Southern Michigan Bancorp, Inc. Announces Fourth Quarter and Full Year 2024 Earnings
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 (SOMC) ha riportato un utile netto per il quarto trimestre del 2024 di 2,65 milioni di dollari (0,57 dollari per azione), in aumento rispetto ai 2,44 milioni di dollari (0,54 dollari per azione) del quarto trimestre del 2023. Tuttavia, l'utile netto per l'intero anno 2024 è diminuito a 10,40 milioni di dollari (2,28 dollari per azione) rispetto ai 10,91 milioni di dollari (2,40 dollari per azione) del 2023.
Il totale degli attivi della banca ha raggiunto 1,5 miliardi di dollari, con i prestiti che sono cresciuti a 1,116 miliardi di dollari e i depositi che hanno toccato 1,252 miliardi di dollari. L'accantonamento per perdite su crediti è stato di 12,78 milioni di dollari (1,14% dei prestiti). I prestiti non performanti sono rimasti stabili allo 0,08% del totale dei prestiti.
I principali indicatori di performance hanno mostrato un certo calo: il ritorno sugli attivi medi è sceso allo 0,71% dall'0,80%, il ritorno sul capitale proprio medio è diminuito al 10,07% dall'11,94%, e il margine di interesse netto equivalente fiscale è sceso al 2,98% dal 3,16% anno su anno.
Southern Michigan Bancorp (SOMC) reportó un ingreso neto de 2,65 millones de dólares (0,57 dólares por acción) en el cuarto trimestre de 2024, un aumento respecto a los 2,44 millones de dólares (0,54 dólares por acción) del cuarto trimestre de 2023. Sin embargo, las ganancias del año completo 2024 disminuyeron a 10,40 millones de dólares (2,28 dólares por acción) desde 10,91 millones de dólares (2,40 dólares por acción) en 2023.
Los activos totales del banco alcanzaron 1,5 mil millones de dólares, con préstamos que crecieron a 1,116 mil millones de dólares y depósitos que llegaron a 1,252 mil millones de dólares. La provisión para pérdidas crediticias fue de 12,78 millones de dólares (1,14% de los préstamos). Los préstamos no productivos se mantuvieron estables en el 0,08% del total de préstamos.
Los indicadores clave de rendimiento mostraron cierta disminución: el retorno sobre activos promedio cayó al 0,71% desde el 0,80%, el retorno sobre capital promedio disminuyó al 10,07% desde el 11,94%, y el margen de interés neto equivalente fiscal se redujo al 2,98% desde el 3,16% interanual.
사우던 미시간 뱅콥 (SOMC)는 2024년 4분기 순이익이 265만 달러(주당 0.57달러)로, 2023년 4분기 244만 달러(주당 0.54달러)에서 증가했다고 보고했습니다. 그러나 2024년 전체 연간 수익은 1,040만 달러(주당 2.28달러)로, 2023년 1,091만 달러(주당 2.40달러)에서 감소했습니다.
은행의 총 자산은 15억 달러에 도달했으며, 대출은 11억 1,160만 달러로 증가하고, 예금은 12억 5,200만 달러에 이르렀습니다. 신용 손실 충당금은 1,278만 달러(대출의 1.14%)였습니다. 부실 대출 비율은 총 대출의 0.08%로 안정적으로 유지되었습니다.
주요 성과 지표는 일부 감소를 보였습니다: 평균 자산 수익률은 0.71%로 0.80%에서 떨어졌고, 평균 자기자본 수익률은 10.07%로 11.94%에서 감소했으며, 세금 동등 순이자 마진은 2.98%로 3.16%에서 하락했습니다.
Southern Michigan Bancorp (SOMC) a rapporté un bénéfice net de 2,65 millions de dollars (0,57 dollar par action) pour le quatrième trimestre de 2024, en hausse par rapport à 2,44 millions de dollars (0,54 dollar par action) pour le quatrième trimestre de 2023. Cependant, le bénéfice net annuel pour 2024 a diminué à 10,40 millions de dollars (2,28 dollars par action) contre 10,91 millions de dollars (2,40 dollars par action) en 2023.
Les actifs totaux de la banque ont atteint 1,5 milliard de dollars, avec des prêts augmentant à 1,116 milliard de dollars et des dépôts atteignant 1,252 milliard de dollars. La provision pour pertes de crédit s'élevait à 12,78 millions de dollars (1,14 % des prêts). Les prêts non performants sont restés stables à 0,08 % du total des prêts.
