Southern Michigan Bancorp, Inc. Announces Second Quarter 2025 Earnings
Southern Michigan Bancorp (OTC Pink: SOMC) reported strong Q2 2025 financial results, with net income reaching $3.24 million ($0.70 per share), marking a significant 30.14% increase from Q2 2024's $2.49 million. For H1 2025, the company achieved $6.28 million in net income ($1.36 per share), up 21.64% year-over-year.
Key performance metrics showed improvement, with H1 2025 return on average assets at 0.81% (up from 0.71%) and return on average equity at 11.31% (up from 10.34%). The tax equivalent net interest margin expanded to 3.20% from 2.94%. Credit quality remained robust with non-performing loans at just 0.01% of total loans, and the allowance for credit losses stood at 1.11% of total loans.
Southern Michigan Bancorp (OTC Pink: SOMC) ha riportato solidi risultati finanziari nel secondo trimestre 2025, con un utile netto di 3,24 milioni di dollari (0,70 dollari per azione), segnando un significativo aumento del 30,14% rispetto ai 2,49 milioni di dollari del secondo trimestre 2024. Nel primo semestre 2025, la società ha raggiunto un utile netto di 6,28 milioni di dollari (1,36 dollari per azione), in crescita del 21,64% su base annua.
I principali indicatori di performance hanno mostrato miglioramenti, con un rendimento medio degli attivi nel primo semestre 2025 pari a 0,81% (in aumento rispetto allo 0,71%) e un rendimento medio del capitale proprio del 11,31% (in crescita rispetto al 10,34%). Il margine di interesse netto al netto delle tasse si è ampliato al 3,20% dal 2,94%. La qualità del credito è rimasta solida, con prestiti non performanti pari a solo lo 0,01% del totale prestiti e un accantonamento per perdite su crediti pari all'1,11% del totale prestiti.
Southern Michigan Bancorp (OTC Pink: SOMC) reportó sólidos resultados financieros en el segundo trimestre de 2025, con un ingreso neto de 3,24 millones de dólares (0,70 dólares por acción), lo que representa un significativo aumento del 30,14% respecto a los 2,49 millones de dólares del segundo trimestre de 2024. Para el primer semestre de 2025, la empresa logró un ingreso neto de 6,28 millones de dólares (1,36 dólares por acción), un crecimiento del 21,64% interanual.
Los principales indicadores de desempeño mostraron mejoras, con un retorno sobre activos promedio en el primer semestre de 2025 de 0,81% (frente al 0,71%) y un retorno sobre el capital promedio de 11,31% (frente al 10,34%). El margen neto de interés equivalente a impuestos se amplió a 3,20% desde 2,94%. La calidad crediticia se mantuvo sólida, con préstamos en mora en solo el 0,01% del total de préstamos y una provisión para pérdidas crediticias del 1,11% del total de préstamos.
Southern Michigan Bancorp (OTC Pink: SOMC)는 2025년 2분기 강력한 재무 실적을 보고했으며, 순이익은 324만 달러(주당 0.70달러)에 달해 2024년 2분기 249만 달러 대비 30.14% 크게 증가했습니다. 2025년 상반기에는 순이익이 628만 달러(주당 1.36달러)로 전년 동기 대비 21.64% 상승했습니다.
주요 성과 지표도 개선되어 2025년 상반기 평균 자산 수익률은 0.81%(이전 0.71%에서 상승), 평균 자기자본 수익률은 11.31%(이전 10.34%에서 상승)을 기록했습니다. 세금 환산 순이자 마진은 2.94%에서 3.20%로 확대되었습니다. 신용 품질은 견고하게 유지되어 연체 대출은 전체 대출의 단 0.01%에 불과하며, 대손충당금은 총 대출의 1.11%였습니다.
Southern Michigan Bancorp (OTC Pink : SOMC) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un bénéfice net atteignant 3,24 millions de dollars (0,70 dollar par action), marquant une augmentation significative de 30,14% par rapport aux 2,49 millions de dollars du deuxième trimestre 2024. Pour le premier semestre 2025, la société a réalisé un bénéfice net de 6,28 millions de dollars (1,36 dollar par action), en hausse de 21,64% d'une année sur l'autre.
