Southern Michigan Bancorp Q3 net income rises 8%
SOMC•Southern Michigan Bancorp reported third-quarter net income of $3.27 million and EPS of $0.70, both up 8% year over year. It also reported record deposits and total assets, while CEO John Waldron resigned.
1. Quarterly results
Southern Michigan Bancorp reported third-quarter net income of $3.27 million and EPS of $0.70, both up 8% year over year. Net interest income was $13.22 million and pretax profit was $3.94 million.
2. Leadership and operations
The company said it made significant progress in reducing non-performing assets and reached record levels of deposits and total assets at quarter-end. Net interest margin rose to 3.33% for the nine months of 2026, from 3.21% in 2025. CEO John Waldron resigned; John Castle was named interim CEO and Kurt Miller interim president. The company did not provide specific financial guidance for the current quarter or full year.
