COLDWATER, MI (WTVB) – Southern Michigan Bancorp, Incorporated has announced record earnings for the third quarter and the first nine months of 2018.
Third quarter 2018 net income was $2,283,000 or 98 cents per share, compared to net income of $1,743,000, or 75 cents per share, for the third quarter of 2017.
Southern earned $6,301,000 or $2.73 per share for the nine-month period ended September 30, 2018 compared to $4,682,000 or $1.97 per share for the same nine-month period a year ago.
Southern Michigan Bancorp Incorporated Chairman and Chief Executive Officer John H. Castle stated, “We are pleased to report record earnings for both the third quarter and nine-month period of 2018. Positive contributions to income came from balance sheet growth, continued strong credit quality, corporate tax reform and rising interest rates.”
Total consolidated assets at September 30, 2018 were $767.0 million, exceeding $750 million for the first time in Company history. This compared to $712.3 million at December 31, 2017. Loan totals grew modestly from December 31, 2017 levels of $523.4 million to $533.3 million.
According to a statement from Southern Michigan Bancorp, significant commercial loan opportunities have been approved, however, many of which are construction related. These are expected to fund in the fourth quarter of 2018 and into 2019. Deposits increased to $636.8 million, an increase of $59.7 million or 10.3 percent, from $577.1 million at year end 2017.
