Exhibit 99.1

Isabella Bank Corporation Reports Second Quarter 2024 Results

MT. PLEASANT, MICHIGAN — July 25, 2024 — Isabella Bank Corporation (OTCQX: ISBA) (the “Company”) reported second quarter 2024 net income of $3.5 million, or $0.46 per diluted share, compared to $4.6 million or $0.61 per diluted share in the same quarter of 2023.

SECOND QUARTER 2024 HIGHLIGHTS (compared to second quarter 2023, unless otherwise stated)

•Total loans grew by an annualized rate of 5%

•4.58% earning asset yield, compared to 4.11%

•7% increase in wealth management income

•0.07% ratio in nonperforming loans to total loans

"We are pleased the negative trend in net interest margin over the past several quarters has reversed, and we gained five basis points over the first quarter of 2024," said Isabella Bank Corporation's Chief Executive Officer Jerome Schwind. "The repricing of earning assets and continued loan growth have expanded yields beyond the growth of our cost of funds.

"While total commercial loans grew 1% during the quarter," he added, "we have a strong loan pipeline going into the third quarter. Given commercial loan growth prospects and the continued repricing of our book of business, we see a stronger second half of 2024, regardless of how interest rates change."

FINANCIAL CONDITION (June 30, 2024 compared to March 31, 2024)

Total assets remained steady at $2.06 billion. Loan growth during the second quarter was offset by lower cash and security balances and was primarily funded by security amortization and Federal Home Loan Bank borrowings.

Securities available-for-sale decreased $11.9 million to $505.6 million at the end of second quarter 2024 due to municipal maturities and principal paydowns on mortgage-related securities. This was offset in part by a smaller unrealized loss on the total portfolio during the period. Net losses on securities totaled $34 million and $34.8 million at the end of the second and first quarter, respectively. Unrealized losses represent 6% of total available-for-sale securities in both periods and will continue to decrease as bonds approach their maturity dates over the next three years.

Total loans grew $16.1 million to $1.38 billion at the end of second quarter 2024, led by residential loans, adding $8.5 million in balances due to a slowing of prepayments on steady new volume. Total commercial loans grew $8.8 million due to higher advances to mortgage brokers. The commercial pipeline remains strong.

The allowance for credit losses decreased $295,000 to $13.1 million at the end of second quarter 2024. A majority of the decrease was due to a few nonaccrual commercial loans that were settled at book value with specific allowances totaling $212,000. Nonaccrual loan balances decreased $289,000 for the same reason. Past due and accruing accounts between 30 to 89 days as a percentage of total loans was 0.11% compared to 0.58% at the end of first quarter 2024. The decrease is mostly the result of higher past due balances at the end of March due to a group of residential loans that typically make payments about 30 days in arrears, which become overdue when the 31st day lands on a business day. Overall, credit quality remains strong, with no negative trends.

Total deposits were $1.72 billion at the end of the second quarter, a decline of 2.6% or $46.0 million from the last quarter. However, demand for retail certificates of deposit accounts (CDs) continues due to the rate environment, resulting in a $2.3 million increase during the second quarter.

The level of total deposits resulted in a funding gap that was filled with short-duration Federal Home Loan bank advances. The Bank continues to have robust liquidity levels and capital. As of June 30, 2024, the Bank had $754 million of unencumbered sources of liquidity and strong capital ratios; the Tier 1 Leverage Ratio was 8.83%, Tier 1 risk-based capital was 12.37%, and Total risk-based capital was 15.29%.

Tangible book value per share was $20.60 as of June 30, 2024, compared to $20.35 on March 31, 2024. Net unrealized losses on available-for-sale securities reduced tangible book value per share by $3.60 and $3.67 for the respective periods.

