Welcome to our dedicated page for Southn Mich Bncp news (Ticker: SOMC), a resource for investors and traders seeking the latest updates and insights on Southn Mich Bncp stock.
Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) is a bank holding company and the parent company of Southern Michigan Bank & Trust. Its public news flow centers on earnings results, dividend declarations, and commentary on balance sheet trends and credit quality. The company reports that Southern Michigan Bank & Trust operates 18 offices in Branch, Calhoun, Hillsdale, Jackson, Kalamazoo, and St. Joseph Counties in Michigan, and it offers consumer, business, and wealth management services across this regional footprint.
The SOMC news feed on Stock Titan aggregates the company’s quarterly and annual earnings announcements, which include condensed consolidated balance sheets and income statements. These releases provide details on loans, deposits, securities portfolios, non-interest income sources such as service charges, trust fees, and ATM and debit card fee income, as well as operating expenses. Management commentary often highlights trends in net income, net interest margin, loan and deposit growth, and asset quality indicators like allowance for credit losses and non-performing loans as a percentage of total loans.
Investors can also follow dividend-related news, where the Board of Directors declares quarterly cash dividends on the corporation’s common stock and, at times, approves increases in the dividend rate. These items typically specify the dividend per share, record dates, and payment dates. Together, the earnings and dividend releases give a view of Southern Michigan Bancorp, Inc.’s financial performance, regional banking activities, and approach to shareholder distributions. Bookmark this page to monitor new SOMC announcements as they are published and to review historical company news in one place.
Southern Michigan Bancorp (OTC Pink: SOMC) has declared a quarterly dividend of $0.15 per share to be paid on January 24, 2025, to shareholders of record as of January 10, 2025. The annualized cash dividend of $0.60 per share represents a 3.08% dividend yield based on the current market price of $19.50 per share.
The company operates 18 offices across Branch, Calhoun, Hillsdale, Jackson, Kalamazoo, and St. Joseph Counties, providing consumer, business, and wealth management services throughout the region.
Southern Michigan Bancorp (SOMC) reported Q3 2024 net income of $2,586,000 ($0.57 per share), down from $2,767,000 ($0.61 per share) in Q3 2023. For the first nine months of 2024, earnings were $7,751,000 ($1.70 per share) compared to $8,468,000 ($1.86 per share) in 2023. The bank surpassed $1.5 billion in total assets, with loans at $1.084 billion and deposits at $1.266 billion. The allowance for credit losses was $12,363,000 (1.14% of loans). Return on average assets decreased to 0.70% from 0.84%, while return on equity declined to 10.18% from 12.42%. Net interest margin dropped to 2.94% from 3.18%.
Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) has declared a quarterly dividend of $0.15 per share on its outstanding stock. The dividend will be payable on October 18, 2024, to shareholders of record as of October 9, 2024. This translates to an annualized cash dividend of $0.60 per share, representing a 3.47% dividend yield based on the current market price of $17.29 per share.
Southern Michigan Bancorp, Inc. is a bank holding company and the parent of Southern Michigan Bank & Trust. The company operates 17 offices across six counties in Michigan, offering a range of consumer, business, and wealth management services throughout the region.
Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported Q2 2024 earnings of $2,488,000, or $0.55 per share, down from $2,696,000, or $0.59 per share in Q2 2023. For the first half of 2024, earnings were $5,166,000 or $1.14 per share, compared to $5,701,000 or $1.25 per share in the same period last year. The decrease was attributed to net interest margin compression and increased overhead due to expansion.
As of June 30, 2024, total assets grew to $1.459 billion, with loans at $1.072 billion and deposits at $1.205 billion. The allowance for credit losses was $11,922,000, or 1.11% of loans. The annualized return on average assets for H1 2024 was 0.71%, down from 0.86% in H1 2023. The tax-equivalent net interest margin decreased to 2.94% from 3.25% year-over-year.
The Board of Directors of Southern Michigan Bancorp declared a quarterly dividend of $0.15 per share on June 26, 2024. This dividend is payable on July 19, 2024, to shareholders recorded by July 8, 2024. The annualized dividend of $0.60 per share translates to a 3.76% yield based on the current stock price of $15.95. Southern Michigan Bancorp, operating under the ticker SOMC, is the parent company of Southern Michigan Bank & Trust, which serves multiple counties in Michigan through 17 offices and a loan production office. The company offers a range of consumer, business, and wealth management services.
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