Southn Mich Bncp Stock Price, News & Analysis

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.

Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported first quarter net income of $2.93 million, or $0.65 per share, down from $3.09 million, or $0.68 per share, in Q1 2021. Despite reduced nonrecurring PPP loan revenue and mortgage loan sales, core loan growth contributed to a record total asset level of $1.225 billion. Loans and deposits also reached record highs of $765.1 million and $1.060 billion, respectively. Shareholders' equity decreased to $86.9 million due to higher interest rates impacting securities. The annualized return on average assets was 0.98%, and net interest margin was 3.02%.

Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) has announced a quarterly cash dividend increase to $0.13 per share, up from $0.12 per share, effective April 2022. This represents an annualized dividend of $0.52 per share, yielding 2.48% based on the current market price of $21.00 per share. The dividend will be paid on April 22, 2022 to shareholders on record as of April 8, 2022.

Southern Michigan Bancorp operates 13 branches across several counties, providing diverse financial services.

Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported a record net income of $11,757,000 for 2021, up 59.3% from $7,386,000 in 2020. Diluted EPS rose to $2.58, reflecting a stock dividend issued in May 2021. Q4 2021 net income was $2,522,000 ($0.56/share), compared to $2,024,000 ($0.44/share) in Q4 2020. Total assets reached $1.16 billion, a 16.4% increase, with loans growing 16.6% to $741.4 million and deposits increasing 16.2% to $974.4 million. 2021 loan loss provision stood at $1.5 million.

Southern Michigan Bancorp has appointed Melissa "Missy" Bauer to its board of directors, as announced by Chairman and CEO John H. Castle on February 1, 2022. Bauer, co-founder of B&M Crop Consulting, brings nearly two decades of agricultural expertise, focusing on agronomic knowledge for farmers in Michigan, Indiana, and Ohio. She holds a Master's in agronomy from Purdue University and a Bachelor's in crop and soil sciences from Michigan State University. Castle highlighted her as a prominent agricultural leader, emphasizing her potential contributions to the board.

The Board of Directors of Southern Michigan Bancorp (SOMC) declared a quarterly dividend of $0.12 per share, payable on January 21, 2022, to shareholders of record by January 7, 2022. This annualized dividend of $0.48 reflects a 2.38% yield based on the current market price of $20.20 per share. Southern Michigan Bancorp operates 13 branches across several counties, offering various financial services. Although the company aims to continue dividends, future payments depend on financial performance and board discretion.

Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported a significant increase in third quarter 2021 net income, reaching $3,138,000, or $0.69 per share, up from $2,018,000, or $0.44 per share, in Q3 2020. Year-to-date earnings also saw growth, totaling $9,235,000, or $2.02 per share, compared to $5,362,000, or $1.17 per share, last year. Total assets grew by 14.5% to $1.142 billion, with loans increasing by 15.3%. The company achieved a return on average equity of 13.02%, up from 8.20% the previous year.

Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced a quarterly dividend of $0.12 per share, payable on October 22, 2021, with a record date of October 11, 2021. This results in an annualized cash dividend of $0.48 per share, reflecting a 2.46% dividend yield based on a market price of $19.50 per share. The bank holding company operates 13 branches across several counties, offering a variety of consumer and business services. Future dividends will be evaluated by the board based on financial conditions and profitability.

Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported record net income of $3,009,000, or $0.66 per share, for Q2 2021, up from $1,831,000, or $0.40 per share, in Q2 2020. For the first half, net income reached $6,097,000, or $1.33 per share, compared to $3,344,000, or $0.73 per share, in 2020. Total assets grew 12.7% to $1.124 billion. Loan totals increased by 10.3%, reaching $701.1 million. Deposits also rose 12.7% to $944.8 million. Notably, loan delinquencies dropped to 0.21%, and non-performing assets fell to 0.15% of total assets, indicating strong financial health.