Isabella Bank Corporation

Annual Report
2024

Contents
Corporate profile	
3
Shareholder letter	
4-5
Local. Growing. Staying.	
5
Board transitions	
6-7
Board of directors	
7
Local presence, personal service	
8-9
Commercial customers gain support	
8-9
Financial report	
10-11
Financial results	
12-15
Time, Talent, and Giving.	
16-17
Growing to serve	
18
Fighting fraud	
19
Annual meeting reminder	
20
Employee recognition	
20
Senior officers & regional boards	
21
Proxy statement	
23-41
Stock information	
42
Vision, mission, and core values	
43
EQUAL EMPLOYMENT OPPORTUNITY
Isabella Bank Corporation and its subsidiaries adhere to and support the equal employment 
opportunity clauses in Section 202 of the Executive Order 11246, as amended; 38 USC 4212, 
Vietnam Era Veterans Readjustment Act of 1974; Section 503 of the Rehabilitation Act of 
1973, as amended; relative to equal employment opportunity and implementing rules and 
regulations of the Secretary of Labor.
Cover photo credit: Robert A. Banta Photography.
2   |   ISABELLA BANK CORPORATION

Corporate 
profile
About us
	ƒ Founded in 1903.
	ƒ A full-service bank providing 
commercial, retail, treasury, and 
wealth management services.
	ƒ Largest bank headquartered 
in mid-Michigan.
	ƒ $2.1 billion in assets.
	ƒ 31 locations located in 8 
counties: Bay, Clare, Gratiot, 
Isabella, Mecosta, Midland, 
Montcalm, and Saginaw.
	ƒ Wealth assets under 
management totaling 
$658 million.
Ticker
ISBA
Exchange
OTCQX
Stock price
$25.99 per share
Market capitalization
$193 million
Price to earnings ratio
(Full year 2024)
14.0 X
Price to book value
91.8%
Price to tangible book value
119.1 %
52 week price range
(Closing price)
$17.77 to $25.99
Dividends per share
(Full year 2024)
$1.12 per share
Dividend yield
4.3%
Shares outstanding
7.4 million
As of December 31, 2024
2024 ANNUAL REPORT   |   3

trends and 
opportunities, 
and implementing 
actions that position 
the Bank for continued 
success. The strategic 
plan is grounded in the 
Bank’s strong culture, 
reflecting who we are, 
how we do business, 
and our unwavering 
dedication to employees, 
customers, shareholders, 
and communities.
Fraud and cybersecurity attacks are targeting 
so many industries, including banking, and 
we are highly focused on protecting the Bank 
and our customers. Our systems are strong, 
constantly monitored and regularly upgraded. 
We also have dedicated staff helping customers 
if they experience fraud and, just as importantly, 
educating customers to protect themselves.
The year’s strategic initiatives and positive results 
were led by an executive team new in their roles, 
but not new to banking. CEO Jerome Schwind, Bank 
President Neil McDonnell, and CFO William Schaefer 
have 85 years of collective banking expertise, including 
three decades of leadership at Isabella Bank.
The year also included transitions on your Board, 
with the retirement of longtime Directors Tom 
Kleinhardt and Greg Varner. In addition, Rick McGuirk 
completed a term on the Board. All three have 
contributed greatly to the Board, and we thank 
them for their wise counsel and leadership. 
The Board also has appointed three new directors—
Neil McDonnell, Brian Sackett, and David Behen. Prior 
to being named Bank President in January 2024, Neil 
served six years as our CFO, advancing our strategic 
plan and improving key metrics, including shareholder 
value. Brian, a fifth-generation partner in Sackett 
Potatoes, has served more than 12 years on our West 
Region Advisory Board and brings agricultural and 
business expertise to the Board. David is co-founder 
Momentum and optimism marked the close of 
2024, as Isabella Bank—and the industry as a 
whole—emerged from challenging headwinds 
over the past several years. Interest rate changes 
helped some of the Bank’s key growth metrics, 
including deposits, loans, and market share.
Investors showed increased interest in Isabella Bank, 
thanks to optimism in the banking sector, combined 
with our financial results, strength as a community 
bank, and history of superior shareholder returns. New 
shareholders invested in Isabella Bank Corporation, 
and we saw larger trades of ISBA stock, increasing our 
liquidity and helping to create a steady upswing in our 
share price as we ended the year and began 2025.
Our customer base also expanded. Businesses, 
municipalities, and school districts across our footprint 
were among new customers who moved to Isabella 
Bank, drawn by our strong customer relationships 
and century-long commitment to community 
engagement. We ended the second half of 2024 with 
solid loan growth, while maintaining the outstanding 
credit quality that is a hallmark of the Bank. 
In 2024, the Bank launched a new three-year strategic 
plan designed to drive growth, ensure long-term 
sustainability, and reinforce Isabella Bank’s financial 
strength. This plan focuses on evaluating emerging 
Dear Shareholders,
Strong 2024 year end positions Isabella 
Bank for success in 2025 and beyond
“Isabella Bank’s future is built 
on a powerful combination of 
momentum and stability, fueled by 
the dedication of our customers, 
employees, and shareholders.”
JEROME E. SCHWIND, 
PRESIDENT & CHIEF EXECUTIVE OFFICER
ISABELLA BANK CORPORATION
4   |   ISABELLA BANK CORPORATION

SARAH R. OPPERMAN
Board Chair
JEROME E. SCHWIND
President & Chief Executive Officer,
Isabella Bank Corporation
Chief Executive Officer, Isabella Bank
Rooted in the past. Committed to 
the present. Focused on the future. 
At Isabella Bank, “Local. Growing. Staying.” is more 
than just a tagline—it’s the foundation of who we are 
and who we strive to be. It embodies over 120 years 
of personalized service, strong relationships, and 
unwavering commitment to the communities we serve.
”Local” represents our deep roots in the region. It’s 
about being a trusted partner to tens of thousands 
of customers—individuals, family businesses, 
farms, municipalities, schools, universities, and 
nonprofits alike. It’s about knowing the people we 
serve, because we live and work alongside them.
“Growing” speaks to our thoughtful pursuit of progress. 
Under the leadership of our Board of Directors, and 
driven by a strategic vision executed by senior executives 
and managers, we continue to expand our reach 
and innovate our offerings. Whether face-to-face or 
through online banking, we evolve to meet the needs 
of a changing world while staying true to our mission.
“Staying” represents our steadfast dedication to 
being a community bank. It highlights our intentional 
leadership development, succession planning, 
and long-term commitment to the customers and 
communities we serve across our eight-county region. 
We know that our success is directly tied to theirs.
This simple yet powerful three-word statement 
is a reflection of the daily efforts of our team 
members, who deliver exceptional care, respect, 
and expertise to every customer interaction.
At Isabella Bank, “Local. Growing. Staying.” is more than 
a promise—it’s our legacy, our vision, and the reason 
we are here and will be for generations to come.
“Isabella Bank delivered 
on its strategic plan in 
2024. Our new executive 
team had a strong first 
year, and the Bank is 
well-positioned for 
sustained growth and 
long-term success.”
SARAH R. OPPERMAN, 
BOARD CHAIR
Local. Growing. 
Local. Growing. 
Staying.
Staying.
and Chief Strategy Officer of 
SensCy, a cybersecurity company 
focused on small and medium-
sized organizations, including 
many in our markets. He also has 
more than 20 years of private 
and public sector experience. 
As we reflect on 2024 and look 
to the future, we are inspired 
by our tagline: “Local. Growing. 
Staying.” For more than 120 
years, Isabella Bank has been 
built on relationships—it’s what 
makes Isabella Bank so special. 
It’s why we’re here, and why we 
do what we do, every day.
2024 ANNUAL REPORT   |   5

Isabella Bank Corporation 
celebrates incoming, 
departing board members 
Neil McDonnell
Neil McDonnell joined the Board in 
January 2024 and has been with the 
Bank since 2018, first as Chief Financial 
Officer and now as President. As CFO, 
he was instrumental in implementing 
a five-year strategic plan and driving initiatives to 
improve financial performance and metrics.
Brian Sackett
Brian Sackett, a respected leader 
in west-central Michigan, joined 
the Board in September 2024. 
A fifth-generation partner in 
Sackett Potatoes, he brings a wealth 
of agricultural and business experience, as 
well as community stewardship to the Board. 
He also has served for more than a decade on 
the Bank’s West Region Advisory Board.
David Behen
David Behen is co-founder and 
Chief Strategy Officer of SensCy, 
a cybersecurity company focused 
on serving small and medium-sized 
organizations, including many in our 
markets. He was appointed to the Board in March 
2025 and brings more than 20 years of public and 
private sector experience, critically important 
cybersecurity expertise, and a strong track 
record of building successful organizations.
Tom Kleinhardt
As the longest serving director of Isabella 
Bank since 1998 and of Isabella Bank 
Corporation since 2010, Tom Kleinhardt 
has provided strategic insight and 
guidance to the institution, including the 
Clare area, where he is President of McGuire Chevrolet. 
His deep knowledge of customers’ financial needs 
and his local connections have helped Isabella Bank 
stay closely aligned with the services and support our 
customers need.
Greg Varner
Greg Varner was on the Board of Farmers 
State Bank when it merged with Isabella 
Bank in 2000. He was appointed to 
Isabella Bank’s governing board in 2015. 
His connections within the farming industry 
guided the Bank’s stewardship of its agricultural 
customers for nearly a decade.
Varner was a 40-year research director for the 
Michigan Bean Commission and has advised dry bean 
research programs in the United States, Africa, and 
Central America.
Rick McGuirk
Rick McGuirk’s strategic acumen and 
prolific dedication in the community 
made him a vital member of the 
Board. After completing a three-
year term of service, he transitioned 
from the Board to focus on his business.
Isabella Bank Corporation welcomed three new directors and celebrated the contributions 
of three departing directors. As the Board evolves, its members carry forward a tradition 
of strong leadership rooted in industry expertise and a strategic focus on the future.
Incoming
Departing
6   |   ISABELLA BANK CORPORATION

Sarah R. Opperman - Chair
Vice President (retired),
The Dow Chemical Company 
Jerome E. Schwind
President & Chief Executive Officer,
Isabella Bank Corporation, 
Chief Executive Officer, Isabella Bank
Neil M. McDonnell
President, 
Isabella Bank
Dr. Jeffrey J. Barnes
Physician (retired), 
L.O. Eye Care
David B. Behen
Co-Founder & Chief Strategy Officer, 
SensCy (not pictured)
Jill Bourland, CPA, HCCP
Chief Executive Officer & Partner, 
Blystone & Bailey, CPAs, PC
Board of directors
Left to right: Chad Payton, Vicki Rupp, Brian Sackett, Neil McDonnell, Dr. Jeffrey Barnes, Sarah Opperman, 
Jerome Schwind, Jill Bourland, Melinda Coffin, Jae Evans. Not pictured: David Behen.
As of March 2025
Melinda M. Coffin
Chief Executive Officer (former),
Soaring Eagle Gaming Enterprises
Jae A. Evans
President & Chief Executive Officer, Isabella Bank Corporation, 
Chief Executive Officer, Isabella Bank (retired);
Interim President/CEO, United Bankers’ Bank
Chad R. Payton, CPA
Officer & Managing Partner,
Roslund, Prestage & Company, PC 
Vicki L. Rupp
Corporate Director (retired), 
The Dow Chemical Company
Brian R. Sackett
Senior Partner, 
Sackett Potatoes
2024 ANNUAL REPORT   |   7

Commercial customers gain 
enhanced support for evolving needs
Isabella Bank empowers local 
businesses with upgraded treasury 
services and personalized solutions. 
In today’s fast-paced business environment, 
adaptability is key—Isabella Bank’s Treasury 
Department is rising to the occasion. To better 
serve the growing and evolving needs of our 
commercial customers, we have introduced 
significant upgrades to our support services, 
blending advanced technology with the Bank’s 
hallmark personalized care. From updating 
banking software to installing remote deposit capture 
machines for seamless check processing, our Treasury 
team ensures clients are equipped to thrive.
With a larger team, enhanced technology, and 
streamlined processes, Isabella Bank is positioned 
to provide businesses, nonprofits, and municipalities 
with tailored solutions that maximize the value of their 
banking services.
“These upgrades are about delivering superior support 
so customers get the most out of their banking 
services and technology,” said Gregory Mapes, 
Vice President, Deposit Administration. “Faster 
At Isabella Bank, staying local means 
more than geography—it’s about 
delivering the service our customers 
need, wherever and however they prefer. 
We’re here to meet our customers where they 
are, whether through digital solutions, personal 
interactions, or a welcoming space at a local branch. 
Recent renovations across our region are part of our 
ongoing commitment to create environments that 
support both our customers and our communities.
Local presence, personal service
West High St. Branch Remodel
The newly renovated West High Street branch in 
Mt. Pleasant reopened in 2024.
After
Before
8   |   ISABELLA BANK CORPORATION

