0000905729-12-000149.txt : 20120530 0000905729-12-000149.hdr.sgml : 20120530 20120530171024 ACCESSION NUMBER: 0000905729-12-000149 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20120530 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120530 DATE AS OF CHANGE: 20120530 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: 12878415 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_053012.htm SOUTHERN MICHIGAN FORM 8-K Southern Michigan Form 8-K - 05/30/12

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):  May 30, 2012

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 May 30, 2012, 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 May 30, 2012.










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:  May 30, 2012

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 May 30, 2012.




EX-99.1 2 smbex991_053012.htm SOUTHERN MICHIGAN EXHIBIT 99.1 TO FORM 8-K Southern Michigan Exhibit 99.1 to Form 8-K - 05-30-12

EXHIBIT 99.1

 

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

May 30, 2012

To Our Shareholders:

Southern Michigan Bank and Trust recently conducted its 140th annual meeting at which financial results for 2011 and the first quarter of 2012 were announced. Southern reported net income of $1,002,000, or $.43 per share, for the first quarter of 2012. Southern's earnings of $3.4 million for 2011 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, the entire presentation is now available on our website at www.smb-t.com by clicking on the Investor Relations link. Proceed to the left hand side of the page under Corporate Information to News & Market Data and then finally to Presentations. This offers shareholders unable to attend the annual meeting the opportunity to have access to all the information shared, including substantial details about Southern's financial results during 2011.

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 $509 million, is the twelfth largest publicly traded banking company headquartered in Michigan, it was the eighth most profitable banking company in 2011. In measures of asset quality, which are vitally important in assessing financial strength and stability, Southern ranked fourth with a non-performing asset ratio of 2.12 percent, and sixth with a Texas ratio of 25.5 percent among the top twenty peers. Lastly, when comparing annual dividends, Southern ranked fourth with only five out of the twenty largest publicly traded banking companies headquartered in Michigan paying a dividend in 2011.

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 and regulatory uncertainties compel us to maintain conservative balance sheet management strategies. Our sustained focus on capital preservation has allowed 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 or members of our management team.

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 10, 2012


 

Twenty Largest Public Banks in Michigan
Ranked by Assets

 

 




Company Name




City

12/31/2011  
Total  
Assets  
($000)  

 

1  

Flagstar Bancorp, Inc.

Troy

$13,637,473  

 

2  

Citizens Republic Bancorp, Inc.

Flint

9,462,849  

 

3  

Chemical Financial Corporation

Midland

5,339,453  

 

4  

Independent Bank Corporation

Ionia

2,307,406  

 

5  

Capitol Bancorp Ltd.

Lansing

2,205,265  

 

6  

Macatawa Bank Corporation

Holland

1,507,667  

 

7  

Firstbank Corporation

Alma

1,485,299  

 

8  

Mercantile Bank Corporation

Grand Rapids

1,433,229  

 

9  

Isabella Bank Corporation

Mount Pleasant

1,337,925  

 

10  

MBT Financial Corp.

Monroe

1,238,027  

 

11  

United Bancorp, Inc.

Ann Arbor

885,009  

 

12  

Southern Michigan Bancorp, Inc.

Coldwater

509,220  

 

13  

Mackinac Financial Corporation

Manistique

498,311  

 

14  

ChoiceOne Financial Services, Inc.

Sparta

495,914  

 

15  

Fentura Financial, Inc.

Fenton

298,861  

 

16  

Wolverine Bancorp, Inc.

Midland

293,682  

 

17  

CNB Corporation

Cheboygan

250,142  

 

18  

First Federal of Northern Michigan Bancorp, Inc.

Alpena

217,045  

 

19  

Community Shores Bank Corporation

Muskegon

208,651  

 

20  

Monarch Community Bancorp, Inc.

Coldwater

208,106  


Twenty Largest Public Banks in Michigan
Ranked by Net Income

 

 




Company Name




City

2011Y  
Net  
Income  
($000)  

 

1  

Chemical Financial Corporation

Midland

$43,050   

 

2  

Mercantile Bank Corporation

Grand Rapids

37,485   

 

3  

Isabella Bank Corporation

Mount Pleasant

10,210   

 

4  

Citizens Republic Bancorp, Inc.

Flint

6,667   

 

5  

Macatawa Bank Corporation

Holland

5,829   

 

6  

Firstbank Corporation

Alma

5,623   

 

7  

ChoiceOne Financial Services, Inc.

Sparta

3,513   

 

8  

Southern Michigan Bancorp, Inc.

Coldwater

3,402   

 

9  

Mackinac Financial Corporation

Manistique

2,218   

 

10  

Wolverine Bancorp, Inc.

Midland

1,108   

 

11  

United Bancorp, Inc.

Ann Arbor

917   

 

12  

First Federal of Northern Michigan Bancorp, Inc.

Alpena

742   

 

13  

Monarch Community Bancorp, Inc.

Coldwater

(353)  

 

14  

Fentura Financial, Inc.

Fenton

(1,512)  

 

15  

Community Shores Bank Corporation

Muskegon

(2,467)  

 

16  

CNB Corporation

Cheboygan

(2,693)  

 

17  

MBT Financial Corp.

