Southern Michigan Bancorp, Inc. Announces First Quarter 2024 Earnings
STHN MICH BANCORP INC (SOMC)
NASDAQ:AMEX Investor Relations:
smb-t.com
Company Research
Source: GlobeNewswire
COLDWATER, Mich., April 24, 2024 (GLOBE NEWSWIRE) -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced first quarter net income of $2,678,000, or $0.59 per share, compared to net income of $3,005,000, or $0.66 per share, for the first quarter of 2023. John R. Waldron, President and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, “Earnings were lower due to net interest margin compression in this higher interest rate environment and our overhead increased as we continued our expansion. Total assets, loans and deposits all reached record highs.” As of March 31, 2024, total consolidated assets grew to $1.479 billion compared to $1.415 billion on December 31, 2023. Likewise, total loans and deposits also grew during the quarter totaling $1.058 billion and $1.211 billion, respectively, on March 31, 2024. The allowance for credit losses totaled $11,687,000, or 1.10% of loans on March 31, 2024. Net loan charge-offs totaled $10,000 for the first quarter of 20
Show less
Read more
Impact Snapshot
Event Time:
SOMC
Last Price
Price Change
Price Change%
Volume Shares
Max Up
Max Down
%
Volume Ratio
Performance Comparison
Updated
|
Event Day
Stock performance from the time of news release until the following 4pm ET market close
|
Last price at news event
|
Since Event
Multi-day stock performance from the time of the news release
|
|---|---|---|
|
EVENT DAY
Stock performance from the time of news release until the following 4pm ET market close
|
LAST
PRICE AT NEWS EVENT |
SINCE EVENT
Multi-day stock performance from the time of the news release
|
| Last Price | ||
| VWAP | ||
|
High:
|
Max Up |
High:
|
|
Low:
|
Max Down |
Low:
|
|
%
|
Post news range |
%
|
|
|
Price change |
|
|
|
Price Change Percentage |
|
|
|
S&P 500 (SPX) |
|
|
%
|
Volume ratio |
%
|
| Volume | ||
| Ticks | ||
|
|
Avg transaction size |
|
Don't Miss Out On The Next BIG Stock Move
Event day
Event Day Chart will not be displayed beyond 90-day period of the event
Performance since event
Time And Velocity Analysis
Be the first to know
Opt in for alerts from News Quantifed
Sign Up Today
Opt-in for
SOMC alerts
Learn More With NQ
Reading the Impact Report
Help Me Understand This Data
Help Me Understand This Data
How NQ Works
What is news-based trading?
And why is it so successful?
And why is it so successful?
Movers & Shakers
The biggest gainers and losers and WHY it moved
SOMC alerts
High impacting STHN MICH BANCORP INC news events
Weekly update
A roundup of the hottest topics