Business
Southern Michigan Bancorp, Inc., Announces Fourth Quarter and Full Year 2022 Earnings
Southern Michigan Bancorp, Inc., Announces Fourth Quarter and Full Year 2022 Earnings.
About this update from Southern Michigan Bancorp, Inc.
[{"type":"text","content":"\n COLDWATER, Mich., Feb. 15, 2023 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported net income of $13,491,000 for 2022 compared to $11,757,000 for 2021. Diluted earnings per share were $2.97 for 2022 compared to $2.58 for 2021. Fourth quarter 2022 net income was $3,584,000, or $0.79 per share, compared to $2,522,000, or $0.56 per share for the fourth quarter of 2021. Total consolidated assets at December 31, 2022 reached $1.28 billion compared to $1.16 billion at December 31, 2021. Loan totals grew 19.6 percent, from December 31, 2021 levels of $741.4 million to $886.6 million. Deposits also increased to $1.09 billion at December 31, 2022, an increase of $116.7 million or 12.0 percent, as compared to year end 2021. Southern Michigan Bancorp, Inc., Chairman and Chief Executive Officer John H. Castle stated, “We are pleased to report continued strong operating results with net income reaching $13,491,000 for the year, 14.7 percent higher than the previous high of $11,757,000 reported in 2021. Our steadfast, disciplined credit culture resulted in total delinquencies ending the year of 13 basis points, or $1,190,000, net charge-offs of $7,000 for the full year, and a reserve coverage ratio of more than 848 percent at year end.” Castle continued, “Looking ahead, we expect the strength of our balance sheet and positive momentum to enable us to meet the changing economic conditions and ongoing interest rate fluctuations, which are inevitable.” Southern provided $275,000 for loan losses in 2022, with an allowance for loan losses at December 31, 2022 of $9,588,000, or 1.08% of loans. This compared to a provision for loan losses of $1.5 million for 2021, with an allowance for loan losses at December 31, 2021 of $9,320,000, or 1.26% of loans. Net loan losses totaled $7,000 for 2022 compared to net loan loss recoveries of $31,000 for 2021. The return on average assets for 2022 was 1.10% compared to 1.06% for 2021. The return on average equity was 15.68% for 2022 compared to 12.32% for 2021. The tax equivalent net interest margins for 2022 and 2021 were 3.33% and 3.27%, respectively. Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 14 branches within Branch, Calhoun, Hillsdale, Kalamazoo and St. Joseph ...