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Wednesday, 25 July 2018 09:57

Southern Michigan Bank reports higher earnings

Written by  MiBiz Staff
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COLDWATER — Southern Michigan Bancorp, the parent company of Southern Michigan Bank & Trust, saw net income rise on a year-over-year basis in the second quarter.

The Coldwater-based Southern Michigan Bancorp (OTC Pink: SOMC) reported higher second quarter net income of $2.2 million, or 96 cents per share, versus $1.4 million, or 63 cents per share, in the same period of 2017.

Chairman and CEO John Castle attributed the improved results to commercial loan growth, continued strong asset quality, and a lower tax rate related to federal tax reform.

Southern Michigan’s midyear net income totaled $4 million, or $1.74 per share, up from the $2.9 million, or $1.22 per share, in the first six month of last year.

Southern Michigan Bank & Trust has 14 offices in Branch, Calhoun, Hillsdale, Kalamazoo and St. Joseph counties with $733.7 million in total assets.

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