 %85 0.02 %— 0.00 %— 0.00 %— 0.00 %
Total$596 $2,861 $7,306 $50 $1,523 
Three Months Ended June 30, 2025
Interest Rate ReductionTerm ExtensionOther-Than-Insignificant Payment Delay and Term Extension
(dollars in thousands)Amortized Cost Basis% of Total Class of Financial ReceivableAmortized Cost Basis% of Total Class of Financial ReceivableAmortized Cost Basis% of Total Class of Financial Receivable
Commercial and industrial
Secured$20 0.01 %$2,600 1.12%$602 0.26 %
Total$20 $2,600 $602 
Six Months Ended June 30, 2025
Interest Rate ReductionTerm ExtensionOther-Than-Insignificant Payment Delay and Term Extension
(dollars in thousands)Amortized Cost Basis% of Total Class of Financial ReceivableAmortized Cost Basis% of Total Class of Financial ReceivableAmortized Cost Basis% of Total Class of Financial Receivable
Commercial and industrial
Secured$20 0.01 %$3,114 1.34%$602 0.26%
Commercial real estate
Commercial mortgage owner occupied— 0.00 %1,511 0.85 %— 0.00 %
Total$20 $4,625 $602 
We do not modify any loans by forgiving principal or accrued interest. We had committed to advance $3,000 and $221,000 in additional funds to be disbursed in connection with modified loans as of June 30, 2026 and December 31, 2025, respectively, as displayed in the tables above.
27
The following is a summary of the financial effect of the modifications granted to borrowers experiencing financial difficulty for the periods indicated:
Three Months Ended June 30
20262025
(dollars in thousands)Weighted-Average Interest Rate ReductionPayment Delay TermWeighted-Average Term Extension (Years)Weighted-Average Interest Rate ReductionPayment Delay TermWeighted-Average Term Extension (Years)
Commercial and industrial
Secured2.50%7 months5.1610.00%10 months0.50
Commercial real estate
Commercial mortgage owner occupied1.30%7 monthsN/AN/AN/AN/A
Commercial mortgage non-owner occupiedN/AN/A5.00N/AN/AN/A
Agricultural
Agricultural mortgage0.75%N/AN/AN/AN/AN/A
Agricultural otherN/AN/A0.67N/AN/AN/A
Residential real estate
Senior lienN/A3 monthsN/AN/AN/AN/A
Six Months Ended June 30
20262025
(dollars in thousands)Weighted-Average Interest Rate ReductionPayment Delay TermWeighted-Average Term Extension (Years)Weighted-Average Interest Rate ReductionPayment Delay TermWeighted-Average Term Extension (Years)
Commercial and industrial
Secured2.50%7 months5.1310.00%10 months1.04
Commercial real estate
Commercial mortgage owner occupied2.10%7 monthsN/AN/AN/A15.00
Commercial mortgage non-owner occupiedN/AN/A5.00N/AN/AN/A
Agricultural
Agricultural mortgage0.75%N/AN/AN/AN/AN/A
Agricultural otherN/A6 months0.53N/AN/AN/A
Residential real estate
Senior lienN/A3 monthsN/AN/AN/AN/A
28
We closely monitor the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of our modification efforts. The following tables summarize the amortized cost basis of loans that have been modified within the 12 months prior to the dates indicated:
June 30, 2026
(dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		90 Days or
More Past Due		Total
Commercial and industrial
Secured$864 $— $— $— $864 
Commercial real estate
Commercial mortgage owner occupied2,992 — — — 2,992 
Commercial mortgage non-owner occupied5,795 — — — 5,795 
Agricultural
Agricultural mortgage563 855 — — 1,418 
Agricultural other1,350 1,100 776 — 3,226 
Residential real estate
Senior lien— — — 85 85 
Total$11,564 $1,955 $776 $85 $14,380 
June 30, 2025
(dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		90 Days or
More Past Due		Total
Commercial and industrial
Secured$3,637 $99 $— $— $3,736 
Commercial real estate
Commercial mortgage owner occupied2,852 — — — 2,852 
Agricultural
Agricultural mortgage276 — — — 276 
Agricultural other132 — — — 132 
Total$6,897 $99 $— $— $6,996 
The following table summarizes the amortized cost basis of loans that defaulted in the three and six-month periods ended June 30, 2026 and were modified within 12 months prior to the default date. There were no loans that defaulted in the three and six-month period ended June 30, 2025 and were modified within 12 months prior to the default date. Modified loans, including those that have defaulted, are already included in the allowance for credit losses through the various methodologies used to estimate the allowance. As such, no modification to the allowance is recorded specifically due to a modified loan subsequently defaulting.
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
(dollars in thousands)Other-Than-Insignificant Payment DelayTerm ExtensionOther-Than-Insignificant Payment Delay and Term ExtensionOther-Than-Insignificant Payment DelayTerm ExtensionOther-Than-Insignificant Payment Delay and Term Extension
Commercial and industrial
Secured$— $— $— $— $— $423 
Agricultural
Agricultural mortgage855 — — 855 — — 
Agricultural other— 776 1,100 — 776 1,100 
Residential real estate
Senior lien— — — 85 — — 
Total$855 $776 $1,100 $940 $776 $1,523 
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ACL - Loans
The credit quality of our loan portfolio is continuously monitored and is reflected within the ACL for loans. The ACL is an estimate of expected losses inherent within our loan portfolio. The ACL is adjusted by a credit loss expense, which is reported in earnings, and reduced by the charge-off of loan amounts, net of recoveries.
The ACL is evaluated on a regular basis for appropriateness. Our periodic review of the collectability of a loan considers historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.
The primary factors behind the determination of the level of the ACL are specific allocations for loans individually evaluated, historical loss percentages, delinquency status, and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense in those future periods.
The methodology for estimating the amount of expected credit losses reported in the ACL is described within Note 3, Loans and ACL, in the consolidated financial statements included within the 2025 Annual Report on Form 10-K. There have been no material changes to the ACL methodology in 2026.
A summary of activity in the ACL for loans, excluding unfunded commitments, by portfolio segment and the recorded investment in loans by segments follows for the periods indicated:
Three Months Ended June 30, 2026
(dollars in thousands)Commercial and IndustrialCommercial Real EstateAgriculturalResidential Real EstateConsumerTotal
March 31, 2026$1,146 $6,222 $300 $5,148 $1,198 $14,014 
Charge-offs(45)(231)(102)— (185)(563)
Recoveries11 8 5 61 94 179 
Provision for (reversal of) credit losses70 664 67 20 28 849 
June 30, 2026$1,182 $6,663 $270 $5,229 $1,135 $14,479 
Six Months Ended June 30, 2026
(dollars in thousands)Commercial and IndustrialCommercial Real EstateAgriculturalResidential Real EstateConsumerTotal
December 31, 2025$1,136 $5,949 $327 $5,059 $1,256 $13,727 
Charge-offs(48)(385)(102)(1)(377)(913)
Recoveries15 29 5 76 151 276 
Provision for (reversal of) credit losses79 1,070 40 95 105 1,389 
June 30, 2026$1,182 $6,663 $270 $5,229 $1,135 $14,479 
30
Three Months Ended June 30, 2025
(dollars in thousands)Commercial and IndustrialCommercial Real EstateAgriculturalResidential Real EstateConsumerTotal
March 31, 2025$1,239 $5,174 $266 $4,600 $1,456 $12,735 
Charge-offs(72)— — — (318)(390)
Recoveries4 50 — 16 1,752 1,822 
Provision for (reversal of) credit losses147 53 50 57 (1,497)(1,190)
June 30, 2025$1,318 $5,277 $316 $4,673 $1,393 $12,977 
Six Months Ended June 30, 2025
(dollars in thousands)Commercial and IndustrialCommercial Real EstateAgriculturalResidential Real EstateConsumerTotal
December 31, 2024$1,316 $5,171 $287 $4,521 $1,600 $12,895 
Charge-offs(72)— — (1)(489)(562)
Recoveries84 52 — 30 1,880 2,046 
Provision for (reversal of) credit losses(10)54 29 123 (1,598)(1,402)
June 30, 2025$1,318 $5,277 $316 $4,673 $1,393 $12,977 
The following table illustrates the components of the ACL as of the dates indicated:
(dollars in thousands)June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025
ACL
Individually evaluated$199 $227 $259 $— $— 
Collectively evaluated14,280 13,787 13,468 13,149 12,977 
Total$14,479 $14,014 $13,727 $13,149 $12,977 
ACL to loans
Individually evaluated0.01%0.01%0.02%0.00%0.00%
Collectively evaluated0.90%0.89%0.87%0.92%0.93%
Total0.91%0.90%0.89%0.92%0.93%
The following table presents loans that were evaluated for expected credit losses on an individual basis and the related specific allocations, by loan segment as of the dates indicated:
June 30, 2026December 31, 2025
(dollars in thousands)Loan BalanceSpecific AllocationLoan BalanceSpecific Allocation
Commercial and industrial$573 $74 $442 $95 
Commercial real estate3,684 125 3,766 164 
Agricultural2,731 — — — 
Residential real estate572 — 370 — 
Consumer— — — — 
Total$7,560 $199 $4,578 $259 
We have designated loans classified as collateral dependent for which we apply the practical expedient to measure the ACL based on the fair value of the collateral less cost to sell when the repayment is expected to be provided substantially by the sale or operation of the collateral and the borrower is experiencing financial difficulty. The fair value of the collateral is based on appraisals, which may be adjusted due to their age, and the type, location, and condition of the property or area or general market conditions to reflect the expected change in value between the effective date of the appraisal and the measurement date. Appraisals are updated every one to two years depending on the type of loan and the total exposure of the borrower. Loans evaluated for expected credit losses on an individual basis as of June 30, 2026 include $7.6 million in collateral dependent loans secured by commercial real estate, agricultural real estate and equipment, commercial equipment, and residential real estate of $3.7 million, $2.7 million, $573,000, and $572,000, respectively.

31
Note 4 – Borrowed Funds
Short-term borrowings
Short-term borrowings include securities sold under repurchase agreements without stated maturity dates, federal funds purchased, and FRB Discount Window advances, which all generally mature within one to three days from the transaction date.
