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. reports recurring developments tied to its role as the holding company for Sturgis Bank & Trust Company, a Michigan community bank offering trust, commercial, and consumer banking services. Company updates also describe related financial-advisory, insurance, and title services provided through subsidiaries including Oakleaf Financial Services, Ayres/Oak Insurance, and Oak Title Services.
News themes for STBI include quarterly and annual operating results, net interest income, net interest margin, loan and deposit trends, credit quality, allowance activity, capital ratios, service-cost changes, and the bank's relationship-banking strategy. The company also issues regular dividend announcements for its common stock traded on OTCQX.
Sturgis Bancorp, Inc. (OTCQX:STBI) has appointed Keene Taylor to its Boards of Directors. Taylor, a longtime businessman and community leader in Southwest Michigan, brings significant banking and real estate experience. He has been part of the St. Joseph Banking Center Community Advisory Board since June 2020, focusing on local needs. CEO Eric Eishen noted Taylor's role will enhance strategic goals and community engagement, reinforcing the bank's commitment to customer care and shareholder value.
Sturgis Bancorp announced a net income of $6.3 million for 2021, a 5.6% increase from 2020, and $1.8 million for Q4 2021. Earnings per share rose to $2.98 in 2021 from $2.84 in 2020. Total assets increased 16.8% to $751.7 million, with net loans rising 21.8% to $542.2 million. Noninterest expense grew due to increased staffing for expansion in southwest Michigan. The Bank's capital ratios remain strong, with Tier 1 leverage at 8.75%. The quarterly dividend was increased to $0.17 per share in Q1 2022.
Sturgis Bancorp (OTCQX:STBI) has declared a cash dividend of $0.17 per common share, marking the highest quarterly dividend in its history. This dividend is payable on March 15, 2022, for shareholders on record as of February 15, 2022. The increase in dividend reflects the company's strong earnings and asset quality. Sturgis Bancorp operates various subsidiaries providing comprehensive banking and financial services across multiple Michigan locations.
Sturgis Bancorp, Inc. (OTCQX:STBI) announced the resignation of John Wiedlea from its boards, effective immediately. Wiedlea, who served on the boards since 2006, emphasized the importance of allowing new talent to emerge for the organization's continued success. President and CEO Eric L. Eishen acknowledged Wiedlea's contributions and leadership, particularly his commitment to community projects. Following Wiedlea's resignation, Vice Chairman David L. Franks was elected as the new Chairman of Sturgis Bancorp, Inc.
Sturgis Bancorp (OTCQX:STBI) announced a cash dividend of $0.16 per common share, set to be paid on December 15, 2021, to stockholders of record by November 15, 2021. This dividend reflects the highest level in the Company's history and acknowledges robust earnings performance. Sturgis Bancorp operates Sturgis Bank & Trust Company and subsidiaries, providing a range of banking and financial services across several Michigan locations. The release includes forward-looking statements regarding future performance and associated risks.
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.