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.
STHN MICH BANCORP INC (SOMC) maintains this dedicated news hub for stakeholders seeking official updates from Michigan's trusted community banking institution. As an FDIC-insured provider since 1872, we deliver timely information about financial performance, operational developments, and community partnerships.
This resource consolidates essential updates including quarterly earnings reports, leadership announcements, and regulatory filings. Investors will find detailed coverage of asset growth trends, while community members can track local economic initiatives supported by SOMC.
All content undergoes strict verification to ensure accuracy and compliance with financial reporting standards. For ongoing updates, consider bookmarking this page or subscribing to our alerts for immediate notification of new developments.
Southern Michigan Bancorp (SOMC) reported strong Q1 2025 financial results, with net income reaching $3,046,000 ($0.66 per share), marking a 13.7% increase from $2,678,000 ($0.59 per share) in Q1 2024.
Key performance metrics showed improvement, with return on average assets increasing to 0.79% from 0.73%, and return on average equity rising to 11.11% from 10.80% year-over-year. The tax equivalent net interest margin expanded to 3.08% from 2.95%.
Credit quality remained robust with non-performing loans decreasing to 0.06% of total loans (March 31, 2025) from 0.08% (December 31, 2024). The allowance for credit losses stood at $12,780,000, representing 1.12% of loans. Net loan charge-offs decreased to $2,000 in Q1 2025 from $10,000 in Q1 2024.
Southern Michigan Bancorp (SOMC) has announced an increase in its quarterly cash dividend. The Board of Directors approved a $0.16 per share dividend for April 2025, representing a $0.01 increase from the previous $0.15 payment in January 2025.
The dividend will be payable on April 18, 2025, to shareholders of record April 4, 2025. Based on the current market price of $19.00 per share, the annualized cash dividend of $0.64 per share reflects a 3.37% dividend yield.
Southern Michigan Bancorp operates 18 branches across Branch, Calhoun, Hillsdale, Jackson, Kalamazoo, and St. Joseph Counties, along with a loan production office in Jackson County, offering consumer, business, and wealth management services.
Southern Michigan Bancorp (SOMC) reported Q4 2024 net income of $2.65 million ($0.57 per share), up from $2.44 million ($0.54 per share) in Q4 2023. However, full-year 2024 earnings decreased to $10.40 million ($2.28 per share) from $10.91 million ($2.40 per share) in 2023.
The bank's total assets reached $1.5 billion, with loans growing to $1.116 billion and deposits reaching $1.252 billion. The allowance for credit losses was $12.78 million (1.14% of loans). Non-performing loans remained stable at 0.08% of total loans.
Key performance metrics showed some decline: return on average assets fell to 0.71% from 0.80%, return on average equity decreased to 10.07% from 11.94%, and the tax equivalent net interest margin dropped to 2.98% from 3.16% year-over-year.
Southern Michigan Bancorp (OTC Pink: SOMC) has declared a quarterly dividend of $0.15 per share to be paid on January 24, 2025, to shareholders of record as of January 10, 2025. The annualized cash dividend of $0.60 per share represents a 3.08% dividend yield based on the current market price of $19.50 per share.
The company operates 18 offices across Branch, Calhoun, Hillsdale, Jackson, Kalamazoo, and St. Joseph Counties, providing consumer, business, and wealth management services throughout the region.
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.
