COLDWATER, MI. – (WTVB) – Southern Michigan Bancorp, Inc. reported record net income of over $8.6 million for 2019 compared to $8.1 for 2018.
Diluted earnings per share were $3.74 for 2019 compared to $3.51 for 2018.
Fourth quarter 2019 net income was $1,836,000, or $0.80 per share, compared to $1,824,000, or $0.79 per share for the fourth quarter of 2018.
Chairman and Chief Executive Officer John H. Castle said “We are pleased to report record earnings of $8,622,000 for 2019, an increase of 6.1% over 2018.
Total consolidated assets at December 31, 2019 were $809.7 million. This compared to $738.8 million at December 31, 2018.
Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 13 branches in Branch, Calhoun, Hillsdale, Kalamazoo and St. Joseph Counties.
