Southern Michigan Bancorp, Inc. Announces First Quarter 2025 Earnings
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) ha riportato solidi risultati finanziari nel primo trimestre del 2025, con un utile netto pari a 3.046.000 $ (0,66 $ per azione), segnando un aumento del 13,7% rispetto ai 2.678.000 $ (0,59 $ per azione) del primo trimestre 2024.
I principali indicatori di performance sono migliorati, con il rendimento medio degli attivi che è salito allo 0,79% dallo 0,73% e il rendimento medio del patrimonio netto che è aumentato all'11,11% dal 10,80% anno su anno. Il margine di interesse netto al netto delle imposte si è ampliato al 3,08% rispetto al 2,95% precedente.
La qualità del credito è rimasta solida, con i prestiti non performanti che sono diminuiti allo 0,06% del totale prestiti (al 31 marzo 2025) dallo 0,08% (al 31 dicembre 2024). L'accantonamento per perdite su crediti si è attestato a 12.780.000 $, pari all'1,12% dei prestiti. Le cancellazioni nette di prestiti sono diminuite a 2.000 $ nel primo trimestre 2025 rispetto ai 10.000 $ del primo trimestre 2024.
Southern Michigan Bancorp (SOMC) reportó sólidos resultados financieros en el primer trimestre de 2025, con un ingreso neto de 3.046.000 $ (0,66 $ por acción), lo que representa un aumento del 13,7% respecto a los 2.678.000 $ (0,59 $ por acción) del primer trimestre de 2024.
Los principales indicadores de desempeño mostraron mejoras, con el retorno sobre activos promedio aumentando al 0,79% desde 0,73%, y el retorno sobre el patrimonio promedio subiendo al 11,11% desde 10,80% interanual. El margen neto de interés equivalente a impuestos se amplió al 3,08% desde 2,95%.
La calidad crediticia se mantuvo sólida, con los préstamos en mora disminuyendo al 0,06% del total de préstamos (31 de marzo de 2025) desde 0,08% (31 de diciembre de 2024). La provisión para pérdidas crediticias fue de 12.780.000 $, representando el 1,12% de los préstamos. Las cancelaciones netas de préstamos disminuyeron a 2.000 $ en el primer trimestre de 2025 desde 10.000 $ en el mismo periodo de 2024.
Southern Michigan Bancorp (SOMC)은 2025년 1분기 강력한 재무 실적을 보고했으며, 순이익은 3,046,000달러(주당 0.66달러)로 2024년 1분기 2,678,000달러(주당 0.59달러) 대비 13.7% 증가했습니다.
주요 성과 지표도 개선되어 평균 자산 수익률은 0.73%에서 0.79%로, 평균 자기자본 수익률은 10.80%에서 11.11%로 각각 상승했습니다. 세전 순이자마진은 2.95%에서 3.08%로 확대되었습니다.
신용 품질은 견고하게 유지되어 부실 대출 비율이 2025년 3월 31일 기준 총 대출의 0.06%로 2024년 12월 31일의 0.08%에서 감소했습니다. 대손충당금은 12,780,000달러로 대출의 1.12%에 해당하며, 순대출 상각액은 2025년 1분기 2,000달러로 2024년 1분기 10,000달러에서 감소했습니다.
Southern Michigan Bancorp (SOMC) a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un bénéfice net atteignant 3 046 000 $ (0,66 $ par action), soit une hausse de 13,7 % par rapport à 2 678 000 $ (0,59 $ par action) au premier trimestre 2024.
Les principaux indicateurs de performance ont montré une amélioration, avec un rendement moyen des actifs passant de 0,73 % à 0,79 %, et un rendement moyen des capitaux propres en hausse de 10,80 % à 11,11 % d'une année sur l'autre. La marge nette d'intérêt équivalente fiscale s'est élargie à 3,08 % contre 2,95 % précédemment.
La qualité du crédit est restée solide, les prêts non performants ayant diminué à 0,06 % du total des prêts (au 31 mars 2025) contre 0,08 % (au 31 décembre 2024). La provision pour pertes sur prêts s'élevait à 12 780 000 $, soit 1,12 % des prêts. Les radiations nettes de prêts ont diminué à 2 000 $ au premier trimestre 2025 contre 10 000 $ au premier trimestre 2024.
Southern Michigan Bancorp (SOMC) meldete starke Finanzergebnisse für das erste Quartal 2025, mit einem Nettogewinn von 3.046.000 $ (0,66 $ pro Aktie), was einem Anstieg von 13,7 % gegenüber 2.678.000 $ (0,59 $ pro Aktie) im ersten Quartal 2024 entspricht.
Wichtige Leistungskennzahlen verbesserten sich, wobei die Rendite auf das durchschnittliche Vermögen von 0,73 % auf 0,79 % und die Rendite auf das durchschnittliche Eigenkapital von 10,80 % auf 11,11 % im Jahresvergleich stieg. Die steueräquivalente Nettozinsspanne erweiterte sich von 2,95 % auf 3,08 %.
Die Kreditqualität blieb robust, wobei notleidende Kredite zum 31. März 2025 0,06 % der Gesamtkredite betrugen, gegenüber 0,08 % zum 31. Dezember 2024. Die Rückstellung für Kreditausfälle belief sich auf 12.780.000 $ und entspricht 1,12 % der Kredite. Nettoabschreibungen auf Kredite sanken im ersten Quartal 2025 auf 2.000 $ von 10.000 $ im ersten Quartal 2024.