Monroe

(3,762)  

 

18  

Independent Bank Corporation

Ionia

(20,200)  

 

19  

Capitol Bancorp Ltd.

Lansing

(51,926)  

 

20  

Flagstar Bancorp, Inc.

Troy

(181,778)  

 





Excerpts from Southern Michigan Bancorp, Inc. Annual Meeting - May 10, 2012


 

Twenty Largest Public Banks in Michigan
Ranked By Nonperforming Asset Ratio

 

 




Company Name




City

2011Y  
NPAs/  
Assets  
(%)  

 

1  

Citizens Republic Bancorp, Inc.

Flint

1.42  

 

2  

ChoiceOne Financial Services, Inc.

Sparta

1.74  

 

3  

Isabella Bank Corporation

Mount Pleasant

2.00  

 

4  

Southern Michigan Bancorp, Inc.

Coldwater

2.12  

 

5  

Mackinac Financial Corporation

Manistique

2.24  

 

6  

Chemical Financial Corporation

Midland

2.90  

 

7  

Firstbank Corporation

Alma

3.20  

 

8  

CNB Corporation

Cheboygan

3.22  

 

9  

First Federal of Northern Michigan Bancorp, Inc.

Alpena

3.75  

 

10  

Mercantile Bank Corporation

Grand Rapids

4.21  

 

11  

Wolverine Bancorp, Inc.

Midland

5.42  

 

12  

United Bancorp, Inc.

Ann Arbor

5.80  

Note: Total Nonperforming

13  

Community Shores Bank Corporation

Muskegon

7.47  

Assets ("NPAs") include 90 +

14  

MBT Financial Corp.

Monroe

7.72  

days past due loans, nonaccrual

15  

Flagstar Bancorp, Inc.

Troy

8.25  

loans, OREO and restructured

16  

Fentura Financial, Inc.

Fenton

8.91  

loans.

17  

Independent Bank Corporation

Ionia

9.12  

 

18  

Macatawa Bank Corporation

Holland

10.02  

 

19  

Monarch Community Bancorp, Inc.

Coldwater

13.94  

 

20  

Capitol Bancorp Ltd.

Lansing

19.29  


Twenty Largest Public Banks in Michigan
Ranked By Texas Ratio

 

 




Company Name




City

2011Y  
Texas  
Ratio  
(%)  

 

1  

Citizens Republic Bancorp, Inc.

Flint

15.5  

 

2  

ChoiceOne Financial Services, Inc.

Sparta

18.2  

 

3  

Mackinac Financial Corporation

Manistique

18.4  

 

4  

Wolverine Bancorp, Inc.

Midland

21.4  

 

5  

Isabella Bank Corporation

Mount Pleasant

22.2  

 

6  

Southern Michigan Bancorp, Inc.

Coldwater

25.5  

 

7  

Chemical Financial Corporation

Midland

28.7  

 

8  

Mercantile Bank Corporation

Grand Rapids

29.9  

 

9  

First Federal of Northern Michigan Bancorp, Inc.

Alpena

31.6  

 

10  

Firstbank Corporation

Alma

34.1  

 

11  

CNB Corporation

Cheboygan

37.7  

 

12  

United Bancorp, Inc.

Ann Arbor

44.8  

 

13  

Flagstar Bancorp, Inc.

Troy

98.4  

 

14  

MBT Financial Corp.

Monroe

99.0  

 

15  

Fentura Financial, Inc.

Fenton

116.7  

 

16  

Macatawa Bank Corporation

Holland

119.9  

 

17  

Independent Bank Corporation

Ionia

136.8  

 

18  

Monarch Community Bancorp, Inc.

Coldwater

186.6  

 

19  

Community Shores Bank Corporation

Muskegon

401.8  

 

20  

Capitol Bancorp Ltd.

Lansing

NM*  

 

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




Excerpts from Southern Michigan Bancorp, Inc. Annual Meeting - May 10, 2012




 

Twenty Largest Public Banks in Michigan
Ranked By 2011 Dividend Rate

 

 

 



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

0.22  

 

 

5  

Firstbank Corporation

Alma

0.04  

 

 

 

Mercantile Bank Corporation

Grand Rapids

0.00  

 

 

 

Flagstar Bancorp, Inc.

Troy

0.00  

 

 

 

Citizens Republic Bancorp, Inc.

Flint

0.00  

 

 

 

Independent Bank Corporation

Ionia

0.00  

 

 

 

Capitol Bancorp Ltd.

Lansing

0.00  

 

 

 

Macatawa Bank Corporation

Holland

0.00  

 

 

 

MBT Financial Corp.

Monroe

0.00  

 

 

 

United Bancorp, Inc.

Ann Arbor

0.00  

 

 

 

Mackinac Financial Corporation

Manistique

0.00  

 

 

 

Fentura Financial, Inc.

Fenton

0.00  

 

 

 

Wolverine Bancorp, Inc.

Midland

0.00  

 

 

 

CNB Corporation

Cheboygan

0.00  

 

 

 

First Federal of Northern Michigan Bancorp, Inc.

Alpena

0.00  

 

 

 

Community Shores Bank Corporation

Muskegon

0.00  

 

 

 

Monarch Community Bancorp, Inc.

Coldwater

0.00  

 

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