STHN MICH BANCORP INC - SOMC STOCK NEWS

Southern Michigan Bancorp (SOMC) reported Q3 2024 net income of $2,586,000 ($0.57 per share), down from $2,767,000 ($0.61 per share) in Q3 2023. For the first nine months of 2024, earnings were $7,751,000 ($1.70 per share) compared to $8,468,000 ($1.86 per share) in 2023. The bank surpassed $1.5 billion in total assets, with loans at $1.084 billion and deposits at $1.266 billion. The allowance for credit losses was $12,363,000 (1.14% of loans). Return on average assets decreased to 0.70% from 0.84%, while return on equity declined to 10.18% from 12.42%. Net interest margin dropped to 2.94% from 3.18%.

Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) has declared a quarterly dividend of $0.15 per share on its outstanding stock. The dividend will be payable on October 18, 2024, to shareholders of record as of October 9, 2024. This translates to an annualized cash dividend of $0.60 per share, representing a 3.47% dividend yield based on the current market price of $17.29 per share.

Southern Michigan Bancorp, Inc. is a bank holding company and the parent of Southern Michigan Bank & Trust. The company operates 17 offices across six counties in Michigan, offering a range of consumer, business, and wealth management services throughout the region.

Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported Q2 2024 earnings of $2,488,000, or $0.55 per share, down from $2,696,000, or $0.59 per share in Q2 2023. For the first half of 2024, earnings were $5,166,000 or $1.14 per share, compared to $5,701,000 or $1.25 per share in the same period last year. The decrease was attributed to net interest margin compression and increased overhead due to expansion.

As of June 30, 2024, total assets grew to $1.459 billion, with loans at $1.072 billion and deposits at $1.205 billion. The allowance for credit losses was $11,922,000, or 1.11% of loans. The annualized return on average assets for H1 2024 was 0.71%, down from 0.86% in H1 2023. The tax-equivalent net interest margin decreased to 2.94% from 3.25% year-over-year.

The Board of Directors of Southern Michigan Bancorp declared a quarterly dividend of $0.15 per share on June 26, 2024. This dividend is payable on July 19, 2024, to shareholders recorded by July 8, 2024. The annualized dividend of $0.60 per share translates to a 3.76% yield based on the current stock price of $15.95. Southern Michigan Bancorp, operating under the ticker SOMC, is the parent company of Southern Michigan Bank & Trust, which serves multiple counties in Michigan through 17 offices and a loan production office. The company offers a range of consumer, business, and wealth management services.

Southern Michigan Bancorp, Inc. reported a decrease in first-quarter net income compared to the previous year due to net interest margin compression and increased overhead costs. Total assets, loans, and deposits reached record highs. The bank's annualized return on average assets and equity decreased, while the net interest margin also declined. Despite a slight increase in delinquent loans, the allowance for credit losses remains stable.

Southern Michigan Bancorp, Inc. (SOMC) increases quarterly cash dividend by $0.01 per share to $0.15, with an annualized cash dividend of $0.60 per share. The dividend yield stands at 3.42% based on the current market price. The company is a bank holding company operating multiple branches, offering various financial services in Michigan counties.

Southern Michigan Bancorp, Inc. (SOMC) reported fourth quarter 2023 net income of $2.4 million, or $0.54 per share, compared to $3.6 million, or $0.79 per share, in the same period last year. Total loans grew by 16.9%, reaching $1.04 billion, while deposits increased to $1.16 billion. The company's annualized return on average assets decreased to 0.80% in 2023 from 1.10% in 2022.

Southern Michigan Bancorp, Inc. (SOMC) declares a quarterly dividend of $0.14 per share, payable on January 19, 2024, to shareholders of record January 5, 2024. The annualized cash dividend of $0.56 per share represents a 3.70% dividend yield based on the current market price of $15.15 per share. The company operates 15 branches and a loan production office, providing a broad range of financial services.

Southern Michigan Bancorp, Inc. announces third quarter 2023 net income of $2,767,000, or $0.61 per share, compared to net income of $3,613,000, or $0.79 per share, for the third quarter of 2022. Consolidated assets at September 30, 2023 totaled $1.429 billion compared to $1.277 billion at December 31, 2022.