Les principaux indicateurs de performance ont montré une amélioration, avec un rendement des actifs moyens au premier semestre 2025 de 0,81% (contre 0,71%) et un rendement des capitaux propres moyens de 11,31% (contre 10,34%). La marge nette d'intérêt équivalente après impôts s'est élargie à 3,20% contre 2,94%. La qualité du crédit est restée solide, avec des prêts non performants représentant seulement 0,01% du total des prêts, et une provision pour pertes sur crédits s'élevant à 1,11% du total des prêts.
Southern Michigan Bancorp (OTC Pink: SOMC) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Nettogewinn von 3,24 Millionen US-Dollar (0,70 US-Dollar je Aktie), was eine signifikante Steigerung von 30,14% gegenüber den 2,49 Millionen US-Dollar im zweiten Quartal 2024 darstellt. Für das erste Halbjahr 2025 erzielte das Unternehmen einen Nettogewinn von 6,28 Millionen US-Dollar (1,36 US-Dollar je Aktie), was einem Anstieg von 21,64 % gegenüber dem Vorjahr entspricht.
Wichtige Leistungskennzahlen verbesserten sich, wobei die Rendite auf das durchschnittliche Vermögen im ersten Halbjahr 2025 bei 0,81% lag (vorher 0,71 %) und die Rendite auf das durchschnittliche Eigenkapital bei 11,31% (vorher 10,34 %). Die steueräquivalente Nettomarge stieg von 2,94 % auf 3,20%. Die Kreditqualität blieb robust, mit notleidenden Krediten von nur 0,01% der Gesamtkredite und einer Rückstellung für Kreditausfälle von 1,11 % der Gesamtkredite.
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COLDWATER, Mich., July 23, 2025 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced second quarter 2025 net income of
The annualized return on average assets for the six-month periods ended June 30, 2025, and June 30, 2024, was
John R. Waldron, President and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, “We are pleased to report another solid quarter. Our earnings trend remained positive, and credit quality remained strong. Our continued investment in market expansion and staff translated into record loans and total assets at quarter end.”
The allowance for credit losses totaled
Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 18 offices within Branch, Calhoun, Hillsdale, Jackson, Kalamazoo and St. Joseph Counties providing a broad range of consumer, business and wealth management services throughout the region.
This press release contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and Southern Michigan Bancorp, Inc. Forward-looking statements are identifiable by words or phrases such as “expected,” “begin,” and other similar words or expressions. All statements with reference to a future time period are forward-looking. Management’s determination of the provision and allowance for credit losses and other accounting estimates, such as the carrying value of goodwill, other real estate owned, mortgage servicing rights and the fair value of investment securities, involves judgments that are inherently forward-looking. The future effect of changes in the financial and credit markets and the national and regional economy on the banking industry, generally, and Southern Michigan Bancorp, Inc., specifically, are also inherently uncertain. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed in or implied by such forward-looking statements. Southern Michigan Bancorp, Inc., does not update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
SOUTHERN MICHIGAN BANCORP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| (In thousands, except share data) | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 59,176 | $ | 73,737 | ||||
| Federal funds sold | 257 | 259 | ||||||
| Securities available for sale, at fair value | 160,961 | 159,320 | ||||||
| Securities held-to-maturity, at amortized cost | 68,398 | 60,454 | ||||||
| Loans held-for-sale | 180 | 995 | ||||||
| Loans, net of allowance for credit losses of | 1,180,162 | 1,103,652 | ||||||
| Premises and equipment, net | 25,502 | 25,600 | ||||||
| Net cash surrender value of life insurance | 28,050 | 23,139 | ||||||
| Goodwill | 13,422 | 13,422 | ||||||
| Other intangible assets, net | 93 | 111 | ||||||
| Other assets | 35,062 | 35,866 | ||||||
| TOTAL ASSETS | $ | 1,571,263 | $ | 1,496,555 | ||||
| LIABILITIES | ||||||||
| Deposits: | ||||||||
| Non-interest bearing | $ | 233,369 | $ | 223,583 | ||||
| Interest bearing | 1,070,746 | 1,028,212 | ||||||
| Total deposits | 1,304,115 | 1,251,795 | ||||||
| Securities sold under agreements to repurchase and overnight borrowings | 818 | 1,560 | ||||||
| Accrued expenses and other liabilities | 19,962 | 18,355 | ||||||
| Other borrowings | 97,900 | 82,900 | ||||||
| Subordinated debentures | 34,756 | 34,722 | ||||||
| Total liabilities | 1,457,551 | 1,389,332 | ||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Preferred stock, 100,000 shares authorized; none issued or outstanding | - | - | ||||||
| Common stock, | ||||||||
| Authorized - 10,000,000 shares | ||||||||
| Issued and outstanding – 4,627,809 shares in 2025, 4,577,107 shares in 2024 | 11,565 | 11,438 | ||||||
| Additional paid-in capital | 13,769 | 13,438 | ||||||
| Retained earnings | 102,264 | 97,462 | ||||||
| Accumulated other comprehensive loss | (13,886 | ) | (15,115 | ) | ||||
| Total shareholders’ equity | 113,712 | 107,223 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,571,263 | $ | 1,496,555 | ||||
Southern Michigan Bancorp, Inc.
