Southern Michigan Bancorp, Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2020
October 28, 2020 at 05:30 pm IST
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Southern Michigan Bancorp, Inc. announced earnings results for the third quarter ended September 30, 2020. For the third quarter, the company announced net interest income was USD 6.568 million compared to USD 6.585 million a year ago. Net income was USD 2.018 million compared to USD 2.540 million a year ago. Basic earnings per share from continuing operations was USD 0.88 compared to USD 1.1 a year ago. For the nine months, net interest income was USD 19.660 million compared to USD 19.543 million a year ago. Net income was USD 5.362 million compared to USD 6.786 million a year ago. Basic earnings per share from continuing operations was USD 2.33 compared to USD 2.95 a year ago. Diluted earnings per share from continuing operations was USD 2.33 compared to USD 2.94 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. 
