COLDWATER, MI (WTVB) – Southern Michigan Bancorp, which is the parent company of Southern Michigan Bank and Trust, has announced third quarter 2016 net income of $1,658,000, or $0.69 per share.
Southern earned $4,430,000, or $1.84 per share, for the nine-month period ended September 30th compared to $4,612,000, or $1.92 per share, for the same nine-month period a year ago.
Total consolidated assets on September 30th were $621 million compared to $582.8 million at December 31, 2015.
Southern provided $100,000 for loan losses during the nine-month period ended September 30th resulting in an allowance for loan losses of $4,889,000, or 1.16% of loans. This compared to $200,000 of provision for loan losses expense for the same nine-month period of 2015.
