Southern Michigan Bancorp Q3 Income Up 8%, CEO Waldron Resigns
SOMC sits 73% above its 52-week low of $17 on light trading volume (0.3× avg).
Summary
Q3 net income rose 8% year over year to $3.27 million, or $0.70 per share, with net interest income of $13.22 million and pretax profit of $3.94 million. The bank posted record deposits and total assets and cut non-performing assets, while net interest margin improved to 3.33% for the first nine months of 2026 from 3.21% in 2025. The bigger item for holders is governance: CEO John Waldron resigned, with John Castle named interim CEO and Kurt Miller interim president. No financial guidance was given for the current quarter or full year. For a micro-cap OTC bank, an unplanned CEO exit alongside solid results is the open question — watch for a permanent CEO appointment and any 8-K detailing Waldron's departure terms.
At the time of this announcement, SOMC was trading at $29.48 on OTC in the Finance sector, with a market capitalization of approximately $137.1M. The 52-week trading range was $17.00 to $32.00. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.