Southern Michigan Bancorp, Inc. reports community-bank developments for Southern Michigan Bank & Trust, its banking subsidiary serving customers through offices in Branch, Calhoun, Hillsdale, Jackson, Kalamazoo and St. Joseph Counties. The company provides consumer, business and wealth management services across its regional banking franchise.
Recurring SOMC news centers on quarterly and annual earnings, net interest margin, loan and deposit growth, total assets, credit quality measures, allowance for credit losses, charge-offs, non-performing loans and board-declared cash dividends on the company’s common stock.
Southern Michigan Bancorp (SOMC) reported a 2020 net income of $7.39 million, down from $8.62 million in 2019. Earnings per share decreased to $3.21 from $3.74. The fourth quarter showed improvement with net income of $2.02 million or $0.88 per share, higher than the previous year's $1.84 million. Total assets grew 23.2% to $997.6 million, while loans increased 13% and deposits rose 27.8%. The bank increased its allowance for loan losses to $7.79 million amid economic uncertainty due to COVID-19.