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Southern Michigan Bancorp, Inc. (SOMC)

Other OTC - Other OTC Delayed Price. Currency in USD
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37.610.00 (0.00%)
At close: 1:53PM EDT
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Neutralpattern detected
Previous Close37.61
Open37.61
Bid0.00 x 0
Ask0.00 x 0
Day's Range37.61 - 37.61
52 Week Range25.06 - 39.75
Volume70
Avg. Volume1,533
Market Cap79.506M
Beta (5Y Monthly)0.49
PE Ratio (TTM)11.72
EPS (TTM)3.21
Earnings DateApr 28, 2021
Forward Dividend & Yield0.96 (2.53%)
Ex-Dividend DateApr 08, 2021
1y Target EstN/A
  • Southern Michigan Bancorp, Inc. Announces First Quarter 2021 Earnings
    GlobeNewswire

    Southern Michigan Bancorp, Inc. Announces First Quarter 2021 Earnings

    COLDWATER, Mich., April 28, 2021 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced first quarter net income of $3,088,000, a 104.1% increase compared to net income of $1,513,000 for the first quarter of 2020. Earnings per share for the first quarter of 2021 increased to $1.35 per share, up $0.69 per share, from $0.66 per share for the first quarter of 2020. As of March 31, 2021, total consolidated assets were at a record high of $1.076 billion compared to $997.6 million on December 31, 2020. As of March 31, 2021, total loans and deposits also were at record levels totaling $644.4 million and $924.5 million, respectively. John H. Castle, Chairman and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, “We are pleased with the strong results posted in the first quarter. Our continued focus on meeting our customers’ needs has resulted in over 700 additional PPP loans being processed for our customers totaling over $40 million. In addition, the commercial loan pipeline is robust with funding expected to start in the second quarter.” Castle continued, “The successful closing of the $30 million subordinated debt offering this month provides capital to support additional growth in the bank.” The allowance for loan losses totaled $7,818,000, or 1.21% of loans at March 31, 2021. Net loan loss recoveries totaled $29,000 for the first quarter of 2021, compared to net loan charge-offs of $7,000 during the first quarter of 2020. Loan delinquencies dropped from 0.72% of gross loans on December 31, 2020 to 0.26% of gross loans on March 31, 2021. Likewise, total non-performing assets dropped from .49% of total assets on December 31, 2020 to 0.17% of total assets on March 31, 2021. No provision for loan loss expense was required during the first quarter of 2021. This contrasts with $1.0 million of provision for loan loss expense during the first quarter of 2020. The annualized return on average assets for the three-month periods ended March 31, 2021 and March 31, 2020 were 1.19% and 0.73% respectively. The annualized return on average equity was 13.29% for the first quarter of 2021 compared to 7.06% for the first quarter of 2020. The tax equivalent net interest margin for the three-month period ending March 31, 2021 was 3.35% compared to 3.49% for the same period of 2020. 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. 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. Forward-looking statements are identifiable by words or phrases such as “expected,” “anticipated,” and other similar words or expressions. All statements with reference to a future time period are forward-looking. Management’s determination of the provision and allowance for loan losses and other accounting estimates, such as the carrying value of goodwill, other real estate owned and mortgage servicing rights and the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment), involves judgments that are inherently forward-looking. There can be no assurance that future loan losses will be limited to the amounts estimated. Our ability sell other real estate owned at its carrying value or at all, successfully implement new programs and initiatives, increase efficiencies, maintain our current level of deposits and other sources of funding, respond to declines in collateral values and credit quality, and improve profitability is not entirely within our control and is not assured. The future effect of the COVID-19 pandemic, changes in the financial and credit markets and the national and regional economy on the banking industry, generally, and Southern Michigan Bancorp, Inc., specifically, are also inherently uncertain. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extend, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed in or implied by such forward-looking statements. Southern Michigan Bancorp, Inc. does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements. SOUTHERN MICHIGAN BANCORP, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands, except share data) March 31,2021 December 31,2020 ASSETS Cash and cash equivalents$140,410 $99,610 Federal funds sold 249 231 Securities available for sale 238,712 208,380 Loans held for sale 2,198 1,691 Loans, net of allowance for loan losses of $7,818 - 2021 ($7,789 - 2020) 636,611 628,081 Premises and equipment, net 13,415 13,698 Accrued interest receivable 4,838 4,749 Net cash surrender value of life insurance 16,118 16,016 Goodwill 13,422 13,422 Other intangible assets, net 246 255 Other assets 9,458 11,441 TOTAL ASSETS$1,075,677 $997,574 LIABILITIES Deposits: Non-interest bearing$245,168 $220,786 Interest bearing 679,374 617,512 Total deposits 924,542 838,298 Securities sold under agreements to repurchase and overnight borrowings 17,059 20,083 Accrued expenses and other liabilities 12,823 14,561 Other borrowings 26,250 26,500 Subordinated debentures 5,155 5,155 Total liabilities 985,829 904,597 SHAREHOLDERS’ EQUITY Preferred stock, 100,000 shares authorized; none issued or outstanding - - Common stock, $2.50 par value: Authorized - 10,000,000 shares Issued and outstanding – 2,292,376 shares in 2021 (2,301,269 shares in 2020) 5,725 5,748 Additional paid-in capital 14,585 15,416 Retained earnings 70,275 67,741 Accumulated other comprehensive income/(loss), net (447) 4,362 Unearned Employee Stock Ownership Plan shares (290) (290) Total shareholders’ equity 89,848 92,977 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,075,677 $997,574 SOUTHERN MICHIGAN BANCORP, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands, except per share data) Three Months Ended March 31, 2021 2020 Interest income: Loans, including fees$7,805 $6,927 Securities: Taxable 734 707 Tax-exempt 231 116 Other 31 227 Total interest income 8,801 7,977 Interest expense: Deposits 686 1,257 Other 222 319 Total interest expense 908 1,576 Net interest income 7,893 6,401 Provision for loan losses - 1,000 Net interest income after provision for loan losses 7,893 5,401 Non-interest income: Service charges on deposit accounts 293 463 Trust fees 549 517 Net gains on loan sales 744 249 Earnings on life insurance assets 101 94 ATM and debit card fee income 410 348 Other 145 150 Total non-interest income 2,242 1,821 Non-interest expense: Salaries and employee benefits 3,999 3,258 Occupancy, net 409 397 Equipment 304 313 Printing, postage and supplies 115 103 Telecommunication expenses 100 128 Professional and outside services 337 337 Software maintenance 400 380 ATM expenses 151 131 Amortization of other intangibles 9 9 Other 555 391 Total non-interest expense 6,379 5,447 INCOME BEFORE INCOME TAXES 3,756 1,775 Federal income tax provision 668 262 NET INCOME$3,088 $1,513 Basic Earnings Per Common Share$1.35 $0.66 Diluted Earnings Per Common Share$1.35 $0.66 Dividends Declared Per Common Share$0.24 $0.23 CONTACT: John H. Castle, CEO(517) 279-5500