RESULTS OF OPERATIONS (June 30, 2024 to June 30, 2023 quarterly comparison)

Net interest margin was 2.83%, up from 2.78% last quarter and was 3.11% a year ago. The decrease from a year ago primarily was driven by a higher cost of funds. The book yield from securities was 2.23% and 2.26% during second quarter 2024 and 2023, respectively. The yield includes the effect of the investment of excess cash in shorter term U.S. Treasury securities following the COVID pandemic in 2021 and 2022. These securities will mature over the next 6 to 30 months, and the proceeds are expected to be reinvested in market rate loans and securities, or to pay off borrowed funds. The yield on loans expanded to 5.49% in second quarter 2024, up from 4.90% in the same quarter of 2023. The expansion in loan yields is a result of higher rates on new loans and fixed rate commercial loans that have and will continue repricing to variable rates. Cost of interest-bearing liabilities increased to 2.37% from 1.41% in second quarter 2024 due to several interest rate hikes throughout 2023.

The provision for credit losses was $170,000 in the second quarter 2024 and $196,000 for the same period in 2023. The provision for the current year quarter reflects growth in residential loans and a $72,000 increase due to higher unfunded commitments.

Noninterest income was $3.6 million in both the second quarter of 2024 and 2023. Customer service fees grew $81,000 based on a higher number of transactional accounts. Wealth management income increased $67,000, or 7%, due to higher assets under management (AUM). AUM increased $54.3 million over the last year driven by growth in new accounts and higher security valuations.

Noninterest expenses were $12.9 million in second quarter 2024 compared to $12.5 million in second quarter 2023. Compensation and benefit expenses increased $409,000 and reflect annual merit increases and medical claim adjustments totaling $190,000. Higher card usage drove a $78,000 increase in ATM and debit card fees.

About the Corporation

Isabella Bank Corporation (OTCQX: ISBA) is the parent holding company of Isabella Bank, a state-chartered community bank headquartered in Mt. Pleasant, Michigan. Isabella Bank was established in 1903 and has been committed to serving its customers' and communities' local banking needs for over 120 years. The Bank offers personal and commercial lending and deposit products, as well as investment, trust, and estate planning services. The Bank has locations throughout eight Mid-Michigan counties: Bay, Clare, Gratiot, Isabella, Mecosta, Midland, Montcalm, and Saginaw.

For more information about Isabella Bank Corporation, visit the Investor Relations link at www.isabellabank.com. Isabella Bank Corporation common stock is quoted on the OTCQX tier of the OTC Markets Group, Inc.’s electronic quotation system (www.otcmarkets.com) under the symbol “ISBA.” The Corporation’s investor relations firm is Stonegate Capital Partners, Inc. (www.stonegateinc.com).

Contact

Lori Peterson, Director of Marketing Phone: 989-779-6333 Fax: 989-775-5501

Forward-Looking Statements

This press release includes forward-looking statements. To the extent that the foregoing information refers to matters that may occur in the future, please be aware that such forward-looking statements may differ materially from the actual results. Additional information concerning some of the factors that could cause materially different results is included in the sections titled “Risk Factors” and “Forward Looking Statements” set forth in Isabella Bank Corporation’s filings with the Securities and Exchange Commission, which are available from the Securities and Exchange Commission’s Public Reference facilities and from its website at www.sec.gov.

Non-GAAP Financial Measures

This document contains certain non-GAAP financial measures in addition to results presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These non-GAAP measures are intended to provide the reader with additional supplemental perspectives on operating results, performance trends, and financial condition. Non-GAAP financial measures are not a substitute for GAAP measures; they should be read and used in conjunction with the Company's GAAP financial information. Because non-GAAP financial measures presented in this document are not measurements determined in accordance with GAAP and are susceptible to varying calculations, these non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures presented by other companies. A reconciliation of non-GAAP financial measures to GAAP measures is provided in this release.

Table Index			Consolidated Financial Schedules (Unaudited)
A			Selected Financial Data
B			Consolidated Balance Sheets
C			Consolidated Statements of Income
D			Consolidated Statements of Income
E			Average Yields and Costs
F			Average Balances
G			Asset Quality Analysis
H			Consolidated Loan and Deposit Analysis
I			Reconciliation of Non-GAAP Financial Measures

SELECTED FINANCIAL DATA (UNAUDITED)

(Dollars in thousands except per share amounts)

