Southern Michigan Bancorp, Inc. Declares Cash Dividend

Rhea-AI Summary

The Board of Directors of Southern Michigan Bancorp (OTC Pink: SOMC) has declared a quarterly dividend of $0.13 per share, payable on January 20, 2023, to shareholders on record as of January 6, 2023. This annualized cash dividend totals $0.52 per share, offering a dividend yield of 2.67% based on the current market price of $19.50 per share. Southern Michigan Bancorp operates 14 branches across multiple counties and provides a comprehensive range of financial services.

Positive

• Declared quarterly dividend of $0.13 per share, increasing shareholder income.
• Annualized dividend yield of 2.67% based on market price of $19.50.

Negative

• Future dividends are subject to board discretion and may not be guaranteed.

COLDWATER, Mich., Dec. 21, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) declared a quarterly dividend of $0.13 per share on the outstanding shares of the corporation’s stock. The dividend is payable on January 20, 2023 to shareholders of record January 6, 2023. The annualized cash dividend of $0.52 per share represents a 2.67% dividend yield based on the current market price of $19.50 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 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.

FAQ

What is the dividend amount for SOMC in January 2023?

The dividend amount for SOMC is $0.13 per share.

When will SOMC pay its dividend?

SOMC will pay the dividend on January 20, 2023.

What is the record date for the SOMC dividend?

The record date for the SOMC dividend is January 6, 2023.

What is the dividend yield for SOMC?

The dividend yield for SOMC is 2.67% based on a market price of $19.50.

Are future dividends from SOMC guaranteed?

Future dividends are not guaranteed and depend on board discretion and financial conditions.