A summary of short-term borrowed funds without stated maturity dates was as follows for the periods indicated:
Three Months Ended June 30
20262025
(dollars in thousands)Maximum Month End BalanceAverage BalanceWeighted Average Interest Rate During the PeriodMaximum Month End BalanceAverage BalanceWeighted Average Interest Rate During the Period
Securities sold under agreements to repurchase without stated maturity dates$116,012 $115,347 3.46 %$43,208 $40,802 3.14 %
Federal funds purchased— 1 4.58 %— — 0.00 %
FRB Discount Window— 275 3.75 %— 859 4.50 %
Six Months Ended June 30
20262025
(dollars in thousands)Maximum Month End BalanceAverage BalanceWeighted Average Interest Rate During the PeriodMaximum Month End BalanceAverage BalanceWeighted Average Interest Rate During the Period
Securities sold under agreements to repurchase without stated maturity dates$116,012 $101,127 3.44%$47,310 $42,150 3.18%
Federal funds purchased— 1 4.67%— 11 5.43%
FRB Discount Window3,700 250 3.14%— 446 4.50%
Securities sold under agreements to repurchase are classified as secured borrowings and are reflected at the amount of cash received in connection with the transaction. The securities underlying the agreements have a carrying value and a fair value of $143.6 million and $87.8 million as of June 30, 2026 and December 31, 2025, respectively. Such securities remain under our control. We may be required to provide additional collateral based on changes to the fair value of underlying securities.
Securities sold under repurchase agreements without stated maturity dates were as follows as of the dates indicated:
June 30, 2026December 31, 2025
(dollars in thousands)AmountRateAmountRate
Securities sold under agreements to repurchase without stated maturity dates$116,012 3.49%$68,000 3.45%
We had pledged AFS securities and 1-4 family residential real estate loans in the following amounts as of the dates indicated:
(dollars in thousands)June 30,
2026		December 31,
2025
Pledged to secure borrowed funds$447,298 $424,163 
Pledged to secure repurchase agreements143,628 87,752 
Pledged for public deposits and for other purposes necessary or required by law70,029 69,337 
Total$660,955 $581,252 
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AFS securities pledged to repurchase agreements consisted of the following as of the dates indicated:
(dollars in thousands)June 30,
2026		December 31,
2025
U.S. Treasury$19,712 $78,992 
Agency mortgage-backed securities6,198 6,928 
Agency collateralized mortgage obligations117,718 1,832 
Total$143,628 $87,752 
AFS securities pledged to repurchase agreements are monitored to ensure the appropriate level is collateralized. In the event of maturities, calls, significant principal repayments, or significant decline in market values, we have an adequate level of AFS securities to pledge to satisfy collateral requirements.
As of June 30, 2026, we had the ability to borrow up to an additional $403.0 million without pledging additional collateral.
FHLB advances

FHLB advances are collateralized by a blanket lien on all qualified 1-4 family residential real estate loans, specific AFS securities, and FHLB stock.
The following table lists the maturities and weighted average interest rates of FHLB advances as of the dates indicated:
June 30, 2026December 31, 2025
(dollars in thousands)AmountRateAmountRate
Fixed rate due 2026$— 0.00 %$45,000 3.92%
Subordinated notes
We have $30 million in aggregate principal amount of 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031 (the "Notes"). The Notes initially had a fixed interest rate of 3.25% until June 15, 2026, after which time and until maturity on June 15, 2031, the interest rate will reset quarterly to an annual floating rate equal to the then-current 3-month SOFR plus 256 basis points. As of June 15, 2026, the Notes are redeemable by us at any time at our option, in whole or in part. The Notes are not subject to redemption at the option of the holders. Additionally, the Notes are intended to qualify for Tier 2 capital treatment, subject to regulatory limitations.
The following table summarizes our outstanding subordinated notes as of the dates indicated:
June 30, 2026December 31, 2025
(dollars in thousands)AmountRateAmountRate
Fixed rate at 3.25% to floating, due 2031
$30,000 6.23%$30,000 3.25%
Unamortized issuance costs(441)(486)
Total subordinated debt, net$29,559 $29,514 

33
Note 5 – Computation of Earnings Per Common Share
Basic earnings per common share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may be issued relate solely to outstanding shares in the Directors Plan, grant awards under the RSP, and purchase options under the ESPP.
Pursuant to the Corporation’s at-the-market offering, we issued and sold 303,371 shares of common stock during the six months ended June 30, 2026, increasing equity by $11.7 million as of June 30, 2026.
Earnings per common share have been computed based on the following for the periods indicated:
Three Months Ended 
 June 30		Six Months Ended 
 June 30
(dollars in thousands, except per share amounts)2026202520262025
Average number of common shares outstanding for basic calculation7,330,929 7,383,338 7,324,794 7,400,370 
Dilutive effect of stock compensation, awards, and options6,449 14,771 7,284 13,604 
Average number of common shares outstanding used to calculate diluted earnings per common share7,337,378 7,398,109 7,332,078 7,413,974 
Net income$5,041 $5,031 $10,033 $8,980 
Earnings per common share
Basic$0.69 $0.68 $1.37 $1.21 
Diluted0.69 0.68 1.37 1.21 

34
Note 6 – Capital Ratios and Shareholders' Equity
As of June 30, 2026 and December 31, 2025, the most recent notifications from the FRB and the FDIC categorized us as “well capitalized” under the FDIC’s regulatory framework for prompt corrective action and the Basel III capital guidelines. To be categorized as “well capitalized,” an institution must maintain minimum total risk-based, Tier 1 risk-based, common equity Tier 1, and Tier 1 leverage ratios as set forth in the following tables. The minimum requirements presented below include the minimum required capital levels based on the Basel III capital guidelines. Capital requirements to be considered “well capitalized” are based upon the FDIC’s prompt corrective action regulations, as amended to reflect the changes under the Basel III capital guidelines. There were no conditions or events since the notifications that we believe have changed our categorizations. The following tables set forth these capital requirements and our ratios, both on a bank-only and on a consolidated basis, as of the dates indicated:
June 30, 2026
ActualMinimum Capital
Required Plus Capital Conservation Buffer
Minimum Capital
Required To Be Considered
Well Capitalized (1)
(dollars in thousands)AmountRatioAmountRatioAmountRatio
Common equity Tier 1 capital to risk weighted assets
Isabella Bank$194,064 11.49%$118,197 7.00%$109,754 6.50%
Consolidated209,173 12.34%118,619 7.00% N/A N/A
Tier 1 capital to risk weighted assets
Isabella Bank194,064 11.49%143,525 8.50%135,082 8.00%
Consolidated209,173 12.34%144,037 8.50% N/A N/A
Total capital to risk weighted assets
Isabella Bank209,147 12.39%177,295 10.50%168,853 10.00%
Consolidated247,903 14.63%177,928 10.50% N/A N/A
Tier 1 capital to average assets
Isabella Bank194,064 8.93%86,910 4.00%108,638 5.00%
Consolidated209,173 9.59%87,235 4.00% N/A N/A
December 31, 2025
ActualMinimum Capital
Required Plus Capital Conservation Buffer
Minimum Capital
Required To Be Considered
Well Capitalized (1)
(dollars in thousands)AmountRatioAmountRatioAmountRatio
Common equity Tier 1 capital to risk weighted assets
Isabella Bank$182,116 11.20%$113,783 7.00%$105,656 6.50%
Consolidated191,137 11.73%114,114 7.00%N/AN/A
Tier 1 capital to risk weighted assets
Isabella Bank182,116 11.20%138,165 8.50%130,038 8.00%
Consolidated191,137 11.73%138,568 8.50%N/AN/A
Total capital to risk weighted assets
Isabella Bank196,336 12.08%170,675 10.50%162,547 10.00%
Consolidated234,871 14.41%171,172 10.50%N/AN/A
Tier 1 capital to average assets
Isabella Bank182,116 8.45%86,170 4.00%107,713 5.00%
Consolidated191,137 8.84%86,476 4.00%N/AN/A
(1) “Well-capitalized” minimum Common Equity Tier 1 to Risk-Weighted and Leverage Ratio are not formally defined under applicable regulations for bank holding companies.
Total capital includes Tier 1 capital and Tier 2 capital. Tier 2 capital includes a permissible portion of the allowances for credit losses and outstanding subordinated debt, net of unamortized issuance costs. There are no significant regulatory constraints placed on our capital. As of June 30, 2026, the Bank exceeded all minimum Basel III risk-based capital requirements with the capital conservation buffer.
35
State banking regulations place certain restrictions on dividends paid by banks to their shareholders. Dividends paid by the Corporation’s bank subsidiary would be prohibited if the effect thereof would cause the bank subsidiary’s capital to be reduced below applicable minimum capital requirements.
The following table summarizes the changes in AOCI by component for the periods indicated:
Three Months Ended June 30
20262025
(dollars in thousands)Unrealized
Gains
(Losses) on
AFS
Securities		Defined
Benefit
Pension Plan		TotalUnrealized
Gains
(Losses) on
AFS
Securities		Defined
Benefit
Pension Plan		Total
March 31$(8,564)$(38)$(8,602)$(17,042)$(397)$(17,439)
OCI before reclassifications(200)— (200)3,879 — 3,879 
Tax effect51 — 51 (827)— (827)
OCI, net of tax(149)— (149)3,052 — 3,052 
June 30$(8,713)$(38)$(8,751)$(13,990)$(397)$(14,387)
Six Months Ended June 30
20262025
(dollars in thousands)Unrealized
Gains
(Losses) on
AFS
Securities		Defined
Benefit
Pension Plan		TotalUnrealized
Gains
(Losses) on
AFS
Securities		Defined
Benefit
Pension Plan		Total
December 31$(7,985)$(38)$(8,023)$(20,958)$(397)$(21,355)
OCI before reclassifications(924)— (924)8,893 — 8,893 
Tax effect196 — 196 (1,925)— (1,925)
OCI, net of tax(728)— (728)6,968 — 6,968 
June 30$(8,713)$(38)$(8,751)$(13,990)$(397)$(14,387)
Included in OCI for the three and six-month periods ended June 30, 2026 and 2025 are changes in unrealized gains and losses related to certain auction rate money market preferred stocks. These investments, for federal income tax purposes, have no deferred federal income taxes related to unrealized gains or losses given the nature of the investments.