Main Branch on Broadway
In 2024, we completed a full exterior renovation of the Main branch on Broadway 
Street in Mt. Pleasant. More is in store for this branch in 2025 with an interior 
renovation, already underway. Photo credit: Robert A. Banta Photography.
Before
Before
After
response times and improved 
access to support means 
we’re here for our customers 
when they need us most.”
The integration of technology with 
the sales team—along with the 
expansion of the Treasury team—
has enabled Isabella Bank to 
deliver faster and more proactive 
service. But while tools and 
processes are essential, Mapes 
emphasized that it’s our people 
behind the services who truly make the difference.
“Our competitors offer wire transfers and other tools, 
just like we do. And we all work with the same currency,” 
Mapes said. “The difference lies in how Isabella Bank 
responds when things don’t go as 
planned. That’s what sets us apart. 
We have an experienced team with 
deep roots in our communities.”
This commitment to local, 
personalized support continues 
to strengthen relationships and 
fuel growth, as word-of-mouth 
referrals from satisfied customers 
bring new businesses to the 
Bank. Whether helping customers 
navigate new technologies or 
solving complex challenges, Isabella Bank stands 
ready to help local businesses succeed—because 
when they do, the entire community benefits.
“Faster response times 
and improved access to 
support means we’re here 
for our customers when 
they need us most.”
GREGORY S. MAPES, 
VICE PRESIDENT, 
DEPOSIT ADMINISTRATION
2024 ANNUAL REPORT   |   9

Isabella Bank Corporation’s performance 
in 2024 demonstrates our drive and 
commitment as our key metrics from 
operations improved throughout the year. 
The second quarter was pivotal for earnings, where our 
yield growth from earning assets exceeded the growth 
in our cost of funds. Our net interest margin (NIM) is 
on an upward trajectory and is expected to further 
expand in 2025 as loans continue to reprice and excess 
cash is reinvested in higher yielding assets. While we 
continue to see a shift into higher yielding deposit 
accounts, our team is managing interest rates with 
customers, which has stabilized our deposit base. We 
also added some major accounts with municipalities 
and townships in mid-Michigan, and while the higher 
balances can create volatility depending on the season, 
those balances supported loan growth during the year. 
Core loans, which exclude loans to mortgage brokers, 
grew at a modest 2%, mostly in commercial and 
industrial loans and residential loans. We saw demand 
pause in the fourth quarter due to the election season, 
but are seeing a pickup and larger pipeline in the first 
quarter 2025. Loans to mortgage brokers are sensitive 
to residential lending trends throughout the United 
States and can vary from period to period. However, 
the average balance of loans to mortgage brokers 
was up in 2024 and led to significant contributions 
to net interest income during the year. While we 
charged off a large deposit overdraft in the third 
quarter, credit quality on originated loans remains 
solid. Our disciplined approach to credit quality 
and strong customer relationships has been the 
foundation of our business. We have a long history of 
low charge-offs and non-accrual loans, as well as a 
proven ability to collect after loans are charged off.
One of our strengths is the diversity in capabilities 
surrounding fee income. Isabella Wealth is a significant 
contributor to fee income, as well as a keystone for 
deepening customer relationships with $658 million in 
assets under management. While we diligently manage 
non-interest expenses, we recognize that our efficiency 
ratio is elevated over prior years. We expect the ratio 
WILLIAM M. SCHAEFER
Chief Financial Officer,
Isabella Bank Corporation
Financial report
to improve 
in 2025 as 
total revenue 
grows and non-interest 
expenses are maintained at reasonable 
levels despite inflationary pressures.
Other key drivers for Isabella Bank in 2025
First, Isabella Bank during the COVID years invested 
a very large amount of excess cash in short-term 
U.S. Treasury bonds, earning 1% interest. Banks 
across the nation made similar investments, 
sometimes wagering that long-term investments 
were a better choice given slightly higher rates. Our 
strategic decision to invest in short-term bonds will 
pay off in 2025, when over $70 million of securities 
amortize and mature. Reinvestment of these funds 
in higher-yielding loans and other earning assets 
will stand to boost our NIM and other key metrics.
Second, a large portion of our commercial and 
residential loans have adjustable interest rates, which 
started at lower fixed rates, but continue to adjust to 
higher variable rates in line with the prevailing market.
Finally, we are pursuing initiatives to enhance 
non-interest income, specifically in the areas 
of bank-owned life insurance and customer 
service income. 
I look forward to seeing many of you during our 
May 6 shareholder meeting in Mt. Pleasant.
10   |   ISABELLA BANK CORPORATION

5.0
0.0
10.0
15.0
20.0
25.0
30.0
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Book Value
Tangible Book Value
Book Value
4%
6%
7%
17%
27%
$245
$381
$100
$88
$63
$547
39%
Commercial Real Estate
Residential Real Estate
Commercial and Industrial
Agricultural
Consumer
Advances to Mortgage Brokers
(In millions except percentages)
Loans
2.7%
2.8%
2.9%
3.0%
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Net Interest Margin (NIM)
$0.45
$0.40
$0.50
$0.55
$0.60
$0.65
Diluted EPS
Adjusted Diluted EPS
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Earnings Per Share (EPS)
From left to right, Michael Prisby, Treasurer; William Schaefer, CFO; and Jennifer Gill, Controller.
2024 ANNUAL REPORT   |   11

For the years ended
2024
2023
2022
PER SHARE
Basic earnings
1.86
$                  
2.42
$                  
2.95
$                  
Diluted earnings
1.86
                    
2.40
                    
2.91
                    
Adjusted diluted earnings (1)
2.01
                    
2.37
                    
2.91
                    
Dividends
1.12
                    
1.12
                    
1.09
                    
Book value (2)
28.32
                  
27.04
                  
24.63
                  
Tangible book value (2)
21.82
                  
20.59
                  
18.25
                  
Market price (2)
25.99
                  
21.50
                  
23.50
                  
PERFORMANCE RATIOS
Return on average total assets
0.67%
0.89%
1.08%
Adjusted return on average total assets (1)
0.72%
0.88%
1.08%
Return on average shareholders' equity
6.73%
9.52%
11.41%
Adjusted return on average shareholders' equity (1)
7.28%
9.43%
11.40%
Return on average tangible shareholders' equity
8.78%
12.75%
15.17%
Adjusted return on average tangible shareholders' equity (1)
9.50%
12.63%
15.16%
Net interest margin yield (fully taxable equivalent) (1)
2.90%
3.05%
3.18%
Efficiency ratio (1)
73.01%
67.76%
62.10%
Gross loan to deposit ratio (2)
81.48%
78.29%
72.48%
Shareholders' equity to total assets (2)
10.08%
9.83%
9.17%
Tangible shareholders' equity to tangible assets (2)
7.95%
7.66%
7.78%
FINANCIAL DATA
Total assets (2)
2,086
                  
2,059
                  
2,030
                  
Available-for-sale securities (2)
489
                     
528
                     
580
                     
Gross loans (2)
1,424
                  
1,349
                  
1,264
                  
Allowance for credit losses (2)
13
                       
13
                       
10
                       
Deposits (2)
1,747
                  
1,724
                  
1,744
                  
Borrowed funds (2)
113
                     
116
                     
87
                       
Shareholders' equity (2)
210
                     
202
                     
186
                     
Wealth assets under management (2)
658
                     
641
                     
514
                     
Net income
14
                       
18
                       
22
                       
Interest income
90
                       
80
                       
66
                       
Interest expense
34
                       
22
                       
5
                         
Net interest income
56
                       
58
                       
60
                       
Provision for credit losses
2
                         
1
                         
-
                      
Noninterest income
15
                       
14
                       
14
                       
Noninterest expenses
52
                       
49
                       
47
                       
(1) Non-GAAP financial measure; refer to our Annual Report on Form 10-K for the year ended December 31, 2024
(2) At end of period
ISABELLA BANK CORPORATION
SELECTED FINANCIAL DATA
(Dollars in millions except per share amounts)
12   |   ISABELLA BANK CORPORATION

2024
2023
$
%
ASSETS
Cash and demand deposits due from banks
22,830
$            
25,628
$            
(2,798)
$             
(10.92)%
Fed Funds sold and interest bearing balances due from banks
1,712
                 
8,044
                 
(6,332)
               
(78.72)%
Total cash and cash equivalents
24,542
              
33,672
              
(9,130)
               
(27.11)%
Available-for-sale securities
489,029
            
528,148
            
(39,119)
             
(7.41)%
Federal Home Loan Bank stock
12,762
              
12,762
              
-
                     
—%
Mortgage loans held-for-sale
242
                    
-
                     
242
                    
100.00 %
Loans
1,423,571
         
1,349,463
         
74,108
              
5.49 %
Less allowance for credit losses
12,895
              
13,108
              
(213)
                   
(1.62)%
Net loans
1,410,676
         
1,336,355
         
74,321
              
5.56 %
Premises and equipment
27,659
              
27,639
              
20
                      
0.07 %
Bank-owned life insurance policies
34,882
              
33,892
              
990
                    
2.92 %
Goodwill and other intangible assets
48,283
              
48,284
              
(1)
                       
—%
Other assets
38,166
              
38,216
              
(50)
                     
(0.13)%
Total assets
2,086,241
$      
2,058,968
$      
27,273
$            
1.32 %
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Demand deposits
416,373
$          
428,505
$          
(12,132)
$           
(2.83)%
Interest bearing demand deposits
341,366
            
320,737
            
20,629
              
6.43 %
Savings
601,730
            
628,079
            
(26,349)
             
(4.20)%
Certificates of deposit
387,591
            
346,374
            
41,217
              
11.90 %
Total deposits
1,747,060
         
1,723,695
         
23,365
              
1.36 %
Short-term borrowings
53,567
              
46,801
              
6,766
                 
14.46 %
Federal Home Loan Bank advances
30,000
              
40,000
              
(10,000)
             
(25.00)%
Subordinated debt, net of unamortized issuance costs
29,424
              
29,335
              
89
                      
0.30 %
Total borrowed funds
112,991
            
116,136
            
(3,145)
               
(2.71)%
Other liabilities
15,914
              
16,735
              
(821)
                   
(4.91)%
Total liabilities
1,875,965
         
1,856,566
         
19,399
              
1.04 %
Shareholders’ equity
Common stock — no par value 15,000,000 shares authorized; issued 
and outstanding 7,424,893 shares in 2024 and 7,485,889 shares in 
2023
126,224
            
127,323
            
(1,099)
               
(0.86)%
Shares to be issued for deferred compensation obligations
2,383
                 
3,693
                 
(1,310)
               
(35.47)%
Retained earnings
103,024
            
97,282
              
5,742
                 
5.90 %
Accumulated other comprehensive income (loss)
(21,355)
             
(25,896)
             
4,541
                 
(17.54)%
Total shareholders’ equity
210,276
            
202,402
            
7,874
                 
3.89 %
Total liabilities and shareholders' equity
2,086,241
$      
2,058,968
$      
27,273
$            
1.32 %
ISABELLA BANK CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
December 31
Change
2024 ANNUAL REPORT   |   13

2024
2023
$
%
Interest income
Loans
77,295
$            
65,670
$            
11,625
$            
17.70 %
Available-for-sale securities
11,093
              
12,156
              
(1,063)
               
(8.74)%
Federal Home Loan Bank stock
640
                    
355
                    
285
                    
80.28 %
Federal funds sold and other
950
                    
1,450
                 
(500)
                   
(34.48)%
Total interest income
89,978
              
79,631
              
10,347
              
12.99 %
Interest expense
Deposits
29,690
              
18,352
              
11,338
              
61.78 %
Short-term borrowings
1,439
                 
961
                    
478
                    
49.74 %
Federal Home Loan Bank advances
1,949
                 
1,309
                 
640
                    
48.89 %
Subordinated debt
1,065
                 
1,065
                 
-
                     
—%
Total interest expense
34,143
              
21,687
              
12,456
              
57.44 %
Net interest income
55,835
              
57,944
              
(2,109)
               
(3.64)%
Provision for credit losses
1,884
                 
629
                    
1,255
                 
199.52 %
Net interest income after provision for credit losses
53,951
              
57,315
              
(3,364)
               
(5.87)%
Noninterest income
Service charges and fees
8,626
                 
8,297
                 
329
                    
3.97 %
Wealth management fees
4,041
                 
3,557
                 
484
                    
13.61 %
Earnings on bank-owned life insurance policies
1,007
                 
920
                    
87
                      
9.46 %
Net gain on sale of mortgage loans
213
                    
317
                    
(104)
                   
(32.81)%
Other
689
                    
736
                    
(47)
                     
(6.39)%
Total noninterest income
14,576
              
13,827
              
749
                    
5.42 %
Noninterest expenses
Compensation and benefits
28,576
              
25,905
              
2,671
                 
10.31 %
Occupancy and equipment
10,524
              
10,297
              
227
                    
2.20 %
Other professional services
2,212
                 
2,340
                 
(128)
                   
(5.47)%
ATM and debit card fees
1,975
                 
1,767
                 
208
                    
11.77 %
Marketing
1,712
                 
2,074
                 
(362)
                   
(17.45)%
FDIC insurance premiums
1,132
                 
922
                    
210
                    
22.78 %
Other losses
1,117
                 
871
                    
246
                    
28.24 %
Memberships and subscriptions
928
                    
1,042
                 
(114)
                   
(10.94)%
Loan underwriting fees
866
                    
927
                    
(61)
                     
(6.58)%
Other
3,087
                 
3,165
                 
(78)
                     
(2.46)%
Total noninterest expenses
52,129
49,310
2,819
5.72 %
Income before income tax expense
16,398
              
21,832
              
(5,434)
               
(24.89)%
Income tax expense
2,509
                 
3,665
                 
(1,156)
               
