COLDWATER, MI (WTVB) – Southern Michigan Bancorp has announced third quarter net income of $2,540,000 or $1.10 per share, compared to net income of $2,283,000, or $0.98 per share, for the third quarter of 2018.
According to a press release, Southern earned $6,786,000, or $2.94 per share, for the nine-month period ended September 30, 2019 compared to $6,301,000, or $2.73 per share, for the same nine-month period a year ago.
John H. Castle, Chairman and Chief Executive Officer of Southern Michigan Bancorp, Inc. stated, “We are pleased to report record earnings for both the third quarter and nine-month period of 2019 as well as total assets exceeding $800 million for the first time in company history.”
Castle continued, “While loan growth has been modest in 2019, a number of commercial loan opportunities have been approved and are expected to begin funding during the first quarter of 2020.”
Total consolidated assets at September 30, 2019 were $811.5 million. This compared to $738.8 million at December 31, 2018. Loan totals grew from December 31, 2018 levels of $532.0 million to $547.6 million. Deposits increased to $659.6 million at September 30, 2019, an increase of $53.7 million or 8.9 percent, from $605.9 million at year end 2018.