A summary of the components of unrealized gains on AFS securities included in OCI follows for the periods indicated:
Three Months Ended June 30
20262025
(dollars in thousands)Auction Rate Money Market PreferredAll Other AFS SecuritiesTotalAuction Rate Money Market PreferredAll Other AFS SecuritiesTotal
Unrealized gains (losses) arising during the period$39 $(239)$(200)$(64)$3,943 $3,879 
Tax effect— 51 51 — (827)(827)
Unrealized gains (losses), net of tax$39 $(188)$(149)$(64)$3,116 $3,052 
Six Months Ended June 30
20262025
(dollars in thousands)Auction Rate Money Market PreferredAll Other AFS SecuritiesTotalAuction Rate Money Market PreferredAll Other AFS SecuritiesTotal
Unrealized gains (losses) arising during the period$6 $(930)$(924)$(279)$9,172 $8,893 
Tax effect— 196 196 — (1,925)(1,925)
Unrealized gains (losses), net of tax$6 $(734)$(728)$(279)$7,247 $6,968 

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Note 7 – Revenue
Our revenue is comprised primarily of interest income, service charges and fees, gains on the sale of loans and AFS securities, earnings on corporate owned life insurance policies, and other noninterest income. Other noninterest income is typically service and performance driven in nature and comprised primarily of investment and trust advisory fees. We recognize revenue, excluding interest income, in accordance with ASC 606, Revenue From Contracts with Customers. Revenue is recognized when our performance obligation has been satisfied according to our contractual obligation.
We record receivables when revenue is unpaid and collectability is reasonably assured. Accounts receivable balances primarily represent amounts due from customers for which revenue has been recognized. Accounts receivable balances are recorded in the consolidated balance sheets in other assets. For the three and six month periods ended June 30, 2026 and 2025, we satisfied our performance obligations pursuant to contracts with customers. As a result, we have not recorded any contract assets or liabilities. We estimate no returns or allowances for the three and six month periods ended June 30, 2026 and 2025.
Our contracts with customers define our performance obligations with clearly established pricing which did not require us to allocate or disaggregate revenue by performance obligation. A summary of revenue recognized for each major category of contracts with customers, subject to ASC 606, is as follows for the periods indicated:
Three Months Ended 
 June 30		Six Months Ended 
 June 30
(dollars in thousands)2026202520262025
Debit card income$1,198 $995 $2,306 $1,977 
Trust service fees1,019 913 1,885 1,726 
Customer overdraft fees600 532 1,161 1,076 
Service charges and fees related to deposit accounts348 176 706 341 
ATM income294 278 544 507 
Investment advisory fees197 171 439 337 
Other152 134 305 235 
A significant portion of our revenue consists of interest income which is not subject to the requirements set forth in ASC 606.
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Note 8 – Fair Value
Under fair value measurement and disclosure authoritative guidance, we group assets and liabilities measured at fair value into three levels, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value, based on the prioritization of inputs in the valuation techniques. These levels are:
Level 1:Valuation is based upon quoted prices for identical instruments traded in active markets.
Level 2:Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market.
Level 3:Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability.
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. Transfers between measurement levels are recognized at the end of reporting periods.
Fair value measurement requires the use of an exit price notion which may differ from entrance pricing. Generally, we believe our assets and liabilities classified as Level 1 or Level 2 approximate an exit price notion.
Following is a description of the valuation methodologies, key inputs, and an indication of the level of the fair value hierarchy in which the assets or liabilities are classified.
AFS securities: AFS securities are recorded at fair value on a recurring basis. Level 1 fair value measurement is based upon quoted prices for identical instruments. Level 2 fair value measurement is based upon quoted prices for similar instruments. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss and liquidity assumptions. The values for Level 1 and Level 2 investment securities are generally obtained from an independent third party. On a quarterly basis, we compare the values provided to alternative pricing sources.
Loans held for investment: We do not record loans at fair value on a recurring basis. However, some loans are individually evaluated for ACL purposes, and a specific ACL may be established. To measure reserve, the fair value of the loan is estimated using the fair value of the collateral, less costs to sell if foreclosure is probable, or the present value of expected future cash flows discounted at the loan’s effective interest rate. Loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans.
We review the net realizable values of the underlying collateral for collateral dependent loans on at least a quarterly basis for all loan types. To determine the collateral value, we utilize independent appraisals, broker price opinions, or internal evaluations. We review these valuations to determine whether an additional discount should be applied given the age of market information that may have been considered as well as other factors such as costs to sell an asset if it is determined that the collateral will be liquidated in connection with the ultimate settlement of the loan. We use these valuations to determine if any specific reserves or charge-offs are necessary. We may obtain new valuations in certain circumstances, including when there has been significant deterioration in the condition of the collateral, if the foreclosure process has begun, or if the existing valuation is deemed to be outdated.

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The following tables list the quantitative information about loans measured at fair value on a nonrecurring basis as of the dates indicated:
(dollars in thousands)June 30, 2026
Valuation TechniqueFair ValueUnobservable InputActual RangeWeighted Average
Collateral Dependent LoansDiscount applied to collateral:
Discounted value$7,361 Real Estate
20% - 25%
20%
Equipment
30% - 35%
30%
Cash crop inventory40%40%
Liquor license75%75%
Furniture, fixtures & equipment40%40%
(dollars in thousands)December 31, 2025
Valuation TechniqueFair ValueUnobservable InputActual RangeWeighted Average
Collateral Dependent LoansDiscount applied to collateral:
Discounted value$4,319 Real Estate
20% - 25%
20%
Liquor license75%75%
Furniture, fixtures & equipment40%40%
Collateral discount rates may have ranges to accommodate differences in the age of the independent appraisal, broker price opinion, or internal evaluation.
OMSR: OMSR (which are included in other assets) are subject to impairment testing. To test for impairment, we utilize a discounted cash flow analysis using interest rates and prepayment speed assumptions currently quoted for comparable instruments and discount rates. If the valuation model reflects a value less than the carrying value, OMSR are adjusted to fair value through a valuation allowance as determined by the model. As such, we classify OMSR subject to nonrecurring fair value adjustments as Level 3.
The following table lists the quantitative information about OMSR fair value measurement as of the dates indicated:
(dollars in thousands)June 30, 2026
Valuation TechniqueFair ValueUnobservable InputRate
Discounted cash flow$2,239 Constant prepayment rate7%
Discount rate11%
(dollars in thousands)December 31, 2025
Valuation TechniqueFair ValueUnobservable InputRate
Discounted cash flow$2,090 Constant prepayment rate7%
Discount rate11%
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Although we believe our valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement.
Estimated Fair Values of Financial Instruments Not Recorded at Fair Value in their Entirety on a Recurring Basis
Disclosure of the estimated fair values of financial instruments, which differ from carrying values, often requires the use of estimates. In cases where quoted market values in an active market are not available, we use present value techniques and other valuation methods to estimate the fair values of our financial instruments. These valuation methods require considerable judgment and the resulting estimates of fair value can be significantly affected by the assumptions made and methods used.
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The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis were as follows as of the dates indicated:
June 30, 2026
(dollars in thousands)Carrying
Value		Estimated
Fair Value		Level 1Level 2Level 3
ASSETS
Cash and cash equivalents$41,774 $41,774 $41,774 $— $— 
Mortgage loans HFS410 420 — 420 — 
Loans, net1,575,193 1,549,164 — — 1,549,164 
FHLB stock (1)
5,600 N/A— — — 
Accrued interest receivable7,618 7,618 7,618 — — 
Equity securities without readily determinable fair values (1)
3,086 N/A— — — 
LIABILITIES
Deposits without stated maturities1,420,512 1,420,512 1,420,512 — — 
Deposits with stated maturities389,401 387,273 — 387,273 — 
Short-term borrowings116,012 112,804 — 112,804 — 
FHLB advances— — — — — 
Subordinated debt, net of unamortized issuance costs
29,559 29,203 — 29,203 — 
Accrued interest payable806 806 806 — — 
December 31, 2025
(dollars in thousands)Carrying
Value		Estimated
Fair Value		Level 1Level 2Level 3
ASSETS
Cash and cash equivalents$26,041 $26,041 $26,041 $— $— 
Mortgage loans HFS423 429 — 429 — 
Loans, net1,522,637 1,488,282 — — 1,488,282 
FHLB stock (1)
5,600 N/A— — — 
Accrued interest receivable8,397 8,397 8,397 — — 
Equity securities without readily determinable fair values (1)
3,086 N/A— — — 
LIABILITIES
Deposits without stated maturities1,409,589 1,409,589 1,409,589 — — 
Deposits with stated maturities410,065 409,191 — 409,191 — 
Short-term borrowings68,000 66,355 — 66,355 — 
FHLB advances45,000 45,004 — 45,004 — 
Subordinated debt, net of unamortized issuance costs
29,514 29,095 — 29,095 — 
Accrued interest payable1,059 1,059 1,059 — — 
(1) Due to the characteristics of FHLB stock and equity securities without readily determinable fair values, they are not disclosed under a specific fair value hierarchy. When an impairment or write-down related to these securities is recorded, such amount would be classified as a nonrecurring Level 3 fair value adjustment.