			Three Months Ended
			June 30 2024						March 31 2024						December 31 2023						September 30 2023						June 30 2023
PER SHARE
Basic earnings			$	0.47					$	0.42					$	0.51					$	0.59					$	0.62
Diluted earnings			0.46						0.42						0.51						0.58						0.61
Dividends			0.28						0.28						0.28						0.28						0.28
Book value (1)			27.06						26.80						27.04						24.71						25.13
Tangible book value (1)			20.60						20.35						20.59						18.27						18.69
Market price (1)			18.20						19.40						21.50						21.05						20.50
Common shares outstanding (1)			7,474,016						7,488,101						7,485,889						7,490,557						7,496,826
Average number of diluted common shares outstanding			7,494,828						7,507,739						7,526,514						7,570,374						7,567,527
PERFORMANCE RATIOS
Return on average total assets			0.67		%				0.61		%				0.74		%				0.86		%				0.91		%
Return on average shareholders' equity			6.94		%				6.16		%				8.05		%				9.24		%				9.47		%
Return on average tangible shareholders' equity			9.14		%				8.07		%				10.82		%				12.37		%				12.58		%
Net interest margin yield (fully taxable equivalent) (2)			2.83		%				2.78		%				2.85		%				3.02		%				3.11		%
Efficiency ratio (2)			73.93		%				74.84		%				68.41		%				70.56		%				67.90		%
Net loan to deposit ratio (1)			79.46		%				74.46		%				77.53		%				74.71		%				77.06		%
Shareholders' equity to total assets (1)			9.82		%				9.75		%				9.83		%				8.74		%				9.23		%
Tangible shareholders' equity to tangible assets (1)			7.65		%				7.58		%				7.66		%				6.61		%				7.03		%
ASSETS UNDER MANAGEMENT
Assets managed by Isabella Wealth (1)			$	647,850					$	660,645					$	641,027					$	590,666					$	593,530
ASSET QUALITY
Nonaccrual loans (1)			$	994					$	1,283					$	982					$	520					$	414
Foreclosed assets (1)			629						579						406						509						405
Net loan charge-offs (recoveries)			393						46						381						(254)						(3)
Net loan charge-offs (recoveries) to average loans outstanding			0.03		%				0.00		%				0.03		%				(0.02)		%				0.00		%
Nonperforming loans to gross loans (1)			0.07		%				0.09		%				0.08		%				0.04		%				0.04		%
Nonperforming assets to total assets (1)			0.08		%				0.09		%				0.07		%				0.05		%				0.05		%
Allowance for credit losses to gross loans (1)			0.95		%				0.98		%				0.97		%				0.96		%				0.96		%
CAPITAL RATIOS (1)
Tier 1 leverage			8.83		%				8.80		%				8.76		%				8.77		%				8.70		%
Common equity tier 1 capital			12.37		%				12.36		%				12.54		%				12.43		%				12.39		%
Tier 1 risk-based capital			12.37		%				12.36		%				12.54		%				12.43		%				12.39		%
Total risk-based capital			15.29		%				15.31		%				15.52		%				15.39		%				15.37		%

(1) At end of period

(2) Non-GAAP financial measure; refer to the Reconciliation of Non-GAAP Financial Measures (Unaudited) in table I

A

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in thousands)

