0000905729-11-000195.txt : 20110603 0000905729-11-000195.hdr.sgml : 20110603 20110603094508 ACCESSION NUMBER: 0000905729-11-000195 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20110603 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110603 DATE AS OF CHANGE: 20110603 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN MICHIGAN BANCORP INC CENTRAL INDEX KEY: 0000703699 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 382407501 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-49772 FILM NUMBER: 11890367 BUSINESS ADDRESS: STREET 1: 51 W PEARL ST CITY: COLDWATER STATE: MI ZIP: 49036 BUSINESS PHONE: 5172795500 MAIL ADDRESS: STREET 1: 51 W PEARL ST CITY: COLDWATER STATE: MI ZIP: 49036 8-K 1 smb8k_060311.htm SOUTHERN MICHIGAN BANCORP FORM 8-K Southern Michigan Form 8-K - 06-03-11

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  June 3, 2011

SOUTHERN MICHIGAN BANCORP, INC.
(Exact Name of Registrant as
Specified in Charter)

 

Michigan
(State or Other Jurisdiction
of Incorporation)

000-49722
(Commission
File Number)

38-2407501
(IRS Employer
Identification No.)

 



51 West Pearl Street
Coldwater, Michigan

(Address of Principal Executive Offices)

 


49036
(Zip Code)

 

Registrant's telephone number,
including area code:  (517) 279-5500


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).



 




Item 7.01.

Regulation FD Disclosure.


          On June 3, 2011, Southern Michigan Bancorp, Inc. mailed to its shareholders the letter furnished with this report as Exhibit 99.1, which is here incorporated by reference. This Report and the Exhibit are furnished to, and not filed with, the Commission.

Item 9.01.

Financial Statements and Exhibits.

     
 

(d)

Exhibits:

     
 

99.1

Letter mailed June 3, 2011.










SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Date:  June 3, 2011

SOUTHERN MICHIGAN BANCORP, INC.

 

 

 

 

 

 

 

By

/s/ Danice L. Chartrand

 

 

Danice L. Chartrand
Senior Vice President, Chief Financial Officer,
Secretary, and Treasurer







EXHIBIT INDEX

Exhibit
Number

 


Document

 

 

 

99.1

 

Letter mailed June 3, 2011.




EX-99.1 2 smbex991_060311.htm SOUTHERN MICHIGAN BANCORP EXHIBIT 99.1 TO FORM 8-K Southern Michigan Exhibit 99.1 to Form 8-K - 06-03-11

EXHIBIT 99.1


51 West Pearl Street         •         P.O. Box 309         •          Coldwater, Michigan         •          49036


June 3, 2011

To Our Shareholders:

Southern recently conducted its 139th annual meeting highlighting financial results for 2010 and the first quarter of 2011. Southern reported net income of $748,000, or $.32 per share, for the first quarter of 2011. Southern's earnings of $3.1 million for 2010 is noteworthy given the economic climate and as compared to peer bank results.

In response to the many positive comments related to the annual meeting presentation, the entire slideshow presentation remains available on our website at www.smb-t.com (just click on the Investor Relations link). This continues to offer those unable to attend the annual meeting the opportunity to have access to the information shared, including substantial details about Southern's financial results during 2010.

The five slides enclosed with this letter compare Southern with the twenty largest publicly traded banking companies headquartered in Michigan in several important categories. While Southern, with year-end assets totaling $494 million, is the thirteenth largest publicly traded banking company headquartered in Michigan, it was the fourth most profitable banking company in 2010. In measures of asset quality, which are vitally important in assessing financial strength and stability, Southern's nonperforming asset ratio of 1.32 percent and Texas ratio of 17.2 percent, ranked second best among the top twenty peers. Lastly, when comparing annual dividends, Southern ranked fourth with only five out of the twenty largest banks in the state paying a dividend in 2010.

Our directors and management team are pleased with improvements in many of the financial performance measures included in the shareholder meeting presentation. However, continued economic uncertainties compel us to maintain conservative balance sheet management strategies. Our continued emphasis on capital preservation allows Southern to remain comfortably above regulatory minimums for institutions categorized as "well-capitalized."

If you have any questions or comments about the annual meeting presentation, please contact me, members of our management team or any of our directors.


Sincerely,

John H. Castle
Chairman and Chief Executive Officer

517.279.5500         •          800.379.7628         •          www.smb-t.com




Excerpts from Southern Michigan Bancorp, Inc. Annual Meeting - May 12, 2011


 

Twenty Largest Public Banks in Michigan
Ranked by Assets

 

 




Company Name




City

12/31/10    
Total    
Assets    
($000)    

 

1    

Flagstar Bancorp, Inc.