(31.54)%
Net income
13,889
$            
18,167
$            
(4,278)
$             
(23.55)%
Earnings per common share
Basic
1.86
$                 
2.42
$                 
(0.56)
$               
(23.14)%
Diluted
1.86
$                 
2.40
$                 
(0.54)
$               
(22.50)%
Cash dividends per common share
1.12
$                 
1.12
$                 
-
$                   
—%
ISABELLA BANK CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands except per share amounts)
Year Ended December 31
Change
14   |   ISABELLA BANK CORPORATION

Average 
Balance
Tax 
Equivalent 
Interest
Average
Yield /
Rate
Average 
Balance
Tax 
Equivalent 
Interest
Average
Yield /
Rate
INTEREST EARNING ASSETS
Loans (1)
1,385,287
$    
77,295
$      
5.58 %
1,308,891
$    
65,670
$      
5.02 %
Available-for-sale securities (2)
540,433
          
12,023
        
2.22 %
582,563
          
13,179
        
2.26 %
Federal Home Loan Bank stock
12,762
            
640
              
5.01 %
12,762
            
355
              
2.78 %
Fed funds sold
7
                       
-
               
4.91 %
12
                    
1
                  
5.04 %
Other (3)
17,430
            
950
              
5.45 %
29,203
            
1,449
          
4.96 %
Total interest earning assets
1,955,919
       
90,908
        
4.65 %
1,933,431
       
80,654
        
4.17 %
NONEARNING ASSETS
Allowance for credit losses
(13,061)
           
(12,784)
           
Cash and demand deposits due from banks
24,165
            
24,592
            
Premises and equipment
27,915
            
26,589
            
Other assets
86,073
            
74,319
            
Total assets
2,081,011
$    
2,046,147
$    
INTEREST BEARING LIABILITIES
Interest bearing demand deposits
348,192
$        
1,398
          
0.40 %
346,875
$        
1,086
          
0.31 %
Savings
611,689
          
13,363
        
2.18 %
626,027
          
8,290
          
1.32 %
Certificates of deposit
371,750
          
14,929
        
4.02 %
308,699
          
8,976
          
2.91 %
Short-term borrowings
45,124
            
1,439
          
3.19 %
43,061
            
961
              
2.23 %
Federal Home Loan Bank advances
35,464
            
1,949
          
5.50 %
23,699
            
1,309
          
5.52 %
Subordinated debt, net of unamortized issuance costs
29,376
            
1,065
          
3.63 %
29,287
            
1,065
          
3.64 %
Total interest bearing liabilities
1,441,595
       
34,143
        
2.37 %
1,377,648
       
21,687
        
1.57 %
NONINTEREST BEARING LIABILITIES
Demand deposits
416,927
          
461,689
          
Other liabilities
16,088
            
16,043
            
Shareholders’ equity
206,401
          
190,767
          
Total liabilities and shareholders’ equity
2,081,011
$    
2,046,147
$    
Net interest income (FTE)
56,765
$      
58,967
$      
Net yield on interest earning assets (FTE) (4)
2.90 %
3.05 %
(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
(4) Non-GAAP financial measure; refer to our Annual Report on Form 10-K for the year ended December 31, 2024
2024
2023
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 for the last two years. These schedules also present an analysis of interest income
and interest expense for the periods indicated. All interest income is reported on a fully taxable equivalent ("FTE") basis using a federal income
tax rate of 21%. Loans in nonaccrual status, for the purpose of the following computations, are included in the average loan balances. Federal
Reserve Bank restricted equity holdings are included in other interest earning assets.
ISABELLA BANK CORPORATION
AVERAGE BALANCES, INTEREST RATES, AND NET INTEREST INCOME
(Dollars in thousands)
Year Ended December 31
2024 ANNUAL REPORT   |   15

Our commitment 
in numbers
Donations that make an impact
1/1/2024 - 12/31/2024
Time, Talent, and 
Giving.
$631,800
Monetary donations
Volunteer hours
8,185
274
Organizations received 
monetary support 
15
Local fundraising auctions 
supported with fiscal 
expertise
Organizations served 
across 8 counties
314
Volunteering counts
Hours invested, lives touched
At Isabella Bank, giving back is part of who we are—and 
our employees bring it to life. In 2024, they volunteered 
thousands of hours to support nonprofits, events, 
and educational initiatives across our communities.
Take a closer look at the impact of our dedication and 
how we’re building stronger communities together.
16   |   ISABELLA BANK CORPORATION

Compassion Into Action 
A day dedicated to making a difference
Every October, Isabella Bank hosts Compassion 
into Action, a day of service where employees 
come together to support local nonprofits 
addressing critical community needs.
From supporting those with a limited ability to 
acquire food to revitalizing public spaces, this 
event reflects our culture of giving and strengthens 
connections with the communities we serve.
Volunteer hours
1,489
Employees 
participated
320
Eagle Village in Mecosta County 2024 Isabella Bank team.
The Boy’s and Girl’s Club of the Great Lakes Bay Region 
in Saginaw 2024 Isabella Bank team.
The Care Store in Mt. Pleasant 
2024 Isabella Bank team.
Organizations 
served
19
2024 ANNUAL REPORT   |   17

Growing to serve
Expanding our reach across communities
2000
2024
6 counties
8 counties
18 locations
31 locations
Clare
Mt. Pleasant
Stanton
Ithaca
Saginaw
Big Rapids
MIDLAND
BAY
ISABELLA
MECOSTA
MONTCALM
GRATIOT
SAGINAW
CLARE
Clare
Mt. Pleasant
Midland
Stanton
Ithaca
Saginaw
Bay City
Big Rapids
ISABELLA
CLARE
MECOSTA
MONTCALM
GRATIOT
SAGINAW
Clare
Mt. Pleasant
Stanton
Ithaca
Saginaw
Big Rapids
18   |   ISABELLA BANK CORPORATION

1	 Stay calm: 
Scammers often use 
urgent language or scare 
tactics to trick you into 
acting quickly. Pause and 
think before responding.
2	Watch for typos: 
Emails or texts with 
misspellings or awkward 
grammar—no matter how 
official they seem—are 
often red flags for fraud.
3	Don’t trust caller ID: 
Fraudsters can spoof phone 
numbers to appear as though 
they’re from your bank. If 
something seems off, hang 
up and call Isabella Bank 
directly at 800-651-9111.
4	Avoid unexpected 
links or attachments: 
Banks rarely send 
unrequested attachments 
or links. Clicking on them 
can expose your devices 
and personal information.
5	Trust your instincts: 
If something feels 
suspicious, it probably 
is. When in doubt, call 
us at the number above 
for guidance.
Fighting fraud
5 tips to 
protect 
yourself 
from fraud
Fraud is on the rise—and so is 
Isabella Bank’s commitment to 
keeping its customers safe.
Cybercriminals are constantly 
evolving their tactics, targeting 
both individuals and businesses 
with increasingly sophisticated 
schemes. In response, Isabella 
Bank launched a dedicated fraud 
prevention team in August 2024 
to proactively combat these 
threats and empower customers 
to protect their finances.
“Every day, our fraud prevention 
team works diligently to protect 
our customers,” said Jenn Brick, 
Vice President, Customer Service 
Operations. “They monitor for 
suspicious activity, assisting 
victims in recovering losses, 
and implementing measures 
to stay ahead of fraudsters.”
Fraud typically occurs 
in two primary ways: 
	ƒ Check Fraud: Scammers 
engage in forgery, altering, 
counterfeiting, and other illegal 
practices to steal funds. 
	ƒ Digital Fraud: This includes 
account takeovers, email scams, 
phishing attacks, electronic 
transfer schemes, and other 
online attempts to compromise 
information or money. 
To address these threats, Isabella 
Bank continuously enhances 
the tools and features within its 
online banking platform. Beyond 
technology, the fraud team 
actively participates in community 
outreach events, educating 
customers on emerging scams and 
sharing strategies to stay safe.
“Protecting our customers’ 
information is at the core of 
everything we do,” Brick said. 
“While fraudsters will always 
find new ways to exploit 
vulnerabilities, we are relentless 
in adopting advanced security 
measures to stop them.”
“Everything we 
do prioritizes 
keeping customer 
information secure.”
JENN A. BRICK, VICE PRESIDENT, 
CUSTOMER SERVICE OPERATIONS
Isabella Bank strengthens customer protection 
with a new fraud prevention team.
2024 ANNUAL REPORT   |   19

In 2024, we recognized and celebrated the following individuals on 
their recent promotions and retirements. Congratulations to all on 
your accomplishments and we thank you for your dedication!
Employee 
Recognition
Retirements
Jayne Robinson
35 years
Audie Nichols
29 years
Sandy Baur
28 years
Cindy Holt
26 years
Theresa Price
21 years
Jae Evans
16 Years
Elaine Griffith
16 years
Isabella Bank Officer Promotions
Coy Campbell
Branch Manager I, Officer
Neil McDonnell
President
Amanda Pratt
Senior Branch Manager, Officer
William Schaefer
Chief Financial Officer
Jerome Schwind
Chief Executive Officer
Annual 
Shareholder 
Meeting
Tuesday, May 6, 2025 at 5:00pm
Courtyard by Marriott
2400 East Campus Drive
Mt. Pleasant, MI 48858
20   |   ISABELLA BANK CORPORATION

Isabella Bank Officers
Jerome E. Schwind
Chief Executive Officer
Neil M. McDonnell
President 
William M. Schaefer
Chief Financial Officer
David J. Reetz
Chief Lending Officer
Peggy L. Wheeler
Chief Operations Officer
Jon D. Catlin
Chief Credit Officer
Michael R. Colby
President, East Region
Brian K. Goward 
President, South Region
David W. Seppala
President, West Region
Patrick J. Mease
Chief Human Resources Officer
Randy J. Dickinson
Senior Vice President, Isabella Wealth
Julie A. Smith
Senior Vice President, 
Chief Technology Officer
Thomas J. Wallace
Senior Vice President, Retail Credit 
Michael D. Williams
Market President, Midland
Erika M. Ross
Vice President, Chief Risk Officer
Kimberly K. Betts
Vice President, Collections 
James L. Binder
Vice President, Commercial Loans 
Jenn A. Brick
Vice President, Customer 
Service Operations 
David E. Brown
Vice President, Commercial Loans
Debra A. Campbell
Vice President, Shareholder Relations
Jennifer L. Gill
Vice President, Controller
Thomas N. Gross
Vice President, Commercial Loans
Cyndia S. Heap 
Vice President, Compliance
Michael K. Huenemann
Vice President, Commercial Loans
JoAnna L. Keenan
Vice President, Isabella Wealth
Kathy J. Korson
Vice President, Mortgage Loans
Kimberly A. Lambright
Vice President, Internal Audit
Robert Z. MacLeod
Vice President, Branch Administration
Gregory S. Mapes
Vice President, Deposit Administration
Daniel P. McKune
Vice President, Isabella Wealth
Michelle L. Mease
Vice President, Isabella Wealth
Lori A. Peterson
Vice President, Director of Marketing
Michael P. Prisby
Vice President, Treasurer
Paul A. Scoby
Vice President, Commercial Loans
Jeffrey W. Smith
Vice President, Commercial Loans
Leslie J. Thielen
Vice President, Mortgage Loans 
Amy C. Vogel
Vice President, Core Systems 
& Special Projects
Timothy M. Wilson
Vice President, Regional Branch Manager 
Tracy A. Zayler
Vice President, Regional Branch Manager
Isabella Bank Corporation Officers
Jerome E. Schwind
President & Chief Executive Officer
William M. Schaefer
Chief Financial Officer
Debra A. Campbell
Vice President, Secretary
Jennifer L. Gill
Vice President, Controller
Michael P. Prisby
Vice President, Treasurer
Senior officers & regional boards
Regional Advisory 
Boards of Directors
EAST
Michael R. Colby
Mary F. Draves
Reneé S. Johnston
Neil M. McDonnell
Clarence M. Rivette
Vicki L. Rupp
Mark K. Wahl
SOUTH 
Cindy M. Bosley (retired 2024)
Adam Geers
Brian K. Goward
William W. Henderson
Neil M. McDonnell
Chad R. Payton
Jeffrey E. Sherwood
Gregory V. Varner (retired 2024) 
WEST 
Dr. Emily A. Coles 
Matthew L. Currie
Kevin J. Defever 
Blake R. Hollenbeck
Alexander R. Kemp
Neil M. McDonnell
Gregory D. Millard (retired 2024)
Brian R. Sackett
David W. Seppala
NORTH 
Shari R. Buccilli
Michael L. Jenkins
Thomas L. Kleinhardt (retired 2024)
Neil M. McDonnell
Steven L. Stark
As of March 2025
2024 ANNUAL REPORT   |   21


