Southern Michigan Bancorp, Inc. Reports Earnings Results for the Second Quarter Ended June 30, 2020
July 29, 2020 at 05:30 pm IST
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Southern Michigan Bancorp, Inc. announced earnings results for the second quarter ended June 30, 2020. For the second quarter, the company announced net interest income was USD 6.691 million compared to USD 6.579 million a year ago. Net income was USD 1.831 million compared to USD 2.326 million a year ago. Basic earnings per share was USD 0.79 compared to USD 1.01 a year ago. For the half year, net interest income was USD 13.092 million compared to USD 12.959 million a year ago. Net income was USD 3.344 million compared to USD 4.246 million a year ago. Basic earnings per share was USD 1.45 compared to USD 1.84 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.
SOUTHERN MICHIGAN BANCORP, INC. 
