Southern Michigan Bancorp reports Q1 EPS 66c vs. 65c last year

As of March 31, 2023, total consolidated assets grew to $1.327 billion compared to $1.277 billion on December 31, 2022. Likewise, total loans and deposits also grew during the quarter totaling $933.5 million and $1.127 billion, respectively, on March 31, 2023. John Castle, CEO stated, "We are pleased with our first quarter financial performance. Total loans, assets and deposits all reached record highs. We look forward to opening our first branch location in downtown Jackson two blocks from the loan production office located on West Michigan Avenue. The new branch is scheduled to open in July."