Isabella Bank Q2 net income flat at $5.04 million; net interest income rises 19.54% to $18.08 million vs year-ago quarter

Isabella Bank posted second-quarter net income of $5.04 million, or $0.69 a share, versus $5.03 million, or $0.68 a share, a year earlier.

Net interest income climbed to $18.08 million from $15.13 million; net interest margin (FTE, non-GAAP) widened to 3.54% from 3.14%.

Provision for credit losses swung to $895,000 from a $1.1 million credit, while nonaccrual loans rose to $7.79 million from $1.16 million.

Noninterest expense increased to $15.39 million from $13.75 million, including $505,000 of merger-related costs.

The company entered an equity distribution agreement to sell up to $30 million of common stock.