Southern Michigan Bancorp Inc. (SOMC.OB) Announces Increase in Q3 Net Income Following Acquisition
Southern Michigan Bancorp Inc. (OTCBB: SOMC) today announced its net income for the three month period ended March 31, 2008. The company stated that the results were affected by the acquisition of FNB Financial on December 1, 2007. The company posted net income of $1.2 million, or 52 cents basic and diluted earnings per share, as compared to $978,000, or 55 cents basic and diluted earnings per share, for the same period of 2007. Following the purchase method of accounting, FNB's results were included in Southern's consolidated statements of income from the date of acquisition. Southern recorded additional net loans…