Southern Michigan Bancorp, Inc. Declares Cash Dividend

Rhea-AI Summary

The Board of Directors of Southern Michigan Bancorp (OTC Pink: SOMC) announced a quarterly dividend of $0.13 per share, payable on October 21, 2022, to shareholders of record by October 10, 2022. This quarterly dividend results in an annualized cash dividend of $0.52 per share, yielding 2.36% based on the current market price of $22.00 per share. Southern Michigan Bancorp, the parent company of Southern Michigan Bank & Trust, operates 14 branches across several counties, providing diverse financial services.

Positive

• Quarterly dividend of $0.13 per share enhances shareholder income.
• Annualized dividend yield of 2.36% reflects firm confidence in cash flow.

Negative

• Future dividend payments are uncertain and depend on financial performance.

COLDWATER, Mich., Sept. 28, 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 October 21, 2022 to shareholders of record October 10, 2022. The annualized cash dividend of $0.52 per share represents a 2.36% dividend yield based on the current market price of $22.00 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 declared by Southern Michigan Bancorp (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 October 21, 2022.

What is the yield on SOMC's dividend?

The annualized cash dividend yield is 2.36% based on a market price of $22.00.

What factors affect future dividends for SOMC?

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