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Southern Michigan Bancorp, Inc. reports community-bank developments for Southern Michigan Bank & Trust, its banking subsidiary serving customers through offices in Branch, Calhoun, Hillsdale, Jackson, Kalamazoo and St. Joseph Counties. The company provides consumer, business and wealth management services across its regional banking franchise.
Recurring SOMC news centers on quarterly and annual earnings, net interest margin, loan and deposit growth, total assets, credit quality measures, allowance for credit losses, charge-offs, non-performing loans and board-declared cash dividends on the company’s common stock.
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Southern Michigan Bancorp (OTC Pink: SOMC) reported a first quarter net income of $3,005,000, equating to $0.66 per share, surpassing the $2,933,000 or $0.65 per share from the same period in 2022. This growth is attributed to record highs in total loans, assets, and deposits, with total consolidated assets reaching $1.327 billion, an increase from $1.277 billion at the end of 2022. Total loans amounted to $933.5 million and deposits to $1.127 billion as of March 31, 2023. The company also adopted a new accounting standard affecting provisions for loan losses, resulting in a one-time net capital adjustment of $1.6 million. A new branch in downtown Jackson is set to open in July, indicating continued expansion.
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.