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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.
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Southern Michigan Bancorp (OTC Pink: SOMC) reported a first quarter net income of $3,005,000, equating to $0.66 per share, surpassing the $2,933,000 or $0.65 per share from the same period in 2022. This growth is attributed to record highs in total loans, assets, and deposits, with total consolidated assets reaching $1.327 billion, an increase from $1.277 billion at the end of 2022. Total loans amounted to $933.5 million and deposits to $1.127 billion as of March 31, 2023. The company also adopted a new accounting standard affecting provisions for loan losses, resulting in a one-time net capital adjustment of $1.6 million. A new branch in downtown Jackson is set to open in July, indicating continued expansion.
The Board of Directors of Southern Michigan Bancorp approved a quarterly cash dividend increase to $0.14 per share, effective April 21, 2023. This marks a $0.01 increase from the previous dividend of $0.13 per share, reflecting a 3.01% yield based on the current market price of $18.61. The dividend is payable to shareholders of record by April 10, 2023. Southern Michigan Bancorp operates 14 branches in several counties and offers consumer, business, and wealth management services. Future dividends will depend on the company's financial condition and profitability.
Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported a net income of $13,491,000 for 2022, up 14.7% from $11,757,000 in 2021. Diluted earnings per share rose to $2.97 from $2.58. The fourth quarter of 2022 showed net income of $3,584,000, or $0.79 per share, compared to $2,522,000, or $0.56 per share, in Q4 2021. Total assets increased to $1.28 billion, with loans up by 19.6% to $886.6 million. Deposits rose by 12.0% to $1.09 billion. The company maintains a strong credit culture with delinquencies at 13 basis points and a reserve coverage ratio of over 848%.