			June 30 2024						March 31 2024						December 31 2023						September 30 2023						June 30 2023
ASSETS
Cash and demand deposits due from banks			$	22,690					$	22,987					$	25,628					$	48,862					$	25,584
Fed Funds sold and interest bearing balances due from banks			869						2,231						8,044						67,017						4,296
Total cash and cash equivalents			23,559						25,218						33,672						115,879						29,880
Available-for-sale securities, at fair value			505,646						517,585						528,148						516,897						530,497
Federal Home Loan Bank stock			12,762						12,762						12,762						12,762						12,762
Mortgage loans held-for-sale			637						366						—						105						362
Loans			1,381,636						1,365,508						1,349,463						1,334,674						1,334,402
Less allowance for credit losses			13,095						13,390						13,108						12,767						12,833
Net loans			1,368,541						1,352,118						1,336,355						1,321,907						1,321,569
Premises and equipment			27,843						27,951						27,639						26,960						26,383
Bank-owned life insurance policies			34,382						34,131						33,892						33,654						33,433
Goodwill and other intangible assets			48,283						48,284						48,284						48,285						48,285
Other assets			38,486						39,161						38,216						42,041						39,277
Total assets			$	2,060,139					$	2,057,576					$	2,058,968					$	2,118,490					$	2,042,448
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Demand deposits			$	412,193					$	413,272					$	428,505					$	445,043					$	458,845
Interest bearing demand deposits			338,329						349,401						320,737						363,558						335,922
Savings			603,328						639,491						628,079						628,795						606,644
Certificates of deposit			368,449						366,143						346,374						332,078						313,537
Total deposits			1,722,299						1,768,307						1,723,695						1,769,474						1,714,948
Federal funds purchased and repurchase agreements			44,194						42,998						46,801						52,330						37,102
Federal Home Loan Bank advances			45,000						—						40,000						65,000						55,000
Subordinated debt, net of unamortized issuance costs			29,380						29,357						29,335						29,312						29,290
Total borrowed funds			118,574						72,355						116,136						146,642						121,392
Other liabilities			17,017						16,240						16,735						17,251						17,677
Total liabilities			1,857,890						1,856,902						1,856,566						1,933,367						1,854,017
Shareholders’ equity
Common stock			126,126						126,656						127,323						127,680						126,278
Shares to be issued for deferred compensation obligations			3,951						3,890						3,693						3,641						5,395
Retained earnings			99,808						98,318						97,282						95,533						93,175
Accumulated other comprehensive income (loss)			(27,636)						(28,190)						(25,896)						(41,731)						(36,417)
Total shareholders’ equity			202,249						200,674						202,402						185,123						188,431
Total liabilities and shareholders' equity			$	2,060,139					$	2,057,576					$	2,058,968					$	2,118,490					$	2,042,448

B

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(Dollars in thousands except per share amounts)

									Six Months Ended   June 30
															2024						2023
Interest income
Loans															$	36,920					$	30,820
Available-for-sale securities															5,688						6,267
Federal Home Loan Bank stock															304						135
Federal funds sold and other															556						868
Total interest income															43,468						38,090
Interest expense
Deposits															14,476						6,938
Federal funds purchased and repurchase agreements															642						320
Federal Home Loan Bank advances															1,026						270
Subordinated debt, net of unamortized issuance costs															532						532
Total interest expense															16,676						8,060
Net interest income															26,792						30,030
Provision for credit losses															562						237
Net interest income after provision for credit losses															26,230						29,793
Noninterest income
Service charges and fees															4,174						4,025
Wealth management fees															1,987						1,767
Earnings on bank-owned life insurance policies															496						452
Net gain on sale of mortgage loans															101						123
Other															318						530
Total noninterest income															7,076						6,897
Noninterest expenses
Compensation and benefits															13,985						13,150
Occupancy and equipment															5,325						5,208
Other professional services															1,040						1,092
ATM and debit card fees															956						809
FDIC insurance premiums															532						461
Other															3,733						4,017
Total noninterest expenses															25,571						24,737
Income before income tax expense															7,735						11,953
Income tax expense															1,123						2,002
Net income															$	6,612					$	9,951
Earnings per common share
Basic															$	0.88					$	1.32
Diluted															0.88						1.31
Cash dividends per common share															0.56						0.56

C

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(Dollars in thousands except per share amounts)

