Southern Michigan Bancorp, Inc. Announces Fourth Quarter And Full Year 2016 Earnings

This press release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and Southern Michigan Bancorp, Inc. Forward-looking statements are identifiable by words or phrases such as "continued", "anticipated", "long term", "strategic", "objectives", "trends", "planned" and other similar words or expressions.  All statements with reference to a future time period are forward-looking.  Management's determination of the provision and allowance for loan losses and other accounting estimates, such as the carrying value of goodwill, other real estate owned and mortgage servicing rights and the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment), involves judgments that are inherently forward-looking.  There can be no assurance that future loan losses will be limited to the amounts estimated.  Our ability to meet the challenges presented by economic and regulatory conditions, realize our long term strategic objectives, sell other real estate owned at its carrying value or at all, successfully implement new programs and initiatives, increase efficiencies, maintain our current level of deposits and other sources of funding, respond to declines in collateral values and credit quality, and improve profitability is not entirely within our control and is not assured.  The future effect of changes in the financial and credit markets and the national and regional economy on the banking industry, generally, and Southern Michigan Bancorp, Inc., specifically, are also inherently uncertain.  These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extend, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed in or implied by such forward-looking statements. Southern Michigan Bancorp, Inc. does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

SOUTHERN MICHIGAN BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share data)	December 31,
	2016			2015
ASSETS
Cash	$	3,966		$	3,642
Due from banks		12,354			9,845
Cash and cash equivalents		16,320			13,487
Federal funds sold		18,486			6,941
Securities available for sale		109,963			97,150
Loans held for sale		84			328
Loans, net of allowance for loan losses of $4,842 - 2016 ($5,273 - 2015)		444,973			416,716
Premises and equipment, net		12,798			12,685
Accrued interest receivable		2,871			2,517
Cash surrender value of life insurance		14,422			11,939
Goodwill		13,422			13,422
Other intangible assets, net		229			489
Other assets		7,964			7,097
Total Assets	$	641,532		$	582,771
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits
Non-interest bearing	$	107,410		$	101,186
Interest bearing		428,435			376,299
Total deposits		535,845			477,485
Securities sold under agreements to repurchase and overnight         borrowings		13,311			15,943
Accrued expenses and other liabilities		6,890			6,419
Other borrowings		10,200			10,000
Subordinated debentures		5,155			5,155
Total Liabilities		571,401			515,002
Shareholders' equity
Preferred stock, 100,000 shares authorized; none issued or outstanding		-			-
Common stock, $2.50 par value:
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