Les principaux indicateurs de performance ont montré un certain déclin : le retour sur actifs moyens est passé à 0,71 % contre 0,80 %, le retour sur fonds propres moyens a diminué à 10,07 % contre 11,94 %, et la marge d'intérêt nette équivalente fiscale est tombée à 2,98 % contre 3,16 % d'une année sur l'autre.
Southern Michigan Bancorp (SOMC) berichtete für das vierte Quartal 2024 einen Nettogewinn von 2,65 Millionen Dollar (0,57 Dollar pro Aktie), ein Anstieg gegenüber 2,44 Millionen Dollar (0,54 Dollar pro Aktie) im vierten Quartal 2023. Die Gesamterträge für das Jahr 2024 sanken jedoch auf 10,40 Millionen Dollar (2,28 Dollar pro Aktie) von 10,91 Millionen Dollar (2,40 Dollar pro Aktie) im Jahr 2023.
Die Gesamtsumme der Vermögenswerte der Bank erreichte 1,5 Milliarden Dollar, wobei die Kredite auf 1,116 Milliarden Dollar und die Einlagen auf 1,252 Milliarden Dollar anstiegen. Die Rückstellungen für Kreditverluste betrugen 12,78 Millionen Dollar (1,14% der Kredite). Die notleidenden Kredite blieben stabil bei 0,08% der Gesamtkredite.
Wichtige Leistungskennzahlen zeigten einen gewissen Rückgang: Die Rendite auf durchschnittliche Vermögenswerte fiel auf 0,71% von 0,80%, die Rendite auf das durchschnittliche Eigenkapital sank auf 10,07% von 11,94%, und die steuerlich äquivalente Nettozinsmarge fiel auf 2,98% von 3,16% im Jahresvergleich.
- Q4 2024 net income increased to $2.65M from $2.44M YoY
- Total assets grew to $1.5B with loan portfolio reaching $1.116B
- Non-performing loans remained low at 0.08%
- Strong deposit base at $1.252B
- Full-year 2024 earnings declined to $10.40M from $10.91M YoY
- Return on average assets decreased to 0.71% from 0.80%
- Return on average equity fell to 10.07% from 11.94%
- Net interest margin declined to 2.98% from 3.16%
COLDWATER, Mich., Feb. 14, 2025 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced fourth quarter net income of
John R. Waldron, President and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, “2024 was another solid year with total assets reaching approximately
The allowance for credit losses totaled
The annualized return on average assets for the years ended December 31, 2024, and December 31, 2023, 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) | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 73,737 | $ | 71,620 | ||||
| Federal funds sold | 259 | 1,468 | ||||||
| Securities available for sale, at fair value | 159,320 | 169,740 | ||||||
| Securities held-to-maturity, at amortized cost | 60,454 | 61,600 | ||||||
| Loans held-for-sale | 995 | 169 | ||||||
| Loans, net of allowance for credit losses of | 1,103,652 | 1,024,720 | ||||||
| Premises and equipment, net | 25,600 | 23,114 | ||||||
| Net cash surrender value of life insurance | 23,139 | 22,472 | ||||||
| Goodwill | 13,422 | 13,422 | ||||||
| Other intangible assets, net | 111 | 147 | ||||||
| Other assets | 35,866 | 26,323 | ||||||
| TOTAL ASSETS | $ | 1,496,555 | $ | 1,414,795 | ||||
| LIABILITIES | ||||||||
| Deposits: | ||||||||
| Non-interest bearing | $ | 223,583 | $ | 226,178 | ||||
| Interest bearing | 1,028,212 | 931,793 | ||||||
| Total deposits | 1,251,795 | 1,157,971 | ||||||
| Securities sold under agreements to repurchase and overnight borrowings | 1,560 | 1,738 | ||||||
| Accrued expenses and other liabilities | 18,355 | 15,703 | ||||||
| Other borrowings | 82,900 | 106,900 | ||||||
| Subordinated debentures | 34,722 | 34,653 | ||||||
