{"id":434978,"date":"2021-02-12T08:03:34","date_gmt":"2021-02-12T13:03:34","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=434978"},"modified":"2021-02-12T08:03:34","modified_gmt":"2021-02-12T13:03:34","slug":"southern-michigan-bancorp-inc-announces-fourth-quarter-and-full-year-2020-earnings","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/southern-michigan-bancorp-inc-announces-fourth-quarter-and-full-year-2020-earnings\/","title":{"rendered":"Southern Michigan Bancorp, Inc. Announces Fourth Quarter and Full Year 2020 Earnings"},"content":{"rendered":"
\n

COLDWATER, Mich., Feb. 12, 2021 (GLOBE NEWSWIRE) — Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported net income of $7,386,000 for 2020 compared to $8,622,000 for 2019.\u00a0\u00a0 Earnings per share were $3.21 for 2020 compared to $3.74 for 2019. Fourth quarter 2020 net income was $2,024,000, or $0.88 per share, compared to $1,836,000, or $0.80 per share for the fourth quarter of 2019.<\/p>\n

Total consolidated assets at December 31, 2020 increased 23.2%, reaching $997.6 million compared to $809.7 million at December\u00a031, 2019.\u00a0\u00a0 Loan totals grew 13.0%, from December 31, 2019 levels of $562.9 million to $635.9 million. Deposits also increased totaling $838.3 million at December 31, 2020, an increase of $182.5 million or 27.8 percent, as compared to year end 2019.<\/p>\n

\u201cSouthern finished 2020 with solid financial performance despite the unique challenges presented by COVID-19,\u201d commented John H. Castle, Chairman and Chief Executive Officer of Southern Michigan Bancorp, Inc., continuing, \u201cNet income was a record for the fourth quarter, 10.2% higher than the previous fourth quarter high. Total assets, loans and deposits all expanded to new record highs at year end 2020.\u201d<\/p>\n

Castle continued, \u201cWhile we have not identified any specific asset quality concerns, we have elected to increase provision expense and the allowance for loan losses through December 31, 2020 due to the economic uncertainty caused by the pandemic.\u201d<\/p>\n

Southern provided $2.6 million for loan losses in 2020, with an allowance for loan losses at December 31, 2020 of $7,789,000, or 1.22% of loans. This compared to a provision for loan losses of $225,000 for 2019, with an allowance for loan losses at December 31, 2019 of $5,184,000, or 0.92% of loans. Net loan loss recoveries totaled $5,000 for 2020 compared to net loan charge offs of $158,000 for 2019.<\/p>\n

The return on average assets for 2020 was 0.82% compared to 1.09% for 2019. The return on average equity was 8.36% for 2020 compared to 11.21% for 2019. The tax equivalent net interest margins for 2020 and 2019 were 3.22% and 3.66%, respectively.<\/p>\n

