News & Videos - SOUTHERN MICHIGAN BANCORP SOMC

COLDWATER, Mich., March 26, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) approved an increase to the quarterly cash dividend that will be paid in April 2024. The $0.15 per share dividend is an increase of $0.01 per share over the January 2024 cash dividend payment of $0.14 per share. The dividend is payable on April 19, 2024 to shareholders of record April 5, 2024. The annualized cash dividend of $0.60 per share represents a 3.42% dividend...

COLDWATER, Mich., Feb. 12, 2024 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced fourth quarter 2023 net income of $2,437,000, or $0.54 per share, compared to net income of $3,584,000, or $0.79 per share, for the fourth quarter of 2022. Southern earned $10,905,000, or $2.40 per share, for the year ended December 31, 2023 compared to $13,491,000, or $2.97 per share, for the same period a year ago. Consolidated assets at December 31, 2023 totaled $1.41 billion...

COLDWATER, Mich., Dec. 20, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) declared a quarterly dividend of $0.14 per share on the outstanding shares of the corporation’s stock. The dividend is payable on January 19, 2024, to shareholders of record January 5, 2024. The annualized cash dividend of $0.56 per share represents a 3.70% dividend yield based on the current market price of $15.15 per share. Southern Michigan Bancorp, Inc. is a bank...

COLDWATER, Mich., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced third quarter 2023 net income of $2,767,000, or $0.61 per share, compared to net income of $3,613,000, or $0.79 per share, for the third quarter of 2022. Southern earned $8,468,000, or $1.86 per share, for the nine-month period ending September 30, 2023 compared to $9,907,000, or $2.18 per share, for the same nine-month period a year ago. Consolidated assets at September 30, 2023...

COLDWATER, Mich., Oct. 03, 2023 (GLOBE NEWSWIRE) -- After decades of leadership and service, CEO John Castle and President Kurt Miller are planning to retire from Southern Michigan Bancorp and Southern Michigan Bank & Trust. The board of directors of the two entities, known collectively as Southern, has appointed John Waldron to serve as president and CEO effective Oct. 3. Waldron, who joined Southern in May 2022 to serve as president of the bank’s Jackson market, brings nearly three decades...

COLDWATER, Mich., Sept. 27, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) declared a quarterly dividend of $0.14 per share on the outstanding shares of the corporation’s stock. The dividend is payable on October 20, 2023, to shareholders of record October 11, 2023. The annualized cash dividend of $0.56 per share represents a 3.25% dividend yield based on the current market price of $17.25 per share. Southern Michigan Bancorp, Inc. is a bank...

COLDWATER, Mich., July 26, 2023 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced second quarter 2023 net income of $2,696,000, or $0.59 per share, compared to net income of $3,361,000, or $0.74 per share, for the second quarter of 2022. Southern earned $5,701,000, or $1.25 per share, for the six-month period ending June 30, 2023 compared to $6,294,000, or $1.39 per share, for the same six-month period a year ago. Total consolidated assets at June 30, 2023 totaled...

COLDWATER, Mich., June 28, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) declared a quarterly dividend of $0.14 per share on the outstanding shares of the corporation’s stock. The dividend is payable on July 28, 2023, to shareholders of record July 14, 2023. The annualized cash dividend of $0.56 per share represents a 2.91% dividend yield based on the current market price of $19.25 per share. Southern Michigan Bancorp, Inc. is a bank...

COLDWATER, Mich., April 26, 2023 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced first quarter net income of $3,005,000, or $0.66 per share, compared to net income of $2,933,000, or $0.65 per share, for the first quarter of 2022. John H. Castle, Chairman and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, “We are pleased with our first quarter financial performance. Total loans, assets and deposits all reached record highs. We look forward to...

COLDWATER, Mich., March 29, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) approved an increase to the quarterly cash dividend that will be paid in April 2023. The $0.14 per share dividend is an increase of $0.01 per share over the January 2023 cash dividend payment of $0.13 per share. The dividend is payable on April 21, 2023 to shareholders of record April 10, 2023. The annualized cash dividend of $0.56 per share represents a 3.01% dividend...

COLDWATER, Mich., Feb. 15, 2023 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported net income of $13,491,000 for 2022 compared to $11,757,000 for 2021. Diluted earnings per share were $2.97 for 2022 compared to $2.58 for 2021. Fourth quarter 2022 net income was $3,584,000, or $0.79 per share, compared to $2,522,000, or $0.56 per share for the fourth quarter of 2021. Total consolidated assets at December 31, 2022 reached $1.28 billion compared to $1.16 billion at...

COLDWATER, Mich., Dec. 21, 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 January 20, 2023 to shareholders of record January 6, 2023. The annualized cash dividend of $0.52 per share represents a 2.67% dividend yield based on the current market price of $19.50 per share. Southern Michigan Bancorp, Inc. is a bank...

COLDWATER, Mich., Dec. 08, 2022 (GLOBE NEWSWIRE) -- John H. Castle, Chairman and CEO of Southern Michigan Bancorp, Inc., the holding company of Southern Michigan Bank & Trust, recently announced the appointment of Andrew “Andy” Mercer to its Board of Directors. Mr. Mercer is the third generation owner and president of R.W. Mercer Co., a distribution, construction, and service company headquartered in Jackson, Michigan. With six locations in Michigan and one in Indiana, the company markets in...

COLDWATER, Mich., Oct. 26, 2022 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced third quarter 2022 net income of $3,613,000, or $0.79 per share, compared to net income of $3,138,000, or $0.69 per share, for the third quarter of 2021. Southern earned $9,907,000, or $2.18 per share, for the nine-month period ending September 30, 2022 compared to $9,235,000, or $2.02 per share, for the same nine-month period a year ago. Consolidated assets at September 30, 2022...

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...

COLDWATER, Mich., July 28, 2022 (GLOBE NEWSWIRE) -- John H. Castle, Chairman and CEO of Southern Michigan Bancorp, Inc., the holding company of Southern Michigan Bank & Trust, recently announced the appointment of Travis Hampton as a member of its board of directors. Hampton is the owner of Value Max Products, an international company based in Coldwater, MI. Value Max supplies high impulse general merchandise and health and beauty products to several retailers and distributors across the US...

COLDWATER, Mich., July 27, 2022 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced second quarter 2022 net income of $3,361,000, or $0.74 per share, compared to net income of $3,009,000, or $0.66 per share, for the second quarter of 2021. Southern earned $6,294,000, or $1.39 per share, for the six-month period ending June 30, 2022 compared to $6,097,000, or $1.33 per share, for the same six-month period a year ago. Total consolidated assets at June 30, 2022 totaled...

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...

COLDWATER, Mich., June 03, 2022 (GLOBE NEWSWIRE) -- Kurt Miller, President of Southern Michigan Bank & Trust recently announced the appointment of John R. Waldron as Jackson Market President. Waldron earned a Bachelor of Business Administration degree in Finance and minor in Accounting from Western Michigan University. He brings nearly thirty years of commercial banking and leadership experience to his new position with Southern. Since 2002, Waldron has worked at County National Bank (CNB) in...

COLDWATER, Michigan, April 27, 2022 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced first quarter net income of $2,933,000, or $0.65 per share, compared to net income of $3,088,000, or $0.68 per share, for the first quarter of 2021. John H. Castle, Chairman and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, “We are pleased with our first quarter results. The core loan growth we have experienced over the last year has provided a stable stream...