COLDWATER, MI (WTVB) – Southern Michigan Bancorp has announced its first quarter earnings. They reported a net income of $1,374,000 or 57 cents per share for the quarter which ended on March 31, 2016.
This compared to net income of $1,209,000 or 50 cents per share for the first quarter of 2015.
Southern Michigan Bancorp Chair and Chief Executive Officer John H. Castle says they are pleased with the first quarter financial performance and that the 13.6 percent increase in year over year earnings positions them well for 2016.During the first quarter of 2016, quarterly shareholder dividends increased to 18 cents per share.
Total consolidated assets were $598.9 million compared to $582.8 million on December 31st, 2015.
Southern Michigan Bancorp, Incorporated is a bank holding company and is the parent company of Southern Michigan Bank and Trust which has 15 branches in Branch, Calhoun, Hillsdale, Kalamazoo and St. Joseph Counties as well as a loan production office in Steuben County.
