Sturgis Bancorp Stock Price, News & Analysis

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.

Sturgis Bancorp (OTCQX:STBI) declared a cash dividend of $0.17 per common share, marking a continuation of its quarterly dividend at an all-time high due to strong earnings and asset quality. The dividend is payable on March 15, 2023, to stockholders of record on February 15, 2023. Sturgis Bancorp operates Sturgis Bank & Trust Company and its subsidiaries, providing a range of banking and financial services across multiple locations in Michigan. The company emphasizes its commitment to delivering value to shareholders through consistent dividend payments.

Sturgis Bancorp, Inc. (OTCQX:STBI) reported a net income of $2.1 million for Q3 2022, a rise from the previous year, with net income of $4.8 million for the first nine months. Total assets grew by 22.7% to $842.2 million, while net loans surged 47.6% to $669.3 million. Strong credit quality was highlighted, with 99.79% of loans performing as agreed. However, mortgage banking revenue faced challenges due to market conditions. The Bank's expansion into new regions contributed significantly to growth, leveraging customer relationships across its services.

Sturgis Bancorp (OTCQX:STBI) has declared a cash dividend of $0.17 per common share, payable on December 15, 2022, to stockholders of record by November 15, 2022. This decision marks the maintenance of its quarterly dividend at the highest level in the company's history, attributed to strong earnings and asset quality. Sturgis Bancorp operates through its subsidiary, Sturgis Bank & Trust Company, providing a range of banking and financial services across multiple markets in Michigan.

Sturgis Bancorp, Inc. (OTCQX:STBI) has announced a new leadership structure for its subsidiary, Sturgis Bank and Trust Company, as part of its succession plan. Jason Hyska will become CEO of the Bank, while Matt Scheske is appointed President and COO. Eric Eishen remains as President and CEO of Sturgis Bancorp. The transition is expected to enhance organizational stability and continue the Bank's growth, which includes new branches in Michigan. Hyska and Scheske bring over 45 years of combined experience in banking, emphasizing continued community service and business development.

Sturgis Bancorp, Inc. (OTCQX:STBI) reported a net income of $1.5 million for Q2 2022, up from $1.38 million in Q2 2021. Total assets rose by 4.9% to $783 million, primarily driven by a 13.4% increase in net loans, reaching $615.1 million. Net interest income increased to $5.7 million due to loan interest increases. However, noninterest income fell to $1.8 million, largely impacted by declines in mortgage banking activities. Compensation expenses surged by 26% due to new staffing. The bank maintains strong credit quality, with 99.87% of loans performing well.

Sturgis Bancorp, Inc. (OTCQX:STBI) has declared a cash dividend of $0.17 per common share, payable on September 15, 2022, to stockholders of record on August 15, 2022. This marks the continuation of the quarterly dividend at the highest level in the company's history, reflecting robust earnings and strong asset quality. Sturgis Bancorp operates Sturgis Bank & Trust Company and several subsidiaries, offering comprehensive banking and financial services across multiple locations in Michigan.

Sturgis Bancorp, Inc. (OTCQX: STBI) has declared a cash dividend of $0.17 per common share, payable on June 15, 2022, to stockholders of record on May 13, 2022. This dividend maintains the highest quarterly level in the Company's history, reflecting robust earnings and asset quality. The Company operates through its subsidiaries, offering a variety of banking, investment, and insurance services across multiple locations in Michigan.