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.<\/p>\n

This press release contains forward-looking statements that are based on management\u2019s 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 \u201cexpected,\u201d \u201cbegin,\u201d and other similar words or expressions. All statements with reference to a future time period are forward-looking. Management\u2019s 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 to 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 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.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Southern Michigan Bancorp, Inc.<\/strong>
\n
\n Condensed Consolidated Balance Sheets (Unaudited)<\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(In thousands, except share data)<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nDecember 31,
2020<\/td>\n		\u00a0<\/td>\nDecember 31,
2019<\/td>\n		\u00a0<\/td>\n<\/tr>\n
\n ASSETS<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n$<\/td>\n99,610<\/td>\n\u00a0<\/td>\n$<\/td>\n68,723<\/td>\n\u00a0<\/td>\n<\/tr>\n
Federal funds sold<\/td>\n\u00a0<\/td>\n231<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n265<\/td>\n\u00a0<\/td>\n<\/tr>\n
Securities available for sale<\/td>\n\u00a0<\/td>\n208,380<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n123,436<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loans held for sale<\/td>\n\u00a0<\/td>\n1,691<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,171<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loans, net of allowance for loan losses of $7,789 – 2020 ($5,184 \u2013 2019)<\/td>\n\u00a0<\/td>\n628,081<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n557,680<\/td>\n\u00a0<\/td>\n<\/tr>\n
Premises and equipment, net<\/td>\n\u00a0<\/td>\n13,698<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,515<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued interest receivable<\/td>\n\u00a0<\/td>\n4,749<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,380<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net cash surrender value of life insurance<\/td>\n\u00a0<\/td>\n16,016<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,633<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill<\/td>\n\u00a0<\/td>\n13,422<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,422<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other intangible assets, net<\/td>\n\u00a0<\/td>\n255<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n291<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n11,441<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,200<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n TOTAL ASSETS<\/strong>\n <\/td>\n$<\/td>\n997,574<\/td>\n\u00a0<\/td>\n$<\/td>\n809,716<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n LIABILITIES <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deposits\u00a0:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0Non-interest bearing<\/td>\n$<\/td>\n220,786<\/td>\n\u00a0<\/td>\n$<\/td>\n136,430<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0Interest bearing<\/td>\n\u00a0<\/td>\n617,512<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n519,332<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total deposits<\/strong>\n <\/td>\n\u00a0<\/td>\n838,298<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n655,762<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Securities sold under agreements to repurchase and overnight borrowings<\/td>\n\u00a0<\/td>\n20,083<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,401<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued expenses and other liabilities<\/td>\n\u00a0<\/td>\n14,561<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,553<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other borrowings<\/td>\n\u00a0<\/td>\n26,500<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37,500<\/td>\n\u00a0<\/td>\n<\/tr>\n
Subordinated debentures<\/td>\n\u00a0<\/td>\n5,155<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,155<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n904,597<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n726,371<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n SHAREHOLDERS\u2019 EQUITY<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred stock, 100,000 shares authorized; none issued or outstanding<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock, $2.50 par value:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0Authorized – 10,000,000 shares<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0Issued and outstanding \u2013 2,301,269 shares in 2020
\u00a0 \u00a0(2,314,878 shares in 2019)<\/td>\n		\u00a0<\/td>\n5,748<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,781<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additional paid-in capital<\/td>\n\u00a0<\/td>\n15,416<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,521<\/td>\n\u00a0<\/td>\n<\/tr>\n
Retained earnings<\/td>\n\u00a0<\/td>\n67,741<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n62,484<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated other comprehensive income\/(loss), net<\/td>\n\u00a0<\/td>\n4,362<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(52<\/td>\n)<\/td>\n<\/tr>\n
Unearned Employee Stock Ownership Plan shares<\/td>\n\u00a0<\/td>\n(290<\/td>\n)<\/td>\n\u00a0<\/td>\n(389<\/td>\n)<\/td>\n<\/tr>\n
\n Total shareholders\u2019 equity<\/strong>\n <\/td>\n\u00a0<\/td>\n92,977<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n83,345<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY<\/strong>\n <\/td>\n$<\/td>\n997,574<\/td>\n\u00a0<\/td>\n$<\/td>\n809,716<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Southern Michigan Bancorp, Inc.<\/strong>
\n
\n condensed consolidated statements of income (unaudited<\/strong>
\n )<\/strong>
\n
(In thousands, except per share data)<\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nThree Months Ended
December 31,<\/td>\n		\u00a0<\/td>\nYear Ended
December 31,<\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n2020<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n2020<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Interest income:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loans, including fees<\/td>\n$<\/td>\n7,202<\/td>\n\u00a0<\/td>\n$<\/td>\n7,151<\/td>\n\u00a0<\/td>\n$<\/td>\n28,377<\/td>\n\u00a0<\/td>\n$<\/td>\n28,265<\/td>\n\u00a0<\/td>\n<\/tr>\n
Federal funds sold and balances with banks<\/td>\n\u00a0<\/td>\n33<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n295<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n314<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,482<\/td>\n\u00a0<\/td>\n<\/tr>\n
Securities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Taxable<\/td>\n\u00a0<\/td>\n643<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n698<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,482<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,185<\/td>\n\u00a0<\/td>\n<\/tr>\n
Tax-exempt<\/td>\n\u00a0<\/td>\n185<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n105<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n645<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n621<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total interest income<\/strong>\n <\/td>\n\u00a0<\/td>\n8,063<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,249<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31,818<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,553<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Interest expense:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deposits<\/td>\n\u00a0<\/td>\n800<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,331<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,025<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,128<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other<\/td>\n\u00a0<\/td>\n246<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n336<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,116<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,299<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total interest expense<\/strong>\n <\/td>\n\u00a0<\/td>\n1,046<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,667<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,141<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,427<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net interest income<\/td>\n\u00a0<\/td>\n7,017<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,582<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26,677<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26,126<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Provision for loan losses<\/strong>\n <\/td>\n\u00a0<\/td>\n350<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n75<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,600<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n225<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net interest income after provision for loan losses<\/td>\n\u00a0<\/td>\n6,667<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,507<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,077<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25,901<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Non-interest income:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Service charges on deposit accounts<\/td>\n\u00a0<\/td>\n334<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n494<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,373<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,003<\/td>\n\u00a0<\/td>\n<\/tr>\n
Trust fees<\/td>\n\u00a0<\/td>\n513<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n544<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,048<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,085<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net gains on loan sales<\/td>\n\u00a0<\/td>\n636<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n246<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,389<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n683<\/td>\n\u00a0<\/td>\n<\/tr>\n
Earnings on life insurance assets<\/td>\n\u00a0<\/td>\n98<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n97<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n383<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n443<\/td>\n\u00a0<\/td>\n<\/tr>\n
ATM and debit card fee income<\/td>\n\u00a0<\/td>\n394<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n393<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,543<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,460<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net securities gains<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n366<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other<\/td>\n\u00a0<\/td>\n236<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n133<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n642<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n615<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total non-interest income<\/strong>\n <\/td>\n\u00a0<\/td>\n2,211<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,907<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,378<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,655<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Non-interest expense:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Salaries and employee benefits<\/td>\n\u00a0<\/td>\n4,157<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,589<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,580<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,828<\/td>\n\u00a0<\/td>\n<\/tr>\n
Occupancy, net<\/td>\n\u00a0<\/td>\n352<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n331<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,519<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,384<\/td>\n\u00a0<\/td>\n<\/tr>\n
Equipment<\/td>\n\u00a0<\/td>\n300<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n335<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,180<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,205<\/td>\n\u00a0<\/td>\n<\/tr>\n
Printing, postage and supplies<\/td>\n\u00a0<\/td>\n84<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n105<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n386<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n428<\/td>\n\u00a0<\/td>\n<\/tr>\n
Telecommunication expenses<\/td>\n\u00a0<\/td>\n89<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n123<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n451<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n426<\/td>\n\u00a0<\/td>\n<\/tr>\n
Professional and outside services<\/td>\n\u00a0<\/td>\n423<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n540<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,532<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,617<\/td>\n\u00a0<\/td>\n<\/tr>\n
Software maintenance<\/td>\n\u00a0<\/td>\n400<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n338<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,552<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,565<\/td>\n\u00a0<\/td>\n<\/tr>\n
ATM expenses<\/td>\n\u00a0<\/td>\n138<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n187<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n578<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n570<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other<\/td>\n\u00a0<\/td>\n497<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n650<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,888<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,224<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total non-interest expense<\/strong>\n <\/td>\n\u00a0<\/td>\n6,440<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,198<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,666<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,247<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n INCOME BEFORE INCOME TAXES<\/strong>\n <\/td>\n\u00a0<\/td>\n2,438<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,216<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,789<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,309<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Federal income tax provision<\/strong>\n <\/td>\n\u00a0<\/td>\n414<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n380<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,403<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,687<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n NET INCOME<\/strong>\n <\/td>\n$<\/td>\n2,024<\/td>\n\u00a0<\/td>\n$<\/td>\n1,836<\/td>\n\u00a0<\/td>\n$<\/td>\n7,386<\/td>\n\u00a0<\/td>\n$<\/td>\n8,622<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Basic Earnings Per Common Share<\/strong>\n <\/td>\n$<\/td>\n0.88<\/td>\n\u00a0<\/td>\n$<\/td>\n0.80<\/td>\n\u00a0<\/td>\n$<\/td>\n3.21<\/td>\n\u00a0<\/td>\n$<\/td>\n3.74<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Diluted Earnings Per Common Share<\/strong>\n <\/td>\n\u00a0<\/td>\n0.88<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.80<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.21<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.74<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Dividends Declared Per Common Share<\/strong>\n <\/td>\n\u00a0<\/td>\n0.23<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.23<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.92<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.91<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n