condensed consolidated statements of income (unaudited)
(In thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Interest income: | |||||||||||||||
| Loans, including fees | $ | 18,268 | $ | 15,838 | $ | 35,043 | $ | 31,304 | |||||||
| Federal funds sold and balances with banks | 766 | 1,058 | 1,766 | 2,317 | |||||||||||
| Securities: | |||||||||||||||
| Taxable | 1,530 | 1,565 | 2,937 | 3,048 | |||||||||||
| Tax-exempt | 377 | 296 | 695 | 595 | |||||||||||
| Total interest income | 20,941 | 18,757 | 40,441 | 37,264 | |||||||||||
| Interest expense: | |||||||||||||||
| Deposits | 7,553 | 7,269 | 14,856 | 14,088 | |||||||||||
| Other | 1,301 | 1,503 | 2,585 | 3,130 | |||||||||||
| Total interest expense | 8,854 | 8,772 | 17,441 | 17,218 | |||||||||||
| Net interest income | 12,087 | 9,985 | 23,000 | 20,046 | |||||||||||
| Provision for credit losses | 500 | 236 | 664 | 236 | |||||||||||
| Net interest income after provision for credit losses | 11,587 | 9,749 | 22,336 | 19,810 | |||||||||||
| Non-interest income: | |||||||||||||||
| Service charges on deposit accounts | 397 | 407 | 803 | 831 | |||||||||||
| Trust fees | 786 | 659 | 1,525 | 1,300 | |||||||||||
| Net gains on loan sales | 274 | 141 | 494 | 237 | |||||||||||
| Earnings on life insurance assets | 207 | 165 | 578 | 329 | |||||||||||
| ATM and debit card fee income | 484 | 467 | 928 | 891 | |||||||||||
| Other | 213 | 200 | 402 | 432 | |||||||||||
| Total non-interest income | 2,361 | 2,039 | 4,730 | 4,020 | |||||||||||
| Non-interest expense: | |||||||||||||||
| Salaries and employee benefits | 6,220 | 5,330 | 11,993 | 10,626 | |||||||||||
| Occupancy, net | 571 | 497 | 1,186 | 996 | |||||||||||
| Equipment | 501 | 409 | 988 | 833 | |||||||||||
| Professional and outside services | 596 | 459 | 1,048 | 1,045 | |||||||||||
| Software maintenance | 691 | 598 | 1,349 | 1,190 | |||||||||||
| ATM expenses | 236 | 210 | 472 | 399 | |||||||||||
| Printing, postage, and supplies | 104 | 128 | 232 | 289 | |||||||||||
| Telecommunication expenses | 76 | 78 | 148 | 165 | |||||||||||
| Other | 1,101 | 1,036 | 2,131 | 1,988 | |||||||||||
| Total non-interest expense | 10,096 | 8,745 | 19,547 | 17,531 | |||||||||||
| INCOME BEFORE INCOME TAXES | 3,852 | 3,043 | 7,519 | 6,299 | |||||||||||
| Federal income tax provision | 614 | 555 | 1,235 | 1,133 | |||||||||||
| NET INCOME | $ | 3,238 | $ | 2,488 | $ | 6,284 | $ | 5,166 | |||||||
| Basic Earnings Per Common Share | $ | 0.70 | $ | 0.55 | $ | 1.36 | $ | 1.14 | |||||||
| Diluted Earnings Per Common Share | 0.70 | 0.55 | 1.36 | 1.14 | |||||||||||
| Dividends Declared Per Common Share | 0.16 | 0.15 | 0.32 | 0.30 | |||||||||||
CONTACT: John R. Waldron, President and CEO (517) 279-5500
