COLDWATER, MI (WTVB) – Southern Michigan Bancorp has announced a second quarter net income of over $2.2 million or 96 cents per share compared to net income of just under $1.5 million or 63 cents per share for the second quarter of 2017.
For the six month period ending on June 30th, Southern earned just over $4 million or $1.74 per share.
That’s compared to over $2.9 million or $1.22 per share for the same six-month period a year ago.
Southern Michigan Bancorp Chairman and Chief Executive Officer John H. Castle stated, “We are extremely pleased with the strong growth in quarterly and year to date earnings. Commercial loan growth, continued strong asset quality and a lower effective income tax rate all positively contributed to the 36.7% increase in profitability for the first half of 2018.”
Total consolidated assets at June 30, 2018 were $733.7 million compared to $712.3 million at December 31, 2017.
No provision for loan losses was required during the first six months of 2018 or 2017.
Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust.
