COLDWATER, MI (WTVB) Southern Michigan Bancorp, Inc. has announced first quarter net income of $1,513,000 which is a 21.2 percent decrease compared to net income of $1,920,000 for the first quarter of 2019.
Earnings per share for the first quarter of 2020 were 66 cents per share. That’s a decrease of 20.5 percent compared to 83 cents per share for the first quarter of 2019.
Southern Michigan Bancorp Chair and Chief Executive Officer John H. Castle stated, “These are unprecedented times. We are proud of the work our employees are doing to help our customers and each other through this pandemic.”
As of March 31, 2020, total consolidated assets were $828.3 million compared to $809.7 million at December 31, 2019.
Castle added, “While our asset quality metrics remained strong at March 31, 2020, the overall impact COVID-19 will have on the economy and our customers is unknown. Given this uncertainty, we believed it prudent to increase our provision for loan losses during the quarter.
Southern Michigan Bancorp is a bank holding company and the parent company of Southern Michigan Bank and Trust.
