Southern Michigan Bancorp, Inc. Announces First Quarter 2025 Earnings
Southern Michigan Bancorp (SOMC) reported strong Q1 2025 financial results, with net income reaching $3,046,000 ($0.66 per share), marking a 13.7% increase from $2,678,000 ($0.59 per share) in Q1 2024.
Key performance metrics showed improvement, with return on average assets increasing to 0.79% from 0.73%, and return on average equity rising to 11.11% from 10.80% year-over-year. The tax equivalent net interest margin expanded to 3.08% from 2.95%.
Credit quality remained robust with non-performing loans decreasing to 0.06% of total loans (March 31, 2025) from 0.08% (December 31, 2024). The allowance for credit losses stood at $12,780,000, representing 1.12% of loans. Net loan charge-offs decreased to $2,000 in Q1 2025 from $10,000 in Q1 2024.
Southern Michigan Bancorp (SOMC) ha riportato solidi risultati finanziari nel primo trimestre del 2025, con un utile netto pari a 3.046.000 $ (0,66 $ per azione), segnando un aumento del 13,7% rispetto ai 2.678.000 $ (0,59 $ per azione) del primo trimestre 2024.
I principali indicatori di performance sono migliorati, con il rendimento medio degli attivi che 猫 salito allo 0,79% dallo 0,73% e il rendimento medio del patrimonio netto che 猫 aumentato all'11,11% dal 10,80% anno su anno. Il margine di interesse netto al netto delle imposte si 猫 ampliato al 3,08% rispetto al 2,95% precedente.
La qualit脿 del credito 猫 rimasta solida, con i prestiti non performanti che sono diminuiti allo 0,06% del totale prestiti (al 31 marzo 2025) dallo 0,08% (al 31 dicembre 2024). L'accantonamento per perdite su crediti si 猫 attestato a 12.780.000 $, pari all'1,12% dei prestiti. Le cancellazioni nette di prestiti sono diminuite a 2.000 $ nel primo trimestre 2025 rispetto ai 10.000 $ del primo trimestre 2024.
Southern Michigan Bancorp (SOMC) report贸 s贸lidos resultados financieros en el primer trimestre de 2025, con un ingreso neto de 3.046.000 $ (0,66 $ por acci贸n), lo que representa un aumento del 13,7% respecto a los 2.678.000 $ (0,59 $ por acci贸n) del primer trimestre de 2024.
Los principales indicadores de desempe帽o mostraron mejoras, con el retorno sobre activos promedio aumentando al 0,79% desde 0,73%, y el retorno sobre el patrimonio promedio subiendo al 11,11% desde 10,80% interanual. El margen neto de inter茅s equivalente a impuestos se ampli贸 al 3,08% desde 2,95%.
La calidad crediticia se mantuvo s贸lida, con los pr茅stamos en mora disminuyendo al 0,06% del total de pr茅stamos (31 de marzo de 2025) desde 0,08% (31 de diciembre de 2024). La provisi贸n para p茅rdidas crediticias fue de 12.780.000 $, representando el 1,12% de los pr茅stamos. Las cancelaciones netas de pr茅stamos disminuyeron a 2.000 $ en el primer trimestre de 2025 desde 10.000 $ en el mismo periodo de 2024.
Southern Michigan Bancorp (SOMC)鞚� 2025雲� 1攵勱赴 臧曤牓頃� 鞛 鞁れ爜鞚� 氤搓碃頄堨溂氅�, 靾滌澊鞚奠潃 3,046,000雼煬(欤茧嫻 0.66雼煬)搿� 2024雲� 1攵勱赴 2,678,000雼煬(欤茧嫻 0.59雼煬) 雽�牍� 13.7% 歃濌皜頄堨姷雼堧嫟.
欤检殧 靹标臣 歆�響滊弰 臧滌劆霅橃柎 韽夑窢 鞛愳偘 靾橃澋毳犾潃 0.73%鞐愳劀 0.79%搿�, 韽夑窢 鞛愱赴鞛愲掣 靾橃澋毳犾潃 10.80%鞐愳劀 11.11%搿� 臧侁皝 靸侅姽頄堨姷雼堧嫟. 靹胳爠 靾滌澊鞛愲歆勳潃 2.95%鞐愳劀 3.08%搿� 頇曤寑霅橃棃鞀惦媹雼�.
