Southern Michigan Bancorp, Inc. Announces Third Quarter 2026 Earnings
Key Highlights
- ➤Q3 net income $3.274 million, up 8.45% year over year
- ➤Nine-month net income $9.667 million, up 3.91% year over year
- ➤Non-performing assets fell to 0.28% from 0.96% at December 31, 2025
- ➤Net loan charge-offs rose to $1.650 million from $29,000 year over year
- ➤John Waldron resigned as President and CEO effective October 7, 2026
Expert Statements
John H. Castle, Chairman and Interim Chief Executive Officer of Southern Michigan Bancorp, Inc.
“Third-quarter earnings were solid, and we made significant progress in reducing non-performing assets. We also achieved record levels of both deposits and total assets at quarter-end. As we shared in our press release, John Waldron has resigned as President and CEO of Southern Michigan Bancorp effective October 7, 2026. I am returning as Interim CEO alongside Kurt Miller as Interim President, while we search for a new CEO and President. Even though Kurt and I retired in August 2024, we have continued to hold leadership positions on the Board and actively advise the bank’s strategic direction. We both look forward to overseeing Southern’s day-to-day operations throughout the search process.”
COLDWATER, Mich., Oct. 28, 2026 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced third quarter 2026 net income of $3,274,000, or $0.70 per share, an increase of $255,000, or 8.45%, compared to net income of $3,019,000, or $0.65 per share, for the third quarter of 2025. For the first nine months of 2026, Southern earned $9,667,000, or $2.06 per share, an increase of $364,000, or 3.91%, compared to net income of $9,303,000, or $2.01 per share, for the same nine-month period one year ago.
Southern’s annualized return on average assets was 0.76% and 0.79% for the nine-month periods ended September 30, 2026, and September 30, 2025, respectively. The annualized return on average equity was 10.25% for the first nine months of 2026 compared to 11.00% for the first nine months of 2025. The tax equivalent net interest margin was 3.33% for the nine months of 2026 compared to 3.21% for the same period of 2025.
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