Southern Michigan Bancorp, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 26, 2023 at 05:56 pm IST
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Southern Michigan Bancorp, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net interest income was USD 9.86 million compared to USD 9.12 million a year ago. Net income was USD 2.7 million compared to USD 3.36 million a year ago. Basic earnings per share from continuing operations was USD 0.59 compared to USD 0.74 a year ago. Diluted earnings per share from continuing operations was USD 0.59 compared to USD 0.74 a year ago.
For the six months, net interest income was USD 19.72 million compared to USD 17.38 million a year ago. Net income was USD 5.7 million compared to USD 6.29 million a year ago. Basic earnings per share from continuing operations was USD 1.25 compared to USD 1.39 a year ago. Diluted earnings per share from continuing operations was USD 1.25 compared to USD 1.39 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.