			Three Months Ended
			June 30 2024						March 31 2024						December 31 2023						September 30 2023						June 30 2023
Interest income
Loans			$	18,863					$	18,057					$	17,580					$	17,270					15,931
Available-for-sale securities			2,804						2,884						2,926						2,963						3,047
Federal Home Loan Bank stock			158						146						129						91						71
Federal funds sold and other			263						293						421						161						446
Total interest income			22,088						21,380						21,056						20,485						19,495
Interest expense
Deposits			7,313						7,163						6,399						5,015						4,109
Federal funds purchased and repurchase agreements			321						321						357						284						171
Federal Home Loan Bank advances			638						388						422						617						270
Subordinated debt, net of unamortized issuance costs			266						266						266						267						266
Total interest expense			8,538						8,138						7,444						6,183						4,816
Net interest income			13,550						13,242						13,612						14,302						14,679
Provision for credit losses			170						392						684						(292)						196
Net interest income after provision for credit losses			13,380						12,850						12,928						14,594						14,483
Noninterest income
Service charges and fees			2,128						2,046						2,212						2,060						2,047
Wealth management fees			1,048						939						932						858						981
Earnings on bank-owned life insurance policies			253						243						239						229						226
Net gain on sale of mortgage loans			67						34						85						109						56
Other			112						206						48						158						294
Total noninterest income			3,608						3,468						3,516						3,414						3,604
Noninterest expenses
Compensation and benefits			6,970						7,015						6,116						6,639						6,561
Occupancy and equipment			2,619						2,706						2,554						2,535						2,606
Other professional services			527						513						576						672						557
ATM and debit card fees			487						469						487						471						409
FDIC insurance premiums			280						252						233						228						233
Other			2,012						1,721						1,949						2,113						2,173
Total noninterest expenses			12,895						12,676						11,915						12,658						12,539
Income before income tax expense			4,093						3,642						4,529						5,350						5,548
Income tax expense			612						511						726						937						918
Net income			$	3,481					$	3,131					$	3,803					$	4,413					$	4,630
Earnings per common share
Basic			$	0.47					$	0.42					$	0.51					$	0.59					$	0.62
Diluted			0.46						0.42						0.51						0.58						0.61
Cash dividends per common share			0.28						0.28						0.28						0.28						0.28

D

AVERAGE YIELDS AND COSTS (UNAUDITED)

The following schedules present yield and daily average amounts outstanding for each major category of interest earning assets, non-earning assets, interest bearing liabilities, and noninterest bearing liabilities. For analytical purposes, interest income is reported on a fully taxable equivalent (FTE) basis using a federal income tax rate of 21%. Federal Reserve Bank restricted equity holdings are included in other interest earning assets.

			Three Months Ended
			June 30 2024						March 31 2024						December 31 2023						September 30 2023						June 30 2023
INTEREST EARNING ASSETS
Loans (1)			5.49		%				5.36		%				5.25		%				5.21		%				4.90		%
Available-for-sale securities			2.23		%				2.25		%				2.25		%				2.25		%				2.26		%
Federal Home Loan Bank stock			4.95		%				4.58		%				4.07		%				2.85		%				2.23		%
Fed funds sold			5.48		%				5.69		%				5.76		%				5.51		%				4.70		%
Other			7.49		%				4.65		%				6.25		%				3.65		%				7.16		%
Total interest earning assets			4.58		%				4.45		%				4.38		%				4.30		%				4.11		%
INTEREST BEARING LIABILITIES
Interest bearing demand deposits			0.39		%				0.48		%				0.63		%				0.28		%				0.22		%
Savings			2.16		%				2.10		%				1.78		%				1.45		%				1.18		%
Certificates of deposit			3.99		%				3.82		%				3.63		%				3.23		%				2.73		%
Federal funds purchased and repurchase agreements			3.16		%				3.16		%				2.85		%				2.44		%				1.93		%
Federal Home Loan Bank advances			5.61		%				5.60		%				5.69		%				5.55		%				5.29		%
Subordinated debt, net of unamortized issuance costs			3.62		%				3.63		%				3.63		%				3.65		%				3.63		%
Total interest bearing liabilities			2.37		%				2.27		%				2.13		%				1.79		%				1.41		%
Net yield on interest earning assets (FTE) (2)			2.83		%				2.78		%				2.85		%				3.02		%				3.11		%
Net interest spread			2.21		%				2.18		%				2.25		%				2.51		%				2.70		%

(1) Includes loans held-for-sale and nonaccrual loans

(2) Non-GAAP financial measure; refer to the Reconciliation of Non-GAAP Financial Measures (Unaudited) in table I

E

AVERAGE BALANCES (UNAUDITED)

(Dollars in thousands)

