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, MI / ACCESSWIRE / April 26, 2023 / Sturgis Bancorp, Inc. (OTCQX:STBI) reported a net income of $1.5 million for Q1 2023, a 28.1% increase from $1.2 million in the same quarter of 2022. Earnings per share rose to $0.72 from $0.57 year-over-year, primarily driven by a $2.1 million increase in net interest income, totaling $7.1 million. The company's total assets grew to $873.9 million, with net loans increasing by $5.5 million, reflecting robust performance in residential mortgages. However, noninterest income decreased to $1.7 million due to lower mortgage banking activities. Credit quality remains high with 99.8% of loans performing. The Bank's capital ratios exceed regulatory requirements, affirming financial stability. Despite challenges from rising interest rates impacting mortgage revenue, other fee revenues are on the rise, contributing positively to overall business expansion.
Sturgis Bancorp, Inc. (OTCQX:STBI) has declared a cash dividend of $0.17 per common share, payable on June 15, 2023, to stockholders of record by May 15, 2023. This marks the continuation of the quarterly dividend at the highest level in the company's history, attributed to strong earnings and asset quality.
Sturgis Bancorp operates through Sturgis Bank & Trust Company and its subsidiaries, providing a diverse range of banking and financial services across multiple locations in Michigan.
For additional updates, visit www.sturgis.bank.
Sturgis Bancorp, Inc. (OTCQX:STBI) reported a net income of $6.6 million for 2022, up from $6.3 million in 2021, with earnings per share climbing from $2.98 to $3.10. In Q4 2022, net income reached $1.9 million, or $0.87 per share, compared to $1.8 million in Q4 2021. Total assets grew 17.6% to $864.8 million, driven by a 29.0% increase in net loans. However, noninterest income fell to $7.0 million due to decreased mortgage banking activities. The bank maintained strong credit quality, with 99.7% of loans performing well. Total dividends paid were $1.5 million, with a book value per share of $24.53.
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