ISABELLA BANK CORPORATION
401 N. Main St.
Mt. Pleasant, Michigan 48858
NOTICE OF THE ANNUAL MEETING OF SHAREHOLDERS
To Be Held May 6, 2025
Notice is hereby given that the Annual Meeting of Shareholders of Isabella Bank Corporation will be held on Tuesday, May 6, 
2025 at 5:00 p.m. Eastern Daylight Time, at the Courtyard by Marriott, 2400 East Campus Drive, Mt. Pleasant, Michigan. The 
meeting is for the purpose of considering and acting upon the following items of business:
1.
The election of four (4) directors to serve for a term of three years commencing on the date of the Annual Meeting and
continuing until the 2028 annual meeting of shareholders of the Company or until their respective successor or
successors are duly elected and qualified, or until such director’s earlier death, resignation or removal from office.
2.
To ratify the appointment of Plante & Moran, PLLC as the independent registered public accounting firm for the year
ending December 31, 2025.
3.
To transact such other business as may properly come before the meeting, or any adjournment or adjournments
thereof.
The Board of Directors has fixed March 14, 2025 as the record date for determination of shareholders entitled to notice of, and 
to vote at, the meeting or any adjournments thereof.
By order of the Board of Directors
Debra Campbell, Secretary
Dated: March 25, 2025
2024 ANNUAL REPORT   |   23

ISABELLA BANK CORPORATION
401 N. Main St. 
Mt. Pleasant, Michigan 48858
PROXY STATEMENT
General Information
This Proxy Statement is furnished in connection with the solicitation of proxies, to be voted at our Annual Meeting of 
Shareholders (the “Annual Meeting”) which is to held on Tuesday, May 6, 2025 at 5:00 p.m. at the Courtyard by Marriott, 2400 
East Campus Drive, Mt. Pleasant, Michigan, or at any adjournment or adjournments thereof, for the purposes set forth in the 
accompanying Notice of the Annual Meeting of Shareholders and in this Proxy Statement.
This Proxy Statement has been mailed on March 25, 2025 to all holders of record of common stock as of the record date. If a 
shareholder’s shares are held in the name of a broker, bank, or other nominee, then that party should give the shareholder 
instructions for voting the shareholder’s shares.
Voting at the Meeting
We have fixed the close of business on March 14, 2025 as the record date for the determination of shareholders entitled to 
notice of, and to vote at, the Annual Meeting and any adjournment or adjournments thereof. We have only one class of common 
stock and no preferred stock. As of March 14, 2025, there were 7,414,569 shares of stock outstanding. Each outstanding share 
entitles the holder thereof to one vote on each separate matter presented for vote at the meeting. You may vote on matters that 
are properly presented at the Annual Meeting by attending the meeting and casting a vote, signing and returning the enclosed 
proxy, voting on the internet, or voting by phone. You may change your vote or revoke your proxy at any time before it is voted 
at the Annual Meeting by filing with Isabella Bank Corporation (the “Corporation”) an instrument revoking it, filing a duly 
executed proxy bearing a later date (including a proxy given over the internet or by phone) or by attending the meeting and 
electing to vote in person. You are encouraged to vote by mail, internet, or phone.
A quorum must be present in order to hold the Annual Meeting. A quorum is present if a majority of the shares of common 
stock entitled to vote are represented in person or by proxy. If you execute and return a proxy, those shares will be counted to 
determine if there is a quorum, even if you abstain or fail to vote on any of the proposals. We will count abstentions and broker 
non-votes, which are described below, in determining whether a quorum exists.
Once a quorum is achieved, a plurality of votes cast is necessary for the election of directors (Proposal 1).  As to all other 
matters, the affirmative vote of a majority of votes cast is necessary for the approval of such matters.
Some of our shareholders hold their shares through a stockbroker, bank, or other nominee rather than directly in their own 
name. Those shareholders are considered the beneficial owner of shares held in street name, and these materials are being 
forwarded to you by your broker, bank or nominee, which is considered the shareholder of record with respect to those shares. 
As the beneficial owner, you have the right to direct your broker, bank or nominee how to vote and are also invited to attend the 
Annual Meeting. However, because you are not the shareholder of record, you may not vote these shares in person at the 
Annual Meeting unless you obtain a signed proxy from the shareholder of record giving you the right to vote the shares. Your 
broker, bank or nominee has enclosed or provided voting instructions for you to use to direct your broker, bank or nominee in 
voting these shares.
Brokers who hold shares for the accounts of their clients may vote these shares either as directed by their clients or in their own 
discretion if permitted by the exchange or other organization of which they are members. A broker non-vote occurs when a 
broker holding shares for a beneficial owner does not vote on a particular proposal because the broker does not have 
discretionary voting power with respect to that item and has not received voting instructions from the beneficial owner.  Your 
broker has discretionary authority to vote your shares with respect to ratification of the appointment of Plante & Moran, PLLC 
(“Plante”) as our independent registered public accounting firm (Proposal 2). However, in the absence of specific instructions 
from you, your broker does not have discretionary authority to vote your shares with respect to the election of directors to the 
Board of Directors (Proposal 1). A broker non-vote does not count as a vote in favor of or against a particular proposal for 
which the broker has no discretionary voting authority.
In addition, if a shareholder abstains from voting on a particular proposal presented for approval at the Annual Meeting, the 
abstention does not count as a vote in favor of or against the proposal.
At this year’s Annual Meeting, you will elect four (4) directors to serve for a term of three years commencing on the date of the 
Annual Meeting and continuing until the 2028 annual meeting of shareholders of the Company or until their respective 
24   |   ISABELLA BANK CORPORATION

successor or successors are duly elected and qualified, or until such director’s earlier death, resignation or removal from office. 
You may vote in favor or withhold your vote with respect to any or all nominees. Directors are elected by a plurality of the 
votes cast at the Annual Meeting.  If you “withhold” authority to vote with respect to one or more director nominees, your vote 
will have no effect on the election of such nominees. “Withhold” votes, abstentions and shares not voted, including broker non-
votes, are not considered votes cast for the foregoing purpose, and will have no effect on the election of the nominees.
Ratification of the appointment of Plante requires that the number of votes cast “FOR” the proposal exceed the number of votes 
cast “AGAINST” such proposal.  In counting votes on the ratification of the appointment of Plante as our independent 
registered public accounting firm, abstentions and broker non-votes will have no effect on the outcome of the vote.
Proposal 1 - Election of Directors
The Board of Directors (the “Board”) currently consists of eleven (11) members divided into three (3) classes, with the directors 
in each class being elected for a term of three years. The Board decreased from eleven (11) to nine (9) members in August of 
2024 when Thomas L. Kleinhardt and Gregory V. Varner retired from the Board. Subsequently, the Board increased from nine 
(9) to ten (10) members with the Board's appointment of Brian R. Sackett, effective September 15, 2024. The Board then
increased from ten (10) to eleven (11) members with the Board's appointment of David B. Behen, effective March 3, 2025.
Pursuant to our governing documents, our Board is divided into three (3) classes, which results in a “staggered” board. 
Directors stand for election for a term expiring at the third annual meeting of shareholders following the annual meeting of 
shareholders at which such director was elected, or until each person’s successor is duly elected and qualified, or until such 
director’s earlier death, resignation or removal from office.
The terms of Neil M. McDonnell, Sarah R. Opperman, Chad R. Payton, and Brian R. Sackett will expire at the Annual Meeting. 
At the Annual Meeting, each of Neil M. McDonnell, Sarah R. Opperman, Chad R. Payton, and Brian R. Sackett are being 
nominated for election to serve as directors of the Company for a term commencing on the date of the Annual Meeting and 
continuing until the 2028 annual meeting of shareholders of the Company or until their respective successor or successors are 
duly elected and qualified, or until such director’s earlier death, resignation or removal from office. Each of the above-listed 
nominees for election at the Annual Meeting is currently serving as a director of the Company.
Election Procedures
Assuming the presence of a quorum at the Annual Meeting, the election of directors will require a plurality of the votes cast at 
the Annual Meeting.  
This means that the four (4) nominees receiving the highest number of votes will be elected. If you “withhold” authority to vote 
with respect to one or more director nominees, your vote will have no effect on the election of such nominees. “Withhold” 
votes and broker non-votes are not considered votes cast for the foregoing purpose, and will have no effect of the election of the 
nominees. In accordance with the Michigan Business Corporation Act, shareholders are not entitled to cumulate their votes in 
the election of directors (or for any other decision).
Except as otherwise specified, proxies will be voted for the election of the four (4) nominees. If a nominee becomes unable or 
unwilling to serve, proxies will be voted for such other person, if any, as shall be designated. However, we know of no reason 
to anticipate that this will occur. Each of the nominees has agreed to serve as a director if elected.
If a nominee becomes unavailable to serve as a director for any reason before the election, the shares represented by proxy will 
be voted for such other person, if any, as may be designated by the Company’s Board of Directors. Alternatively, in lieu of 
designating a substitute, the Company’s Board of Directors may reduce the number of directors of the Company. The Board has 
no reason to believe that any of the Class II nominees listed above will be unavailable to serve as a director. All of the Class II 
nominees listed above have consented to being named herein and to serve if elected.
Biographical information for each of the above-listed nominees, as well as the other current directors of the Company not up for 
reelection at the Annual Meeting, including their principal occupation for the last five or more years, age and length of service 
as a director, follows.
We recommend that you vote FOR the election of each of the above-listed nominees for election to the Board.
2024 ANNUAL REPORT   |   25

Director Qualifications
Board members are highly qualified and represent your best interests. We select nominees who:
•
Have extensive business leadership.
•
Bring a diverse perspective and experience.
•
Are objective and collegial.
•
Have high ethical standards and have demonstrated sound business judgment.
•
Are willing and able to commit the significant time and effort to effectively fulfill their responsibilities.
Each nominee and current director possesses these qualities and provides a diverse complement of specific business skills and 
experience.  In addition to the general qualifications described above, qualifications are included in the biographical summaries 
provided on the following pages.
The following table identifies individual Board members serving on each of our standing committees:
Director
Audit
Nominating 
and Corporate 
Governance
Compensation 
and Human 
Resource
Sarah R. Opperman
Xo
Xo
Xo
Dr. Jeffrey J. Barnes
Xc
David B. Behen
X
Jill Bourland
Xc
X
Melinda M. Coffin
X
X
Jae A. Evans
Neil M. McDonnell
Chad R. Payton
X
Xc
Vicki L. Rupp
X
Brian R. Sackett
Jerome E. Schwind
C — Chairperson
O — Ex-Officio
Director Nominees for Terms Ending in 2028
Neil M. McDonnell (age 61), has been a director of Isabella Bank Corporation and of the Bank since January 31, 2024. Mr. 
McDonnell was appointed President of Isabella Bank effective January 5, 2024 after serving as the Chief Financial Officer 
since 2018.  He has more than 30 years of banking experience and previously worked in the eastern United States in roles such 
as CFO, controller, treasurer, compliance and risk officer, and director of finance at large international banks, local community 
banks and de novo banks.  He serves on the Board of Directors of Community Bankers of Michigan, is a member of the Mid-
Michigan Industries Board of Directors, and volunteers with Habitat for Humanity of Isabella County Finance Committee.
Sarah R. Opperman (age 65) has been a director of Isabella Bank Corporation and of the Bank since 2012 and has served as 
chair of both boards since May 2021. Ms. Opperman previously was employed for 28 years by The Dow Chemical Company, 
where she served in executive leadership roles in public and government affairs. She was interim President and Chief Executive 
Officer of the Midland Business Alliance in 2018.  Ms. Opperman is a member of the Central Michigan University 
Advancement Board, the Herbert H. and Grace A. Dow Foundation Board, and the Michigan Baseball Foundation Board.  Ms. 
Opperman's business and leadership expertise, as well as her depth of community relationships, benefit Board discussions and 
decisions.
Chad R. Payton (age 56) has been a director of Isabella Bank Corporation and of the Bank since 2021. Mr. Payton is a Certified 
Public Accountant and Partner of Roslund, Prestage & Company, PC, with over 30 years of tax and accounting experience.  Mr. 
Payton is a member of the American Institute of Certified Public Accountants and Michigan Association of Certified Public 
Accountants.  Mr. Payton's expertise in accounting and business experience are valuable to the Board.
Brian R. Sackett (age 54) was appointed a director of Isabella Bank Corporation and of the Bank effective September 15, 2024. 
Mr. Sackett is a partner at Sackett Potatoes and has been an employee there since 1987.  He has served the potato industry on a 
state and national level in many capacities for potato research and potato variety development for the past 30 years.  Mr. Sackett 
26   |   ISABELLA BANK CORPORATION

