Southern Michigan Bancorp, Inc. Announces Increase in Quarterly Dividend

Rhea-AI Summary

Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) has announced a quarterly cash dividend increase to $0.13 per share, up from $0.12 per share, effective April 2022. This represents an annualized dividend of $0.52 per share, yielding 2.48% based on the current market price of $21.00 per share. The dividend will be paid on April 22, 2022 to shareholders on record as of April 8, 2022.

Southern Michigan Bancorp operates 13 branches across several counties, providing diverse financial services.

Positive

• Quarterly cash dividend increased from $0.12 to $0.13 per share.
• Annualized cash dividend of $0.52 per share provides a 2.48% yield.

Negative

• Future dividends depend on financial health and board discretion.

COLDWATER, Mich., March 23, 2022 (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 2022. The $0.13 per share dividend is an increase of $0.01 per share over the January 2022 cash dividend payment of $0.12 per share. The dividend is payable on April 22, 2022 to shareholders of record April 8, 2022. The annualized cash dividend of $0.52 per share represents a 2.48% dividend yield based on the current market price of $21.00 per share.

Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 13 branches within Branch, Calhoun, Hillsdale, Kalamazoo, and St. Joseph Counties, 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.

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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 dividend amount announced by SOMC for April 2022?

The announced dividend amount is $0.13 per share.

When will the SOMC dividend be paid?

The dividend will be paid on April 22, 2022.

What is the record date for SOMC's dividend payment?

The record date for the dividend payment is April 8, 2022.

What is the annualized dividend yield for SOMC based on the current market price?

The annualized dividend yield for SOMC is 2.48%.

Are future dividends guaranteed for SOMC shareholders?

Future dividends are not guaranteed and depend on the company's financial condition.