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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.
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.
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.