  • Southern Michigan Bancorp, Inc. Announces Completion of $30 Million Subordinated Debt Offering
    GlobeNewswire

    Southern Michigan Bancorp, Inc. Announces Completion of $30 Million Subordinated Debt Offering

    COLDWATER, Mich., April 16, 2021 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC ) (“Southern”), the holding company for Southern Michigan Bank & Trust (the “Bank”), today announced that it has completed the private placement of $30 million in fixed-to-floating rate subordinated notes due April 16, 2031 (the “Notes”) to certain qualified institutional buyers and accredited investors. Southern intends to use the net proceeds from this placement for retirement of existing debt, support organic growth, and for general corporate purposes. The Notes have been structured to qualify as Tier 2 capital for Southern for regulatory purposes and will bear interest at a fixed rate of 3.75% per annum until April 16, 2026. For the remainder of the term, the subordinated notes, which mature on April 16, 2031, will bear interest at a rate equal to 3-month Secured Overnight Financing Rate (“SOFR”) plus 302 basis points. The subordinated notes are redeemable by the Company at its option, in whole or in part, on or after June 30, 2026, or in whole or in part from time to time under certain other circumstances. Chairman and Chief Executive Officer John H. Castle stated, "We are extremely pleased to announce the successful completion of this transaction. The tax-deductible nature of the instrument, combined with a low-interest rate and without the dilutive impact of issuing new shares of stock, makes the overall cost of capital quite attractive. The proceeds will allow us to retire existing debt and provide additional funds for continued growth.” Performance Trust Capital Partners, LLC served as the sole placement agent for the offering. Warner Norcross & Judd LLP served as legal counsel to the Company, and Hunton Andrews Kurth LLP served as legal counsel to the placement agent. About Southern Michigan Bancorp, Inc. 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. As of December 31, 2020, Southern had total assets of $997.6 million, total deposits of $838.3 million, and total equity of $93.0 million. Forward-Looking Statements This press release contains forward-looking statements about the offering. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include the continuing COVID-19 pandemic, increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which Southern and the Bank are engaged. CONTACT: John H. Castle, CEO(517) 279-5500

  • Southern Michigan Bancorp, Inc. Announces 100% Stock Dividend
    GlobeNewswire

    Southern Michigan Bancorp, Inc. Announces 100% Stock Dividend

    COLDWATER, Mich., April 13, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced today the declaration of a one hundred percent stock dividend payable on May 14, 2021 for shareholders of record April 26, 2021. “The declaration of this stock dividend is the result of Southern Michigan’s strong financial condition and the optimistic outlook for the ongoing operation of the Company,” John H. Castle, Chairman and Chief Executive Officer of Southern Michigan, said. “The Board and management of Southern Michigan are especially appreciative of shareholder support over the past several years that have led to Southern’s growth in earnings and its increase in franchise value,” Castle added. 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. CONTACT: CONTACT: John H. Castle, CEO (517) 279-5500