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Southern Michigan Bancorp, Inc. Announces Fourth Quarter And Full Year 2016 Earnings

 

COLDWATER, Mich., Feb. 17, 2017 /PRNewswire/ -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) reported record net income of $6,097,000 for 2016 compared to $5,806,000 for 2015, an increase of $291,000, or 5.0%.  Earnings per share were $2.54 for 2016 compared to $2.42 in 2015.  Fourth quarter 2016 net income was $1,667,000, or $0.70 per share, compared to $1,194,000, or $0.50 per share in the fourth quarter of 2015. 

Total consolidated assets at December 31, 2016 reached a record high of $641.5 million compared to $582.8 million at December 31, 2015.  Loans totaled $449.8 million as of December 31, 2016, an increase of $27.8 million or 6.6%, as compared to $422.0 million at year end 2015.  Deposits increased $58.4 million or 12.2%, as compared to year end 2015.

"2016 earnings represented the highest annual net income in the 144-year history of Southern, and our fifth consecutive year of record earnings," commented John H. Castle, Chairman and Chief Executive Officer of Southern Michigan Bancorp, Inc. "Total loans and deposits also reached record highs at year end 2016.  The opening of our Portage office has provided opportunities to increase loan and deposit totals, with additional growth anticipated in 2017."

Southern provided $100,000 for loan losses in 2016, with an allowance for loan losses at December 31, 2016 of $4,842,000, or 1.08% of loans.  This compared to a provision for loan losses of $250,000 for 2015, with an allowance for loan losses at December 31, 2015 of $5,273,000, or 1.25% of loans.   The decrease in the provision for loan losses resulted from lower specific reserves on impaired loans, lower delinquency rates and other improvements in asset quality. Net charge-offs for 2016 totaled $531,000, or .12% of loans, up from $154,000, or .04% of loans in 2015. 

The annualized return on average assets for 2016 was 1.00% compared to 1.02% for 2015.  The annualized return on average equity was 8.69% for 2016 compared to 8.82% for 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 "continued", "anticipated", "long term", "strategic", "objectives", "trends", "planned" 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 to meet the challenges presented by economic and regulatory conditions, realize our long term strategic objectives, 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
CONSOLIDATED BALANCE SHEETS (UNAUDITED)


(In thousands, except share data)

December 31,



2016


2015


ASSETS







Cash

$

3,966


$

3,642


Due from banks


12,354



9,845


     Cash and cash equivalents


16,320



13,487


Federal funds sold


18,486



6,941


Securities available for sale


109,963



97,150


Loans held for sale


84



328


Loans, net of allowance for loan losses of $4,842 - 2016 ($5,273 - 2015)


444,973



416,716


Premises and equipment, net


12,798



12,685


Accrued interest receivable


2,871



2,517


Cash surrender value of life insurance


14,422



11,939


Goodwill


13,422



13,422


Other intangible assets, net


229



489


Other assets


7,964



7,097


     Total Assets

$

641,532


$

582,771









LIABILITIES AND SHAREHOLDERS' EQUITY







Liabilities







     Deposits







          Non-interest bearing

$

107,410


$

101,186


          Interest bearing


428,435



376,299


               Total deposits


535,845



477,485


     Securities sold under agreements to repurchase and overnight
        borrowings


13,311



15,943


     Accrued expenses and other liabilities


6,890



6,419


     Other borrowings


10,200



10,000


     Subordinated debentures


5,155



5,155


          Total Liabilities


571,401



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 – 2,406,538 shares in 2016







          (2,406,508 shares in 2015)


6,011



6,011


     Additional paid-in capital


19,246



19,572


     Retained earnings


46,282



42,029


     Accumulated other comprehensive gain/(loss), net


(1,004)



414


     Unearned Employee Stock Ownership Plan shares


(404)



(257)


          Total Shareholders' Equity


70,131



67,769


     Total Liabilities and Shareholders' Equity

$

641,532


$

582,771


 

 

 

SOUTHERN MICHIGAN BANCORP, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


(In thousands, except per share amounts)

Three Months Ended
December 31,


Year Ended
December 31,



2016


2015


2016


2015


Interest income:













     Loans, including fees

$

5,104


$

4,952


$

19,984


$

19,511


     Securities:













          Taxable


306



204



1,023



742


          Tax-exempt


221



245



874



877


     Other


38



29



150



65


Total interest income


5,669



5,430



22,031



21,195















Interest expense:













     Deposits


353



297



1,284



1,218


     Other


141



125



530



409


Total interest expense


494



422



1,814



1,627


Net interest income


5,175



5,008



20,217



19,568


Provision for loan losses


-



50



100



250


Net interest income after provision for loan losses


5,175



4,958



20,117



19,318















Non-interest income:













     Service charges on deposit accounts


423



427



1,594



1,770


     Trust fees


347



283



1,549



1,258


     Net securities gains


2



2



102



26


     Net gains on loan sales


302



316



1,046



1,157


     Earnings on life insurance assets


128



86



377



859


     ATM and debit card fee income


341



336



1,379



1,339


     Other


207



219



804



904


Total non-interest income


1,750



1,669



6,851



7,313















Non-interest expense:













     Salaries and employee benefits


2,718



2,827



10,529



10,907


     Occupancy, net


303



265



1,335



1,086


     Equipment


209



183



834



725


     Printing, postage and supplies


94



87



425



417


     Telecommunication


68



65



283



250


     Professional and outside services


319



261



1,278



1,148


     Software maintenance


322



239



1,043



865


     Amortization of other intangibles


65



68



260



272


     ATM expenses


138



146



676



538


     Advertising and marketing


85



83



350



324


     FDIC deposit assessments


16



82



232



329


     Other real estate owned expense


22



113



106



277


     Loss on sale of other real estate owned


1



135



47



295


     Other


363



492



1,338



1,442


Total non-interest expense


4,723



5,046



18,736



18,875


INCOME BEFORE INCOME TAXES


2,202



1,581



8,232



7,756


Federal income tax provision


535



387



2,135



1,950


NET INCOME

$

1,667


$

1,194


$

6,097


$

5,806















Basic Earnings Per Common Share

$

0.70


$

0.50


$

2.54


$

2.42


Diluted Earnings Per Common Share

$

0.70


$

0.50


$

2.54


$

2.42


Dividends Declared Per Common Share

$

0.20


$

0.16


$

0.76


$

0.63


 

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/southern-michigan-bancorp-inc-announces-fourth-quarter-and-full-year-2016-earnings-300409108.html

SOURCE Southern Michigan Bancorp, Inc.

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