Business
Southern Michigan Bancorp, Inc. Announces Second Quarter 2022 Earnings
Southern Michigan Bancorp, Inc. Announces Second Quarter 2022 Earnings.
About this update from Southern Michigan Bancorp, Inc.
[{"type":"text","content":"\n COLDWATER, Mich., July 27, 2022 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced second quarter 2022 net income of $3,361,000, or $0.74 per share, compared to net income of $3,009,000, or $0.66 per share, for the second quarter of 2021. Southern earned $6,294,000, or $1.39 per share, for the six-month period ending June 30, 2022 compared to $6,097,000, or $1.33 per share, for the same six-month period a year ago. Total consolidated assets at June 30, 2022 totaled $1.183 billion compared to $1.161 billion at December 31, 2021. Loan totals grew 6.5%, from December 31, 2021 levels of $741.4 million to $789.6 million. Deposits totaled $1,030.9 million at June 30, 2022, an increase of $56.5 million or 5.8%, as compared to year end 2021. John H. Castle, Chairman and Chief Executive Officer of Southern Michigan Bancorp, Inc. stated, “We are pleased to report record earnings for both the second quarter and six-month period of 2022. Positive contributions to income came from growth in the loan portfolio, continued strong credit quality, as well as increased interest rates. Additional loan growth is expected during the second half of 2022 as we look to expand into the Jackson market and approved loans in the commercial pipeline fund.” The allowance for loan losses totaled $9,317,000, or 1.18% of loans at June 30, 2022. Net loan losses totaled $3,000 for the first six months of 2022, compared to net loan recoveries of $40,000 during the first six months of 2021. Asset quality remains strong with loan delinquencies totaling just 0.17% of gross loans on June 30, 2022. No provision for loan loss expense was required during the first six months of 2022. This contrasts with $400,000 of provision for loan loss expense during the first six months of 2021. The annualized return on average assets for the six-month periods ending June 30, 2022 and 2021 was 1.04% and 1.13%, respectively. The annualized return on average equity was 14.03% for the first six months of 2022 compared to 13.12% for the first six months of 2021. The tax equivalent net interest margins for the six-month periods ending June 30, 2022 and 2021 was 3.13% and 3.16%, respectively. Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 14 branches within Br...