This morning many of the companies which had been in the news cycle last Friday would be in sharp focus and one of those which could be on the radars of investors is Southern Michigan Bancorp (OTC: SOMC). The company came into focus after it announced its financial results for the fourth fiscal quarter and the fiscal year 2024.
The Performance
The company announced that in the fourth fiscal quarter of 2024 it had managed to generate net income of $2650000, which worked out to earnings per share of $0.57. In the prior year quarter, the net income had been $2437000, which worked out to $0.54 a share. The company went on to state that 2024 was another strong year for Southern Michigan Bancorp as its total assets under control hit $1.5 billion. The total loans and deposits with the company went up to $1.116 billion and $1.252 billion respectively.
Further Information
It was also observed that although the current interest rate climate continued to have an impact on Southern Michigan Bancorp’s earnings. However, the company continued to be optimistic owing to the strength of its core deposits in addition to the ability to maintain the quality of assets.
CEO Quote
John R. Waldron, President and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, “2024 was another solid year with total assets reaching approximately $1.5 billion. During the year ended December 31, 2024, total loans and deposits grew to $1.116 billion and $1.252 billion, respectively. While our earnings continue to be impacted by the current interest rate environment, we remain encouraged by the strength of our core deposits and our ability to maintain asset quality.”
