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STHN MICH BANCORP INC - $SOMC STOCK NEWS

Welcome to our dedicated page for STHN MICH BANCORP news (Ticker: $SOMC), a resource for investors and traders seeking the latest updates and insights on STHN MICH BANCORP stock.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect STHN MICH BANCORP's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

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Rhea-AI Summary
Southern Michigan Bancorp, Inc. reported a decrease in first-quarter net income compared to the previous year due to net interest margin compression and increased overhead costs. Total assets, loans, and deposits reached record highs. The bank's annualized return on average assets and equity decreased, while the net interest margin also declined. Despite a slight increase in delinquent loans, the allowance for credit losses remains stable.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.19%
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Rhea-AI Summary
Southern Michigan Bancorp, Inc. (SOMC) increases quarterly cash dividend by $0.01 per share to $0.15, with an annualized cash dividend of $0.60 per share. The dividend yield stands at 3.42% based on the current market price. The company is a bank holding company operating multiple branches, offering various financial services in Michigan counties.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-5.01%
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dividends
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Rhea-AI Summary
Southern Michigan Bancorp, Inc. (SOMC) reported fourth quarter 2023 net income of $2.4 million, or $0.54 per share, compared to $3.6 million, or $0.79 per share, in the same period last year. Total loans grew by 16.9%, reaching $1.04 billion, while deposits increased to $1.16 billion. The company's annualized return on average assets decreased to 0.80% in 2023 from 1.10% in 2022.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.06%
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Rhea-AI Summary
Southern Michigan Bancorp, Inc. (SOMC) declares a quarterly dividend of $0.14 per share, payable on January 19, 2024, to shareholders of record January 5, 2024. The annualized cash dividend of $0.56 per share represents a 3.70% dividend yield based on the current market price of $15.15 per share. The company operates 15 branches and a loan production office, providing a broad range of financial services.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.31%
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dividends
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Rhea-AI Summary
Southern Michigan Bancorp, Inc. announces third quarter 2023 net income of $2,767,000, or $0.61 per share, compared to net income of $3,613,000, or $0.79 per share, for the third quarter of 2022. Consolidated assets at September 30, 2023 totaled $1.429 billion compared to $1.277 billion at December 31, 2022.
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End-of-Day
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Rhea-AI Summary
John Castle and Kurt Miller are retiring from Southern Michigan Bancorp and Southern Michigan Bank & Trust, with John Waldron appointed as the new president and CEO. Castle and Miller will support Waldron until their retirement in June 2024. Southern has $1.4 billion in assets and will continue to be headquartered in Coldwater. Waldron brings nearly three decades of commercial banking and leadership experience to the position. The leadership team will remain in place, ensuring continuity.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
5.94%
Tags
management
Rhea-AI Summary
Southern Michigan Bancorp, Inc. declares quarterly dividend of $0.14 per share, representing a 3.25% dividend yield. Current market price is $17.25 per share.
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Rhea-AI Impact
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Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.6%
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dividends
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.98%
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STHN MICH BANCORP INC

OTC:SOMC

SOMC Rankings

SOMC Stock Data

76.46M
3.03M
Commercial Banking
Finance and Insurance
Link
United States of America
Coldwater

About SOMC

southern michigan bank and trust | continuous banking since 1872 | member fdic | equal housing lender | #smbt | www.smb-t.com