Troy

$13,643,504    

 

2    

Citizens Republic Bancorp, Inc.

Flint

$9,965,645    

 

3    

Chemical Financial Corporation

Midland

$5,246,209    

 

4    

Capitol Bancorp Ltd.

Lansing

$3,540,214    

 

5    

Independent Bank Corporation

Ionia

$2,535,248    

 

6    

Mercantile Bank Corporation

Grand Rapids

$1,632,421    

 

7    

Macatawa Bank Corporation

Holland

$1,578,261    

 

8    

Firstbank Corporation

Alma

$1,458,343    

 

9    

MBT Financial Corp.

Monroe

$1,259,377    

 

10    

Isabella Bank Corporation

Mount Pleasant

$1,225,810    

 

11    

Dearborn Bancorp, Inc.

Dearborn

$915,684    

 

12    

United Bancorp, Inc.

Ann Arbor

$861,710    

 

13    

Southern Michigan Bancorp, Inc.

Coldwater

$493,880    

 

14    

ChoiceOne Financial Services, Inc.

Sparta

$480,524    

 

15    

Mackinac Financial Corporation

Manistique

$478,696    

 

16    

Fentura Financial, Inc.

Fenton

$424,228    

 

17    

Wolverine Bancorp, Inc.

Midland

$314,206    

 

18    

Monarch Community Bancorp, Inc.

Coldwater

$256,868    

 

19    

CNB Corporation

Cheboygan

$255,098    

 

20    

Community Shores Bank Corporation

Muskegon

$237,945    


Twenty Largest Public Banks in Michigan
Ranked by Net Income

 

 




Company Name




City

2010Y    
Net    
Income    
($000)    

 

1    

Chemical Financial Corporation

Midland

$23,090    

 

2    

Isabella Bank Corporation

Mount Pleasant

$9,045    

 

3    

Firstbank Corporation

Alma

$3,763    

 

4    

Southern Michigan Bancorp, Inc.

Coldwater

$3,098    

 

5    

ChoiceOne Financial Services, Inc.

Sparta

$2,711    

 

6    

CNB Corporation

Cheboygan

$319    

 

7    

Mackinac Financial Corporation

Manistique

($418)    

 

8    

Wolverine Bancorp, Inc.

Midland

($3,612)    

 

9    

United Bancorp, Inc.

Ann Arbor

($3,708)    

 

10    

Fentura Financial, Inc.

Fenton

($5,385)    

 

11    

Community Shores Bank Corporation

Muskegon

($8,883)    

 

12    

Monarch Community Bancorp, Inc.

Coldwater

($10,882)    

 

13    

MBT Financial Corp.

Monroe

($11,899)    

 

14    

Mercantile Bank Corporation

Grand Rapids

($13,316)    

 

15    

Dearborn Bancorp, Inc.

Dearborn

($14,249)    

 

16    

Independent Bank Corporation

Ionia

($16,709)    

 

17    

Macatawa Bank Corporation

Holland

($17,854)    

 

18    

Capitol Bancorp Ltd.

Lansing

($254,364)    

 

19    

Citizens Republic Bancorp, Inc.

Flint

($292,925)    

 

20    

Flagstar Bancorp, Inc.

Troy

($374,813)    

 





Excerpts from Southern Michigan Bancorp, Inc. Annual Meeting - May 12, 2011


 

Twenty Largest Public Banks in Michigan
Ranked By Nonperforming Asset Ratio

 

 



Company Name



City

2010Y    
NPAs/    
Asset %    

 

1    

Isabella Bank Corporation

Mount Pleasant

0.67    

 

2    

Southern Michigan Bancorp, Inc.

Coldwater

1.32    

 

3    

ChoiceOne Financial Services, Inc.

Sparta

1.72    

 

4    

Mackinac Financial Corporation

Manistique

2.40    

 

5    

Firstbank Corporation

Alma

2.42    

 

6    

Chemical Financial Corporation

Midland

2.63    

 

7    

Citizens Republic Bancorp, Inc.

Flint

2.81    

 

8    

Wolverine Bancorp, Inc.

Midland

3.11    

 

9    

CNB Corporation

Cheboygan

3.60    

 

10    

Fentura Financial, Inc.

Fenton

3.82    

 

11    

United Bancorp, Inc.