\n
\n \n <\/div>\n

\n
CONTACT:\u00a0\u00a0John H. Castle, CEO\r\n(517) 279-5500<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
COLDWATER, Mich., Feb. 12, 2021 (GLOBE NEWSWIRE) — Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported net income of $7,386,000 for 2020 compared to $8,622,000 for 2019.\u00a0\u00a0 Earnings per share were $3.21 for 2020 compared to $3.74 for 2019. Fourth quarter 2020 net income was $2,024,000, or $0.88 per share, compared to $1,836,000, or $0.80 per share for the fourth quarter of 2019. Total consolidated assets at December 31, 2020 increased 23.2%, reaching $997.6 million compared to $809.7 million at December\u00a031, 2019.\u00a0\u00a0 Loan totals grew 13.0%, from December 31, 2019 levels of $562.9 million to $635.9 million. Deposits also increased totaling $838.3 million at December 31, 2020, an increase of $182.5 million or 27.8 percent, as compared to year end … <\/p>\n
Continue reading “Southern Michigan Bancorp, Inc. Announces Fourth Quarter and Full Year 2020 Earnings”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-434978","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nSouthern Michigan Bancorp, Inc. Announces Fourth Quarter and Full Year 2020 Earnings - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/southern-michigan-bancorp-inc-announces-fourth-quarter-and-full-year-2020-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Southern Michigan Bancorp, Inc. Announces Fourth Quarter and Full Year 2020 Earnings - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"COLDWATER, Mich., Feb. 12, 2021 (GLOBE NEWSWIRE) — Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported net income of $7,386,000 for 2020 compared to $8,622,000 for 2019.\u00a0\u00a0 Earnings per share were $3.21 for 2020 compared to $3.74 for 2019. Fourth quarter 2020 net income was $2,024,000, or $0.88 per share, compared to $1,836,000, or $0.80 per share for the fourth quarter of 2019. Total consolidated assets at December 31, 2020 increased 23.2%, reaching $997.6 million compared to $809.7 million at December\u00a031, 2019.\u00a0\u00a0 Loan totals grew 13.0%, from December 31, 2019 levels of $562.9 million to $635.9 million. Deposits also increased totaling $838.3 million at December 31, 2020, an increase of $182.5 million or 27.8 percent, as compared to year end … Continue reading "Southern Michigan Bancorp, Inc. 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