Southern Michigan Bancorp Q2 net income falls on real estate write-down

Southern Michigan Bancorp

29/07/2026 12:29

Overview
US regional bank's Q2 net income and EPS fell 4.7% yr/yr
Q2 results impacted by $1.7 mln write-down of other real estate owned
Net interest margin improved, with no provision for credit losses required in Q2

Outlook
Company says it remains focused on building progress in the second half of the yr
Southern Michigan Bancorp notes improving net interest margin reflects positive momentum in core operations

Result Drivers
REAL ESTATE WRITE-DOWN - Q2 results were impacted by a $1.7 mln write-down of other real estate owned
NET INTEREST MARGIN - Improved net interest margin contributed to results, reflecting positive momentum in core banking operations
CREDIT LOSS PROVISION - No provision for credit losses was required in Q2 due to expected loan payoffs

Company press release: ID:nGNX28WYYQ

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
 
$0.66
 
Q2 Net Income
 
$3.09 mln
 
Q2 Net Interest Income
 
$13.50 mln
 
Q2 Basic EPS
 
$0.66
 
Q2 Pretax Profit
 
$3.68 mln
 

Reuters Recommended Reads
July 29 - Banc of California posts Q2 net loss on strategic repositioning
July 28 - Western New England Bancorp Q2 profit falls on higher credit loss provision
July 28 - Finward Bancorp Q2 net income edges down as non-performing loans rise

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)