After posting strong fourth quarter 2018 results, Isabella Bank declared a first quarter cash dividend of $0.26 per common share at its regular meeting held at the end of February. The dividend will be payable on March 29 to shareholders of record as of March 26, 2019. The bank has 30 locations in the state of Michigan.
"I am pleased to announce our Board approved a dividend of $0.26 per share for the first quarter," commented Jae A. Evans, President and Chief Executive Officer of Isabella Bank Corporation. "We recently shared our fourth quarter 2018 and full year 2018 financial results which included strong earnings and continued growth in loans and deposits. Our continued success last year and in recent years has allowed us to provide attractive dividends to our shareholders.” The bank’s closing stock price was $24.00 per share as of February 28, 2019, making the annual dividend yield at 4.33%, stronger than most of its competitors.
In its quarterly statement two weeks ago, the bank highlighted some strong numbers.
The Corporation reported net income of $3.5 million on earnings per common share of $0.45 for the fourth quarter of 2018 and net income of $14.0 million or earnings per common share of $1.78 for the year ended December 31, 2018. Achievements in the fourth quarter of 2018 and the year ending December 31, 2018 include:
- 2018 net income grew 5.9% compared to 2017.
- Loan growth of $37.2 million during 2018.
- $15.9 million deposit growth in the fourth quarter; $27.4 million during 2018.
- A year end cash dividend yield of 4.6% along with a 1.96% increase in 2018 cash dividends paid.
The bank is based in Mount Pleasant, Michigan and has assets of $1.8 billion. The company is focused primarily in the retail sector, with personal and regional commercial lending, as well as investment, trust and estate planning. It has about 400 employees throughout seven Michigan counties. The company has a $192.84 Million Market Cap, showing that despite economic pressures regional banks continue to post healthy earnings. Isabella Bank often receives strong regional accolades for employee satisfaction.