Welcome to our dedicated page for Sturgis Bancorp news (Ticker: STBI), a resource for investors and traders seeking the latest updates and insights on Sturgis Bancorp stock.
Sturgis Bancorp, Inc. (STBI) operates as a community-focused financial holding company providing commercial banking, trust services, and mortgage solutions through its Michigan-based subsidiaries. This page serves as the definitive source for corporate announcements, financial disclosures, and operational updates impacting stakeholders.
Access timely information on earnings reports, leadership changes, and strategic initiatives across STBI's banking network. Investors will find essential updates on dividend declarations, regulatory filings, and market expansion efforts, while customers can track service enhancements and community partnership developments.
Our curated news collection covers:
• Quarterly financial results and SEC filings
• Product launches across banking/insurance verticals
• Leadership appointments and governance updates
• Regulatory compliance and risk management developments
• Community reinvestment initiatives in served markets
Bookmark this page for ongoing access to verified STBI updates. Combine monitoring of these releases with fundamental analysis tools for comprehensive investment research.
Sturgis Bancorp, Inc. (OTCQX:STBI) reported its financial results for the third quarter of 2024. Key highlights include:
- Net income of $1.5 million
- Earnings per share of $0.72
- Paid dividend of $0.17 per share
- Total assets increased to $948 million
- Deposits increased to $809 million
- 98.34% of loans performing according to agreements
- Tier 1 leverage capital at 7.71%
The company faced challenges due to the economic environment and political climate. Net income increased from Q2 2024 but decreased compared to Q3 2023. Net interest income saw a slight increase from Q2 2024 but decreased compared to Q3 2023. The company maintained strong credit quality and capital ratios, exceeding 'well-capitalized' requirements.
Sturgis Bancorp, Inc. (OTCQX:STBI) has declared a quarterly cash dividend of $0.17 per common share, payable on September 13, 2024, to stockholders of record as of August 15, 2024. This dividend maintains the highest level in the company's history. Sturgis Bancorp is the holding company for Sturgis Bank & Trust Company and its subsidiaries, offering a range of banking and financial services across multiple locations in Michigan.
Sturgis Bancorp (OTCQX:STBI) reported financial results for Q2 2024. Key highlights include:
- Net income of $1.3 million, rebounding from Q1's $2.0 million loss
- Earnings per share of $0.60
- Paid dividend of $0.17 per share
- Total assets increased to $942 million
- Deposits decreased to $800 million
The bank maintained strong capital ratios, with Tier 1 leverage capital at 7.66%. Credit quality remains robust, with 99.20% of unguaranteed loans performing. Net interest income increased 0.68% from Q1 to $6.84 million, while noninterest income decreased 29.35% to $2.2 million. The bank's CEO noted challenges in the current economic environment but emphasized focus on credit quality and margin management.
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