Southern Michigan Bancorp Q2 net income falls on real estate write-down - SOMC News | RalliesSouthern Michigan Bancorp Q2 net income falls on real estate write-down
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SOMC• 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
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
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 | |
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
