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Dienstag, 26.04.2016 23:00 von

/C O R R E C T I O N -- Southern Michigan Bancorp, Inc./

Ein Arzt berät einen Patienten (Symbolbild). © TommL / Vetta / Getty Images https://www.gettyimages.de/

PR Newswire

COLDWATER, Mich., April 26, 2016

In the news release, Southern Michigan Bancorp, Inc. Announces First Quarter 2016 Earnings, issued 26-Apr-2016 by Southern Michigan Bancorp, Inc. over PR Newswire, we are advised by the company that in the table titled "CONDENSED CONSOLIDATED BALANCE SHEETS," the line item should read "Issued and outstanding - 2,417,561 shares in 2016" rather than 2,275,117 shares, as originally issued inadvertently. The complete, corrected release follows:

Southern Michigan Bancorp, Inc. Announces First Quarter 2016 Earnings

COLDWATER, Mich., April 26, 2016 /PRNewswire/ -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported net income of $1,374,000, or $0.57 per share, for the quarter ended March 31, 2016. This compared to net income of $1,209,000, or $0.50 per share, for the first quarter of 2015.    

Southern Michigan Bancorp, Inc.

John H. Castle, Chairman and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, "We are pleased with our first quarter financial performance.  The 13.6% increase in year over year earnings positions us well for 2016.  During the first quarter of 2016 we increased our quarterly shareholder dividend to $0.18 per share, a $0.02 per share increase over the January 22, 2016 dividend of $0.16 per share."  

Total consolidated assets at March 31, 2016 were $598.9 million compared to $582.8 million at December 31, 2015.    

Southern provided $100,000 for loan losses during the first quarter of 2016 resulting in an allowance for loan losses of $5,182,000, or 1.23% of loans.  This compared to $75,000 provision for loan losses during the first quarter of 2015.  The allowance for loan losses was $5,144,000, or 1.26% of loans at March 31, 2015.  Net charge-offs totaled $191,000 for the first quarter of 2016, compared to $108,000 during the first quarter of 2015.  Total delinquent loans decreased to 0.60% of total loans as of March 31, 2016, down from 1.13% as of December 31, 2015. 

The annualized return on average assets for the three month period ended March 31, 2016 was 0.93% compared to 0.87% for the first quarter of 2015.  The annualized return on average equity was 7.96% for the first quarter of 2016 compared to 7.56% for the first quarter of 2015.  The tax equivalent net interest margin for the three month period ending March 31, 2016 was 3.90% compared to 3.93% for the same period of 2015.

Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust.  It operates 15 branches within Branch, Calhoun, Hillsdale, Kalamazoo and St. Joseph Counties, and a loan production office in Steuben County, providing a broad range of consumer, business and wealth management services throughout the region. 

Kurse

SOUTHERN MICHIGAN BANCORP
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SOUTHERN MICHIGAN BANCORP Chart

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", "begin" 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 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 SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


(In thousands, except share data)

March 31,
2016

December 31,
2015

ASSETS





     Cash and cash equivalents

$

15,024

$

13,487

     Federal funds sold

25,174

6,941

     Securities available for sale

90,847

97,150

     Loans held for sale

106

328

     Loans, net of allowance for loan losses of  $5,182 - 2016 ($5,273 - 2015)

416,842

416,716

     Premises and equipment, net

13,014

12,685

     Accrued interest receivable

2,681

2,517

     Net cash surrender value of life insurance

14,093

11,939

     Goodwill


13,422

13,422

     Other intangible assets, net

424

489

     Other assets

7,293

7,097

TOTAL ASSETS

$

598,920

$

582,771







LIABILITIES







     Deposits:





          Non-interest bearing

$

105,493

$

101,186

          Interest bearing

391,800

376,299

     Total deposits

497,293

477,485







     Securities sold under agreements to repurchase and overnight borrowings

11,353

15,943

     Accrued expenses and other liabilities

6,152

6,419

     Other borrowings

10,000

10,000

     Subordinated debentures

5,155

5,155

Total liabilities

529,953

515,002







SHAREHOLDERS' EQUITY





     Preferred stock, 100,000 shares authorized; none issued or outstanding

-

-

     Common stock, $2.50 par value:





         Authorized - 4,000,000 shares





         Issued and outstanding - 2,417,561 shares in 2016
          (2,406,508 shares in 2015)


6,039

 

6,011

     Additional paid-in capital

19,416

19,572

     Retained earnings

42,965

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