Southern Michigan Bancorp Q1 net income rises 8.5% on loan and deposit growth

Southern Michigan Bancorp

29/04/2026 12:51

Overview

US regional bank's Q1 net income rose 8.5% yr/yr, EPS up to $0.71

Company reported record loans, deposits, and total assets as of March 31, 2026

Net interest margin improved to 3.26%, while loan loss provision and charge-offs increased

Outlook

Company did not provide specific guidance or outlook for future quarters

Result Drivers

LOAN AND DEPOSIT GROWTH - Co said record levels of loans, deposits, and total assets supported Q1 results

NET INTEREST MARGIN - Net interest margin rose to 3.26% from 3.08% a year earlier, supporting higher net interest income

CREDIT COSTS - Provision for credit losses and net loan charge-offs increased compared to prior year

Company press release: ID:nGNX4hTfyZ

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$0.71
Q1 Net Income
$3.31 mln
Q1 Net Interest Income
$12.82 mln
Q1 Basic EPS
$0.71
Q1 Loan Loss Provision
$758,000
Q1 Pretax Profit
$3.96 mln


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(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.)