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Financial Instruments Recorded at Fair Value
The table below presents the recorded amount of assets and liabilities measured at fair value on the dates indicated:
June 30, 2026December 31, 2025
(dollars in thousands)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Recurring items
AFS securities
U.S. Treasury$99,160 $— $99,160 $— $197,534 $— $197,534 $— 
States and political subdivisions61,156 — 61,156 — 69,205 — 69,205 — 
Auction rate money market preferred2,419 — 2,419 — 2,413 — 2,413 — 
Agency mortgage-backed securities19,527 — 19,527 — 22,252 — 22,252 — 
Agency collateralized mortgage obligations25,801 — 25,801 — 28,794 — 28,794 — 
Agency commercial mortgage-backed securities225,115 — 225,115 — 171,672 — 171,672 — 
Corporate6,111 — 6,111 — 5,921 — 5,921 — 
Total AFS securities439,289 — 439,289 — 497,791 — 497,791 — 
Nonrecurring items
Collateral dependent loans (net of ACL)7,361 — — 7,361 4,319 — — 4,319 
OMSR2,239 — — 2,239 2,090 — — 2,090 
Foreclosed assets620 — — 620 938 — — 938 
Total$449,509 $— $439,289 $10,220 $505,138 $— $497,791 $7,347 
Percent of assets and liabilities measured at fair value0.00%97.73%2.27%0.00%98.55%1.45%
We recorded an impairment related to OMSR of $2,000 through earnings for each of the three and six month periods ended June 30, 2025. No impairments related to OMSR were recorded for the three and six periods ended June 30, 2026. We recorded impairments related to foreclosed assets of $0 and $63,000 for the three and six month periods ended June 30, 2025. No impairments related to foreclosed assets were recorded for the three and six periods ended June 30, 2026. We had no other assets or liabilities recorded at fair value with changes in fair value recognized through earnings, on a recurring basis or nonrecurring basis, as of June 30, 2026. Further, we had no unrealized gains and losses included in OCI for recurring Level 3 fair value measurements held at the end of the reporting period.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
The following is management's discussion and analysis of our financial condition and results of operations for the unaudited periods covered by this Form 10-Q. This analysis should be read in conjunction with our 2025 Annual Report on Form 10-K and with the unaudited interim condensed consolidated financial statements and notes, beginning on page 4 of this Form 10-Q. Unless we state otherwise or the context otherwise requires, references in this Form 10-Q to “we,” “our,” “us,” and “the Corporation” refer to Isabella Bank Corporation, a Michigan corporation and registered financial holding company, our wholly-owned banking subsidiary, Isabella Bank, and our other consolidated subsidiaries. References to “the Bank” refer to Isabella Bank.
General
Isabella Bank Corporation is a registered financial 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.
Recent Developments
On June 16, 2026, the Corporation and the Bank entered into an equity distribution agreement with Piper Sandler & Co., as sales agent, pursuant to which the Corporation may offer and sell, from time to time, shares of its common stock with an aggregate gross sales price of up to $30.0 million, including through “at-the-market” offerings and other permitted methods. The sales agent is entitled to a commission of up to 3.0% of the gross sales price of the common stock sold in such offering. The Corporation is not obligated to sell any shares of its common stock pursuant to the equity distribution agreement, and may suspend or terminate sales thereunder at any time. Any shares sold will be issued pursuant to the Corporation’s effective shelf registration statement on Form S-3 and related prospectus supplement, and net proceeds, if any, are expected to be used for general corporate purposes, which may include, without limitation, contribution to the capital of the Bank to support its lending activities and growth.
On June 11, 2026, the Corporation, 401 Merger Sub, Inc., a Michigan corporation and a wholly owned subsidiary of the Corporation, and Grand River, entered into an Agreement and Plan of Merger. The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Grand River, with Grand River as the surviving entity, and immediately following the Merger, Grand River will merge with and into the Corporation, with the Corporation as the surviving entity. The Merger Agreement further provides that immediately following the Second Step Merger, Grand River Bank, a Michigan state-chartered member bank and wholly owned subsidiary of Grand River, will merge with and into the Bank, with the Bank as the surviving bank. We expect to complete the Merger in the fourth quarter of 2026, subject to satisfaction of closing conditions, including receipt of customary required regulatory approvals and the approval of the Agreement by the shareholders of Grand River.
Upon the terms and subject to the conditions of the Merger Agreement, at the effective time of the Merger, each voting and non-voting share of common stock of Grand River issued and outstanding immediately prior to the Effective Time, other than certain shares held by Grand River or the Corporation or dissenting shares, will be converted into the right to receive, at the election of the holder thereof, and subject to adjustment and proration, as applicable, (i) an amount of cash equal to the quotient of (A) $18,262,391, divided by (B) the product obtained by multiplying (x) the number of shares of Grand River Common Stock issued and outstanding as of the Effective Time by (y) 0.35, rounded to the nearest cent, or (ii) the number of shares of common stock of the Corporation, no par value, multiplied by the Exchange Ratio.
The Exchange Ratio is defined in the Merger Agreement as a number, as adjusted, of shares of Isabella Common Stock equal to the quotient of (A) 839,003 shares of Isabella Common Stock, divided by (B) the difference of (1) the aggregate number of shares of Grand River Common Stock issued and outstanding immediately prior to the Effective Time, other than certain shares held by Grand River or the Corporation or dissenting shares, minus (2) the Cash Conversion Number, rounded to the nearest ten thousandth.
Merger Consideration elections by Grand River shareholders will be subject to proration procedures whereby 65% of the shares of Grand River Common Stock will be exchanged for the Per Share Stock Consideration and 35% of the shares of Grand River common stock will be exchanged for the Per Share Cash Consideration. Based on the assumption of 9,136,529 shares of Grand River Common Stock issued and outstanding as of the Effective Time, the Per Share Cash Consideration to be paid is estimated to be approximately $5.71 and the Exchange Ratio is estimated to be approximately 0.1413. At March 31, 2026, Grand River had approximately $511.7 million in total assets, $433.0 million in total loans and $438.9 million in total deposits. The pro forma company is projected to have approximately $2.7 billion in total assets.
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Forward-Looking Statements
This Form 10-Q contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “likely,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “strive,” “projection,” “goal,” “target,” “outlook,” “aim,” “would,” and “annualized,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates, and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:
•uncertainty or perceived instability in the banking industry as a whole;
•increased competition for deposits among traditional and nontraditional financial services companies, and related changes in deposit customer behavior;
•the persistent inflationary pressures in the United States and its impact on market interest rates, the labor market, the economy as a whole, and credit quality;
•elevated asset prices;
•our ability to effectively execute our expansion strategy and manage our growth, including identifying and consummating suitable acquisitions;
•risks relating to the proposed Merger including, without limitation: the timing of consummation of the proposed transaction between the Corporation and Grand River; the risk that any condition to closing of the proposed Merger may not be satisfied or waived; the risk that the Merger may not be completed at all; the diversion of management time on issues related to the proposed Merger; the expected impact of the proposed Merger and on the combined entities’ operations, financial condition, and financial results; the businesses of Corporation and Grand River may not be combined successfully, or such combination may take longer to accomplish than expected; the cost savings from the proposed Merger may not be fully realized or may take longer to realize than expected; operating costs, customer loss and business disruption following the proposed Merger, including adverse effects on relationships with employees, may be greater than expected; the risk of deposit and customer attrition; increased competitive pressures on solicitations of customers by competitors; regulatory approvals of the proposed Merger may not be obtained, or adverse conditions may be imposed in connection with regulatory approvals of the proposed Merger; and the risk that the Grand River shareholders may not approve the proposed Merger;
•risks associated with concentrations of our business in market areas, loans secured by real estate, and public funds deposits as a percentage of total deposits;
•adverse changes in customer spending, borrowing, and savings habits;
•risks associated with our commercial loan portfolio and agricultural loan portfolio;
•risks related to the significant amount of credit that we have extended to a limited number of borrowers and in a limited geographic area;
•damage to our reputation resulting from adverse publicity, regulatory actions, litigation, operational failures, and the failure to meet client expectations and other facts;
•our ability to keep pace with technological change or difficulties we may experience when implementing new technologies;
•cybersecurity risk, including cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of a cyber-attack;
•costs and effects of litigation, investigations or similar matters to which we may be subject;
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•natural disasters, severe weather, acts of god, military conflicts (including the conflicts in the Middle East, the possible expansion of such conflicts and potential geopolitical and economic consequences), acts of terrorism, domestic civil unrest, geopolitical instability, public health outbreaks (such as coronavirus), other international or domestic calamities, and other events beyond our control, including as a result of in the policies of the current U.S. presidential administration or Congress;
•the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts and the resulting impact on the Corporation and its customers;
•compliance with governmental and regulatory requirements, including the Dodd-Frank Act Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (“EGRRCPA”), and others relating to banking, consumer protection, securities and tax matters;
•changes in accounting principles and standards;
•changes in the laws, rules, regulations, interpretations or policies that apply to the Corporation’s business and operations, and any additional regulations, or repeals that may be forthcoming as a result thereof, which could cause the Corporation to incur additional costs and adversely affect the Corporation’s business environment, operations and financial results; and
•our ability to navigate the uncertain impacts of current and future governmental monetary and fiscal policies, including the current and future policies of the Board of Governors of the Federal Reserve System (“Federal Reserve”) and as a result of initiatives of the Trump administration.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this Form 10-Q and the risk factors set forth in our 2025 Annual Report on Form 10-K. Because of these risks and other uncertainties, our actual future results, performance or achievements, or industry results, may be materially different from the results indicated by the forward-looking statements in this Form 10-Q. In addition, our past results of operations are not necessarily indicative of our future results. Accordingly, you should not rely on any forward-looking statements, which represent our beliefs, assumptions, and estimates only as of the dates on which such forward-looking statements were made. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by applicable law.
Non-GAAP Financial Measures
Our accounting and reporting policies conform to GAAP and the prevailing practices in the financial services industry. However, we also evaluate our performance by reference to certain additional financial measures discussed in this Form 10-Q that we identify as being “non-GAAP financial measures.” In accordance with SEC rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios, or statistical measures calculated using exclusively either financial measures calculated in accordance with GAAP, operating measures or other measures that are not non-GAAP financial measures or both.
Management believes that these non-GAAP financial measures provide additional understanding of ongoing operations, enhance the comparability of our results of operations with prior periods and show the effects of significant gains and charges in the periods presented without the impact of items or events that may obscure trends in our underlying performance. However, there may be limits in the usefulness of these measures to investors. The way we calculate the non-GAAP financial measures that we discuss in this Form 10-Q may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures similar to, or with names like, the non-GAAP financial measures we have discussed in this Form 10-Q when comparing such non-GAAP financial measures.
As a result, the non-GAAP financial measures that we discuss in this Form 10-Q should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we discuss in this report may differ from that of other companies reporting measures with similar names.