currently serves on the Research Committee for the Michigan Potato Industry Commission and the Chip Committee for 
Potatoes USA. Mr. Sackett has served more than 12 years on our West Region Advisory Board and brings agricultural and 
business expertise to the Board.
Current Directors with Terms Ending in 2026
Dr. Jeffrey J. Barnes (age 62) has been a director of the Bank since 2007 and of Isabella Bank Corporation since 2010. 
Dr. Barnes is a retired physician from L.O. Eye Care. He is a former member of the Central Michigan Community Hospital 
Board of Directors. Dr. Barnes' experience in business operations and management, as well as knowledge of the communities 
we serve, benefit the Board.
Melinda M. Coffin (age 50) has been a director of Isabella Bank Corporation and of the Bank since 2022.  Ms. Coffin is the 
former CEO of Soaring Eagle Gaming Enterprises.  She received her undergraduate degree and MBA from Central Michigan 
University.  Ms. Coffin's knowledge and experience in compliance and regulatory matters, as well as her business experience 
and community involvement, adds value to the Board.
Vicki L. Rupp (age 65) has been a director of Isabella Bank Corporation and of the Bank since 2019. Ms. Rupp retired from The 
Dow Chemical Company after a successful 35 year career in various positions, including her final position of Corporate 
Director of Business Services.  Ms. Rupp owns her own consulting company, Vicki Rupp Consulting, for companies seeking 
operational improvements.  She currently serves on the Saginaw Valley State University Foundation Executive Committee. 
Ms. Rupp brings experience in operations and strategic development and a commitment to community service.
David B. Behen (age 55) was appointed a director of Isabella Bank Corporation and of the Bank effective March 3, 2025.  Mr. 
Behen is the co-founder and Chief Strategy Officer at SensCy, a cybersecurity company focused on small and medium-sized 
organizations. He has held leadership roles in the private and public sectors for over 20 years and has received many esteemed 
awards and recognition for his contributions to information technology and cybersecurity. Mr. Behen holds several board and 
committee positions for professional and technology organizations.  He is a member of the Eastern Michigan University 
College of Engineering and Technology Advisory Board.  Mr. Behen's extensive experience in cybersecurity and proven track 
record of building successful organizations brings great value to the Board.
Current Directors with Terms Ending in 2027
Jill Bourland (age 54) has been a director of Isabella Bank Corporation and of the Bank since 2017.  Ms. Bourland is CEO and 
Partner of Blystone & Bailey, CPAs, P.C.  Ms. Bourland is a graduate of Central Michigan University, a Certified Public 
Accountant, and a Housing Credit Certified Professional.  She has over 25 years of audit, tax and accounting experience with a 
concentration in small business and affordable housing sectors.  She is a member of the William and Janet Strickler Nonprofit 
Center Board, and the Mid-Michigan Community College Foundation Board.  She is involved with the Gratiot-Isabella 
Technical Education Center Accounting/Business Advisory Committee. She is also a member of the American Institute of 
Certified Public Accountants, Michigan Association of Certified Public Accountants, and Home Builders Association. Ms. 
Bourland has expertise in accounting and business experience, and a strong commitment to community involvement.
Jae A. Evans (age 68) has been a director of Isabella Bank Corporation and of the Bank since 2014.  He was President and 
Chief Executive Officer of the Corporation from 2014 to January 2024 and Chief Executive Officer of the Bank from 2018 to 
January 2024.  Mr. Evans served as Chief Operations Officer of the Bank from 2011 to 2013 and President of the Greenville 
Division of the Bank from 2008 to 2011.  He is a graduate of Central Michigan University and has over 47 years of banking 
experience.  Mr. Evans currently serves as the Interim President and CEO of United Bankers' Bank, in addition to being a board 
member and the Chair for United Bankers' Bank, and on the Central Michigan University Advancement Board. Mr. Evans 
provides the Board with executive leadership, knowledge of commercial banking, and strong community involvement.
Jerome E. Schwind (age 58) has been a director of Isabella Bank Corporation and of the Bank since 2017. Mr. Schwind was 
appointed President and Chief Executive Officer of the Corporation and Chief Executive Officer of Isabella Bank on January 5, 
2024.  He has over 30 years of banking experience and has been employed by the Bank since 1999, serving in various roles 
including President of the Bank and Vice President of the Corporation, Executive Vice President, and Chief Operations Officer. 
Mr. Schwind received his undergraduate degree from Ferris State University and his MBA from Lake Superior State 
University.  He is also a graduate of the Dale Carnegie Executive Development program, the Graduate School of Banking at the 
University of Wisconsin-Madison, and the Rollie Denison Leadership Institute.  He currently serves as the Chair for the Middle 
Michigan Development Corporation, is a member of the Finance Advisory Board for the Ferris State University College of 
Business, and the Michigan Bankers Association Perry School of Banking Board.  Mr. Schwind brings his experience in 
banking and his many years at Isabella Bank to the Board in addition to his knowledge of the markets we serve.
Each of the directors has been engaged in their stated professions for more than five years unless otherwise stated.
2024 ANNUAL REPORT   |   27

Other Executive Officers
William M. Schaefer (age 45), was appointed Chief Financial Officer of Isabella Bank Corporation on April 1, 2024.  Mr. 
Schaefer is a Certified Public Accountant and has over 24 years of experience in the accounting and financial sector. He has 
served as Senior Vice President, Controller, and Vice President of Finance at prominent regional and community banks on the 
East coast. He started his career as an Auditor for KPMG and then he moved to an international manufacturing company where 
he held various Controllership positions.
David J. Reetz (age 64), Chief Lending Officer of the Bank, has over 40 years of lending experience and has been employed by 
the Bank since 1987, serving in his current role since 2003. Mr. Reetz serves as a member of the Summit Clubhouse Advisory 
Board and the Mt. Pleasant Rotary Club.
Peggy L. Wheeler (age 65), Chief Operations Officer of the Bank, has been employed by the Bank since 1977.  Ms. Wheeler 
has over 47 years of banking experience with Isabella Bank, holding various positions including customer service, accounting, 
Controller, and Senior Vice President of Operations.  Ms. Wheeler serves on the board for the Mt. Pleasant Area Community 
Foundation and serves as chair of their grant review committee.  She also serves on the Board for the Michigan Bankers 
Association Service Corporation, and RISE Advocacy.
Proposal 2 - Ratification of Independent Registered Public Accounting Firm
The Audit Committee is directly responsible for the appointment, compensation, retention, and oversight of our independent 
registered public accounting firm. The Audit Committee engages in an annual evaluation of the independent registered public 
accounting firm’s qualifications, assessing a wide variety of factors.
Rehmann Robson LLC (“Rehmann”) served as our independent registered public accounting firm for the fiscal year ended 
December 31, 2024. On January 27, 2025, the Audit Committee appointed Plante & Moran, PLLC as our independent 
registered public accounting firm for the fiscal year ending December 31, 2025. For information related to the Audit 
Committee's process, including fees paid to our independent registered public accounting firm, refer to the “Independent 
Registered Public Accounting Firm” section of this report.
The Board is seeking shareholder ratification of the Audit Committee’s appointment of Plante & Moran, PLLC for the year 
ending December 31, 2025. Shareholder ratification of the selection of Plante as our independent registered public accounting 
firm for the 2025 fiscal year is not required by our governing documents, state law or otherwise. However, the Board is 
submitting the selection of Plante to our shareholders for ratification as a matter of good corporate governance. If the 
shareholders fail to ratify the selection, the Audit Committee may consider this information when determining whether to retain 
Plante for future services. Even if the appointment is ratified, the Audit Committee in its discretion may direct the appointment 
of a different independent registered public accounting firm at any time if it is determined that such a change would be in the 
best interests of the Company.
Assuming a quorum is present, the ratification of the appointment of Plante as the independent registered public accounting 
firm for the year ending December 31, 2025 will require the affirmative vote of the majority of the shares entitled to vote and 
represented in person or by proxy. Shares represented by proxy will be voted in accordance with the instructions provided in the 
proxy. In the absence of instructions to the contrary, completed proxy cards that do not specify how shares should be voted with 
respect to the ratification of the appointment of Plante will be voted “FOR” the ratification. 
Representatives from Rehmann and Plante are expected to be present at the Annual Meeting to respond to appropriate questions 
from shareholders and to make any comments they believe are appropriate.
We recommend that you vote FOR this proposal to ratify the appointment of Plante & Moran, PLLC as our 
independent registered public accounting firm for the year ending December 31, 2025.
Corporate Governance
Director Independence
We have adopted the director independence standards as defined under the Nasdaq listing requirements. We have determined 
that Dr. Jeffrey J. Barnes, David B. Behen, Jill Bourland, Melinda M. Coffin, Sarah R. Opperman, Chad R. Payton, Vicki L. 
Rupp, and Brian R. Sackett are independent directors. Jae A. Evans is not independent as he retired as President and CEO of 
Isabella Bank Corporation and CEO of Isabella Bank on January 4, 2024.  Jerome E. Schwind is not independent as he is 
employed as President and CEO of Isabella Bank Corporation and CEO of Isabella Bank. Neil M. McDonnell is not 
independent as he is employed as President of Isabella Bank.
28   |   ISABELLA BANK CORPORATION

Family Relationships
There are no immediate family relationships between any of our directors, director nominees, or executive officers.
Board Leadership Structure and the Board's Role in Risk Oversight
Sarah R. Opperman serves as the Chairperson of the Board and Jerome E. Schwind serves as the Chief Executive Officer of the 
Company. Recognizing the individual roles and responsibilities of the Chairperson of the Board and the Chief Executive 
Officer, the Board of Directors has implemented this structure to enhance strategic oversight and insight, board leadership, and 
to further align the Board of Directors and management.
Our Governance Policy provides that only directors who are deemed to be independent as set forth by the Nasdaq listing 
requirements and SEC rules are eligible to hold the office of chairperson. Additionally, the chairpersons of Board's committees 
must also be independent directors. It is our belief that having a separate chairperson and CEO best serves the interest of the 
shareholders. The Board elects its chairperson at the first Board meeting following the Annual Meeting. Independent members 
of the Board meet without inside directors at least twice per year.
Regular meetings of the Board and its committees are held to review strategy, policy and results of operations, including 
discussions of risk. The frequency of meetings is determined by, among other things, strategy, operations and the number and 
significance of risk matters that are discussed at either the Board or committee meetings. Each committee chairperson is 
provided an opportunity to present a report to the full Board at each regularly scheduled Board meeting and is required to 
provide a full report of past accomplishments and future strategies to the full Board on an annual basis.
The Board has overall responsibility for enterprise risk management. The Board’s role is to engage in informed oversight of the 
Company’s risk management and management is responsible for our day-to-day risk management. The Board utilizes 
committees to oversee risks associated with compensation and governance. The Isabella Bank Board of Directors is responsible 
for overseeing credit, investment, information technology, interest rate, and trust risks.
Board and Committee Meeting Attendance
The Board met fourteen (14) times during 2024. During the 2024 fiscal year, each director participated in at least 75% or more 
of the aggregate of (i) the total number of meetings of the Board (held during the period for which he or she was a director) and 
(ii) the total number of meetings of all committees of the Board on which he or she served (during the period that he or she
served).
Director Attendance at Annual Meeting
While the Company does not have a formal policy requiring the directors’ attendance, the Board encourages all directors to 
attend the annual meeting of shareholders. All of our directors attended the 2024 annual meeting of shareholders, with the 
exception of Ms. Coffin.
Committees of the Board of Directors
Our Board has established standing committees in connection with the discharge of its responsibilities. These committees 
include the Audit Committee, a Nominating and Corporate Governance Committee, and a Compensation and Human Resource 
Committee. Our Board also may establish such other committees as it deems appropriate, in accordance with applicable law and 
regulations and our certificate of formation and our bylaws.
Audit Committee
The Company has a separately designated standing Audit Committee as required by the rules of the Nasdaq Stock Market. The 
Audit Committee is governed by a written charter approved by the Board, which is available on the Bank’s website: 
www.isabellabank.com under the “Governance” tab. The Audit Committee met six (6) times during the year 2024. 
The responsibilities of the Audit Committee include assisting the Board in its general oversight of our financial reporting, 
financial risk assessment, internal controls, and audit functions, and is directly responsible for overseeing the integrity of our 
consolidated financial statements, the independent auditors’ qualifications and independence, the performance of our internal 
audit function and those of independent auditors, our system of internal controls, our financial reporting and system of 
disclosure controls, and our compliance with legal and regulatory requirements and with our Code of Conduct and Business 
Ethics. Further information regarding the functions performed by the Audit Committee and its membership is set forth in the 
“Audit Committee Report” included in this Proxy Statement. 
The members of the Audit Committee are directors Bourland (committee chairperson), Coffin, Opperman (ex-officio) and 
Payton. Our Board has evaluated the independence of each of the members of our Audit Committee and has affirmatively 
2024 ANNUAL REPORT   |   29

