Southern Michigan Bancorp reports Q4 EPS 79c vs. 56c last year

Total consolidated assets at December 31, 2022 reached $1.28 billion compared to $1.16 billion at December 31, 2021. Loan totals grew 19.6 percent, from December 31, 2021 levels of $741.4 million to $886.6 million. Deposits also increased to $1.09 billion at December 31, 2022, an increase of $116.7 million or 12.0 percent, as compared to year end 2021. CEO John Castle stated, "We are pleased to report continued strong operating results with net income reaching $13,491,000 for the year, 14.7 percent higher than the previous high of $11,757,000 reported in 2021. Our steadfast, disciplined credit culture resulted in total delinquencies ending the year of 13 basis points, or $1,190,000, net charge-offs of $7,000 for the full year, and a reserve coverage ratio of more than 848 percent at year end. Looking ahead, we expect the strength of our balance sheet and positive momentum to enable us to meet the changing economic conditions and ongoing interest rate fluctuations, which are inevitable."