Q2 net income +15% to $25.9M as Eastern Michigan acquisition lifts NIM 11bp, provision turns negative

Filed July 31, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 1, 2025 · ~2 min read

Key Changes

• high

  Net income rose 14.6% to $25.9M ($1.50/share) in Q2 2026 from $22.6M ($1.39/share) in Q2 2025, driven by 11bp net interest margin expansion to 3.59% and a negative $1.8M provision for credit losses (vs. positive $1.6M in Q2 2025).

  MD&A: Net Income and Margin verify on EDGAR →
• high

  Eastern Michigan Financial Corporation acquisition (closed Dec 31, 2025) added $572M in assets and 11 branches; Q2 2026 marks first full quarter of combined results. Banks will operate separately until Q1 2027 consolidation alongside core system conversion.

  MD&A: Acquisition Integration verify on EDGAR →
• high

  Negative provision for credit losses of $1.8M in Q2 2026 reflects elimination of $2.7M specific reserve on resolved nonperforming commercial construction loan plus sustained strong credit quality. Nonperforming loans improved to $5.8M (0.1% of total loans) from $9.7M (0.2%) at June 30, 2025.

  MD&A: Credit Quality verify on EDGAR →