| Total liabilities | 1,389,332 | 1,316,965 | ||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Preferred stock, 100,000 shares authorized; none issued or outstanding | - | - | ||||||
| Common stock, | ||||||||
| Authorized - 10,000,000 shares | ||||||||
| Issued and outstanding – 4,577,107 shares in 2024, 4,533,637 shares in 2023 | 11,438 | 11,330 | ||||||
| Additional paid-in capital | 13,438 | 13,126 | ||||||
| Retained earnings | 97,462 | 89,808 | ||||||
| Accumulated other comprehensive loss | (15,115 | ) | (16,434 | ) | ||||
| Total shareholders’ equity | 107,223 | 97,830 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,496,555 | $ | 1,414,795 | ||||
| SOUTHERN MICHIGAN BANCORP, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||
| (In thousands, except per share data) | ||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Interest income: | ||||||||||||
| Loans, including fees | $ | 16,628 | $ | 15,308 | $ | 64,376 | $ | 54,887 | ||||
| Federal funds sold and balances with banks | 999 | 766 | 4,629 | 3,125 | ||||||||
| Securities: | ||||||||||||
| Taxable | 1,376 | 1,635 | 5,889 | 6,291 | ||||||||
| Tax-exempt | 318 | 304 | 1,222 | 1,265 | ||||||||
| Total interest income | 19,321 | 18,013 | 76,116 | 65,568 | ||||||||
| Interest expense: | ||||||||||||
| Deposits | 7,358 | 6,077 | 29,013 | 20,593 | ||||||||
| Other | 1,315 | 1,606 | 6,016 | 4,995 | ||||||||
| Total interest expense | 8,673 | 7,683 | 35,029 | 25,588 | ||||||||
| Net interest income | 10,648 | 10,330 | 41,087 | 39,980 | ||||||||
| Provision for credit losses | 353 | - | 1,014 | 950 | ||||||||
| Net interest income after provision for credit losses | 10,295 | 10,330 | 40,073 | 39,030 | ||||||||
| Non-interest income: | ||||||||||||
| Service charges on deposit accounts | 422 | 422 | 1,692 | 1,670 | ||||||||
| Trust fees | 704 | 632 | 2,744 | 2,419 | ||||||||
| Net gains on loan sales | 253 | 119 | 672 | 305 | ||||||||
| Earnings on life insurance assets | 170 | 161 | 667 | 617 | ||||||||
| ATM and debit card fee income | 462 | 447 | 1,818 | 1,786 | ||||||||
| Other | 289 | 296 | 898 | 941 | ||||||||
| Total non-interest income | 2,300 | 2,077 | 8,491 | 7,738 | ||||||||
| Non-interest expense: | ||||||||||||
| Salaries and employee benefits | 6,233 | 5,836 | 22,388 | 20,586 | ||||||||
| Occupancy, net | 540 | 416 | 2,054 | 1,813 | ||||||||
| Equipment | 425 | 385 | 1,658 | 1,449 | ||||||||
| Professional and outside services | 581 | 770 | 2,156 | 2,243 | ||||||||
| Software maintenance | 635 | 608 | 2,452 | 2,247 | ||||||||
| ATM expenses | 212 | 201 | 841 | 803 | ||||||||
| Printing, postage, and supplies | 97 | 118 | 510 | 437 | ||||||||
| Telecommunication expenses | 73 | 109 | 313 | 376 | ||||||||
| Other | 1,096 | 940 | 4,053 | 3,466 | ||||||||
| Total non-interest expense | 9,892 | 9,383 | 36,425 | 33,420 | ||||||||
| INCOME BEFORE INCOME TAXES | 2,703 | 3,024 | 12,139 | 13,348 | ||||||||
| Federal income tax provision | 53 | 587 | 1,737 | 2,443 | ||||||||
| NET INCOME | $ | 2,650 | $ | 2,437 | $ | 10,402 | $ | 10,905 | ||||
| Basic Earnings Per Common Share | $ | 0.57 | $ | 0.54 | $ | 2.28 | $ | 2.40 | ||||
| Diluted Earnings Per Common Share | 0.57 | 0.54 | 2.28 | 2.40 | ||||||||
| Dividends Declared Per Common Share | 0.15 | 0.14 | 0.60 | 0.56 | ||||||||
FAQ
What was SOMC's earnings per share for full-year 2024?
How did SOMC's Q4 2024 performance compare to Q4 2023?
What was SOMC's loan portfolio size at the end of 2024?
How did SOMC's asset quality metrics perform in 2024?
What was SOMC's deposit base at the end of 2024?
