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. (OTCQX: STBI) is the holding company for Sturgis Bank & Trust Company and related financial services subsidiaries, including Oakleaf Financial Services, Oak Mortgage, Ayres/Oak Insurance, and Oak Title Services. This news page collects company-issued updates and market announcements related to STBI stock and its banking and financial activities.
Readers can find detailed earnings releases where Sturgis Bancorp, Inc. reports net income, earnings per share, net interest income, noninterest income, and noninterest expenses, along with balance sheet information such as total assets, loans, deposits, borrowed funds, and equity. The company’s commentary often highlights relationship banking, deposit gathering, net interest margin trends, and changes in wholesale funding like Federal Home Loan Bank advances and brokered certificates of deposit.
Dividend announcements are a recurring feature of Sturgis Bancorp, Inc. news. The Board of Directors has repeatedly declared quarterly cash dividends of $0.17 per common share, and the company notes that this represents the highest quarterly dividend level in its history. These releases provide record dates, payment dates, and context for the dividend policy.
Additional news items may cover board leadership updates, including changes in the chair and vice chair roles of the Sturgis Bancorp and Sturgis Bank boards, as well as other corporate governance developments. By reviewing this page, investors and observers can follow the company’s reported financial performance, capital and funding commentary, and regular dividend declarations as disclosed in its official news releases.
Sturgis Bancorp (OTCQX:STBI) reported a net income of $1.8 million for Q3 2021, up from $1.6 million in Q3 2020. For the first nine months of 2021, net income reached $4.6 million, compared to $4.4 million in the same period last year. Total assets increased by 11.7% to $719 million, with net loans rising 14.3%. Despite a strong credit quality with 99.85% of loans performing, noninterest income fell to $1.6 million in Q3 2021 from $2.6 million in 2020, driven by lower mortgage banking activities. The bank also increased its non-brokered deposits by 22% to $545.1 million.
Sturgis Bancorp, Inc. (OTCQX:STBI) reported net income of $1.4 million for Q2 2021 and $2.7 million for the first half of the year. Total assets increased 9.8% to $706.7 million, with net loans up 12.2% to $499.2 million. The company maintained strong capital ratios, with a Tier 1 leverage capital of 8.62%. While noninterest income saw a decline, earnings were bolstered by strong mortgage banking activity and a $407,000 gain from an interest rate swap termination. Total equity rose to $49.8 million.
Sturgis Bancorp, Inc. (OTCQX:STBI) announced a quarterly cash dividend of $0.16 per common share, to be paid on September 15, 2021, to stockholders of record by August 13, 2021. This dividend declaration marks the highest level in the company's history, reflecting strong earnings. Sturgis Bancorp serves as the holding company for Sturgis Bank & Trust Company and its subsidiaries, providing a range of banking and financial services across multiple locations in Michigan.
Sturgis Bancorp reported net income of $1.4 million for Q1 2021, a decline of 9.6% from $1.5 million in Q1 2020, largely due to a higher provision for loan losses linked to COVID uncertainty. Total assets rose 10.2% to $709 million, with net loans increasing 6.7% to $475.1 million. Significant gains included $1.1 million from mortgage sales and a $407,000 profit from an interest rate swap termination. The tax equivalent net interest margin fell to 2.78% from 3.72%. The company's strong capital ratios exceed "well-capitalized" requirements, with Tier 1 leverage capital at 8.59%.
Sturgis Bancorp (OTCQX:STBI) has declared a cash dividend of $0.16 per common share, payable on June 15, 2021 to stockholders of record by May 14, 2021. This marks a continuation of quarterly dividends at the highest level in the company's history, reflecting strong earnings. Sturgis Bancorp serves as a holding company for Sturgis Bank & Trust Company and its subsidiaries, offering comprehensive banking and financial services across multiple locations in Michigan.
Sturgis Bancorp, Inc. (STBI) reported a net income of $4.4 million for the first nine months of 2020, marking a 20% increase from the previous year. The third quarter alone saw a net income of $1.6 million. Total assets rose 27.8% to $604.7 million, with loans increasing by 23.4% to $435.1 million. The company facilitated $35.9 million in PPP loans for 563 borrowers. However, net interest margin declined to 3.41%. Expenses increased by 8.3%.