			Three Months Ended
			June 30 2024						March 31 2024						December 31 2023						September 30 2023						June 30 2023
INTEREST EARNING ASSETS
Loans (1)			$	1,375,523					$	1,348,749					$	1,340,271					$	1,325,455					$	1,300,593
Available-for-sale securities (2)			545,827						557,030						564,068						572,038						583,652
Federal Home Loan Bank stock			12,762						12,762						12,762						12,762						12,762
Fed funds sold			7						7						13						13						4
Other (3)			14,054						25,210						26,823						17,638						24,902
Total interest earning assets			1,948,173						1,943,758						1,943,937						1,927,906						1,921,913
NONEARNING ASSETS
Allowance for credit losses			(13,431)						(13,100)						(12,780)						(12,937)						(12,759)
Cash and demand deposits due from banks			23,931						24,018						23,244						25,287						24,807
Premises and equipment			27,999						28,022						27,444						26,629						26,401
Other assets			80,539						84,059						71,592						74,244						80,374
Total assets			$	2,067,211					$	2,066,757					$	2,053,437					$	2,041,129					$	2,040,736
INTEREST BEARING LIABILITIES
Interest bearing demand deposits			$	342,931					$	345,842					$	317,996					$	342,175					$	348,341
Savings			613,601						633,904						634,529						595,372						628,673
Certificates of deposit			366,440						357,541						338,852						324,399						303,117
Federal funds purchased and repurchase agreements			40,593						40,623						50,049						46,574						35,495
Federal Home Loan Bank advances			45,510						27,692						29,674						44,429						20,404
Subordinated debt, net of unamortized issuance costs			29,365						29,342						29,320						29,298						29,275
Total interest bearing liabilities			1,438,440						1,434,944						1,400,420						1,382,247						1,365,305
NONINTEREST BEARING LIABILITIES AND SHAREHOLDERS' EQUITY
Demand deposits			411,282						412,228						446,747						451,123						462,953
Other liabilities			16,755						16,151						17,302						16,802						16,906
Shareholders’ equity			200,734						203,434						188,958						190,957						195,572
Total liabilities and shareholders’ equity			$	2,067,211					$	2,066,757					$	2,053,427					$	2,041,129					$	2,040,736

(1) Includes loans held-for-sale and nonaccrual loans

(2) Average balances for available-for-sale securities are based on amortized cost

(3) Includes average interest-bearing deposits with other banks, net of Federal Reserve daily cash letter

F

ASSET QUALITY ANALYSIS (UNAUDITED)

(Dollars in thousands)

The following table outlines quarter-to-date asset quality analysis as of, and for the three-month periods ended:

			June 30 2024						March 31 2024						December 31 2023						September 30 2023						June 30 2023
NONPERFORMING ASSETS
Commercial and industrial			$	271					$	567					$	491					$	17					$	17
Commercial real estate			—						234						—						—						—
Agricultural			167						189						205						208						218
Residential real estate			556						293						286						295						179
Consumer			—						—						—						—						—
Total nonaccrual loans			994						1,283						982						520						414
Accruing loans past due 90 days or more			15						—						87						—						133
Total nonperforming loans			1,009						1,283						1,069						520						547
Foreclosed assets			629						579						406						509						405
Debt securities			12						12						12						77						77
Total nonperforming assets			$	1,650					$	1,874					$	1,487					$	1,106					$	1,029
Nonperforming loans to gross loans			0.07		%				0.09		%				0.08		%				0.04		%				0.04		%
Nonperforming assets to total assets			0.08		%				0.09		%				0.07		%				0.05		%				0.05		%
Allowance for credit losses as a % of nonaccrual loans			1,317.40		%				1,043.65		%				1,334.83		%				2,455.19		%				3,099.76		%
ALLOWANCE FOR CREDIT LOSSES
Allowance at beginning of period			$	13,390					$	13,108					$	12,767					$	12,833					$	12,640
Charge-offs			527						191						452						179						92
Recoveries			134						145						71						433						95
Net loan charge-offs (recoveries)			393						46						381						(254)						(3)
Provision for credit losses - loans			98						328						722						(320)						190
Allowance at end of period			$	13,095					$	13,390					$	13,108					$	12,767					$	12,833
Allowance for credit losses to gross loans			0.95		%				0.98		%				0.97		%				0.96		%				0.96		%
NET LOAN CHARGE-OFFS (RECOVERIES)
Commercial and industrial			$	334					$	(2)					$	242					$	(41)					$	(4)
Commercial real estate			(29)						(6)						(3)						(3)						(10)
Agricultural			—						(2)						(6)						—						2
Residential real estate			(19)						(63)						(14)						(266)						(25)
Consumer			107						119						162						56						34
Total			$	393					$	46					$	381					$	(254)					$	(3)
Net (recoveries) charge-offs (Quarter to Date annualized to average loans)			0.03		%				0.00		%				0.03		%				(0.02)		%				0.00		%
Net (recoveries) charge-offs (Year to Date annualized to average loans)			0.12		%				0.00		%				0.03		%				(0.02)		%				0.00		%
DELINQUENT AND NONACCRUAL LOANS
Accruing loans 30-89 days past due			$	1,484					$	7,938					$	3,895					$	715					$	3,132
Accruing loans past due 90 days or more			15						—						87						—						133
Total accruing past due loans			1,499						7,938						3,982						715						3,265
Nonaccrual loans			994						1,283						982						520						414
Total past due and nonaccrual loans			$	2,493					$	9,221					$	4,964					$	1,235					$	3,679