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Available Information
The Corporation maintains an Internet website at ir.isabellabank.com. The Corporation makes available, free of charge, on its website (under ir.isabellabank.com/sec-filings/default) the Corporation’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or Section 15(d) of the Exchange Act as soon as reasonably practicable after the Corporation files such material with, or furnishes it to, the SEC. The Corporation also makes available, free of charge, through its website (under ir.isabellabank.com/governance/governance-documents) links to the Corporation’s Code of Conduct and Business Ethics and the charters for its board committees. In addition, the SEC maintains an Internet site (at www.sec.gov ) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
The Corporation routinely posts important information for investors on its website (under ir.isabellabank.com and, more specifically, under the News tab at ir.isabellabank.com/news). The Corporation intends to use its website as a means of disclosing material non-public information and for complying with its disclosure obligations under SEC Regulation FD (Fair Disclosure). Accordingly, investors should monitor the Corporation’s website, in addition to following the Corporation’s press releases, SEC filings, public conference calls, presentations and webcasts.
The information contained on, or that may be accessed through, the Corporation’s website is not incorporated by reference into, and is not a part of, this Form 10-Q.
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Executive Summary
Financial Condition (June 30, 2026 to December 31, 2025 comparison)
Total assets increased $10.2 million, or 0.5%, to $2.2 billion as of June 30, 2026. This increase was primarily due to an increase of $53.3 million in loans and an increase of $15.7 million in cash and cash equivalents. These increases were offset by a $58.5 million decline in AFS securities.
The AFS securities portfolio decreased $58.5 million, or 11.8%, to $439.3 million as of June 30, 2026. The decrease was a result of maturities and principal paydowns of $121.8 million, offset by $64.4 million in purchases. Net unrealized losses on AFS securities were $10.8 million as of June 30, 2026, compared to $9.9 million at December 31, 2025. Net unrealized losses as a percentage of the amortized cost of AFS securities were consistent compared to December 31, 2025, at 2%.
Loans increased $53.3 million, or 3.5%, to $1.6 billion as of June 30, 2026, primarily by growth in the commercial real estate and residential real estate portfolios of $33.5 million and $22.1 million, respectively. Most residential originations were adjustable rate products, which are retained on the balance sheet rather than sold in the secondary market. The consumer loan portfolio continues to decrease amid declining demand, competition, and our adherence to credit quality standards.
The ACL increased $752,000, or 5.5%, to $14.5 million as of June 30, 2026. The increase is due to loan growth and an increase in loss rates driven by loans charged off during the year. Nonaccrual loans were $7.8 million as of June 30, 2026 compared to $4.6 million at December 31, 2025. Past due and accruing accounts between 30 to 89 days as a percentage of total loans was 0.06% at June 30, 2026, compared to 0.44% at year-end 2025.
Total deposits decreased $9.7 million, or 0.5%, to $1.8 billion as of June 30, 2026. The decline was a result of a $20.7 million decline in certificates of deposit, a $14.0 million decline in interest bearing demand deposits, and a $12.3 million decline in noninterest bearing demand deposits. These declines were offset by a $20.4 million increase in savings deposits and a $16.8 million increase in money market accounts.
Total equity was $248.7 million, or $32.60 per share, at June 30, 2026 compared to $231.4 million, or $31.60 per share, as of December 31, 2025. The increase in total equity is primarily due to the issuance of 303,371 shares as part of the previously announced at-the-market stock offering, increasing total equity by $11.7 million, net of estimated expenses. Tangible book value per share (non-GAAP) was $26.27 as of June 30, 2026, compared to $25.01 as of December 31, 2025. Net unrealized losses in the AFS securities portfolio reduced tangible book value per share (non-GAAP) by $1.14 and $1.09 for the respective periods.
As of June 30, 2026, we had $754.8 million of unencumbered sources of liquidity and strong consolidated capital ratios; the Tier 1 Leverage Ratio was 9.59%, Tier 1 risk-based capital was 12.34%, and Total risk-based capital was 14.63%.
Comparison of Operating Results for the three and six months ended June 30, 2026, and 2025, unless otherwise noted
Net income for the three months ended June 30, 2026 was $5.0 million, or $0.69 per diluted share, compared with $5.0 million, or $0.68 per diluted share, for the three months ended June 30, 2025. Net income for the six months ended June 30, 2026 was $10.0 million, or $1.37 per diluted share, compared with $9.0 million, or $1.21 per diluted share, for the six months ended June 30, 2025.
Net interest income was $18.1 million for the three months ended June 30, 2026 and $15.1 million for the three months ended June 30, 2025, representing 3.54% and 3.14% of earning assets, or NIM on an FTE basis (non-GAAP), respectively. The book yield from securities was 2.82% and 2.38% for the three months ended June 30, 2026 and 2025, respectively. The yield on loans increased to 5.86% for the three months ended June 30, 2026 from 5.71% for the three months ended June 30, 2025. The increase in loan yields was primarily due to higher rates on new loans and variable rate commercial loans that continue to reprice. The cost of interest-bearing liabilities for the three months ended June 30, 2026 decreased to 2.09% from 2.24% for the three months ended June 30, 2025 primarily due to lower rates on money market and certificate of deposit products.
Net interest income was $35.0 million for the six months ended June 30, 2026 and $29.7 million for the six months ended June 30, 2025, representing 3.43% and 3.10% of earning assets, or NIM on an FTE basis (non-GAAP), respectively. The book yield from securities was 2.67% and 2.31% for the six months ended June 30, 2026 and 2025, respectively. The yield on loans increased to 5.82% for the six months ended June 30, 2026 from 5.72% for the six months ended June 30, 2025. The increase in loan yields was primarily due to higher rates on new loans and variable rate commercial loans that continue to reprice. The cost of interest-bearing liabilities for the six months ended June 30, 2026 decreased to 2.12% from 2.25% for the six months ended June 30, 2025 primarily due to lower rates on money market and certificate of deposit products.
46
The provision for credit losses was $895,000 for the three months ended June 30, 2026, driven by a $465,000 increase in the ACL on loans and net charge offs totaling $384,000. The provision for credit losses for the three months ended June 30, 2025 was a credit of $1.1 million, which reflects $1.4 million in net recoveries, offset by a $242,000 increase in the ACL on loans and an increase in the reserve for unfunded commitments. Recoveries of $1.6 million during second quarter 2025 were related to overdrawn deposit accounts from a single customer that were charged off during the third quarter of 2024.
The provision for credit losses was $1.5 million for the six months ended June 30, 2026, as compared to a credit of $1.2 million for the six months ended June 30, 2025. Net charge offs for the six months ended June 30, 2026 totaled $637,000, while there were net recoveries of $1.5 million for the six months ended June 30, 2025.
Noninterest income for the three months ended June 30, 2026 and 2025 was $4.4 million and $3.7 million, respectively. Service charges and fees increased $504,000 as a result of internal initiatives designed to align our fees with the market. Earnings on BOLI policies increased $134,000 compared to second quarter 2025 due to additional investments in a separate account BOLI in 2025. Wealth management fees grew $132,000 due to growth in assets under management since second quarter 2025.
Noninterest income for the six months ended June 30, 2026 and 2025 was $8.7 million and $7.2 million, respectively. Service charges and fees increased $907,000 as a result of internal initiatives designed to align our fees with the market. Wealth management fees grew $261,000 due to growth in assets under management. Earnings on BOLI policies increased $210,000 due to additional investments in a separate account BOLI in 2025. Other noninterest income in 2026 includes a $137,000 gain related to a death benefit from a BOLI policy.
Noninterest expenses for the three months ended June 30, 2026 and 2025 were $15.4 million and $13.7 million, respectively. Compensation and benefit expenses increased $651,000, reflecting annual merit increases, incentives, and higher medical insurance claims. Occupancy and equipment increased $240,000 and merger-related expenses of $505,000 were included in noninterest expenses in second quarter 2026.
Noninterest expenses for the six months ended June 30, 2026 and 2025 were $30.0 million and $27.0 million, respectively. Compensation and benefit expenses increased $1.2 million for the same reasons as the quarterly comparison. Occupancy and equipment expenses increased $480,000 and merger-related expenses during second quarter 2026 totaled $505,000.
Income tax expense for both of the three months ended June 30, 2026 and 2025 was $1.1 million, while the ETR was 18% for both periods. Income tax expense for both of the six months ended June 30, 2026 and 2025 was $2.1 million, while the ETR was 17% for the six months ended June 30, 2026 and 19% for the six months ended June 30, 2025. The ETR in the first six months of 2025 included a one-time tax expense totaling $166,000 due to the taxes owed from the lifetime earnings on BOLI policies that were surrendered during first quarter 2025. Excluding the one-time charge, the ETR was 17% for the first six months of 2025.
47
Selected Financial Data (Unaudited)
The following table outlines our results of operations and provides certain performance measures as of the dates and for the periods indicated:
Three Months EndedSix Months Ended
(dollars in thousands, except per share amounts)June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		June 30,
2026		June 30,
2025
PER SHARE
Basic earnings$0.69$0.68$0.64$0.71$0.68$1.37$1.21
Diluted earnings0.690.680.640.710.681.371.21
Dividends0.280.280.280.280.280.560.56
Book value (1)
32.6031.9031.6030.9429.9532.6029.95
Tangible book value (1) (2)
26.2725.3225.0124.3723.3926.2723.39
Market price (1)
39.5045.6750.0035.2530.1539.5030.15
PERFORMANCE RATIOS
Return on average total assets0.91%0.91%0.85%0.94%0.96%0.91%0.87%
Return on average shareholders’ equity8.50%8.58%8.04%9.28%9.19%8.54%8.35%
Return on average tangible shareholders’ equity (2)
10.66%10.79%10.16%11.83%11.78%10.72%10.74%
Net interest margin yield (FTE)3.54%3.33%3.28%3.15%3.14%3.43%3.10%
Efficiency ratio (2)
67.84%68.50%65.02%67.62%72.14%68.16%72.26%
Loan to deposit ratio (1)
87.83%83.82%84.43%74.36%75.57%87.83%75.57%
Shareholders’ equity to total assets (1)
11.20%10.39%10.47%10.06%10.23%11.20%10.23%
Tangible shareholders’ equity to tangible assets (1) (2)
9.23%8.43%8.47%8.10%8.17%9.23%8.17%
FINANCIAL DATA
Total assets (1)
$2,219,641$2,251,956$2,209,448$2,259,654$2,156,168$2,219,641 $2,156,168 
AFS securities (1)
439,289492,744497,791511,970500,560439,289500,560
Loans (1)
1,589,6721,558,9411,536,3641,431,9051,397,5131,589,6721,397,513
ACL (1)
14,47914,01413,72713,14912,97714,47912,977
Deposits (1)
1,809,9131,859,8451,819,6541,925,6021,849,3761,809,9131,849,376
Borrowed funds (1)
145,571143,067142,51491,51472,677145,57172,677
Shareholders' equity (1)
248,704233,961231,396227,420220,500248,704220,500
Wealth assets under management (1)
750,840701,510707,118679,724678,959750,840678,959
Net income5,0414,9924,6905,2405,03110,0338,980
Interest income26,21625,12925,27824,88223,24251,34545,875
Interest expense8,1328,2478,5508,7208,11316,37916,221
Net interest income18,08416,88216,72816,16215,12934,96629,654
Provision for (reversal of) credit losses895604434209(1,099)1,499(1,206)
Noninterest income4,3754,3614,4444,3083,6868,7367,214
Noninterest expenses15,38614,66213,92113,98513,74530,04827,044
(1) At end of period.
