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.