Business
Southern Michigan Bancorp, Inc. Announces Second Quarter 2023 Earnings
Southern Michigan Bancorp, Inc. Announces Second Quarter 2023 Earnings.
About this update from Southern Michigan Bancorp, Inc.
[{"type":"text","content":"\n COLDWATER, Mich., July 26, 2023 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced second quarter 2023 net income of $2,696,000, or $0.59 per share, compared to net income of $3,361,000, or $0.74 per share, for the second quarter of 2022. Southern earned $5,701,000, or $1.25 per share, for the six-month period ending June 30, 2023 compared to $6,294,000, or $1.39 per share, for the same six-month period a year ago.    Total consolidated assets at June 30, 2023 totaled $1.418 billion compared to $1.277 billion at December 31, 2022.   Loan totals grew 12.8%, from December 31, 2022 levels of $886.6 million to $999.7 million. Deposits totaled $1,180.2 million at June 30, 2023, an increase of $89.2 million or 8.2%, as compared to year end 2022.   John H. Castle, Chairman and Chief Executive Officer of Southern Michigan Bancorp, Inc. stated, “Continued loan growth, particularly in the Jackson market, necessitated additional provision expense this quarter. Asset quality remains strong with very little delinquency. Our financial performance remains solid despite the current rate environment.” The allowance for loan losses totaled $11,616,000, or 1.16% of loans at June 30, 2023. Net loan recoveries totaled $3,000 for the first six months of 2023, compared to net loan losses of $3,000 during the first six months of 2022. Asset quality remains strong with loan delinquencies totaling just 0.12% of gross loans on June 30, 2023. During the first six months of 2023 $925,000 of provision for credit loss expense was recorded, a result of loan growth. This contrasts with no provision for credit loss for the first six months of 2022. The annualized return on average assets for the six-month periods ending June 30, 2023 and 2022 was 0.86% and 1.04%, respectively. The annualized return on average equity was 12.63% for the first six months of 2023 compared to 14.03% for the first six months of 2022. The tax equivalent net interest margins for the six-month periods ending June 30, 2023 and 2022 was 3.25% and 3.13%, 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 Counties, and a loan production office in Jack...