Southern Michigan Bancorp, Inc. Announces Fourth Quarter and Full Year 2023 Earnings
STHN MICH BANCORP INC (SOMC)
NASDAQ:AMEX Investor Relations:
smb-t.com
Company Research
Source: GlobeNewswire
COLDWATER, Mich., Feb. 12, 2024 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced fourth quarter 2023 net income of $2,437,000, or $0.54 per share, compared to net income of $3,584,000, or $0.79 per share, for the fourth quarter of 2022. Southern earned $10,905,000, or $2.40 per share, for the year ended December 31, 2023 compared to $13,491,000, or $2.97 per share, for the same period a year ago. Consolidated assets at December 31, 2023 totaled $1.41 billion compared to $1.28 billion at December 31, 2022. Total loans grew 16.9%, from December 31, 2022 levels of $886.6 million to $1.04 billion. Deposits totaled $1.16 billion at December 31, 2023, an increase of $66.9 million or 6.1%, as compared to December 31, 2022. John Waldron, President and CEO of Southern Michigan Bancorp, Inc. stated, “We had a solid year despite the challenging rate environment and higher deposit costs. Overhead increased in part due to higher FTE counts associated with our
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- Southern Michigan Bancorp, Inc. Announces Increase in Quarterly DividendGlobeNewswire
- Southern Michigan Bancorp, Inc. Announces Fourth Quarter and Full Year 2023 Earnings [Yahoo! Finance]Yahoo! Finance