Overview

* Southern Michigan Bancorp ( SOMC ) Q3 net income rises 16.7% yr/yr to $3.02 mln

* Net interest income for Q3 increases to $12.08 mln

* Company reports record levels in loans, deposits, and total assets

Outlook

* Southern Michigan Bancorp ( SOMC ) did not provide specific future guidance

Result Drivers

* MARKET EXPANSION - Co attributes record levels in loans, deposits, and total assets to expanding markets and investing in team

* NET INTEREST INCOME - Increase in net interest income driven by higher loan interest and improved net interest margin

* CREDIT LOSS PROVISION - Increase in provision for credit losses reflects cautious approach to potential loan defaults

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $0.65

Q3 Net $3.01

Income mln

Q3 Net $12.08

Interest mln

Income

Q3 Basic $0.65

EPS

Q3 Loan $1.20

Loss mln

Provisio

n

Q3 $3.52

Pretax mln

Profit

Press Release:

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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.)