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STHN MICH BANCORP INC (SOMC) maintains this dedicated news hub for stakeholders seeking official updates from Michigan's trusted community banking institution. As an FDIC-insured provider since 1872, we deliver timely information about financial performance, operational developments, and community partnerships.
This resource consolidates essential updates including quarterly earnings reports, leadership announcements, and regulatory filings. Investors will find detailed coverage of asset growth trends, while community members can track local economic initiatives supported by SOMC.
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The Board of Directors of Southern Michigan Bancorp approved a quarterly cash dividend increase to $0.14 per share, effective April 21, 2023. This marks a $0.01 increase from the previous dividend of $0.13 per share, reflecting a 3.01% yield based on the current market price of $18.61. The dividend is payable to shareholders of record by April 10, 2023. Southern Michigan Bancorp operates 14 branches in several counties and offers consumer, business, and wealth management services. Future dividends will depend on the company's financial condition and profitability.
Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported a net income of $13,491,000 for 2022, up 14.7% from $11,757,000 in 2021. Diluted earnings per share rose to $2.97 from $2.58. The fourth quarter of 2022 showed net income of $3,584,000, or $0.79 per share, compared to $2,522,000, or $0.56 per share, in Q4 2021. Total assets increased to $1.28 billion, with loans up by 19.6% to $886.6 million. Deposits rose by 12.0% to $1.09 billion. The company maintains a strong credit culture with delinquencies at 13 basis points and a reserve coverage ratio of over 848%.
The Board of Directors of Southern Michigan Bancorp (OTC Pink: SOMC) has declared a quarterly dividend of $0.13 per share, payable on January 20, 2023, to shareholders on record as of January 6, 2023. This annualized cash dividend totals $0.52 per share, offering a dividend yield of 2.67% based on the current market price of $19.50 per share. Southern Michigan Bancorp operates 14 branches across multiple counties and provides a comprehensive range of financial services.
Southern Michigan Bancorp has appointed Andrew Mercer to its Board of Directors, as announced by Chairman and CEO John H. Castle. Mercer, the third-generation owner and president of R.W. Mercer Co., brings over 30 years of experience in distribution and construction. His leadership has established R.W. Mercer as a nationally recognized entity. Castle emphasized that Mercer's community involvement and expertise will be crucial for future investments and expansion in the Jackson area. Southern Michigan Bancorp operates 14 branches and provides a variety of financial services throughout the region.
Southern Michigan Bancorp, Inc. (SOMC) reported a third quarter 2022 net income of $3,613,000, or $0.79 per share, reflecting a 15.1% increase from $3,138,000, or $0.69 per share, in Q3 2021. For the nine-month period ending September 30, 2022, net income totaled $9,907,000, or $2.18 per share, up from $9,235,000, or $2.02 per share, in 2021. Consolidated assets grew to $1.243 billion, with loans increasing 11.1% to $823.4 million and deposits rising 12.1% to $1.092 billion. Loan delinquencies remain low at 0.16%, and net loan recoveries showed improvement.
The Board of Directors of Southern Michigan Bancorp (OTC Pink: SOMC) announced a quarterly dividend of $0.13 per share, payable on October 21, 2022, to shareholders of record by October 10, 2022. This quarterly dividend results in an annualized cash dividend of $0.52 per share, yielding 2.36% based on the current market price of $22.00 per share. Southern Michigan Bancorp, the parent company of Southern Michigan Bank & Trust, operates 14 branches across several counties, providing diverse financial services.
Southern Michigan Bancorp has appointed Travis Hampton to its board of directors. Hampton, owner of Value Max Products, brings substantial experience from his successful business ventures, including partnerships with major retailers like Amazon and Walmart. He holds a Bachelor’s degree in Business Administration from Western Michigan University. Chairman and CEO John H. Castle expressed confidence in Hampton’s leadership and community commitment. Southern Michigan Bancorp operates 14 branches, offering various banking services across several counties.
Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported a strong second quarter for 2022, achieving a net income of $3,361,000, or $0.74 per share, a rise from $3,009,000, or $0.66 per share, in Q2 2021. For the first half of 2022, net income totaled $6,294,000, equating to $1.39 per share, compared to $6,097,000, or $1.33 per share, for the same period last year. Total assets reached $1.183 billion, with a 6.5% increase in loans and a 5.8% rise in deposits. The bank anticipates further loan growth as it expands into new markets.
The Board of Directors of Southern Michigan Bancorp has declared a quarterly dividend of $0.13 per share, payable on July 29, 2022, to shareholders of record by July 15, 2022. This represents an annualized cash dividend of $0.52 per share, yielding 2.31% based on a market price of $22.50 per share. Southern Michigan Bancorp operates 14 branches across several counties, providing a range of banking services. Future dividends will depend on the company’s financial condition and profitability.
Southern Michigan Bank & Trust has appointed John R. Waldron as the Jackson Market President. Waldron brings nearly 30 years of commercial banking experience, previously serving as President and CEO of County National Bank. His role will focus on business development and expanding the bank’s presence in the Jackson market. The bank, a subsidiary of Southern Michigan Bancorp, operates 14 branches across various counties, providing a full range of financial services.
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