COLDWATER, MI (WTVB) – Southern Michigan Bancorp reported net income of over $1.4 million or 59 cents per share for the quarter which ended on March 31, 2017.
This compared to net income of over $1.3 million or 57 cents per share, for the first quarter of 2016.
Southern Michigan Bancorp Chair and Chief Executive Officer John H. Castle stated, “We are pleased to report continued improvement in our financial performance. First quarter net income increased 5.2% compared to the first quarter of 2016.
Loans increased $31.5 million year over year. Additional loan growth is expected throughout 2017 as approved loans in the commercial loan pipeline fund.”
Total consolidated assets at March 31, 2017 were $649.7 million compared to $641.5 million at December 31, 2016.
No provision for loan losses was required during the first quarter of 2017.