(2) Non-GAAP financial measure; refer to the "Reconciliation of Non-GAAP Financial Measures" section of this Form 10-Q.
48
Average Balances, Interest Rates, and Net Interest Income
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 as of the dates and for the periods indicated. These schedules also present an analysis of interest income and interest expense for the periods indicated. All interest income is reported on a 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. FRB restricted equity holdings are included in other interest earning assets.
Three Months Ended
June 30, 2026March 31, 2026June 30, 2025
(dollars in thousands)Average
Balance		Tax
Equivalent
Interest		Average
Yield /
Rate		Average
Balance		Tax
Equivalent
Interest		Average
Yield /
Rate		Average
Balance		Tax
Equivalent
Interest		Average
Yield /
Rate
INTEREST EARNING ASSETS
Loans (1)
$1,544,323 $22,607 5.86%$1,501,654 $21,464 5.78%$1,388,684 $19,832 5.71%
AFS securities (2)
Taxable432,520 2,902 2.69%430,376 2,489 2.35%461,483 2,513 2.18%
Nontaxable (3)
63,607 600 3.78%67,878 637 3.81%72,869 697 3.84%
FHLB stock5,600 64 4.55%5,600 75 5.36%5,600 125 8.94%
Federal funds sold2 — 3.67%7 — 3.54%6 — 3.83%
Other (4)
18,079 173 3.81%64,190 602 3.75%20,487 253 4.92%
Total interest earning assets (3)
2,064,131 26,346 5.12%2,069,705 25,267 4.94%1,949,129 23,420 4.81%
NONEARNING ASSETS
Allowance for credit losses(14,078)(13,680)(13,369)
Cash and demand deposits due from banks22,544 23,113 22,026 
Premises and equipment29,086 29,110 28,306 
Other assets116,913 116,639 106,595 
Total assets$2,218,596 $2,224,887 $2,092,687 
INTEREST BEARING LIABILITIES
Interest bearing demand deposits$257,088 205 0.32%$266,101 294 0.45%$236,076 220 0.37%
Money market deposits452,737 2,625 2.33%464,438 2,719 2.37%449,110 2,857 2.55%
Savings302,375 503 0.67%291,413 488 0.68%286,434 544 0.76%
Certificates of deposit396,481 3,445 3.49%407,483 3,611 3.59%395,450 3,770 3.82%
Short-term borrowings115,713 1,007 3.49%86,885 736 3.44%41,661 324 3.11%
FHLB advances4,396 43 3.86%13,444 133 3.96%11,539 132 4.53%
Subordinated debt, net of unamortized issuance costs
29,545 304 4.11%29,522 266 3.61%29,455 266 3.61%
Total interest bearing liabilities1,558,335 8,132 2.09%1,559,286 8,247 2.14%1,449,725 8,113 2.24%
NONINTEREST BEARING LIABILITIES AND SHAREHOLDERS’ EQUITY
Demand deposits404,805 411,011 409,262 
Other liabilities17,462 18,653 14,158 
Shareholders’ equity237,994 235,937 219,542 
Total liabilities and shareholders’ equity$2,218,596 $2,224,887 $2,092,687 
Net interest income (FTE) (5)
$18,214 $17,020 $15,307 
Net yield on interest earning assets (FTE) (5)
3.54%3.33%3.14%
(1) Includes loans HFS and nonaccrual loans.
(2) Average balances for AFS securities are based on amortized cost.
(3) Includes FTE adjustments of $130,000, $138,000, and $178,000, respectively.
(4) Includes average interest bearing deposits with other banks, net of FRB daily cash letter.
(5) Non-GAAP financial measure; refer to the "Reconciliation of Non-GAAP Financial Measures" section of this Form 10-Q.
49
Six Months Ended
June 30, 2026June 30, 2025
(dollars in thousands)Average BalanceTax Equivalent InterestAverage Yield/RateAverage BalanceTax Equivalent InterestAverage Yield/Rate
INTEREST EARNING ASSETS
Loans (1)
$1,523,109 $44,071 5.82%$1,379,774 $39,180 5.72%
AFS securities (2)
Taxable431,452 5,391 2.52%449,919 4,616 2.07%
Nontaxable65,731 1,237 3.80%74,551 1,421 3.84%
FHLB stock5,600 139 4.95%8,291 285 6.89%
Federal funds sold5 — 3.57%5 — 4.03%
Other (4)
41,006 775 3.76%33,856 735 4.32%
Total interest earning assets (3)
2,066,903 51,613 5.03%1,946,396 46,237 4.78%
NONEARNING ASSETS
Allowance for credit losses(13,881)(13,127)
Cash and demand deposits due from banks22,825 22,956 
Premises and equipment29,098 28,134 
Other assets116,776 104,770 
Total assets$2,221,721 $2,089,129 
INTEREST BEARING LIABILITIES
Interest bearing demand deposits$261,570 499 0.38%$238,455 462 0.39%
Money market deposits458,556 5,344 2.35%454,855 5,786 2.56%
Savings296,925 991 0.67%286,399 1,082 0.76%
Certificates of deposit401,952 7,056 3.54%391,657 7,524 3.87%
Short-term borrowings101,378 1,743 3.47%42,607 665 3.15%
FHLB advances8,895 176 3.93%7,459 170 4.53%
Subordinated debt, net of unamortized issuance costs
29,534 570 3.86%29,444 532 3.62%
Total interest bearing liabilities1,558,810 16,379 2.12%1,450,876 16,221 2.25%
NONINTEREST BEARING LIABILITIES AND SHAREHOLDERS’ EQUITY
Demand deposits407,890 406,160 
Other liabilities18,051 15,200 
Shareholders’ equity236,970 216,893 
Total liabilities and shareholders’ equity$2,221,721 $2,089,129 
Net interest income (FTE) (5)
$35,234 $30,016 
Net yield on interest earning assets (FTE) (5)
3.43%3.10%
(1) Includes loans HFS and nonaccrual loans.
(2) Average balances for AFS securities are based on amortized cost.
(3) Includes FTE adjustments of $268,000 and $362,000, respectively.
(4) Includes average interest bearing deposits with other banks, net of FRB daily cash letter.
(5) Non-GAAP financial measure; refer to the "Reconciliation of Non-GAAP Financial Measures" section of this Form 10-Q.
50
Loans
The following table displays loan balances as of the dates indicated:
(dollars in thousands)June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025
Commercial and industrial$231,590 $225,369 $220,450 $218,132 $207,719 
Commercial real estate673,271 660,643 639,758 626,642 614,383 
Advances to mortgage brokers75,159 72,083 76,676 5,056 3,005 
Agricultural97,462 96,969 102,109 97,794 96,842 
Residential real estate449,992 438,333 427,880 412,056 398,668 
Consumer62,198 65,544 69,491 72,225 76,896 
Total$1,589,672 $1,558,941 $1,536,364 $1,431,905 $1,397,513 
The following table presents the composition of our commercial real estate portfolio by industry as of the dates indicated:
June 30, 2026December 31, 2025
(dollars in thousands)BalancePercent of TotalBalancePercent of Total
Investment and development$139,114 20.66%$134,013 20.95%
1-4 family residential investment98,914 14.69%93,806 14.66%
Hotels96,869 14.39%90,571 14.16%
Residential multifamily88,573 13.16%71,695 11.21%
Health care60,387 8.97%59,573 9.31%
Storage facilities38,482 5.72%37,145 5.81%
Retail trade33,303 4.95%34,479 5.39%
Manufacturing18,011 2.68%18,281 2.86%
Accommodation services17,019 2.53%15,604 2.44%
Construction14,598 2.17%16,193 2.53%
Wholesale trade11,347 1.69%11,123 1.74%
Educational services10,282 1.53%10,582 1.65%
Other46,372 6.86%46,693 7.29%
Total commercial real estate$673,271 100.00%$639,758 100.00%
Commercial real estate loans are subject to a varying degree of risk from changes in interest rates and economic conditions. To control these risks, we maintain strict underwriting standards, lending limits to a single borrower, loan to collateral value limits, and a defined market area. We also monitor and limit loan concentrations to specific industries. Our practices also include appropriate loan reviews, and monitoring of past due levels, concentrations, industry trends, and other qualitative factors.
