Southern Michigan Bancorp, Inc. Declares Cash Dividend

Rhea-AI Summary

The Board of Directors of Southern Michigan Bancorp has declared a quarterly dividend of $0.13 per share, payable on July 29, 2022, to shareholders of record by July 15, 2022. This represents an annualized cash dividend of $0.52 per share, yielding 2.31% based on a market price of $22.50 per share. Southern Michigan Bancorp operates 14 branches across several counties, providing a range of banking services. Future dividends will depend on the company’s financial condition and profitability.

Positive

• Quarterly dividend of $0.13 per share, providing income to shareholders.
• Annualized dividend of $0.52 per share represents a 2.31% yield.

Negative

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

COLDWATER, Mich., June 29, 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 July 29, 2022 to shareholders of record July 15, 2022. The annualized cash dividend of $0.52 per share represents a 2.31% dividend yield based on the current market price of $22.50 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, 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.

CONTACT: John H. Castle, CEO
(517) 279-5500

 

FAQ

What is the dividend amount declared by SOMC?

Southern Michigan Bancorp declared a quarterly dividend of $0.13 per share.

When is the dividend payable for SOMC?

The dividend is payable on July 29, 2022.

What is the dividend yield for SOMC?

The dividend yield is 2.31% based on the current market price.

When is the record date for SOMC's dividend?

The record date for the dividend is July 15, 2022.

Will SOMC continue to pay dividends in the future?

Future dividends will be considered by the Board based on financial performance.