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Southern Michigan Bancorp, Inc. Announces Second Quarter 2011 Earnings


News provided by

Southern Michigan Bancorp, Inc.

Jul 22, 2011, 08:00 ET

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COLDWATER, Mich., July 22, 2011 /PRNewswire/ -- Southern Michigan Bancorp, Inc. (OTCBB: SOMC) announced second quarter net income of $762,000, or $0.33 per diluted share, for the three months ended June 30, 2011. This compares to net income of $803,000, or $0.35 per diluted share, for the three months ended June 30, 2010.  Southern's net income for the six months ended June 30, 2011, was $1,510,000, or $0.65 per diluted share, compared to net income of $1,505,000, or $0.65 per diluted share, for the same six month period a year ago.  

(Logo: http://photos.prnewswire.com/prnh/20070619/CLTU100LOGO)

Total consolidated assets at June 30, 2011 were $481.3 million compared to $493.9 million at December 31, 2010.  

Southern provided $375,000 for loan losses during the second quarter of 2011 compared to a $150,000 provision for the second quarter of 2010.  The increase in the provision for loan losses resulted from increased net charge offs.  Net charge offs totaled $549,000 during the second quarter of 2011 compared to $368,000 in the second quarter of 2010.  For the six month period ended June 30, 2011, net charge offs totaled $792,000 compared to $699,000 for the same six month period in 2010.  

The annualized return on average assets for the six month periods ended June 30, 2011 and 2010 was 0.61% and 0.64%, respectively.  The annualized return on average equity was 6.17% for the first six months of 2011 compared to 6.48% for the same period of 2010.

John H. Castle, Chairman and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, "While uncertain economic conditions continue to exist, Southern continues to be well positioned for future growth and profitability.  Earnings results, although not where we would like them to be, remained stable.  Asset quality indicators have improved with delinquencies down 98 basis points to 2.41% at June 30, 2011 as compared to 3.39% at June 30, 2010, and non-performing assets, including non-accrual loans, loans past due 90 days and OREO, are down 19.7%, or $1,812,000, during the same period.  In addition, we are pleased with the progress we are making with cost saving initiatives which were implemented earlier this year."

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 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'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 "uncertain," "continue," "well positioned," "future," and other similar words or phrases.  Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These statements include, among others, statements related to future growth and profitability and the future effect of cost saving measures. Management's determination of the provision and allowance for loan losses, the appropriate carrying value of intangible assets (including goodwill, mortgage servicing rights and deferred tax assets) and other real estate owned, 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. Management's assumptions regarding pension and other post retirement plans involve judgments that are inherently forward-looking. Our ability to sell other-real-estate owned at its carrying value or at all, successfully implement new programs and initiatives, increase efficiencies, respond to declines in collateral values and credit quality, maintain our current level of deposits and other sources of funding, and improve profitability is not entirely within our control and is not assured. The future effect of changes in the real estate, 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, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements.  We undertake no obligation to update or revise our forward-looking statements to reflect developments that occur or information obtained after the date of this report.

Risk factors include, but are not limited to, the risk factors described in "Item 1A - Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2010.  These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.

SOUTHERN MICHIGAN BANCORP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


(In thousands, except share data)


June 30,
2011


December 31,
2010


ASSETS







     Cash and cash equivalents

$

44,935


$

78,833


     Federal funds sold


312



275


     Securities available for sale


88,015



59,228


     Loans held for sale


608



2,637


     Loans, net of allowance for loan losses of  $5,402 - 2011 ($5,694 – 2010)


300,219



303,830


     Premises and equipment, net


12,397



12,599


     Accrued interest receivable


2,053



2,107


     Net cash surrender value of life insurance


10,129



9,965


     Goodwill


13,422



13,422


     Other intangible assets, net


1,836



2,005


     Other assets


7,394



8,979


TOTAL ASSETS

$

481,320


$

493,880









LIABILITIES







     Deposits :







          Non-interest bearing

$

60,911


$

59,942


          Interest bearing


336,204



349,959


     Total deposits


397,115



409,901









     Securities sold under agreements to repurchase and overnight borrowings


15,171



15,027


     Accrued expenses and other liabilities


4,077



4,476


     Other borrowings


8,676



10,079


     Subordinated debentures


5,155



5,155


     Common stock subject to repurchase obligation in Employee







         Stock Ownership Plan, shares outstanding – 110,506 in 2011







         (107,627 shares in 2010)


1,381



1,399


Total liabilities


431,575



446,037









SHAREHOLDERS' EQUITY







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


-



-


     Common stock, $2.50 par value:







         Authorized - 4,000,000 shares







         Issued - 2,358,599 shares in 2011 (2,340,717 shares in 2010)







          Outstanding (other than ESOP shares) – 2,248,093 shares in 2011
          (2,233,090 shares in 2010)


5,620



5,583


     Additional paid-in capital


18,084



18,033


     Retained earnings


25,967



24,692


     Accumulated other comprehensive income (loss), net


339



(168)


     Unearned Employee Stock Ownership Plan shares


(265)



(297)


     Total shareholders' equity


49,745



47,843


TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

481,320


$

493,880



SOUTHERN MICHIGAN BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


(In thousands, except per share data)


Three Months Ended
June 30,


Six Months Ended
June 30,



2011


2010


2011


2010


Interest income:













     Loans, including fees

$

4,386


$

4,748


$

8,847


$

9,549


     Federal funds sold and balances with banks


47



34



98



57


     Securities:













          Taxable


171



142



309



323


          Tax-exempt


218



198



434



402


Total interest income


4,822



5,122



9,688



10,331















Interest expense:













     Deposits


803



934



1,647



1,935


     Other


148



175



307



343


Total interest expense


951



1,109



1,954



2,278


Net interest income


3,871



4,013



7,734



8,053


Provision for loan losses


375



150



500



350


Net interest income after provision for loan losses


3,496



3,863



7,234



7,703















Non-interest income:













     Service charges on deposit accounts


568



612



1,079



1,182


     Trust fees


293



243



568



496


    Net gains on security calls and sales


-



207



2



207


     Net gains on loan sales


205



161



522



281


     Earnings on life insurance assets


84



76



164



150


    Gain on life insurance proceeds


-



-



-



156


    Income from loan servicing


128



85



225



163


     ATM and debit card fee income


257



218



492



425


     Other


119



112



257



278


Total non-interest income


1,654



1,714



3,309



3,338















Non-interest expense:













     Salaries and employee benefits


2,346



2,437



4,884



4,938


     Occupancy, net


336



363



709



744


     Equipment


204



233



407



454


     Printing, postage and supplies


102



146



243



291


    Telecommunication expenses


98



96



197



174


     Professional and outside services


199



232



420



525


    FDIC assessments


110



147



275



316


    Software maintenance


110



97



215



208


    Amortization of other intangibles


84



88



169



175


    Expenses relating to OREO property


86



154



131



352


    ATM expenses


92



83



174



164


     Other


421



481



820



906


Total non-interest expense


4,188



4,557



8,644



9,247


INCOME BEFORE INCOME TAXES


962



1,020



1,899



1,794


Federal income tax provision


200



217



389



289


NET INCOME

$

762


$

803


$

1,510


$

1,505















Basic Earnings Per Common Share

$

0.33


$

0.35


$

0.65


$

0.65


Diluted Earnings Per Common Share


0.33



0.35



0.65



0.65


Dividends Declared Per Common Share


0.05



0.05



0.10



0.10



SOURCE Southern Michigan Bancorp, Inc.

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