Ann Arbor

3.89    

 

12    

Independent Bank Corporation

Ionia

4.22    

Note:    Total Nonperforming Assets

13    

Flagstar Bancorp, Inc.

Troy

4.35    

("NPAs") exclude restructured loans.

14    

Community Shores Bank Corporation

Muskegon

4.89    

Based on 90+days past due loans +

15    

Mercantile Bank Corporation

Grand Rapids

4.98    

nonaccrual loans + OREO.

16    

Monarch Community Bancorp, Inc.

Coldwater

6.64    

 

17    

MBT Financial Corp.

Monroe

7.32    

 

18    

Macatawa Bank Corporation

Holland

8.45    

 

19    

Dearborn Bancorp, Inc.

Dearborn

9.62    

 

20    

Capitol Bancorp Ltd.

Lansing

12.02    


Twenty Largest Public Banks in Michigan
Ranked By Texas Ratio

 

 



Company Name



City

2010Y    
Texas    
Ratio    

 

1    

Isabella Bank Corporation

Mount Pleasant

7.4%    

 

2    

Southern Michigan Bancorp, Inc.

Coldwater

17.2%    

 

3    

Wolverine Bancorp, Inc.

Midland

18.9%    

 

4    

Mackinac Financial Corporation

Manistique

19.0%    

 

5    

ChoiceOne Financial Services, Inc.

Sparta

19.3%    

 

6    

Chemical Financial Corporation

Midland

26.2%    

 

7    

Firstbank Corporation

Alma

26.7%    

 

8    

United Bancorp, Inc.

Ann Arbor

28.5%    

 

9    

Citizens Republic Bancorp, Inc.

Flint

28.6%    

 

10    

Flagstar Bancorp, Inc.

Troy

38.7%    

 

11    

CNB Corporation

Cheboygan

39.9%    

 

12    

Mercantile Bank Corporation

Grand Rapids

47.5%    

 

13    

Independent Bank Corporation

Ionia

60.1%    

 

14    

Fentura Financial, Inc.

Fenton

62.1%    

 

15    

Monarch Community Bancorp, Inc.

Coldwater

92.3%    

 

16    

MBT Financial Corp.

Monroe

96.9%    

 

17    

Macatawa Bank Corporation

Holland

116.1%    

 

18    

Dearborn Bancorp, Inc.

Dearborn

160.3%    

 

19    

Community Shores Bank Corporation

Muskegon

206.3%    

 

20    

Capitol Bancorp Ltd.

Lansing

391.3%    

 

Note: Texas Ratio = Total Nonperforming Assets / (Tangible Equity + Loan Loss Reserve).





Excerpts from Southern Michigan Bancorp, Inc. Annual Meeting - May 12, 2011


 

Twenty Largest Public Banks in Michigan
Ranked By Annual Dividend

 

 

 



Company Name



City

Annual    
Dividend    
($)    

 

 

1    

Chemical Financial Corporation

Midland

0.80    

 

 

2    

Isabella Bank Corporation

Mount Pleasant

0.76    

 

 

3    

ChoiceOne Financial Services Inc.

Sparta

0.48    

 

 

4    

Southern Michigan Bancorp, Inc.

Coldwater

0.20    

 

 

5    

Firstbank Corporation

Alma

0.04    

 

 

6    

Capitol Bancorp Ltd.

Lansing

0.00    

 

 

7    

Citizens Republic Bancorp, Inc.

Flint

0.00    

 

 

8    

CNB Corporation

Cheboygan

0.00    

 

 

9    

Community Shores Bank Corporation

Muskegon

0.00    

 

 

10    

Dearborn Bancorp, Inc.

Dearborn

0.00    

 

 

11    

Fentura Financial, Inc.

Fenton

0.00    

 

 

12    

Flagstar Bancorp, Inc.

Troy

0.00    

 

 

13    

Independent Bank Corporation

Ionia

0.00    

 

 

14    

Macatawa Bank Corporation

Holland

0.00    

 

 

15    

Mackinac Financial Corporation

Manistique

0.00    

 

 

16    

MBT Financial Corp.

Monroe

0.00    

 

 

17    

Mercantile Bank Corporation

Grand Rapids

0.00    

 

 

18    

Monarch Community Bancorp, Inc.

Coldwater

0.00    

 

 

19    

United Bancorp, Inc.

Ann Arbor

0.00    

 

 

20    

Wolverine Bancorp, Inc.

Midland

0.00    

 






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