Dec 27 - Southern Michigan Bancorp Inc. (OTCBB: SOMC) has declared a quarterly dividend of 12 cents per share, an increase of 3 cents per share over the October 2012 cash dividend payment of 9 cents per share. The dividend is payable on Jan. 25, 2013, to shareholders of record Jan. 11, 2013.
With this fourth quarter dividend, total cash dividends for the four quarters ending Dec. 31, 2012, will amount to 37 cents per share, up from 22 cents per share for the same period one year ago, an increase of 68.2 percent. The new annualized dividend rate is 48 cents per share.
John H. Castle, chairman and CEO of Southern Michigan Bancorp Inc., stated, "Continued improvement in asset quality, profitability, and balance sheet metrics have all contributed to the increase in our quarterly cash dividend. In determining the appropriate level of shareholder dividends, the Board considers recent and prospective operating performance, capital levels, payout ratios and other company-wide risks."
Southern Michigan Bancorp Inc. is a bank holding company headquartered in Coldwater, Mich. Its subsidiary bank, Southern Michigan Bank & Trust, has 15 branches within Branch, Calhoun, Hillsdale and St. Joseph Counties and provides a broad range of consumer, business and wealth management services throughout the region. For more information, please visit the Southern Michigan Bank & Trust website, www.smb-t.com.