COLDWATER, MI (WTVB) – A positive first quarter report from Southern Michigan Bancorp.
They say there was a first quarter net income increase of 24.6% to $1,802,000, compared to net income of $1,446,000, for the first quarter of 2017.
First quarter 2018 earnings per share increased 32.2% to 78 cents per share, compared to 59 cents per share, for the first quarter of 2017.
Southern Michigan Bancorp Chair and Chief Executive Officer John H. Castle stated, “We are pleased with our first quarter financial results. Earnings grew 10.5% year over year excluding the benefit of tax reform. Strong core earnings were fueled by $83.1 million of year over year loan growth and continued strong credit quality in the portfolio.”
Total consolidated assets at March 31, 2018 were $719.2 million compared to $712.3 million at December 31, 2017.
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, Kalamazoo and St. Joseph Counties, and a loan production office in Steuben County.
