Southern Michigan Bancorp has reported net income of $5.4 million for 2017 compared to just over $6 million for 2016.
Results were impacted by the passage of tax reform legislation in December.
As a result of the legislation, an income tax charge of 42 cents per share, was recorded in the fourth quarter after deferred tax assets were revalued as a result of the reduction of corporate tax rates from 34% to 21%.
Earnings per share were $2.30 for 2017 compared to $2.54 in 2016.
Fourth quarter 2017 net income was 32 cents per share, compared to 70 cents per share in the fourth quarter of 2016.
Total consolidated assets at December 31, 2017 were $712.3 million compared to $641.5 million the previous year.
Loans reached a record high of $523.4 million as of December 31, 2017, an increase of 16.4 percent as compared to $449.8 million at year end 2016. Deposits also reached a year-end high at December 31, 2017, increasing 7.7 percent as compared to year end 2016.
Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust.