Deposits
The following table displays deposit balances as of the dates indicated:
(dollars in thousands)June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025
Noninterest bearing demand deposits$414,018 $411,216 $426,342 $421,027 $493,477 
Interest bearing demand deposits252,149 263,954 266,187 248,666 223,376 
Money market deposits453,478 477,544 436,631 558,212 446,845 
Savings300,867 300,732 280,429 292,899 289,746 
Certificates of deposit389,401 406,399 410,065 404,798 395,932 
Total$1,809,913 $1,859,845 $1,819,654 $1,925,602 $1,849,376 
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Asset Quality Analysis
The following table outlines our asset quality analysis as of the dates and for the periods indicated:
Three Months Ended
(dollars in thousands)June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025
NONPERFORMING ASSETS
Commercial and industrial$623 $508 $442 $16 $17 
Commercial real estate3,728 3,743 3,766 3,000 533 
Agricultural2,867 — — — — 
Residential real estate572 167 370 427 614 
Consumer— — — — — 
Total nonaccrual loans7,790 4,418 4,578 3,443 1,164 
Accruing loans past due 90 days or more— — — 18 31 
Total nonperforming loans7,790 4,418 4,578 3,461 1,195 
Foreclosed assets620 573 938 1,018 667 
Total nonperforming assets$8,410 $4,991 $5,516 $4,479 $1,862 
Nonperforming loans to total loans0.49%0.28%0.30%0.24%0.09%
Nonperforming assets to total assets0.38%0.22%0.25%0.20%0.09%
Nonaccrual loans to total loans 0.49%0.28%0.30%0.24%0.08%
ACL as a % of nonaccrual loans185.87%317.20%299.85%381.91 %N/M
ALLOWANCE FOR CREDIT LOSSES
Allowance at beginning of period$14,014 $13,727 $13,149 $12,977 $12,735 
Charge-offs563 350 155 175 390 
Recoveries179 97 121 101 1,822 
Net loan charge-offs (recoveries)384 253 34 74 (1,432)
Provision for (reversal of) credit losses - loans849 540 612 246 (1,190)
Allowance at end of period$14,479 $14,014 $13,727 $13,149 $12,977 
ACL to loans0.91%0.90%0.89%0.92%0.93%
Reserve for unfunded commitments604 557 493 671 708 
Provision for (reversal of) credit losses - unfunded commitments46 64 (178)(37)91 
Reserve to unfunded commitments0.17%0.15%0.14%0.16%0.16%
NET LOAN CHARGE-OFFS (RECOVERIES)
Commercial and industrial$34 $(1)$8 $(6)$68 
Commercial real estate223 133 (4)(4)(50)
Agricultural97 — (4)— — 
Residential real estate(61)(14)(53)(16)(16)
Consumer91 135 87 100 (1,434)
Total$384 $253 $34 $74 $(1,432)
Net charge-offs / (recoveries) to average loans0.02%0.02%0.00%0.01%(0.10%)
DELINQUENT AND NONACCRUAL LOANS
Accruing loans 30-89 days past due$875 $5,786 $6,689 $500 $1,076 
Accruing loans past due 90 days or more— — — 18 31 
Total accruing past due loans875 5,786 6,689 518 1,107 
Nonaccrual loans7,790 4,418 4,578 3,443 1,164 
Total past due and nonaccrual loans$8,665 $10,204 $11,267 $3,961 $2,271 

52
Capital
Capital consists solely of common stock, retained earnings, and accumulated other comprehensive income (loss). We are authorized to raise capital through the issuance of securities from our shelf registration statement on Form S-3 (the “Registration Statement,” dividend reinvestment, employee and director stock purchases, and shareholder stock purchases. Under the Registration Statement, we established an at-the-market common stock offering program permitting the sale of common stock up to an aggregate gross sales price of $30 million. The at-the-market offering provides us with additional flexibility to access the capital markets efficiently and is intended to be used for general corporate purposes, which may include, without limitation, contribution to the capital of the Bank to support its lending activities and growth. Pursuant to these authorizations, including our at-the-market offering, we issued 310,276 shares, or $12.4 million of common stock, during the first six months of 2026, as compared to 28,830 shares, or $759,000 of common stock, during the same period in 2025.
We also offer the Directors Plan in which participants purchase stock units through deferred fees, in lieu of cash payments. Pursuant to this plan, we increased shareholders’ equity by $190,000 and $201,000 during the six-month periods ended June 30, 2026 and 2025, respectively. We also grant restricted stock awards pursuant to the RSP. Pursuant to this plan, we increased shareholders’ equity by $29,000 during the first six months of 2026, as compared to $21,000 during the same period in 2025.
We have publicly announced a common stock repurchase program. Pursuant to this repurchase program, we repurchased 13,166 shares or $626,000 of common stock during the first six months of 2026 and 103,406 shares or $2.7 million of common stock during the first six months of 2025. As of June 30, 2026, we were authorized to repurchase up to an additional 448,106 shares of common stock under the repurchase program.
The FRB has established minimum risk-based capital guidelines. Pursuant to these guidelines, a framework has been established that assigns risk weights to each category of on and off-balance-sheet items to arrive at risk adjusted total assets. Regulatory capital is divided by the risk adjusted assets with the resulting ratio compared to the minimum standard to determine whether a corporation has adequate capital. As of June 30, 2026, we and the Bank were “well capitalized” under the regulatory framework for prompt corrective action. Management believes that no conditions or events have occurred since June 30, 2026 that would materially adversely change such capital classifications. From time to time, we may need to raise additional capital to support our and the Bank’s further growth and to maintain our “well capitalized” status.
The following table sets forth our consolidated capital ratios as of the dates indicated:
June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025
Common equity tier 1 capital12.34%11.71%11.73%12.37%12.46%
Tier 1 capital12.34%11.71%11.73%12.37%12.46%
Total capital14.63%14.01%14.41%15.20%15.34%
Tier 1 leverage9.59%8.89%8.84%8.71%9.04%
Liquidity
Liquidity is monitored regularly by our ALCO, which consists of members of senior management. The committee reviews projected cash flows, key ratios, and liquidity available from both primary and secondary sources.
Our primary sources of liquidity are retail deposits, cash and cash equivalents, and unencumbered AFS securities. Cash, cash equivalents and unencumbered AFS securities totaled $237.9 million, or 10.72% of assets, as of June 30, 2026, compared to $337.0 million, or 15.25%, as of December 31, 2025. The decrease in the amount and percentage of primary liquidity is primarily due to a decrease in AFS securities, offset by an increase in cash and cash equivalents. Liquidity is important for financial institutions because of their need to meet loan funding commitments, depositor withdrawal requests, and various other commitments including expansion of operations, investment opportunities, and payment of cash dividends. Based on these same factors, daily liquidity could vary significantly.
Our secondary sources include the ability to borrow from the FHLB, from the FRB, and through various correspondent banks in the form of federal funds purchased and lines of credit. These funding methods typically carry a higher interest rate than traditional market deposit accounts. Some borrowed funds, including FHLB advances, FRB Discount Window advances, and repurchase agreements, require us to pledge assets, typically in the form of AFS securities or loans, as collateral. As of June 30, 2026, we had available lines of credit of $403.0 million.
We monitor our daily liquidity position to meet our cash flow needs. We also forecast anticipated funding needs for changes in interest rates and economic conditions, the scheduled maturity and interest rate sensitivity of the investment and loan portfolios and deposits, and regulatory capital requirements. Our liquidity stress testing is designed with consideration of these and other factors that could pose undue risk to liquidity.
53
Our liquidity position remained strong as of June 30, 2026, which is illustrated in the following table:
(dollars in thousands)June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025
Total cash and cash equivalents$41,774 $50,105 $26,041 $161,301 $108,554 
Brokered CD capacity130,000 130,000 130,000 130,000 120,000 
Available lines of credit
Federal funds lines with correspondent banks93,000 93,000 93,000 93,000 93,000 
FHLB borrowings276,278 270,159 218,088 257,288 249,890 
FRB Discount Window28,730 29,511 29,428 29,267 29,084 
Other lines of credit5,000 5,000 5,000 5,000 5,000 
Total available lines of credit403,008 397,670 345,516 384,555 376,974 
Unencumbered lendable value of FRB collateral, estimated (1)
180,000 240,000 280,000 300,000 320,000 
Total cash and liquidity$754,782 $817,775 $781,557 $975,856 $925,528 
Uninsured deposits$673,868 $727,884 $695,537 $726,514 $726,240 
Coverage ratio of uninsured deposits with total cash and liquidity112%112%112%134%127%
(1) Includes estimated unencumbered lendable value of FHLB collateral of $120.0 million as of June 30, 2026.
Fair Value
We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. AFS securities, cash flow hedge derivative instruments and certain liabilities are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record at fair value other assets on a nonrecurring basis, such as mortgage loans AFS, collateral dependent loans, goodwill, foreclosed assets, OMSR, and certain other assets and liabilities. These nonrecurring fair value adjustments typically involve the application of lower of cost or market accounting or write downs of individual assets.
For further information regarding fair value measurements see “Note 8 – Fair Value” of our interim condensed consolidated financial statements included with this Form 10-Q.
Interest Rate Sensitivity and Market Risk
As a financial institution, our primary market risks are interest rate risk and liquidity risk. IRR is the exposure of our net interest income to changes in interest rates. IRR results from the difference in the maturity or repricing frequency of a financial institution's interest earning assets and its interest-bearing liabilities. Managing IRR is the fundamental method by which financial institutions earn income and create shareholder value. Excessive exposure to IRR could pose a significant risk to our earnings and capital.
The FRB has adopted a policy requiring banks to effectively manage the various risks that can have a material impact on safety and soundness. The risks include credit, interest rate, liquidity, operational, and reputational. We have policies, procedures, and internal controls for measuring and managing these risks. Specifically, our ALCO policy and procedures include defining acceptable types and terms of investments and funding sources, liquidity requirements, limits on investments in long-term assets, limiting the mismatch in repricing opportunities of assets and liabilities, and the frequency of measuring and reporting to our Board of Directors.
The primary technique to measure IRR is simulation analysis. Simulation analysis forecasts the effects on the balance sheet structure and net interest income under a variety of scenarios that incorporate changes in interest rates, the shape of yield curves, interest rate relationships, loan prepayments, and funding sources. These forecasts are compared against net interest income projected in a stable interest rate environment. While many assets and liabilities reprice either at maturity or in accordance with their contractual terms, several balance sheet components demonstrate characteristics that require an evaluation to more accurately reflect their repricing behavior. Key assumptions in the simulation analysis include prepayments on loans, probable calls of investment securities, changes in market conditions, loan volumes and loan pricing, deposit sensitivity, and customer preferences. These assumptions are inherently uncertain as they are subject to fluctuation and revision in a dynamic rate environment. As a result, the simulation analysis cannot precisely forecast the impact of rising and falling interest rates on net interest income. Actual results will differ from simulated results due to many other factors, including changes in balance
54
sheet components, interest rate changes, changes in market conditions, and management strategies. We regularly monitor our projected net interest income sensitivity to ensure that it remains within established limits.
