Q1 Revenue of $67.6M Exceeds Expectations, Net Interest Margin Rises to 3.55%
Reports Q1 revenue $67.6M, consensus $67.41M. Q1 net interest margin was 3.55%, up from 3.47% in the prior-year Q1. Tangible book value per common share was $37.34 as of March 31, up 56c, or approximately 2%, since December 31, 2025. "Our financial performance remained strong during Q1 of 2026, further demonstrating our ability to effectively administer the prolonged period of global economic uncertainty and increasing geopolitical tensions," said CEO Ray Reitsma. "The solid operating results reflected increased net interest income, an improved net interest margin, strong growth in treasury management fees, interest rate swap income, mortgage banking income, and payroll services fees, a negative provision for credit losses, robust local deposit growth, and sustained strength in asset quality and capital measures. The strong net growth in local deposits, which occurred despite the typical level of seasonal deposit withdrawals, provided for a further reduction in our loan-to-deposit ratio. 1Q26 represented the initial period of financial performance that included Eastern Michigan Bank's operating results."
