COLDWATER, MI (WTVB) – Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced third quarter 2015 net income increased 17.9% to $1,523,000, or $0.64 per share, compared to net income of $1,292,000, or $0.54 per share, for the third quarter of 2014. Southern’s net income for the nine month period ended September 30, 2015 increased 30.3% to $4,612,000, or $1.92 per share, compared to net income of $3,540,000, or $1.47 per share, for the same nine month period a year ago.
Total consolidated assets at September 30, 2015 were $583.4 million compared to $543.3 million at December 31, 2014.
Southern provided $200,000 for loan losses during the nine month period ended September 30, 2015 resulting in an allowance for loan losses of $5,206,000, or 1.27% of loans. This compared to $325,000 of provision for loan losses expense for the same nine month period of 2014. Net charge offs totaled $171,000 or annualized 0.06% of loans for the nine month period ending September 30, 2015, compared to $309,000 for the same nine month period of 2014.
The annualized return on average assets for the nine month periods ended September 30, 2015 and 2014 was 1.09% and 0.85%, respectively. The annualized return on average equity was 9.89% for the first nine months of 2015 compared to 7.92% for the same period of 2014. The tax equivalent net interest margin for the nine month periods ending September 30, 2015 and 2014 was 3.91% and 3.84%, respectively.
John H. Castle, Chairman and Chief Executive Officer of Southern Michigan Bancorp, Inc. stated, “We are pleased to report continued growth in revenue, strong asset quality and strength in core profitability. In addition, we look forward to expanding our geographic footprint through the addition of a new branch office in Portage scheduled to open this November.”
Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 14 branches within Branch, Calhoun, Hillsdale and St. Joseph Counties, and a loan production office in Steuben County, providing a broad range of consumer, business and wealth management services throughout the region.