鞁犾毄 頀堨鞚� 瓴碃頃橁矊 鞙犾霅橃柎 攵�鞁� 雽�於� 牍勳湪鞚� 2025雲� 3鞗� 31鞚� 旮办 齑� 雽�於滌潣 0.06%搿� 2024雲� 12鞗� 31鞚检潣 0.08%鞐愳劀 臧愳唽頄堨姷雼堧嫟. 雽�靻愳订雼龟笀鞚� 12,780,000雼煬搿� 雽�於滌潣 1.12%鞐� 頃措嫻頃橂┌, 靾滊寑於� 靸侁皝鞎§潃 2025雲� 1攵勱赴 2,000雼煬搿� 2024雲� 1攵勱赴 10,000雼煬鞐愳劀 臧愳唽頄堨姷雼堧嫟.
Southern Michigan Bancorp (SOMC) a annonc茅 de solides r茅sultats financiers pour le premier trimestre 2025, avec un b茅n茅fice net atteignant 3 046 000 $ (0,66 $ par action), soit une hausse de 13,7 % par rapport 脿 2 678 000 $ (0,59 $ par action) au premier trimestre 2024.
Les principaux indicateurs de performance ont montr茅 une am茅lioration, avec un rendement moyen des actifs passant de 0,73 % 脿 0,79 %, et un rendement moyen des capitaux propres en hausse de 10,80 % 脿 11,11 % d'une ann茅e sur l'autre. La marge nette d'int茅r锚t 茅quivalente fiscale s'est 茅largie 脿 3,08 % contre 2,95 % pr茅c茅demment.
La qualit茅 du cr茅dit est rest茅e solide, les pr锚ts non performants ayant diminu茅 脿 0,06 % du total des pr锚ts (au 31 mars 2025) contre 0,08 % (au 31 d茅cembre 2024). La provision pour pertes sur pr锚ts s'茅levait 脿 12 780 000 $, soit 1,12 % des pr锚ts. Les radiations nettes de pr锚ts ont diminu茅 脿 2 000 $ au premier trimestre 2025 contre 10 000 $ au premier trimestre 2024.
Southern Michigan Bancorp (SOMC) meldete starke Finanzergebnisse f眉r das erste Quartal 2025, mit einem Nettogewinn von 3.046.000 $ (0,66 $ pro Aktie), was einem Anstieg von 13,7 % gegen眉ber 2.678.000 $ (0,59 $ pro Aktie) im ersten Quartal 2024 entspricht.
Wichtige Leistungskennzahlen verbesserten sich, wobei die Rendite auf das durchschnittliche Verm枚gen von 0,73 % auf 0,79 % und die Rendite auf das durchschnittliche Eigenkapital von 10,80 % auf 11,11 % im Jahresvergleich stieg. Die steuer盲quivalente Nettozinsspanne erweiterte sich von 2,95 % auf 3,08 %.
Die Kreditqualit盲t blieb robust, wobei notleidende Kredite zum 31. M盲rz 2025 0,06 % der Gesamtkredite betrugen, gegen眉ber 0,08 % zum 31. Dezember 2024. Die R眉ckstellung f眉r Kreditausf盲lle belief sich auf 12.780.000 $ und entspricht 1,12 % der Kredite. Nettoabschreibungen auf Kredite sanken im ersten Quartal 2025 auf 2.000 $ von 10.000 $ im ersten Quartal 2024.
