Southern Michigan Bancorp, Inc. Declares Cash Dividend

Rhea-AI Summary

The Board of Directors of Southern Michigan Bancorp (SOMC) declared a quarterly dividend of $0.12 per share, payable on January 21, 2022, to shareholders of record by January 7, 2022. This annualized dividend of $0.48 reflects a 2.38% yield based on the current market price of $20.20 per share. Southern Michigan Bancorp operates 13 branches across several counties, offering various financial services. Although the company aims to continue dividends, future payments depend on financial performance and board discretion.

Positive

• Declared quarterly dividend of $0.12 per share.
• Annualized dividend yield of 2.38% based on $20.20 share price.
• Strong operational presence with 13 branches.

Negative

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

COLDWATER, Mich., Dec. 22, 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 January 21, 2022 to shareholders of record January 7, 2022. The annualized cash dividend of $0.48 per share represents a 2.38% dividend yield based on the current market price of $20.20 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 for Southern Michigan Bancorp (SOMC)?

The dividend amount declared is $0.12 per share.

When is the dividend payable to shareholders of SOMC?

The dividend is payable on January 21, 2022.

What is the annualized dividend yield of SOMC based on the recent announcement?

The annualized dividend yield is 2.38% based on the current share price of $20.20.

What factors affect the future dividend payments for SOMC?

Future dividend payments depend on the company's financial condition and profitability.

When will Southern Michigan Bancorp (SOMC) review its dividend policy?

Each future dividend will be considered and declared by the board of directors at their discretion.