QualityStocks.net News – Southern Michigan Bancorp Inc. (SOMC.OB) Announces Increase in Q3 Net Income following Acquisition

At www.QualityStocks.Net you can sign up for Quality Stock's Daily Newsletter to find out what Small-Cap and Micro-Cap online Investment Newsletters are interested in, plus hear about the latest news from our clients as well as other publicly traded companies.

We would like to highlight Southern Michigan Bancorp Inc. (OTCBB: SOMC). The company is a two bank holding company. Its subsidiary banks are Southern Michigan Bank & Trust and FNB Financial. Its 19 offices throughout southern Michigan provide a broad range of consumer, business and wealth management services throughout the region.

In the Company’s news today,

Southern Michigan Bancorp Inc. announced its net income for the three month period ended March 31, 2008. The company stated that the results were affected by the acquisition of FNB Financial on December 1, 2007. The company posted net income of $1.2 million, or 52 cents basic and diluted earnings per share, as compared to $978,000, or 55 cents basic and diluted earnings per share, for the same period of 2007.

Following the purchase method of accounting, FNB’s results were included in Southern’s consolidated statements of income from the date of acquisition. Southern recorded additional net loans of $76.8 million, securities of $40.2 million and additional deposits of $118.6 million at the time of the acquisition.

“While we are pleased with our first quarter results, we remain cautious about the balance of 2008. Like many other financial institutions, Southern has felt the impact of the weakened economy on consumers as delinquencies and losses in our mortgage loan portfolio have increased. The decline in local real estate values compounds the problem consumers and financial institutions are facing,” John H. Castle, chairman and CEO of Southern Michigan Bancorp stated in the press release.

About QualityStocks

QualityStocks.net, based in Scottsdale, Arizona is a free service that collects data from hundreds Small-Cap and Micro-Cap online Investment Newsletters into one Free Daily Newsletter Report. QualityStocks.net is dedicated to assisting emerging public companies with their advertising efforts and now has over 500,000+ subscribers that receive The Daily Stock Newsletters.

To sign up for “The QualityStocks Daily Newsletter” please visit www.QualityStocks.net

Please see disclaimer on QualityStocks.net website: http://Disclaimer.QualityStocks.net