Southern Michigan Bancorp reports Q2 EPS 59c vs. 74c last year

Total consolidated assets at June 30, 2023 totaled $1.418 billion compared to $1.277 billion at December 31, 2022. Loan totals grew 12.8%, from December 31, 2022 levels of $886.6 million to $999.7 million. Deposits totaled $1,180.2 million at June 30, 2023, an increase of $89.2 million or 8.2%, as compared to year end 2022. John Castle, Chairman and CEO, stated, “Continued loan growth, particularly in the Jackson market, necessitated additional provision expense this quarter. Asset quality remains strong with very little delinquency. Our financial performance remains solid despite the current rate environment.”