Southern Michigan Bancorp reports Q3 EPS 61c vs. 79c last year

The annualized return on average assets for the nine-month periods ending September 30, 2023 and 2022 was 0.84% and 1.09%, respectively. The annualized return on average equity was 12.42% for the first nine months of 2023 compared to 15.14% for the first nine months of 2022. The tax equivalent net interest margins for the nine-month periods ending September 30, 2023 and 2022 was 3.18% and 3.23%, respectively. John Waldron, President and CEO of Southern Michigan Bancorp, Inc. stated, “Despite the challenging rate environment and higher deposit costs, net interest income decreased nominally. Overhead increased in part due to higher FTE counts and the higher wage scale prevalent across the country. We opened our first branch office in the Jackson market during the third quarter of 2023 and look forward to further expansion in the coming years.”