Southern Michigan Bancorp, Inc. Announces Increase in Quarterly Dividend

Rhea-AI Summary

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.

Positive

• Quarterly cash dividend increased from $0.13 to $0.14 per share, enhancing shareholder value.
• Annualized cash dividend of $0.56 per share provides a 3.01% yield based on current market price.

Negative

• Future dividends are not guaranteed and depend on financial condition and profitability.

COLDWATER, Mich., March 29, 2023 (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 2023. The $0.14 per share dividend is an increase of $0.01 per share over the January 2023 cash dividend payment of $0.13 per share. The dividend is payable on April 21, 2023 to shareholders of record April 10, 2023. The annualized cash dividend of $0.56 per share represents a 3.01% dividend yield based on the current market price of $18.61 per share.

Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 14 branches within Branch, Calhoun, Hillsdale, Kalamazoo, and St. Joseph Counties, and a loan production office 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.

FAQ

What is the new dividend amount for SOMC as of April 2023?

The new dividend amount for SOMC is $0.14 per share.

When will the SOMC dividend be paid?

The SOMC dividend will be paid on April 21, 2023.

What date is the record date for SOMC dividend eligibility?

Shareholders must be on record by April 10, 2023, to receive the SOMC dividend.

What is the current dividend yield for SOMC?

The current dividend yield for SOMC is 3.01% based on a market price of $18.61 per share.

Are future dividends for SOMC guaranteed?

No, future dividends are subject to the board's discretion and depend on the company’s financial performance.