Welcome to our dedicated page for Southn Mich Bncp news (Ticker: SOMC), a resource for investors and traders seeking the latest updates and insights on Southn Mich Bncp stock.
STHN MICH BANCORP INC (SOMC) maintains this dedicated news hub for stakeholders seeking official updates from Michigan's trusted community banking institution. As an FDIC-insured provider since 1872, we deliver timely information about financial performance, operational developments, and community partnerships.
This resource consolidates essential updates including quarterly earnings reports, leadership announcements, and regulatory filings. Investors will find detailed coverage of asset growth trends, while community members can track local economic initiatives supported by SOMC.
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Southern Michigan Bancorp (OTC Pink: SOMC) reported a first quarter net income of $3,005,000, equating to $0.66 per share, surpassing the $2,933,000 or $0.65 per share from the same period in 2022. This growth is attributed to record highs in total loans, assets, and deposits, with total consolidated assets reaching $1.327 billion, an increase from $1.277 billion at the end of 2022. Total loans amounted to $933.5 million and deposits to $1.127 billion as of March 31, 2023. The company also adopted a new accounting standard affecting provisions for loan losses, resulting in a one-time net capital adjustment of $1.6 million. A new branch in downtown Jackson is set to open in July, indicating continued expansion.
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