- Net income increased 13.7% YoY to $3,046,000
- Earnings per share grew to $0.66 from $0.59 YoY
- Net interest margin improved to 3.08% from 2.95%
- Return on average equity increased to 11.11% from 10.80%
- Non-performing loans ratio decreased to 0.06% from 0.08%
- Net loan charge-offs reduced to $2,000 from $10,000 YoY
- Provision for credit losses increased to $164,000 from $0 YoY
- Non-interest expenses rose 7.6% to $9,451,000 from $8,786,000
COLDWATER, Mich., April 23, 2025 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced first quarter 2025 net income of
John R. Waldron, President and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, “First quarter 2025 earnings were solid, and credit quality remained strong. Our continued investment in market expansion and staff translated into record levels of loans, deposits and total assets as of March 31, 2025.”
The allowance for credit losses totaled
The annualized return on average assets for the three-month periods ended March 31, 2025, and March 31, 2024, was
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, extend, 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 undertake to 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) | ||||||||
| March 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 115,681 | $ | 73,737 | ||||
| Federal funds sold | 247 | 259 | ||||||
| Securities available for sale, at fair value | 163,551 | 159,320 | ||||||
| Securities held-to-maturity, at amortized cost | 59,703 | 60,454 | ||||||
| Loans held-for-sale | 688 | 995 | ||||||
| Loans, net of allowance for credit losses of | 1,124,959 | 1,103,652 | ||||||
| Premises and equipment, net | 25,533 | 25,600 | ||||||
| Net cash surrender value of life insurance | 22,842 | 23,139 | ||||||
| Goodwill | 13,422 | 13,422 | ||||||
| Other intangible assets, net | 102 | 111 | ||||||
| Other assets | 36,176 | 35,866 | ||||||
| TOTAL ASSETS | $ | 1,562,904 | $ | 1,496,555 | ||||
| LIABILITIES | ||||||||
| Deposits: | ||||||||
| Non-interest bearing | $ | 225,515 | $ | 223,583 | ||||
| Interest bearing | 1,089,827 | 1,028,212 | ||||||
| Total deposits | 1,315,342 | 1,251,795 | ||||||
| Securities sold under agreements to repurchase and overnight borrowings | 1,162 | 1,560 | ||||||
| Accrued expenses and other liabilities | 18,338 | 18,355 | ||||||
| Other borrowings | 82,900 | 82,900 | ||||||
| Subordinated debentures | 34,739 | 34,722 | ||||||
| Total liabilities | 1,452,481 | 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 – 4,631,503 shares in 2025, 4,577,107 shares in 2024 | 11,574 | 11,438 | ||||||
| Additional paid-in capital | 13,492 | 13,438 | ||||||
| Retained earnings | 99,767 | 97,462 | ||||||
| Accumulated other comprehensive loss | (14,410 | ) | (15,115 | ) | ||||
| Total shareholders’ equity | 110,423 | 107,223 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,562,904 | $ | 1,496,555 | ||||
| SOUTHERN MICHIGAN BANCORP, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands, except per share data) | |||||
| Three Months Ended March 31, | |||||
| 2025 | 2024 | ||||
| Interest income: | |||||
| Loans, including fees | $ | 16,775 | $ | 15,466 | |
| Federal funds sold and balances with banks | 1,000 | 1,259 | |||
| Securities: | |||||
| Taxable | 1,408 | 1,483 | |||
| Tax-exempt | 317 | 299 | |||
| Total interest income | 19,500 | 18,507 | |||
| Interest expense: | |||||
| Deposits | 7,302 | 6,819 | |||
| Other | 1,285 | 1,627 | |||
| Total interest expense | 8,587 | 8,446 | |||
| Net interest income | 10,913 | 10,061 | |||
| Provision for credit losses | 164 | - | |||
| Net interest income after provision for credit losses | 10,749 | 10,061 | |||
| Non-interest income: | |||||
| Service charges on deposit accounts | 406 | 424 | |||
| Trust fees | 738 | 641 | |||
| Net gains on loan sales | 220 | 73 | |||
| Earnings on life insurance assets | 372 | 164 | |||
| ATM and debit card fee income | 443 | 424 | |||
| Other | 189 | 255 | |||
| Total non-interest income | 2,368 | 1,981 | |||
| Non-interest expense: | |||||
| Salaries and employee benefits | 5,773 | 5,296 | |||
| Occupancy, net | 615 | 499 | |||
| Equipment | 486 | 424 | |||
| Professional and outside services | 452 | 586 | |||
| Software maintenance | 658 | 592 | |||
| ATM expenses | 236 | 189 | |||
| Printing, postage, and supplies | 128 | 161 | |||
| Telecommunication expenses | 73 | 87 | |||
| Other | 1,030 | 952 | |||
| Total non-interest expense | 9,451 | 8,786 | |||
| INCOME BEFORE INCOME TAXES | 3,666 | 3,256 | |||
| Federal income tax provision | 620 | 578 | |||
| NET INCOME | $ | 3,046 | $ | 2,678 | |
| Basic Earnings Per Common Share | $ | 0.66 | $ | 0.59 | |
| Diluted Earnings Per Common Share | 0.66 | 0.59 | |||
| Dividends Declared Per Common Share | 0.16 | 0.15 | |||
CONTACT: John R. Waldron, President and CEO (517) 279-5500
FAQ
What was Southern Michigan Bancorp's (SOMC) earnings per share in Q1 2025?
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