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Southern Michigan Bancorp, Inc. Announces First Quarter 2016 Earnings

Southern Michigan Bancorp, Inc.

News provided by

Southern Michigan Bancorp, Inc.

Apr 26, 2016, 04:59 ET

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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.    

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. 

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



42,029


     Accumulated other comprehensive income, net


804



414


     Unearned Employee Stock Ownership Plan shares


(257)



(257)


     Total shareholders' equity


68,967



67,769


TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

598,920


$

582,771











SOUTHERN MICHIGAN BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


(In thousands, except per share data)



Three Months Ended March 31,


2016


2015







Interest income:






     Loans, including fees

$

5,040


$

4,741

     Securities:






          Taxable


196



179

          Tax-exempt


230



198

     Other


29



7

Total interest income


5,495



5,125







Interest expense:






     Deposits


300



299

     Other


127



81

Total interest expense


427



380

Net interest income


5,068



4,745

Provision for loan losses


100



75

Net interest income after provision for loan losses


4,968



4,670







Non-interest income:






     Service charges on deposit accounts


380



416

     Trust fees


513



322

     Net gains on security calls and sales


42



24

     Net gains on loan sales


218



228

     Earnings on life insurance assets


48



83

     ATM and debit card fee income


333



310

     Other


214



227

Total non-interest income


1,748



1,610

Non-interest expense:






     Salaries and employee benefits


2,616



2,591

     Occupancy, net


343



293

     Equipment


209



162

     Printing, postage and supplies


128



119

     Telecommunication expenses


76



60

     Professional and outside services


415



267

     Software maintenance


233



208

     ATM expenses


150



124

     FDIC assessments


74



87

     Loan related expenses  


94



121

     Loss on sale or write down of other real estate owned           


51



146

     Amortization of other intangibles


65



70

     Other


349



365

Total non-interest expense


4,803



4,613

INCOME BEFORE INCOME TAXES


1,913



1,667

Federal income tax provision


539



458

NET INCOME

$

1,374


$

1,209

Basic Earnings Per Common Share

$

0.57


$

0.50

Diluted Earnings Per Common Share

$

0.57


$

0.50

Dividends Declared Per Common Share

$

0.18


$

0.15








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SOURCE Southern Michigan Bancorp, Inc.

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