Gap analysis, the secondary method to measure IRR, measures the cash flows and/or the earliest repricing of our interest-bearing assets and liabilities. This analysis is useful for measuring trends in the repricing characteristics of the balance sheet. Significant assumptions are required in this process because of the embedded repricing options contained in assets and liabilities. Residential real estate and consumer loans allow the borrower to repay the balance prior to maturity without penalty, while commercial and agricultural loans may have prepayment penalties. The amount of prepayments is dependent upon many factors, including the interest rate of a given loan in comparison to the current offering rates, the level of home sales, and the overall availability of credit in the marketplace. Generally, a decrease in interest rates will result in an increase in cash flows from these assets. Savings and demand accounts may generally be withdrawn on request without prior notice. The timing of cash flows from these deposits is estimated based on historical experience. Certificates of deposit have penalties that discourage early withdrawals.
Gap analysis is also utilized as a method to measure interest rate sensitivity. Interest rate sensitivity is determined by the amount of earning assets and interest-bearing liabilities repricing within a specific time period, and their relative sensitivity to a change in interest rates. We strive to achieve reasonable stability in the net interest margin through periods of changing interest rates.
We do not believe there has been a material change in the nature or categories of our primary market risk exposure, or the particular markets that present the primary risk of loss. We do not know of or expect there to be any material change in the general nature of our primary market risk exposure in the near term, and we do not expect to make material changes to our market risk methods in the near term. We may change those methods in the future to adapt to changes in circumstances or to implement new techniques.
Contractual Obligations and Loan Commitments
We have various financial obligations, including contractual obligations and commitments related to deposits and borrowings, which may require future cash payments. We also have loan related commitments that may impact liquidity. The commitments include unused lines of credit, commercial and standby letters of credit, and commitments to grant loans. These commitments to grant loans include residential mortgage loans with the majority committed to be sold to the secondary market. Many of these commitments historically have expired without being drawn upon and do not necessarily represent our future cash requirements.
We are party to credit related financial instruments with off-balance-sheet risk. These financial instruments are entered into in the normal course of business to meet the financing needs of our customers. These financial instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The contractual or notional amounts of these instruments reflect the extent of involvement we have in a particular class of financial instrument.
Our exposure to credit-related loss in the event of nonperformance by the counterparties to the financial instruments for commitments to extend credit and standby letters of credit could be up to the contractual notional amount of those instruments. We use the same credit policies when analyzing the creditworthiness of counterparties as we do for extending loans to customers. No significant losses are anticipated as a result of these commitments.

55
Reconciliation of Non-GAAP Financial Measures
The following tables provide a detailed analysis, and reconciliation for, our non-GAAP financial measures as of the dates and for the periods indicated:
Three Months EndedSix Months Ended
(dollars in thousands, except per share amounts)June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		June 30,
2026		June 30,
2025
Loans$1,589,672 $1,558,941 $1,536,364 $1,431,905 $1,397,513 $1,589,672 $1,397,513 
Advances to mortgage brokers75,159 72,083 76,676 5,056 3,005 75,159 3,005 
Adjusted loans$1,514,513 $1,486,858 $1,459,688 $1,426,849 $1,394,508 $1,514,513 $1,394,508 
Total shareholders’ equity$248,704 $233,961 $231,396 $227,420 $220,500 $248,704 $220,500 
Goodwill and other intangible assets48,282 48,282 48,282 48,282 48,282 48,282 48,282 
Tangible equity(A)200,422 185,679 183,114 179,138 172,218 200,422 172,218 
Common shares outstanding (1)
(B)7,628,809 7,333,319 7,322,207 7,350,567 7,361,684 7,628,809 7,361,684 
Tangible book value per share(A/B)$26.27 $25.32 $25.01 $24.37 $23.39 $26.27 $23.39 
Noninterest expenses$15,386 $14,662 $13,921 $13,985 $13,745 $30,048 $27,044 
Amortization of acquisition intangibles— — — — — — 1 
Adjusted noninterest expense(C)$15,386 $14,662 $13,921 $13,985 $13,745 $30,048 $27,043 
Net interest income$18,084 $16,882 $16,728 $16,162 $15,129 $34,966 $29,654 
Tax equivalent adjustment for net interest margin130 138 138 144 178 268 362 
Net interest income (FTE)18,214 17,020 16,866 16,306 15,307 35,234 30,016 
Noninterest income4,375 4,361 4,444 4,308 3,686 8,736 7,214 
Tax equivalent adjustment for BOLI91 94 102 98 63 185 141 
Adjusted revenue (FTE)22,680 21,475 21,412 20,712 19,056 44,155 37,371 
Net gains (losses) on foreclosed assets— 70 3 31 3 70 (52)
Adjusted revenue(D)$22,680 $21,405 $21,409 $20,681 $19,053 $44,085 $37,423 
Efficiency ratio(C/D)67.84%68.50%65.02%67.62%72.14%68.16%72.26%
(1) Whole shares.
56
Item 3. Quantitative and Qualitative Disclosures about Market Risk.
The information presented in the section captioned “Interest Rate Sensitivity and Market Risk” in Part I, Item 2, “Management's Discussion and Analysis of Financial Condition and Results of Operations,” of this Form 10-Q is incorporated herein by reference.
Item 4. Controls and Procedures.
DISCLOSURE CONTROLS AND PROCEDURES
We carried out an evaluation, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15(d)-15(e) under the Exchange Act) as of June 30, 2026, pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures as of June 30, 2026, were effective to ensure that information required to be disclosed in reports that we file or submit under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
During the most recent fiscal quarter, no change occurred in our internal control over financial reporting that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
We are not involved in any material legal proceedings. We are involved in ordinary, routine litigation incidental to our business; however, no such routine proceedings are expected to result in any material adverse effect on operations, earnings, financial condition, or cash flows.
Item 1A. Risk Factors.
In evaluating an investment in any of our securities, investors should consider carefully, among other things, information under the heading “Forward-Looking Statements” in Part I, Item 2, “Management's Discussion and Analysis of Financial Condition and Results of Operations,” of this Form 10-Q and the risk factors previously disclosed under the heading “Risk Factors” in Part I, Item 1A of our 2025 Annual Report on Form 10-K. Management believes there have been no material changes in the risk factors disclosed by the Corporation in Part I, Item 1A, “Risk Factors,” of the 2025 Annual Report on Form 10-K. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities.
(A)None
(B)None
(C)Repurchases of Common Stock
We have adopted and publicly announced a common stock repurchase plan. The plan was last amended on April 30, 2025, to allow for the repurchase of an additional 500,000 shares of common stock after that date. These authorizations do not have expiration dates. As common shares are repurchased under this plan, they are retired with the status of authorized, but unissued, shares.
The following table provides information for the three-month period ended June 30, 2026, with respect to our common stock repurchase plan:
Common Shares RepurchasedTotal Number of Common Shares Purchased as Part of Publicly Announced Plan or ProgramMaximum Number of Common Shares That May Yet Be Purchased Under the Plans or Programs
NumberAverage Price
Per Common Share
March 31, 2026453,210 
April 1 - 301,810 $48.07 1,810 451,400 
May 1 - 311,423 41.46 1,423 449,977 
June 1 - 301,871 41.15 1,871 448,106 
June 30, 20265,104 $43.69 5,104 448,106 
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
Securities Trading Plans of Executive Officers
During the fiscal quarter ended June 30, 2026, none of the Corporation’s directors or officers adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” in each case as defined in Item 408 of Regulation S-K.
58
Table of Contents
Item 6. Exhibits.
(a) Exhibits
Exhibit NumberExhibits
1.1
2.1
3.1
Amended Articles of Incorporation (3)
3.2
Amendment to the Articles of Incorporation (4)
3.3
Amendment to the Articles of Incorporation (5)
3.4
3.5
3.6
10.1
31.1
31.2
32
101.1*101.INS (Inline XBRL Instance Document)
101.SCH (Inline XBRL Taxonomy Extension Schema Document)
101.CAL (Inline XBRL Calculation Linkbase Document)
101.LAB (Inline XBRL Taxonomy Label Linkbase Document)
101.DEF (Inline XBRL Taxonomy Linkbase Document)
101.PRE (Inline XBRL Taxonomy Presentation Linkbase Document)
104Cover Page Interactive Data File
*
In accordance with Rule 406T of Regulations S-T, the XBRL related information shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be part of any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
(1)Previously filed as an Exhibit to the Isabella Bank Corporation Form 8-K, filed June 16, 2026, and incorporated herein by reference.
(2)Previously filed as an Exhibit to the Isabella Bank Corporation Form 8-K, filed June 15, 2026, and incorporated herein by reference.
(3)Previously filed as an Exhibit to the Isabella Bank Corporation Form 10-K, filed March 12, 1991, and incorporated herein by reference
(4)Previously filed as an Exhibit to the Isabella Bank Corporation Form 10-K, filed March 26, 1994, and incorporated herein by reference.
(5)Previously filed as an Exhibit to the Isabella Bank Corporation Form 10-K, filed March 22, 2000, and incorporated herein by reference.
(6)Previously filed as an Exhibit to the Isabella Bank Corporation Form 10-K, filed March 27, 2001, and incorporated herein by reference.
(7)Previously filed as an Exhibit to the Isabella Bank Corporation Form 8-K, filed May 16, 2008, and incorporated herein by reference.
(8)Previously filed as an Exhibit to the Isabella Bank Corporation Form 8-K, filed September 30, 2025, and incorporated herein by reference.
(9)Previously filed as an Exhibit to the Isabella Bank Corporation Form 8-K, filed June 15, 2026, and incorporated herein by reference.
59
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Isabella Bank Corporation
Date:August 10, 2026/s/ Jerome E. Schwind
Jerome E. Schwind
President and Chief Executive Officer
(Principal Executive Officer)
Date:August 10, 2026/s/ Gerald J. Ritzert
Gerald J. Ritzert
Chief Financial Officer
(Principal Financial Officer)
60

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