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

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

Reuters Recommended Reads

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• July 28 - Finward Bancorp Q2 net income edges down as non-performing loans rise

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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.)