- Net income increased 13.7% YoY to $3,046,000
- Earnings per share grew to $0.66 from $0.59 YoY
- Net interest margin improved to 3.08% from 2.95%
- Return on average equity increased to 11.11% from 10.80%
- Non-performing loans ratio decreased to 0.06% from 0.08%
- Net loan charge-offs reduced to $2,000 from $10,000 YoY
- Provision for credit losses increased to $164,000 from $0 YoY
- Non-interest expenses rose 7.6% to $9,451,000 from $8,786,000
COLDWATER, Mich., April 23, 2025 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced first quarter 2025 net income of
John R. Waldron, President and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, 鈥淔irst quarter 2025 earnings were solid, and credit quality remained strong. Our continued investment in market expansion and staff translated into record levels of loans, deposits and total assets as of March 31, 2025.鈥�
The allowance for credit losses totaled
The annualized return on average assets for the three-month periods ended March 31, 2025, and March 31, 2024, was
Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 18 offices within Branch, Calhoun, Hillsdale, Jackson, 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鈥檚 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 鈥渆xpected,鈥� 鈥渂egin,鈥� and other similar words or expressions. All statements with reference to a future time period are forward-looking. Management鈥檚 determination of the provision and allowance for credit losses and other accounting estimates, such as the carrying value of goodwill, other real estate owned, mortgage servicing rights and the fair value of investment securities, involves judgments that are inherently forward-looking. 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. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | 听 | |||||||
| (In thousands, except share data) | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |
| 听 | March 31, 2025 | 听 | December 31, 2024 | 听 | ||||
| ASSETS | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Cash and cash equivalents | $ | 115,681 | 听 | $ | 73,737 | 听 | ||
| Federal funds sold | 听 | 247 | 听 | 听 | 259 | 听 | ||
| Securities available for sale, at fair value | 听 | 163,551 | 听 | 听 | 159,320 | 听 | ||
| Securities held-to-maturity, at amortized cost | 听 | 59,703 | 听 | 听 | 60,454 | 听 | ||
| Loans held-for-sale | 听 | 688 | 听 | 听 | 995 | 听 | ||
| Loans, net of allowance for credit losses of | 听 | 1,124,959 | 听 | 听 | 1,103,652 | 听 | ||
| Premises and equipment, net | 听 | 25,533 | 听 | 听 | 25,600 | 听 | ||
| Net cash surrender value of life insurance | 听 | 22,842 | 听 | 听 | 23,139 | 听 | ||
| Goodwill | 听 | 13,422 | 听 | 听 | 13,422 | 听 | ||
| Other intangible assets, net | 听 | 102 | 听 | 听 | 111 | 听 | ||
| Other assets | 听 | 36,176 | 听 | 听 | 35,866 | 听 | ||
| TOTAL ASSETS | $ | 1,562,904 | 听 | $ | 1,496,555 | 听 | ||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||
| LIABILITIES | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Deposits: | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Non-interest bearing | $ | 225,515 | 听 | $ | 223,583 | 听 | ||
| Interest bearing | 听 | 1,089,827 | 听 | 听 | 1,028,212 | 听 | ||
| Total deposits | 听 | 1,315,342 | 听 | 听 | 1,251,795 | 听 | ||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Securities sold under agreements to repurchase and overnight borrowings | 听 | 1,162 | 听 | 听 | 1,560 | 听 | ||
| Accrued expenses and other liabilities | 听 | 18,338 | 听 | 听 | 18,355 | 听 | ||
| Other borrowings | 听 | 82,900 | 听 | 听 | 82,900 | 听 | ||
| Subordinated debentures | 听 | 34,739 | 听 | 听 | 34,722 | 听 | ||
