Southern Michigan Bancorp, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 12, 2024 at 04:00 pm EST
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Southern Michigan Bancorp, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported net interest income was USD 10.33 million compared to USD 10.62 million a year ago. Net income was USD 2.44 million compared to USD 3.58 million a year ago. Basic earnings per share from continuing operations was USD 0.54 compared to USD 0.79 a year ago. Diluted earnings per share from continuing operations was USD 0.54 compared to USD 0.79 a year ago.
For the full year, the company reported net interest income was USD 39.98 million compared to USD 38.1 million a year ago. Net income was USD 10.91 million compared to USD 13.49 million a year ago. Basic earnings per share from continuing operations was USD 2.4 compared to USD 2.98 a year ago. Diluted earnings per share from continuing operations was USD 2.4 compared to USD 2.97 a year ago.
Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust (The Bank). The Bank operates about 18 branches within Branch, Calhoun, Hillsdale, Jackson, Kalamazoo, and St. Joseph counties, providing a range of consumer, business, and wealth management services throughout the region. Its business, which it conducts primarily through the Bank, is concentrated in a single industry segment, commercial banking. The Bank offers a variety of deposit, payment, credit, and other financial services to all types of customers. The Bankâs commercial lending covers categories, such as business, industrial, agricultural, construction, inventory, and real estate. It offers trust and investment services, which include investment management, trustee services, and others. It also owns Southern Michigan Bancorp Capital Trust I, SMB Risk Management, Inc., and 27 Marshall Street, LLC. The Bank wholly owns SMB Financial Services, Inc.