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Southern Michigan Bancorp, Inc. Announces First Quarter 2015 Earnings

Southern Michigan Bancorp, Inc.

News provided by

Southern Michigan Bancorp, Inc.

Apr 28, 2015, 08:41 ET

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COLDWATER, Mich., April 28, 2015 /PRNewswire/ -- Southern Michigan Bancorp, Inc. (OTCQB: SOMC) reported net income of $1,209,000, or $0.50 per share, for the quarter ended March 31, 2015. This compared to net income of $1,102,000, or $0.46 per share, for the first quarter of 2014.    

Total consolidated assets at March 31, 2015 were $553.2 million compared to $543.3 million at December 31, 2014.    

Southern provided $75,000 for loan losses during the first quarter of 2015, essentially matching unallocated losses, resulting in an allowance for loan losses of $5,144,000, or 1.26% of loans.  This compared to no provision for loan losses during the first quarter of 2014.  The allowance for loan losses was $5,098,000, or 1.34% of loans at March 31, 2014.  Net charge-offs decreased 22.9% totaling $108,000 for the first quarter of 2015, compared to $140,000 during the first quarter of 2014.  Total delinquent loans decreased to 0.69% of total loans as of March 31, 2015, down from 1.00% as of March 31, 2014. 

The annualized return on average assets for the three month period ended March 31, 2015 was 0.87% compared to 0.80% for the first quarter of 2014.  The annualized return on average equity was 7.91% for the first quarter of 2015 compared to 7.65% for the first quarter of 2014.  The tax equivalent net interest margin for the three month period ending March 31, 2015 was 3.93% compared to 3.78% for the same period of 2014.

John H. Castle, Chairman and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, "We are pleased to report ongoing positive momentum in many areas including a 9.7% increase in earnings for the first quarter as compared to the first quarter of 2014, and continued reductions in net charge-offs and loan delinquencies resulting in overall improvement to credit quality."  

Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust.  It operates 14 branches within Branch, Calhoun, Hillsdale 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. 

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,
2015


December 31,
2014



ASSETS








     Cash and cash equivalents

$

23,628


$

15,374



     Federal funds sold


124



247



     Securities available for sale


77,942



72,880



     Loans held for sale


627



483



     Loans, net of allowance for loan losses of  $5,144 - 2015 ($5,177 - 2014)


402,233



404,935



     Premises and equipment, net


11,819



11,898



     Accrued interest receivable


2,529



2,378



     Net cash surrender value of life insurance


11,383



11,299



     Goodwill


13,422



13,422



     Other intangible assets, net


693



761



     Other assets


8,825



9,668



TOTAL ASSETS

$

553,225


$

543,345











LIABILITIES








     Deposits:








          Non-interest bearing

$

91,397


$

90,191



          Interest bearing


362,076



354,079



     Total deposits


453,473



444,270











     Securities sold under agreements to repurchase and overnight borrowings


14,389



14,644



     Accrued expenses and other liabilities


6,140



6,116



     Other borrowings


10,319



10,000



     Subordinated debentures


5,155



5,155



     Common stock subject to repurchase obligation in Employee








         Stock Ownership Plan, shares outstanding – 130,217 in 2015








          (133,227 shares in 2014)


2,865



2,804



Total liabilities


492,341



482,989











SHAREHOLDERS' EQUITY








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


-



-



     Common stock, $2.50 par value:








         Authorized - 4,000,000 shares








         Issued –2,405,334 shares in 2015 (2,404,469 shares in 2014)








          Outstanding (other than ESOP shares) – 2,275,117 shares in 2015
          (2,271,242 shares in 2014)


5,682



5,678



     Additional paid-in capital


16,721



17,145



     Retained earnings


38,587



37,741



     Accumulated other comprehensive income (loss), net


213



(208)



     Unearned Employee Stock Ownership Plan shares


(319)



-



     Total shareholders' equity


60,884



60,356



TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

553,225


$

543,345


SOUTHERN MICHIGAN BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


(In thousands, except per share data)


Three Months Ended March 31,



2015


2014









Interest income:







     Loans, including fees

$

4,741


$

4,588


     Securities:







          Taxable


179



193


          Tax-exempt


198



196


     Other


7



20


Total interest income


5,125



4,997









Interest expense:







     Deposits


299



389


     Other


81



74


Total interest expense


380



463


Net interest income


4,745



4,534


Provision for loan losses


75



-


Net interest income after provision for loan losses


4,670



4,534









Non-interest income:







     Service charges on deposit accounts


416



486


     Trust fees


322



290


     Net gains on security calls and sales


24



33


     Net gains on loan sales


228



196


     Earnings on life insurance assets


83



82


     ATM and debit card fee income


310



290


     Other


227



201


Total non-interest income


1,610



1,578


Non-interest expense:







     Salaries and employee benefits


2,591



2,364


     Occupancy, net


293



367


     Equipment


162



173


     Printing, postage and supplies


119



105


     Telecommunication expenses


60



73


     Professional and outside services


267



344


     Software maintenance


208



198


     ATM expenses


124



116


     FDIC assessments


87



88


     Loan related expenses   


121



341


     Loss on sale or write down of other real estate owned           


146



24


     Amortization of other intangibles


70



71


     Other


365



337


Total non-interest expense


4,613



4,601


INCOME BEFORE INCOME TAXES


1,667



1,511


Federal income tax provision


458



409


NET INCOME

$

1,209


$

1,102


Basic Earnings Per Common Share

$

0.50


$

0.46


Diluted Earnings Per Common Share

$

0.50


$

0.46


Dividends Declared Per Common Share

$

0.15


$

0.13


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SOURCE Southern Michigan Bancorp, Inc.

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