G

CONSOLIDATED LOAN AND DEPOSIT ANALYSIS (UNAUDITED)

(Dollars in thousands)

Loan Analysis

			June 30 2024						March 31 2024						December 31 2023						September 30 2023						June 30 2023						Annualized Growth % Quarter to Date
Commercial and industrial			$	238,245					$	226,281					$	209,738					$	195,814					$	194,914					21.15		%
Commercial real estate			547,005						561,123						564,244						566,639						564,254						(10.06)		%
Advances to mortgage brokers			39,300						29,688						18,541						24,807						39,099						129.51		%
Agricultural			94,996						93,695						99,994						99,233						96,689						5.55		%
Total commercial loans			919,546						910,787						892,517						886,493						894,956						3.85		%
Residential real estate			365,188						356,658						356,418						348,196						343,474						9.57		%
Consumer			96,902						98,063						100,528						99,985						95,972						(4.74)		%
Gross loans			$	1,381,636					$	1,365,508					$	1,349,463					$	1,334,674					$	1,334,402					4.72		%

Deposit Analysis

			June 30 2024						March 31 2024						December 31 2023						September 30 2023						June 30 2023						Annualized Growth % Quarter to Date
Noninterest bearing demand deposits			$	412,193					$	413,272					$	428,505					$	445,043					$	458,845					(1.04)		%
Interest bearing demand deposits			338,329						349,401						320,737						363,558						335,922						(12.68)		%
Savings			603,328						639,491						628,079						628,795						606,644						(22.62)		%
Certificates of deposit			368,449						366,143						346,374						332,078						313,537						2.52		%
Total deposits			$	1,722,299					$	1,768,307					$	1,723,695					$	1,769,474					$	1,714,948					(10.41)		%

H

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)

(Dollars in thousands)

						Three Months Ended
						June 30 2024						March 31 2024						December 31 2023						September 30 2023						June 30 2023
Noninterest expenses						$	12,895					$	12,676					$	11,915					$	12,658					$	12,539
Amortization of acquisition intangibles						1						—						1						—						1
Core noninterest expense			(A)			$	12,894					$	12,676					$	11,914					$	12,658					$	12,538
Net interest income						$	13,550					$	13,242					$	13,612					$	14,302					$	14,679
Tax equivalent adjustment for net interest margin						237						246						246						250						255
Net interest income (FTE)			(B)			13,787						13,488						13,858						14,552						14,934
Noninterest income						3,608						3,468						3,516						3,414						3,604
Tax equivalent adjustment for efficiency ratio						53						51						50						48						47
Core revenue (FTE)						17,448						17,007						17,424						18,014						18,585
Nonrecurring items
Net gains on sale of available-for-sale securities						—						—						—						—						66
Net gains (losses) on foreclosed assets						6						69						8						75						53
Total nonrecurring items						6						69						8						75						119
Adjusted core revenue			(C)			$	17,442					$	16,938					$	17,416					$	17,939					$	18,466
Efficiency ratio			(A/C)			73.93		%				74.84		%				68.41		%				70.56		%				67.90		%
Average earning assets			(D)			1,948,173						1,943,758						1,943,937						1,927,906						1,921,913
Net yield on interest earning assets (FTE)			(B/D)			2.83		%				2.78		%				2.85		%				3.02		%				3.11		%

I