Overview
- Lakeland Financial reported Q3 net income of $26.4 million, up 13% year over year, as net interest income rose 14% and net interest margin improved to 3.50% from 3.16%.
- Lakeland cited reduced funding costs, over $400 million in loan originations, and higher commercial and wealth advisory fees as key drivers, and it offered no forward guidance.
- Southern Michigan Bancorp posted Q3 net income of $3.019 million, a 16.7% increase, with tax‑equivalent net interest margin of 3.21% for the first nine months versus 2.94% a year earlier.
- Southern Michigan’s CEO highlighted record levels of loans, deposits, and total assets at quarter end tied to market expansion and investment in staff.
- Asset quality at Southern Michigan weakened, with nonperforming loans at 1.03% of total loans and an allowance of $14.41 million equal to 1.17% of loans, while year‑to‑date net charge‑offs totaled $29,000.