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, 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.
Southern Michigan Bancorp (OTC Pink: SOMC) announced a quarterly dividend of $0.12 per share, payable on July 23, 2021, to shareholders of record by July 9, 2021. This annualized cash dividend totals $0.48 per share, yielding 2.57% based on the current market price of $18.70. The company operates 13 branches across various counties, offering a wide range of financial services. Future dividends are subject to the discretion of the Board of Directors and depend on various financial factors.
Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported first quarter net income of $3,088,000, reflecting a 104.1% increase from $1,513,000 in Q1 2020. Earnings per share rose to $1.35, up from $0.66 per share year-over-year. Total consolidated assets reached a record $1.076 billion, with loans and deposits also at record levels of $644.4 million and $924.5 million, respectively. The company processed over 700 PPP loans worth over $40 million and closed a $30 million subordinated debt offering to support growth.
Southern Michigan Bancorp (SOMC) has successfully completed a private placement of $30 million in subordinated notes, due April 16, 2031. These notes will bear a fixed interest rate of 3.75% until 2026, transitioning to a floating rate thereafter. The proceeds will be utilized for debt retirement, organic growth, and corporate purposes. This financial move aims to enhance the company's Tier 2 capital while maintaining a low-cost capital structure without diluting existing shares. The transaction was facilitated by Performance Trust Capital Partners.
The Board of Directors of Southern Michigan Bancorp (SOMC) has declared a 100% stock dividend, set to be paid on May 14, 2021, for shareholders on record as of April 26, 2021. This decision reflects the company's robust financial condition and an optimistic outlook for its operations, according to Chairman and CEO John H. Castle. Southern Michigan Bancorp operates 13 branches across several counties, offering a wide range of banking and wealth management services, contributing to its growth in earnings and franchise value.
Southern Michigan Bancorp (SOMC) reported a 2020 net income of $7.39 million, down from $8.62 million in 2019. Earnings per share decreased to $3.21 from $3.74. The fourth quarter showed improvement with net income of $2.02 million or $0.88 per share, higher than the previous year's $1.84 million. Total assets grew 23.2% to $997.6 million, while loans increased 13% and deposits rose 27.8%. The bank increased its allowance for loan losses to $7.79 million amid economic uncertainty due to COVID-19.