COLDWATER, MI (WTVB) – Southern Michigan Bancorp Chairman and Chief Executive Officer John Castle says they are pleased to report record earnings for 2018. They reported net income of $8.1 million for 2018 compared to $5.4 million for 2017. Diluted earnings per share were $3.51 for 2018 compared to $2.29 in 2017.
Fourth quarter 2018 net income was $1,824,000, or $0.79 per share, compared to $739,000, or $0.32 per share for the fourth quarter of 2017. 2017 results were impacted by the passage of tax reform legislation on December 22, 2017, which resulted in an income tax charge of $989,000, or $0.42 per share, in the fourth quarter of 2017.
Castle said Southern benefited from continued strong credit quality, growth in the balance sheet, and lower federal income tax rates, as well as four increases in the Federal Reserve managed rates.”
He added, “In 2019 we will remain focused on providing excellent products and customer service, while working to improve long-term shareholder returns.