determined that each of the members of our Audit Committee (1) is an independent director under Nasdaq Stock Market rules, 
(2) satisfies the additional independence standards under applicable SEC rules for Audit Committee service, and (3) has the
ability to read and understand fundamental financial statements. In accordance with the provisions of the Sarbanes-Oxley Act of
2002, directors Bourland and Payton met the requirements of Audit Committee Financial Expert and have been so designated.
Nominating and Corporate Governance Committee
The Company has a separately designated standing Nominating and Corporate Governance Committee. The Nominating and 
Corporate Governance Committee is governed by a written charter approved by the Board, which is available on the Bank’s 
website: www.isabellabank.com under the “Governance” tab. The Nominating and Corporate Governance Committee held 
three (3) meetings during the year 2024.
The Nominating and Corporate Governance Committee is responsible for evaluating and recommending individuals for 
nomination to the Board for approval. This Committee, in evaluating nominees, including incumbent directors and any 
nominees put forth by shareholders, considers business experience, skills, character, judgment, leadership experience, and their 
knowledge of the geographical markets, business segments or other criteria the Committee deems relevant and appropriate 
based on the current composition of the Board. This Committee considers diversity in identifying members with respect to our 
geographical markets served, the industry knowledge and experience of the nominee, and community relations of the nominee.
The members of the Nominating and Corporate Governance Committee are directors Barnes (committee chairperson), 
Bourland, and Opperman (ex-officio). Our Board has evaluated the independence of each of the members of our Nominating 
and Corporate Governance Committee and has affirmatively determined that each of the members of our Nominating and 
Corporate Governance Committee meets the definition of an “independent director” under Nasdaq Stock Market rules.
The Nominating and Corporate Governance Committee will consider, as potential nominees, persons recommended by 
shareholders. Recommendations should be submitted in writing to the Secretary of the Corporation, 401 N. Main St., Mt. 
Pleasant, Michigan 48858 and include the shareholder’s name, address and number of shares of the Corporation owned by the 
shareholder. The recommendation should also include the name, age, address and qualifications of the candidate. Please see 
“Shareholder Proposals - 2026 Annual Meeting,” below, for more information on when director nominee proposals must be 
submitted to the Corporation. The Nominating and Corporate Governance Committee evaluates all potential director nominees 
in the same manner, whether the nominations are received from a shareholder, or otherwise.
Compensation and Human Resource Committee
The Company has a separately designated standing Compensation and Human Resource Committee. The Compensation and 
Human Resource Committee is governed by a written charter approved by the Board, which is available on the Bank’s website: 
www.isabellabank.com under the “Governance” tab. The Compensation and Human Resource Committee held six (6) meetings 
during the year 2024.
The members of the Compensation and Human Resource Committee are directors Behen, Coffin, Opperman (ex-officio), 
Payton (committee chairperson), and Rupp. Our Board has evaluated the independence of each of the members of our 
Compensation and Human Resource Committee and has affirmatively determined that each of the members of the Committee 
meets the definition of an “independent director” under Nasdaq Stock Market rules.  In addition, our Board has also determined 
that each of the members of the Committee qualifies as a “nonemployee director” within the meaning of Rule 16b-3 under the 
Exchange Act.  The Compensation and Human Resource Committee is responsible for reviewing and recommending to the 
Board the compensation of directors and the compensation of the President and CEO, Bank President, and CFO.  The 
Compensation and Human Resource Committee is also responsible for overseeing the administration of the Company’s 
employee benefit, incentive and compensation programs, determining the effectiveness of the Company’s compensation-related 
risk management practices, and reviewing and approving the Chief Executive Officer succession plan, and recommending such 
plan to the Board for approval.
Communications with the Board
Shareholders may communicate with the Board by sending written communications to the attention of the Corporation’s 
Secretary, Isabella Bank Corporation, 401 N. Main St., Mt. Pleasant, Michigan 48858. Communications will be forwarded to 
the Board or the appropriate committee, as soon as practicable.
Code of Ethics
The Corporation has adopted a Code of Conduct and Business Ethics that sets forth standards of ethical business conduct for the 
Company's CEO, CFO, and Controller. The purpose of the Code of Conduct and Business Ethics is to provide such covered 
individuals with a framework to deter wrongdoing and to promote honest and ethical conduct. Additionally, the Code of 
Business Conduct and Ethics is in conformity with the requirements of the Sarbanes-Oxley Act of 2002 and the Nasdaq Listing 
30   |   ISABELLA BANK CORPORATION

Rules. A copy of the Code of Conduct and Business Ethics is available on the Bank’s website: www.isabellabank.com under 
the “Governance” tab.
Nasdaq Listing Application
We have applied to list the shares of our common stock on The Nasdaq Stock Market, LLC (“Nasdaq”) under our current 
symbol “ISBA.”  Such listing is not guaranteed.  Even if such listing is approved, there can be no assurance that an active, 
liquid trading market in our common stock will develop.  Our common stock is currently quoted on the OTCQX Market under 
the trading symbol “ISBA.”  If we are approved to list the shares of our common stock on Nasdaq, we will continue to serve as 
our own transfer agent.
Audit Committee Report
The Audit Committee oversees the financial reporting process on behalf of the Board. The 2024 Audit Committee consisted of 
directors Bourland, Coffin, Payton, and Opperman (ex-officio).*
The Audit Committee is responsible for pre-approving all auditing services and permitted non-audit services by our 
independent auditors, or any other auditing or accounting firm, if those fees are reasonably expected to exceed 5.0% of the 
current year agreed upon fee for independent audit services. The Audit Committee has established general guidelines for the 
permissible scope and nature of any permitted non-audit services in connection with its annual review of the audit plan and 
reviews the guidelines with the Board.
Management has the primary responsibility for the consolidated financial statements and the reporting process including the 
systems of internal controls. In fulfilling its oversight responsibilities, the Audit Committee reviewed the audited consolidated 
financial statements in the Annual Report with management including a discussion of the acceptability of the accounting 
principles, the reasonableness of significant judgments, and the clarity of disclosures in the consolidated financial statements. 
The Audit Committee also reviewed with management and the independent auditors, management’s assertion on the design and 
effectiveness of our internal control over financial reporting as of December 31, 2024.
The Audit Committee reviewed with our independent auditors, who are responsible for expressing an opinion on the conformity 
of those audited consolidated financial statements with accounting principles generally accepted in the United States of 
America, their judgments as to the acceptability of our accounting principles and such other matters as are required to be 
discussed with the Audit Committee by the standards of the Public Company Accounting Oversight Board (United States) 
(“PCAOB”), including those described in Auditing Standard No. 1301, “Communications with Audit Committees”, as may be 
modified or supplemented. In addition, the Audit Committee has received the written disclosures and the letter from the 
independent auditors required by PCAOB Rule 3526, “Communication with Audit Committees Concerning Independence”, as 
may be modified or supplemented, and has discussed this issue with the independent auditors.
The Audit Committee discussed with our internal and independent auditors the overall scope and plans for their respective 
audits. The Audit Committee meets with the internal and external independent auditors, with and without management present, 
to discuss the results of their examinations, their evaluations of our internal controls, and the overall quality of our financial 
reporting process. The Audit Committee held six meetings during 2024.
In reliance on the reviews and discussions referred to above, the Audit Committee recommended to the Board of Directors (and 
the Board has approved) that the audited consolidated financial statements be included in the Annual Report on Form 10-K for 
the year ended December 31, 2024 for filing with the Securities and Exchange Commission. The Audit Committee has 
appointed Plante & Moran, PLLC as the independent auditors for the 2025 audit.
Respectfully submitted,
Jill Bourland, Audit Committee Chairperson
Melinda M. Coffin
Chad R. Payton
Sarah R. Opperman (ex-officio)
* As planned, on August 31, 2024, Thomas L. Kleinhardt retired from the Board and all committees of the Board, including the
Audit Committee. Therefore, Mr. Kleinhardt did not participate in the Audit Committee's review, discussion or
recommendation with respect to matters covered by the Audit Committee's report in this Proxy Statement.
2024 ANNUAL REPORT   |   31

Executive Officers
Executive officers are compensated in accordance with their employment with the applicable entity. The following table shows 
information on compensation earned in each of the last two years ended December 31, 2024, for the CEO, CFO, and our next 
most highly compensated executive officer, collectively the named executive officers (“NEOs”).
Summary Compensation Table
Name and principal position
Year
Salary
($)(1)
Bonus
($)(2)
Stock 
Awards
($)(3)
Change in
pension value
and 
nonqualified 
deferred 
compensation 
earnings ($)(4)
All other 
compensation
($)(5)
Total
($)
Jerome E. Schwind (6)
2024
443,571 
20,100 
40,000 
14,781 
68,109 
586,561 
President and CEO of Isabella Bank 
Corporation and CEO of Isabella Bank
2023
382,066 
68,093 
— 
9,465 
62,567 
522,191 
Jae A. Evans (6)
2024
67,115 
16,450 
— 
39,089 
160,883 
283,537 
President and CEO of Isabella Bank 
Corporation and CEO of Isabella Bank 
(retired)
2023
504,500  134,400 
— 
36,863 
59,129 
734,892 
William M. Schaefer (7)
2024
174,327 
— 
10,895 
275 
45,187 
230,684 
CFO of Isabella Bank Corporation and 
Isabella Bank
Neil M. McDonnell (6)
2024
365,000 
16,572 
25,125 
12,270 
52,950 
471,917 
President of Isabella Bank
2023
301,300 
49,130 
— 
3,331 
39,636 
393,397 
(1)
Executive officer salary includes compensation voluntarily deferred under our 401(k) plan.  Director fees are also included
and are displayed in the following table for each of the last two years ended December 31, 2024:
Director fees ($)
Name
2024
2023
Jerome E. Schwind
30,000 
34,500 
Jae A. Evans
40,000 
34,500 
Neil M. McDonnell
30,000 
— 
(2)
Includes payouts granted pursuant to the Isabella Bank Corporation Executive Cash Incentive Plan.
(3)
Includes shares granted pursuant to the Isabella Bank Corporation Restricted Stock Plan disclosed as the aggregate grant
date fair value of the awards computed, in accordance with ASC Topic 718.
(4)
Includes the aggregate non-cash change in the actuarial present value of the noted executive's accumulated benefit under
the Isabella Bank Corporation Pension Plan.
(5)
For all named executives, all other compensation includes 401(k) matching contributions, dividends on stock units pursuant
to the Directors Plan, and auto allowance. For Jae A. Evans this includes a short-term disability payout upon retirement of
$108,462. For William M. Schaefer all other compensation includes an employment bonus of $30,257.
(6)
Jae A. Evans retired as President and Chief Executive Officer of Isabella Bank Corporation and Chief Executive Officer of
Isabella Bank effective January 4, 2024. Jerome E. Schwind was appointed as President and Chief Executive Officer of
Isabella Bank Corporation and Chief Executive Officer of Isabella Bank effective January 5, 2024. Neil M. McDonnell was
appointed as President of Isabella Bank effective January 5, 2024.
(7)
Not a named executive officer prior to 2024. William M. Schaefer joined the Corporation on April 1, 2024.
32   |   ISABELLA BANK CORPORATION

Outstanding Equity Awards at Fiscal Year-End Table
The following table provides information on the unvested shares of restricted stock pursuant to the Isabella Bank Corporation 
Restricted Stock Plan as of December 31, 2024:
Stock awards
Name
Grant Date
Equity incentive 
plan: number of 
shares or units of 
stock that have not 
vested (#)(1)
Equity incentive plan 
awards: market value 
of shares or units of 
stock that have not 
vested ($)(2)
Jerome E. Schwind
3/26/2024
2,053 
53,357 
2/16/2023(3)
— 
— 
3/28/2022
1,922 
49,953 
4/1/2021
4,282 
111,289 
William M. Schaefer
4/1/2024
558
14,502 
Neil M. McDonnell
3/26/2024
1,290 
33,527 
2/16/2023(3)
— 
— 
3/28/2022
1,444 
37,530 
4/1/2021
3,184 
82,752 
(1)
Shares of restricted stock are subject to a three-year vesting period from the date of issuance.
(2)
Based on the closing price of the Corporation's common stock as of December 31, 2024 which was $25.99.
(3)
Achievement of financial performance goals in connection to the stock awards were not met in 2023.
Pension Benefits
Defined Benefit Pension Plan.   We sponsor the Isabella Bank Corporation Pension Plan (“Defined Benefit Pension Plan”), a 
frozen defined benefit pension plan. The curtailment, which was effective March 1, 2007, froze the current participant’s accrued 
benefits as of that date and limited participation in the plan to eligible employees as of December 31, 2006. Due to the 
curtailment of the plan, the number of years of credited service was frozen. As such, the years of credited service for the plan 
may differ from the participant’s actual years of service.
Annual contributions are made to the plan as required by accepted actuarial principles, applicable federal tax laws, and to pay 
expenses related to operating and maintaining the plan. The amount of contributions on behalf of any one participant cannot be 
separately or individually computed.
Pension plan benefits are based on years of service and the employees’ five highest consecutive years of compensation out of 
the last ten years of service, through December 31, 2006.
A participant may earn a benefit for up to 35 years of accredited service. Earned benefits are 100% vested after five years of 
service. Benefit payments normally start when a participant reaches age 65. A participant with more than five years of service 
may elect to take early retirement benefits anytime after reaching age 55. Benefits payable under early retirement are reduced 
actuarially for each month prior to age 65 in which benefits begin.
Under the provisions of the plan, participants are eligible for early retirement after reaching the age of 55 with at least five years 
of service. The early retirement benefit amount is the accrued benefit payable at normal retirement date reduced by 5/9% for 
each of the first 60 months and 5/18% for each of the next 60 months that the benefit commencement date precedes the normal 
retirement date.
Retirement Bonus Plan.   We sponsor the Isabella Bank Corporation Retirement Bonus Plan (“Retirement Bonus Plan”). This 
nonqualified plan is intended to provide eligible employees with additional retirement benefits. To be eligible, the employee 
needed to be an employee on January 1, 2007, and be a participant in our frozen Executive Supplemental Income Agreement. 
Participants were also required to be an officer with at least 10 years of service as of December 31, 2006. We have sole and 
exclusive discretion to add new participants to the Retirement Bonus Plan by authorizing such participation pursuant to action 
of the Board.
An initial amount was credited for each eligible employee as of January 1, 2007. Subsequent amounts have been credited on 
each allocation date thereafter as defined in the Retirement Bonus Plan. The amount of the initial allocation and the annual 
allocation shall be determined pursuant to the payment schedule adopted at our sole and exclusive discretion, as set forth in the 
Retirement Bonus Plan.
2024 ANNUAL REPORT   |   33

