Southern Michigan Bancorp, Inc. Announces Fourth Quarter and Full Year 2023 Earnings [Yahoo! Finance]
STHN MICH BANCORP INC (SOMC)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
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 recent expansion.” The allowance for credit losses totaled $11,697,000, or 1.13% of loans at December 31, 2023 compared to $9,588,000, or 1.08%
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News
- Southern Michigan Bancorp, Inc. Announces First Quarter 2024 EarningsGlobeNewswire
- Southern Michigan Bancorp, Inc. Announces Increase in Quarterly Dividend [Yahoo! Finance]Yahoo! Finance
- Southern Michigan Bancorp, Inc. Announces Increase in Quarterly DividendGlobeNewswire
- Southern Michigan Bancorp, Inc. Announces Fourth Quarter and Full Year 2023 EarningsGlobeNewswire