-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KrK7VfWs/hXlxYvhWmHjfcy2bMMYuRs3ZpAmk6gDfdP5A7aXTmGcSKNX61zLKnG8 rBXpwLVsFkwME3JbjkHvOw== 0000950124-03-001358.txt : 20030424 0000950124-03-001358.hdr.sgml : 20030424 20030424121447 ACCESSION NUMBER: 0000950124-03-001358 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030421 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030424 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: 03661609 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 k74895e8vk.txt CURRENT REPORT 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): APRIL 21, 2003 SOUTHERN MICHIGAN BANCORP, INC. (Exact name of registrant as specified in its charter) MICHIGAN 2-78178 38-2407501 (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) 51 WEST PEARL STREET, COLDWATER, MICHIGAN 49036 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (517) 279-5500 ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. EXHIBIT NO. DESCRIPTION OF EXHIBIT 99.1 Announcement for the quarterly period ended March 31, 2003 issued on April 21, 2003. ITEM 9. REGULATION FD DISCLOSURE. The following information is furnished pursuant to Item 9. "Regulation FD Disclosure" and Item 12. "Disclosure of Results of Operations and Financial Condition." On April 21, 2003, the Registrant issued an announcement announcing the Registrant's financial results for the first fiscal quarter ended March 31, 2003. A copy of the Registrant's announcement is attached hereto as Exhibit 99.1 and hereby incorporated by reference. The information in this Form 8-K is being furnished under Item 9 and Item 12 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. 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 hereunto duly authorized. SOUTHERN MICHIGAN BANCORP, INC. (Registrant) Date: April 24, 2003 /s/ John H. Castle -------------------------------------- John H. Castle, Chief Executive Officer INDEX TO EXHIBITS Exhibit No. Description of Exhibit 99.1 Announcement for the quarterly period ended March 31, 2003 issued on April 21, 2003. EX-99.1 3 k74895exv99w1.txt RELEASE FOR THE QUARTERLY PERIOD ENDED 3/31/03 EXHIBIT 99.1 SOUTHERN MICHIGAN BANCORP, INC. FIRST QUARTER 2003 REPORT Dear Shareholders: I am pleased to report that earnings for the first quarter of 2003 totaled $816,000 which equates to $ .44 per share. Our results for the quarter represent a substantial increase of approximately 45 percent over first quarter 2002 totals of $563,000 and $ .30 per share. Late last year, the board of directors and executive management group adopted a proactive plan: o To add management expertise and depth in vital operating areas of the bank; o To initiate strategies that enhance overall credit administration and loan quality; o To identify opportunities for revenue growth; and o To explore options that maximize operating efficiencies throughout the organization. Although it is premature to suggest all of our goals have been met, our first quarter 2003 financial results are positive indicators of our progress. o We have strengthened our management team in a number of crucial areas encompassing loan and credit administration, retail banking and trust, among others. o Annualized return on average assets for the quarter was 1.01 percent while return on average equity was 12.15 percent. o Southern Michigan's market leadership in financing mortgages for homeowners throughout our tri-county service area resulted in growth in fees generated from sale of mortgage loans. Fees generated exceeded $568,000 during the first quarter 2003, compared with $252,000 in the first quarter of 2002. o The allowance for loan losses at the end of the first quarter was increased to 1.51 percent of gross loans to reflect our prudent approach to overall credit administration. o The board of directors declared a quarterly dividend of $.16 per share, payable on April 18th to shareholders of record on March 28, 2003. I am most thankful to our bank staff for their outstanding efforts that contributed substantially to our first quarter results. Our tasks associated with the goal to become a high performance financial service company are still in their infant stages of implementation. We will regularly update you on our progress. In addition, please continue to provide your thoughts, ideas, suggestions and advice that may enable us to serve our clients and shareholders in the best manner possible. Again, many thanks for your encouragement and support. Respectfully, /s/ John H. Castle - ------------------------------------- John H. Castle Chairman and Chief Executive Officer CONDENSED CONSOLIDATED BALANCE SHEETS SOUTHERN MICHIGAN BANCORP, INC. AND SUBSIDIARY
March 31 December 31 2003 2002 ---------------------------------- (Unaudited) (A) (In thousands, except share and per share data) ASSETS Cash and due from banks $ 21,909 $ 19,287 Securities available for sale 51,098 48,811 Loans held for sale 2,422 1,083 Loans 232,805 234,166 Less allowance for loan losses (3,520) (3,512) Premises and equipment, net 7,003 7,137 Other assets 13,795 13,711 ---------------------------------- TOTAL ASSETS $ 325,512 $ 320,683 ================================== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Non-interest bearing $ 40,919 $ 42,462 Interest bearing 226,934 219,887 ---------------------------------- TOTAL DEPOSITS 267,853 262,349 Federal funds purchased 3,700 5,000 Accrued expenses and other liabilities 4,043 4,197 Other borrowings 23,140 22,646 Common stock subject to repurchase obligation in Employee Stock Ownership Plan, shares outstanding -- 92,948 in 2003 104,841 in 2002 1,604 1,618 Shareholders' equity: Preferred stock, 100,000 shares authorized; none issued or outstanding Common stock, $2.50 par value: Authorized--4,000,000 shares Issued--1,849,349 shares (2002 - 1,864,046) Outstanding--1,756,401 shares (2002 - 1,759,205) 4,391 4,398 Additional paid-in-capital 8,492 8,752 Retained earnings 11,887 11,366 Accumulated other comprehensive income, net of tax 736 793 Unearned Employee Stock Ownership Plan shares (334) (436) ----------------------------- TOTAL SHAREHOLDERS' EQUITY 25,172 24,873 ----------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 325,512 $ 320,683 =============================
(A) The balance sheet at December 31, 2002 has been derived from the audited consolidated financial statements at that date. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) SOUTHERN MICHIGAN BANCORP, INC. AND SUBSIDIARY
Three Months Ended March 31 2003 2002 (In thousands, except per share amounts) Interest income: Loans, including fees $ 3,773 $ 4,044 Securities: Taxable 277 438 Tax exempt 227 252 --------------------------------- Total interest income 4,277 4,734 Interest expense: Deposits 1,011 1,220 Other 432 433 --------------------------------- Total interest expense 1,443 1,653 --------------------------------- NET INTEREST INCOME 2,834 3,081 Provision for loan losses 225 275 --------------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 2,609 2,806 Non-interest income: Service charges on deposit accounts 534 263 Trust fees 139 148 Net securities gains - 4 Net gains on loan sales 568 252 Other 353 147 --------------------------------- 1,594 814 --------------------------------- 4,203 3,620 Non-interest expense: Salaries and benefits 1,644 1,475 Occupancy, net 186 186 Equipment 218 356 Other 1,049 899 --------------------------------- 3,097 2,916 --------------------------------- INCOME BEFORE INCOME TAXES 1,106 704 Federal income taxes 290 141 NET INCOME $ 816 $ 563 ================================= BASIC AND DILUTED EARNINGS PER SHARE $ 0.44 $ 0.30 ================================= DIVIDENDS DECLARED PER SHARE $ 0.16 $ 0.16 =================================
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