Under the provisions of the Retirement Bonus Plan, participants are eligible for early retirement upon attaining 55 years of age. 
There is no difference between the calculation of benefits payable upon early retirement and normal retirement; however, the 
participant would not receive their full benefit under early retirement.
Nonqualified Deferred Compensation
Directors Plan.   Under the Isabella Bank Corporation and Related Companies Deferred Compensation Plan for Directors 
(“Directors Plan”), directors, including named executive officers who serve as directors, are required to invest at least 25% of 
their board fees in our common stock and may invest up to 100% of their earned fees based on their annual election. These 
amounts are reflected in footnote 1 to the Summary Compensation Table. These stock investments can be made either through 
deferred fees or through the purchase of shares through the Isabella Bank Corporation Stockholder Dividend Reinvestment and 
Employee Stock Purchase Plan (“DRIP Plan”). Deferred fees, under the Directors Plan, are converted on a quarterly basis into 
stock units of our common stock based on the fair value of a share of our common stock as of the relevant valuation date. Stock 
units credited to a participant’s account are eligible for stock and cash dividends as paid. DRIP Plan shares are purchased 
pursuant to the DRIP Plan.
Distribution of deferred fees from the Directors Plan occurs when the participant retires from the Board or upon the occurrence 
of certain other events. The participant is eligible to receive distributions in the form of shares of our common stock of all of the 
stock units that are then in his or her account, and any unconverted cash will be converted to and rounded up to a whole share of 
stock and distributed, as well. Any common stock issued from deferred fees under the Directors Plan will be considered 
restricted stock under the Securities Act of 1933, as amended.  Common stock purchased through the DRIP Plan are not 
considered restricted stock under the Securities Act of 1933, as amended.
SERP.   Under the supplemental executive retirement plan (“SERP”), we may promise deferred compensation benefits to 
employees who are members of a select group of management or highly compensated employees, which may include the 
named executive officers.  The SERP authorizes us to make annual and discretionary credits to a participant’s SERP account 
pursuant to a participation agreement with the participant that sets forth the amount and timing of any annual credits and the 
vesting, payment, and other terms to which the credits are subject.
The SERP provides default terms that may be modified by a participant’s participation agreement, including default vesting, 
interest and payment terms.  Under the SERP’s default vesting terms, a participant is initially unvested in the participant’s 
SERP account and becomes 100% vested upon attaining normal retirement age, retirement, involuntary separation from service 
without cause, death, disability or a change in control.  Special vesting rules apply to amounts that are credited after a change in 
control.  Under the SERP’s interest rule, a participant’s account balance is credited with interest annually, the rate of which may 
be changed and is based on a stated fund yield as defined in the SERP for the current plan year, updated annually.  A 
participant’s vested and nonforfeited account balance will be paid in a single cash lump sum within 90 days after the first to 
occur of the participant’s separation from service (subject to a six-month delay for a “specified employee”), death, disability, or 
any date specified in the participant’s participation agreement under the SERP’s default payment terms, unless otherwise 
specified in a participant's participation agreement. The SERP also includes restrictive covenants that restrict a participant’s 
ability to compete with us and certain other activities.
Executive Cash Incentive Plan.   The Executive Cash Incentive Plan provides potential payouts for the President and CEO, 
Bank President, and CFO based on achievement of personal and corporate goals.  The maximum potential payouts under the 
plan range from 22% to 35% of the employee's annual salary. The Compensation and Human Resource Committee is 
responsible for establishing personal goals and measuring the achievement of personal goals for the President and CEO. This 
Committee also reviews the performance of the President and CEO. The President and CEO recommends to the Compensation 
and Human Resource Committee the measurement and achievement of personal and corporate goals for the Bank President and 
CFO.
Restricted Stock Plan.   The Isabella Bank Corporation Restricted Stock Plan ("RSP") is an equity-based bonus plan.  The 
primary purpose of the plan is to promote our growth and profitability by attracting and retaining executive officers and key 
employees of outstanding competence through ownership of equity that provides them with incentives to achieve corporate 
objectives.  The RSP authorizes the issuance of unvested restricted stock to an eligible employee with a maximum award 
ranging from 25% to 40% of the employee’s annual salary, on a calendar year basis.  Under the RSP, the Board of Directors 
may grant restricted stock awards to eligible employees on an annual basis based on satisfactory achievement of performance 
targets and measures established by the Board of Directors.  If these grant conditions are not satisfied, then the award of 
restricted shares will lapse or be adjusted appropriately, at the discretion of the Board of Directors.  Restricted stock awards 
granted are not fully transferable or vested until certain conditions are met, as stated in the plan.
34   |   ISABELLA BANK CORPORATION

Clawback Policy.  The Corporation has adopted a clawback policy which provides for recoupment of certain executive 
compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting 
requirements under the federal securities laws.  This policy applies to any cash or equity compensation which is granted, earned 
or vested based wholly or in part on the attainment of a financial reporting measure.  Consequently, the policy applies to the 
SERP, the Executive Cash Incentive Plan, and the RSP.
Potential Payments Upon Termination or Change in Control
The estimated amounts payable to each named executive officer upon severance from employment, retirement, termination 
upon death or disability or termination following a change in control are described below. For all termination scenarios, the 
amounts assume such termination took place as of December 31, 2024.
Any Severance of Employment
Regardless of the manner in which a named executive officer’s employment terminates, he or she is entitled to receive amounts 
earned during his or her term of employment. Such amounts include:
•
Amounts accrued and vested through the Defined Benefit Pension Plan.
•
Amounts accrued and vested through the Retirement Bonus Plan.
•
Amounts credited and vested through the SERP.
•
Amounts deferred in the Directors Plan.
•
Amounts granted and vested through the Restricted Stock Plan.
•
Eligible unused vacation and short-term disability pay.
Retirement
In the event of the retirement of an executive officer, the officer would receive the benefits identified above.
Death or Disability
In the event of death or disability of an executive officer, in addition to the benefits listed above, the executive officer will also 
receive payments under our life insurance plan or under our disability plan as appropriate.
Change in Control
We currently do not have a change in control agreement with any of the executive officers.  Under the SERP, each participant 
would become 100% vested in their SERP account upon a change in control.  Under certain conditions, following a change in 
control, if a participant is involuntarily terminated without cause or voluntarily terminates for good reason all uncredited annual 
credits would be credited to his or her SERP account.  If termination took place on December 31, 2024, that would have 
resulted in an additional credit to Jerome E. Schwind's SERP account of $543,500, William M. Schaefer's SERP account of 
$240,000, and Neil M. McDonnell's SERP account of $382,500 and a total credit for each individual of $827,520, $245,275, 
and $618,265, respectively.
Under the RSP, each participant would become 100% vested in their RSP account upon a change in control.  Under certain 
conditions, following a change in control, if a participant is involuntarily terminated without cause or voluntarily terminates for 
good reason all nonvested shares would be fully vested.  If termination took place on December 31, 2024, that would have 
resulted in vested shares to Jerome E. Schwind's RSP account of 8,257 ($214,599), William M. Schaefer's RSP account of 558 
($14,502), and Neil M. McDonnell's RSP account of 5,918 ($153,809).
Pay Versus Performance
The following table presents certain information regarding compensation paid and certain financial performance measures in 
each of the last three years ended December 31, 2024, for the CEO and other NEOs as a group, as disclosed in the Summary 
Compensation table above.
Year
Summary 
compensation table 
total for CEO ($)
Compensation 
actually paid to 
CEO ($)(1)
Average summary 
compensation table 
total for non-CEO 
NEOs ($)
Average 
compensation 
actually paid to non-
CEO NEOs ($)(2)
Value of initial
fixed $100 
investment based on 
total shareholder 
return ($)
Net income
(in thousands)($)
2024
870,098 
911,433 
351,301 
377,134 
119 
13,889 
2023
734,892 
706,872 
457,794 
441,732 
127 
18,167 
2022
755,512 
729,259 
464,198 
478,958 
131 
22,238 
2024 ANNUAL REPORT   |   35

(1)
In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to total
reported compensation for each year to determine the compensation actually paid:
Equity Award Adjustments
Year
Summary 
compensation 
table total for 
CEO ($)
Reported 
change in
pension 
value ($)
Reported 
Value of 
Granted 
Equity 
Awards ($)
Year end fair value 
of outstanding and 
unvested equity 
awards granted in 
the year ($)
Change in fair value 
of outstanding and 
unvested equity 
awards granted in 
prior years ($)
Change in fair value 
of equity awards 
granted in prior 
years that vested in 
the year ($)
Compensation 
actually paid to 
CEO ($)
2024
870,098 
— 
(40,000) 
53,357 
27,856 
122 
911,433 
2023
734,892 
— 
— 
— 
(28,020) 
— 
706,872 
2022
755,512 
— 
(89,600) 
84,201 
(20,854) 
— 
729,259 
(2)
In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average
total compensation for each year to determine the compensation actually paid:
Equity Award Adjustments
Year
Average summary 
compensation 
table total
for non-CEO 
NEOs ($)
Reported 
change in
pension 
value ($)
Reported 
Value of 
Granted 
Equity 
Awards ($)
Year end fair value 
of outstanding and 
unvested equity 
awards granted in 
the year ($)
Change in fair value 
of outstanding and 
unvested equity 
awards granted in 
prior years ($)
Change in fair value 
of equity awards 
granted in prior 
years that vested in 
the year ($)
Average 
compensation 
actually paid to 
non-CEO 
NEOs ($)
2024
351,301 
— 
(18,010) 
24,015 
20,780 
(952)
377,134
2023
457,794 
(3,000) 
— 
— 
(13,062) 
— 
441,732 
2022
464,198 
27,000 
(42,095) 
39,551 
(9,696) 
— 
478,958 
Relationship Between CEO and Other NEO Compensation Actually Paid and Total Shareholder Return
The following graph illustrates the relationship during 2022-2024 between compensation actually paid to our CEO and average 
compensation actually paid to other NEOs as a group and total shareholder return (“TSR”):
Compensation
TSR
CEO
Other NEOs
TSR
12/31/22
12/31/23
12/31/24
$—
$500,000
$1,000,000
$100
$110
$120
$130
$140
36   |   ISABELLA BANK CORPORATION

Relationship Between CEO and Other NEO Compensation Actually Paid and Net Income
The following graph illustrates the relationship during 2022-2024 between compensation actually paid to our CEO and average 
compensation actually paid to other NEOs as a group and net income (in thousands): 
Compensation
Net Income
CEO
Other NEOs
Net Income
12/31/22
12/31/23
12/31/24
$—
$500,000
$1,000,000
$—
$5,000
$10,000
$15,000
$20,000
$25,000
Under our cash and equity incentive plans, financial performance goals are established by the Compensation and Human 
Resource Committee and the Board of Directors.  For 2022, 2023 and 2024, these financial measures included net income, in 
addition to other metrics as established by the Compensation and Human Resource Committee and the Board of Directors.
Director Compensation
The following table summarizes the compensation of each non-employee director who served on the Board during 2024.
Name
Fees paid in
cash ($)(1)
Fees deferred 
under Directors 
Plan ($)(1)
All other 
compensation 
($)(2)
Total fees
earned ($)
Dr. Jeffrey J. Barnes
— 
41,000 
32,296 
73,296 
Jill Bourland
48,000 
— 
1,403 
49,403 
Melinda M. Coffin
— 
40,000 
4,555 
44,555 
Thomas L. Kleinhardt
— 
26,667 
41,756 
68,423 
Richard L. McGuirk
16,667 
— 
529 
17,196 
Sarah R. Opperman
55,000 
— 
6,647 
61,647 
Chad R. Payton
44,000 
— 
2,360 
46,360 
Vicki L. Rupp
22,000 
22,000 
3,504 
47,504 
Brian R. Sackett
2,250 
13,333 
1,196 
16,779 
Gregory V. Varner
20,000 
6,667 
15,788 
42,455 
(1)
Directors electing to receive all fees in cash, resulting in no contributions to the Directors Plan, invest at least 25% of their board fees in
our common stock under the DRIP Plan as described in our Directors Plan within the “Executive Officers” section.
(2)
All other compensation includes dividends on stock units.
We paid an annual retainer of $40,000 to each non-employee director and $30,000 to each employee director of the Board 
during 2024.  The chairperson of the Board is paid an additional retainer of $15,000, the Audit Committee chair is paid an 
additional retainer of $8,000, the Nominating & Corporate Governance chair is paid an additional retainer of $1,000, and the 
chairperson of the Compensation & Human Resource Committee is paid an additional retainer of $4,000.
2024 ANNUAL REPORT   |   37

