Southern Michigan Bancorp, Inc. Declares Cash Dividend

Rhea-AI Summary

Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced a quarterly dividend of $0.12 per share, payable on October 22, 2021, with a record date of October 11, 2021. This results in an annualized cash dividend of $0.48 per share, reflecting a 2.46% dividend yield based on a market price of $19.50 per share. The bank holding company operates 13 branches across several counties, offering a variety of consumer and business services. Future dividends will be evaluated by the board based on financial conditions and profitability.

Positive

• Quarterly dividend of $0.12 per share supports shareholder income.
• Annualized dividend yield of 2.46% reflects stable income potential.

Negative

• Future dividend declarations depend on financial performance, introducing uncertainty.
• -

COLDWATER, Mich., Sept. 29, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) declared a quarterly dividend of $0.12 per share on the outstanding shares of the corporation’s stock. The dividend is payable on October 22, 2021 to shareholders of record October 11, 2021. The annualized cash dividend of $0.48 per share represents a 2.46% 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 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.

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 declared by Southern Michigan Bancorp, Inc.?

Southern Michigan Bancorp, Inc. declared a quarterly dividend of $0.12 per share.

When is the dividend payable?

The dividend is payable on October 22, 2021.

What is the record date for the dividend?

The record date for the dividend is October 11, 2021.

What is the dividend yield based on the current market price?

The annualized dividend yield is 2.46% based on a market price of $19.50.

Will Southern Michigan Bancorp continue to pay dividends?

Future dividends will depend on the company’s financial performance and profitability, as determined by the board.