Southern Michigan Bancorp, Inc. Reports Earnings Results for the Fourth Quarter Ended December 31, 2020
February 12, 2021 at 08:00 am
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Southern Michigan Bancorp, Inc. announced earnings results for the fourth quarter ended December 31, 2020. For the fourth quarter, the company announced net interest income was USD 7.017 million compared to USD 6.582 million a year ago. Net income was USD 2.024 million compared to USD 1.836 million a year ago. Basic earnings per share from continuing operations was USD 0.88 compared to USD 0.8 a year ago. For the full year, net interest income was USD 26.677 million compared to USD 26.126 million a year ago. Net income was USD 7.386 million compared to USD 8.622 million a year ago. Basic earnings per share from continuing operations was USD 3.21 compared to USD 3.74 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. 
