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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. (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%.