| Total liabilities | 听 | 1,452,481 | 听 | 听 | 1,389,332 | 听 | ||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||
| SHAREHOLDERS鈥� EQUITY | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Preferred stock, 100,000 shares authorized; none issued or outstanding | 听 | - | 听 | 听 | - | 听 | ||
| Common stock, | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Authorized - 10,000,000 shares | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Issued and outstanding 鈥� 4,631,503 shares in 2025, 4,577,107 shares in 2024 | 听 | 11,574 | 听 | 听 | 11,438 | 听 | ||
| Additional paid-in capital | 听 | 13,492 | 听 | 听 | 13,438 | 听 | ||
| Retained earnings | 听 | 99,767 | 听 | 听 | 97,462 | 听 | ||
| Accumulated other comprehensive loss | 听 | (14,410 | ) | 听 | (15,115 | ) | ||
| Total shareholders鈥� equity | 听 | 110,423 | 听 | 听 | 107,223 | 听 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS鈥� EQUITY | $ | 1,562,904 | 听 | $ | 1,496,555 | 听 | ||
| SOUTHERN MICHIGAN BANCORP, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands, except per share data) | 听 | ||||
| 听 | Three Months Ended March 31, | ||||
| 听 | 2025 | 听 | 2024 | ||
| Interest income: | 听 | 听 | 听 | 听 | 听 |
| Loans, including fees | $ | 16,775 | 听 | $ | 15,466 |
| Federal funds sold and balances with banks | 听 | 1,000 | 听 | 听 | 1,259 |
| Securities: | 听 | 听 | 听 | 听 | 听 |
| Taxable | 听 | 1,408 | 听 | 听 | 1,483 |
| Tax-exempt | 听 | 317 | 听 | 听 | 299 |
| Total interest income | 听 | 19,500 | 听 | 听 | 18,507 |
| 听 | 听 | 听 | 听 | 听 | 听 |
| Interest expense: | 听 | 听 | 听 | 听 | 听 |
| Deposits | 听 | 7,302 | 听 | 听 | 6,819 |
| Other | 听 | 1,285 | 听 | 听 | 1,627 |
| Total interest expense | 听 | 8,587 | 听 | 听 | 8,446 |
| Net interest income | 听 | 10,913 | 听 | 听 | 10,061 |
| Provision for credit losses | 听 | 164 | 听 | 听 | - |
| Net interest income after provision for credit losses | 听 | 10,749 | 听 | 听 | 10,061 |
| 听 | 听 | 听 | 听 | 听 | 听 |
| Non-interest income: | 听 | 听 | 听 | 听 | 听 |
| Service charges on deposit accounts | 听 | 406 | 听 | 听 | 424 |
| Trust fees | 听 | 738 | 听 | 听 | 641 |
| Net gains on loan sales | 听 | 220 | 听 | 听 | 73 |
| Earnings on life insurance assets | 听 | 372 | 听 | 听 | 164 |
| ATM and debit card fee income | 听 | 443 | 听 | 听 | 424 |
| Other | 听 | 189 | 听 | 听 | 255 |
| Total non-interest income | 听 | 2,368 | 听 | 听 | 1,981 |
| 听 | 听 | 听 | 听 | 听 | 听 |
| Non-interest expense: | 听 | 听 | 听 | 听 | 听 |
| Salaries and employee benefits | 听 | 5,773 | 听 | 听 | 5,296 |
| Occupancy, net | 听 | 615 | 听 | 听 | 499 |
| Equipment | 听 | 486 | 听 | 听 | 424 |
| Professional and outside services | 听 | 452 | 听 | 听 | 586 |
| Software maintenance | 听 | 658 | 听 | 听 | 592 |
| ATM expenses | 听 | 236 | 听 | 听 | 189 |
| Printing, postage, and supplies | 听 | 128 | 听 | 听 | 161 |
| Telecommunication expenses | 听 | 73 | 听 | 听 | 87 |
| Other | 听 | 1,030 | 听 | 听 | 952 |
| Total non-interest expense | 听 | 9,451 | 听 | 听 | 8,786 |
| INCOME BEFORE INCOME TAXES | 听 | 3,666 | 听 | 听 | 3,256 |
| Federal income tax provision | 听 | 620 | 听 | 听 | 578 |
| NET INCOME | $ | 3,046 | 听 | $ | 2,678 |
| 听 | 听 | 听 | 听 | 听 | 听 |
| Basic Earnings Per Common Share | $ | 0.66 | 听 | $ | 0.59 |
| Diluted Earnings Per Common Share | 听 | 0.66 | 听 | 听 | 0.59 |
| Dividends Declared Per Common Share | 听 | 0.16 | 听 | 听 | 0.15 |
CONTACT:听听John R. Waldron, President and CEO (517) 279-5500
FAQ
What was Southern Michigan Bancorp's (SOMC) earnings per share in Q1 2025?
How did SOMC's net interest margin perform in Q1 2025?
What is SOMC's current loan quality status as of Q1 2025?
How much did Southern Michigan Bancorp's net income grow in Q1 2025?
What is SOMC's dividend payment for Q1 2025?
