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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, Inc. (OTC Pink: SOMC) reported a record net income of $11,757,000 for 2021, up 59.3% from $7,386,000 in 2020. Diluted EPS rose to $2.58, reflecting a stock dividend issued in May 2021. Q4 2021 net income was $2,522,000 ($0.56/share), compared to $2,024,000 ($0.44/share) in Q4 2020. Total assets reached $1.16 billion, a 16.4% increase, with loans growing 16.6% to $741.4 million and deposits increasing 16.2% to $974.4 million. 2021 loan loss provision stood at $1.5 million.
Southern Michigan Bancorp has appointed Melissa "Missy" Bauer to its board of directors, as announced by Chairman and CEO John H. Castle on February 1, 2022. Bauer, co-founder of B&M Crop Consulting, brings nearly two decades of agricultural expertise, focusing on agronomic knowledge for farmers in Michigan, Indiana, and Ohio. She holds a Master's in agronomy from Purdue University and a Bachelor's in crop and soil sciences from Michigan State University. Castle highlighted her as a prominent agricultural leader, emphasizing her potential contributions to the board.
The Board of Directors of Southern Michigan Bancorp (SOMC) declared a quarterly dividend of $0.12 per share, payable on January 21, 2022, to shareholders of record by January 7, 2022. This annualized dividend of $0.48 reflects a 2.38% yield based on the current market price of $20.20 per share. Southern Michigan Bancorp operates 13 branches across several counties, offering various financial services. Although the company aims to continue dividends, future payments depend on financial performance and board discretion.
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.
