Southern Michigan Bancorp, Inc. Announces Increase in Quarterly Dividend

Rhea-AI Summary

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.

Positive

• Quarterly dividend increased by 6.67% from $0.15 to $0.16 per share
• Attractive dividend yield of 3.37% at current market price
• Strong regional presence with 18 branches across six counties

Negative

• None.

COLDWATER, Mich., March 19, 2025 (GLOBE NEWSWIRE) -- The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) approved an increase to the quarterly cash dividend that will be paid in April 2025. The $0.16 per share dividend is an increase of $0.01 per share over the January 2025 cash dividend payment of $0.15 per share. The dividend is payable on April 18, 2025, to shareholders of record April 4, 2025. The annualized cash dividend of $0.64 per share represents a 3.37% dividend yield based on the current market price of $19.00 per share.

Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 18 branches within Branch, Calhoun, Hillsdale, Jackson, Kalamazoo, and St. Joseph Counties, and a loan production office in Jackson County, providing a broad range of consumer, business, and wealth management services throughout the region. For more information, please visit the Southern Michigan Bank & Trust website, www.smb-t.com.

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. Although we currently expect to continue to pay a quarterly cash dividend, each future dividend will be considered and declared by the board of directors in its discretion. Whether the board of directors continues to declare dividends depends on a number of factors, including our future financial condition and profitability. Forward-looking statements are based upon current beliefs and expectations and involve substantial risks, uncertainties, and assumptions (“risk factors”), which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.   We undertake no obligation to update or revise our forward-looking statements to reflect developments that occur, or information obtained after the date of this report.

CONTACT: John R. Waldron, President and CEO
(517) 279-5500

FAQ

What is the new quarterly dividend amount for Southern Michigan Bancorp (SOMC)?

SOMC's new quarterly dividend is $0.16 per share, a $0.01 increase from the previous $0.15 payment.

When will SOMC's increased dividend be paid to shareholders?

The dividend will be paid on April 18, 2025, to shareholders of record as of April 4, 2025.

What is SOMC's current dividend yield based on the new dividend rate?

Based on the current market price of $19.00 per share, SOMC's annualized dividend of $0.64 represents a 3.37% yield.

How many branches does Southern Michigan Bancorp (SOMC) operate?

SOMC operates 18 branches across six Michigan counties, plus a loan production office in Jackson County.

What is the percentage increase in SOMC's quarterly dividend?

SOMC increased its quarterly dividend by 6.67%, from $0.15 to $0.16 per share.