The following table displays the cumulative number of stock units of our common stock credited to the accounts of current 
directors pursuant to the terms of the Directors Plan as of March 14, 2025:
Name
# of stock units 
credited
Dr. Jeffrey J. Barnes
31,392 
David B. Behen (1)
— 
Jill Bourland
1,291 
Melinda M. Coffin
4,192 
Jae A. Evans
2,958 
Neil M. McDonnell
397 
Sarah R. Opperman
6,118 
Chad R. Payton
2,172 
Vicki L. Rupp
4,119 
Brian R. Sackett
3,132 
Jerome E. Schwind
15,639 
(1)  Director appointment effective March 3, 2025.
Under the Directors Plan, upon a participant’s retirement from the Board, or the occurrence of certain other events, the 
participant is eligible to receive a distribution in the form of shares of our common stock of all of the stock units that are then 
credited to the participant's account. The plan does not allow for cash settlement. Stock issued under the Directors Plan is 
restricted stock under the Securities Act of 1933, as amended.
We established a Rabbi Trust to supplement the Directors Plan. The Rabbi Trust is an irrevocable grantor trust to which we may 
contribute assets for the limited purpose of funding a nonqualified deferred compensation plan. Although we may not reach the 
assets of the Rabbi Trust for any purpose other than meeting our obligations under the Directors Plan, the assets of the Rabbi 
Trust remain subject to the claims of our creditors. We may contribute cash or common stock to the Rabbi Trust from time to 
time for the sole purpose of funding the Directors Plan. The Rabbi Trust will use any cash that we may contribute to purchase 
shares of our common stock on the open market.
We transferred $1,113,229 to the Rabbi Trust in 2024, which held 142,535 shares of our common stock for settlement as of 
December 31, 2024. As of December 31, 2024, stock units credited to participants’ accounts totaled 101,493. All amounts are 
unsecured claims against our general assets. The net cost of this benefit was $168,465 in 2024.
Certain Relationships and Related Person Transactions
Certain Relationships
There are no family relationships between any of our directors or executive officers, as defined in Item 401 of Regulation S-K.
Policies and Procedures Regarding Related Person Transactions
Transactions by us or the Bank with related persons are subject to regulatory requirements and restrictions. These requirements 
and restrictions include Section 23A and Section 23B of the Federal Reserve Act and the Board of Governors of the Federal 
Reserve System’s (the “Federal Reserve”) Regulation W (which governs certain transactions by the Bank with its affiliates) and 
the Federal Reserve’s Regulation O (which governs certain loans by the Bank to its executive officers, directors, and principal 
shareholders). We have adopted policies to comply with these regulatory requirements and restrictions.
Related person transactions are transactions in which we are a participant, the amount involved exceeds $120,000 and a related 
person has or will have a direct or indirect material interest. Related persons of the Company include directors (including 
nominees for election as directors), executive officers, beneficial holders of more than 5% of our capital stock and the 
immediate family members of these persons. Our Audit Committee also reviews procedures designed to identify related person 
transactions that are material to our financial statements or otherwise require disclosure. In determining whether to approve a 
related person transaction, the Board will consider, among other factors, the fairness of the proposed transaction, the direct or 
indirect nature of the related person’s interest in the transaction, the appearance of an improper conflict of interests for any 
director or executive officer taking into account the size of the transaction and the financial position of the related person, 
whether the transaction would impair an outside director’s independence, the acceptability of the transaction to our regulators 
and the potential violations of other corporate policies.
38   |   ISABELLA BANK CORPORATION

Ordinary Banking Relationships
Certain directors and officers and members of their families were loan customers of the Bank, or have been directors or officers 
of corporations, members or managers of limited liability companies, or partners of partnerships which have had transactions 
with the Bank. In our opinion, all such transactions were made in the ordinary course of business and were substantially on the 
same terms, including collateral and interest rates, as those prevailing at the same time for comparable transactions with 
customers not related to the Bank. These transactions do not involve more than normal risk of collectability or present other 
unfavorable features. Total loans to these customers were approximately $2,951,000 and $19,527,000 as of December 31, 2024 
and 2023.
As of the date of this proxy statement, no related party loans were categorized as nonaccrual, past due, restructured or potential 
problem loans. We expect to continue to enter into transactions in the ordinary course of business on similar terms with our 
officers, directors and principal shareholders, as well as their immediate family members and affiliates.
Security Ownership of Certain Beneficial Owners and Management
The following table sets forth certain information as of March 14, 2025 as to our common stock owned beneficially by persons 
known by us to be beneficial owners of more than 5% of our common stock.
Name and Address of Beneficial Owner
Number of Shares 
Beneficially 
Owned
Percent of Class
Richard L. McGuirk
383,283 (1)
 5.17 %
P.O. Box 222
Mt. Pleasant, MI 48804
(1)
Includes 365,196 shares held by McGuirk Investments LLC which Mr. McGuirk has sole investment power over.
The following table sets forth certain information as of March 14, 2025 as to our common stock owned beneficially by: (1) each 
director and director nominee, (2) by each NEO, and (3) by all directors and executive officers as a group.
Name of Owner
Number of Shares 
Beneficially 
Owned (1) (2)
Percent of Class
Dr. Jeffrey J. Barnes
9,190 (3)
 0.12 %
David B. Behen
— 
 0.00 %
Jill Bourland
4,120 (4)
 0.06 %
Melinda M. Coffin
775 
 0.01 %
Jae A. Evans
29,396 (5)
 0.40 %
Neil M. McDonnell
3,230 (6)
 0.04 %
Sarah R. Opperman
17,737 (7)
 0.24 %
Chad R. Payton
5,272 (8)
 0.07 %
Vicki L. Rupp
5,296 
 0.07 %
Brian R. Sackett
539 (9)
 0.01 %
William M. Schaefer
6,421 
 0.09 %
Jerome E. Schwind
8,063 (10)
 0.11 %
All Directors and Executive Officers as a Group (14 persons)
107,851 
 1.45 %
(1)
Beneficial ownership is defined by rules of the SEC and includes shares that the person has or shares voting or investment power over
and shares that the person has a right to acquire within 60 days from March 14, 2025.  Consequently, with respect to shares acquired
under the Directors Plan, participants may not be eligible to convert their stock units to shares within 60 days from March 14, 2025 as a
result of distribution elections and plan conditions.  For stock units credited to each participant's account as of March 14, 2025, refer to
the “Director Compensation” section of this report.
(2)
Unless otherwise indicated, an individual has sole voting power and sole investment power with respect to the indicated shares.
(3)
Includes 9,190 shares over which voting and investment powers are shared with Dr. Barnes' spouse.
(4)
Includes 215 shares over which voting and investment powers are shared with Ms. Bourland's spouse.
(5)
Includes 9,333 shares over which voting and investment powers are shared with Mr. Evans' spouse.
(6)
Includes 27 shares over which voting and investment powers are shared with Mr. McDonnell's son.
(7)
Includes 3,053 shares over which voting and investment powers are shared with Ms. Opperman's spouse and immediate family.
(8)
Includes 3,000 shares over which voting and investment powers are shared with Mr. Payton's spouse.
(9)
Includes 539 shares over which voting and investment powers are shared with Mr. Sackett's spouse.
(10)
Includes 3,888 shares over which voting and investment powers are shared with Mr. Schwind's spouse.
2024 ANNUAL REPORT   |   39

Independent Registered Public Accounting Firm
The Audit Committee has appointed Plante as our independent auditors for the year ending December 31, 2025.
Independent Auditor Fee Information
The following table shows the aggregate fees billed by Rehmann, our former auditor, for the audit and other services provided 
for the years ended:
2024
2023
Audit fees
$ 
390,200 $ 
387,700 
Audit related fees
13,000 
17,500 
Tax fees
20,225 
21,085 
Total
$ 
423,425 $ 
426,285 
The audit fees were for performing the integrated audit of our consolidated annual financial statements and the internal control 
report related to the Federal Deposit Insurance Corporation Improvement Act, reviews of interim financial statements included 
in our Quarterly Reports on Form 10-Q, and customary services that are normally provided by Rehmann in connection with 
statutory and regulatory filings or engagements. The audit related fees are typically for various discussions related to the 
adoption and interpretation of new accounting pronouncements. Also included are fees for auditing of our employee benefit 
plans.  The tax fees were for the preparation of our state and federal income tax returns and for consultation on various tax 
matters.  
Pre-Approval Policies and Procedures
All non-audit services to be performed by Plante must be approved in advance by the Audit Committee if those fees are 
reasonably expected to exceed 5.0% of the current year agreed upon fee for independent audit and interim review services, so 
long as such services were recognized by the Corporation at the time of engagement to be non-audit services, and such services 
are promptly brought to the attention of the Audit Committee subsequent to completion of the audit. As permitted by SEC rules, 
the Audit Committee has authorized its chairperson to pre-approve audit, audit-related, tax and non-audit services, provided that 
such approved service is reported to the full Audit Committee at its next meeting.
As early as practicable in each calendar year, the independent auditor provides to the Audit Committee a schedule of the audit 
and other services that the independent auditor expects to provide or may provide during the next twelve months. The schedule 
will be specific as to the nature of the proposed services, the proposed fees, timing, and other details that the Audit Committee 
may request. The Audit Committee will by resolution authorize or decline the proposed services. Upon approval, this schedule 
will serve as the budget for fees by specific activity or service for the next twelve months.
A schedule of additional services proposed to be provided by the independent auditor, or proposed revisions to services already 
approved, along with associated proposed fees, may be presented to the Audit Committee for their consideration and approval 
at any time. The schedule will be specific as to the nature of the proposed service, the proposed fee, and other details that the 
Audit Committee may request. The Audit Committee will by resolution authorize or decline authorization for each proposed 
new service.
Applicable SEC rules and regulations permit waiver of the pre-approval requirements for services other than audit, review or 
attest services if certain conditions are met. Out of the services characterized above as audit-related, tax and other professional 
services, none were billed pursuant to these provisions in 2024 and 2023 without pre-approval.
40   |   ISABELLA BANK CORPORATION

Shareholder Proposals - 2026 Annual Meeting
Any proposals which you intend to present at the 2026 Annual Meeting under Securities and Exchange Commission Rule 14a-8 
must be received before November 25, 2025 to be considered for inclusion in our Proxy Statement and proxy for that meeting. 
Proposals should be made in accordance with Securities and Exchange Commission Rule 14a-8.
For all other director nominee proposals, other than the Corporation's nominees, to be presented 2026 Annual Meeting, 
proposals must be received no later than March 7, 2026.  Proposals should be made in accordance with Securities and Exchange 
Commission Rule 14a-19, which includes a statement that the shareholder intends to solicit the holders of shares representing at 
least 67% of the voting power of the Corporation’s shares entitled to vote on the election of directors in support of director 
nominees other than the Corporation’s nominees.
All proposals must be submitted by sending written communications to the attention of the Corporation’s Secretary, Isabella 
Bank Corporation, 401 N. Main St., Mt. Pleasant, Michigan 48858.
Delinquent Section 16(a) Reports
Section 16(a) of the Securities Exchange Act of 1934 requires our directors and certain officers and persons who own more than 
10% of our common stock, to file with the SEC initial reports of ownership and reports of changes in ownership of our common 
stock. These officers, directors, and greater than 10% shareholders are required by SEC regulation to furnish us with copies of 
these reports. During the year ended December 31, 2024, to our knowledge, there was one (1) delinquent transaction reported 
for Director Bourland for one reportable transaction in June of 2024.
Other Matters
We will bear the cost of soliciting proxies. In addition to solicitation by mail, officers and other employees may solicit proxies 
by telephone or in person, without compensation other than their regular compensation.
As to Other Business Which May Come Before the Meeting
We do not intend to bring any other business before the meeting for action. However, if any other business should be presented 
for action, it is the intention of the persons named in the enclosed form of proxy to vote in accordance with their judgment on 
such business.
By order of the Board of Directors
Debra Campbell, Secretary
Additional Information Available
Copies of the 2024 Annual Report, Isabella Bank Corporation Annual Report on Form 10-K, and other financial information 
not contained herein are available on the Bank’s website (www.isabellabank.com) under the Investor Relations tab, or may be 
obtained, without charge, by writing to:
Debra Campbell, Secretary
Isabella Bank Corporation
401 N. Main St.
Mt. Pleasant, Michigan 48858
2024 ANNUAL REPORT   |   41

Shareholder Services
For more information, contact Debra Campbell
(989) 779-6237 • 401 North Main Street, Mt. Pleasant, MI 48858
ir.isabellabank.com
Transfer Agent
Isabella Bank Corporation
(989) 779-6237 • 401 North Main Street, Mt. Pleasant, MI 48858 
Investor Relations Firm
Stonegate Capital Partners, Inc. 
500 Crescent Court, Suite 370, Dallas, TX 75201 
stonegateinc.com
Public Relations Firm
Paladin Communications
(734) 277-5843 • 1123 Hillcrest Drive, Boon, MI 49618
paladincomm.net
Legal Counsel
Foster Swift Collins & Smith, PC
313 South Washington Square, Lansing, MI 48933 
fosterswift.com
Independent Certified Public Accounting Firm
Rehmann Robson LLC
5800 Gratiot Road, Suite 201, Saginaw, MI 48638
rehmann.com
Stock 
information
Isabella Bank Corporation common stock is traded on the over-the-
counter market. The common stock is quoted on the OTCQX tier 
of the OTC Markets Group, Inc.’s electronic quotation system 
(otcmarkets.com) under the symbol “ISBA”. Other trades in the 
common stock occur in privately negotiated transactions from time 
to time of which the Corporation may have limited or no information. 
Current stock price and availability can be obtained by contacting 
Shareholder Services, Isabella Wealth, or a licensed broker. 
This report 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 actual results. Additional information concerning some of the factors that could cause materially 
different results is included in the sections entitled “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. 
42   |   ISABELLA BANK CORPORATION

Our Vision
To be recognized as the leading 
independent community bank. 
Mission Statement
To be the preeminent financial services 
provider benefiting our customers, 
shareholders, and employees.
Core Values
	ƒ
Demonstrate unwavering integrity
	ƒ
Community bank focused
	ƒ
Continued stability and independence
	ƒ
Exceptional customer service 
delivered in a personal manner
2024 ANNUAL REPORT   |   43

401 NORTH MAIN STREET
MT. PLEASANT, MI 48858