STURGIS BANCORP INC - STBI STOCK NEWS

Sturgis Bancorp, Inc. (OTCQX:STBI) has announced a quarterly cash dividend of $0.17 per common share, payable on December 13, 2024, to stockholders of record as of November 15, 2024. This dividend maintains the highest level in the company's history.

Sturgis Bancorp is the holding company for Sturgis Bank & Trust Company and its subsidiaries, offering a range of banking and financial services. The Bank operates in multiple locations across Michigan, providing trust, commercial, and consumer banking services. Its subsidiaries offer investment advisory, mortgage, insurance, and title services.

Sturgis Bancorp, Inc. (OTCQX:STBI) reported its financial results for the third quarter of 2024. Key highlights include:

- Net income of $1.5 million
- Earnings per share of $0.72
- Paid dividend of $0.17 per share
- Total assets increased to $948 million
- Deposits increased to $809 million
- 98.34% of loans performing according to agreements
- Tier 1 leverage capital at 7.71%

The company faced challenges due to the economic environment and political climate. Net income increased from Q2 2024 but decreased compared to Q3 2023. Net interest income saw a slight increase from Q2 2024 but decreased compared to Q3 2023. The company maintained strong credit quality and capital ratios, exceeding 'well-capitalized' requirements.

Sturgis Bancorp, Inc. (OTCQX:STBI) has declared a quarterly cash dividend of $0.17 per common share, payable on September 13, 2024, to stockholders of record as of August 15, 2024. This dividend maintains the highest level in the company's history. Sturgis Bancorp is the holding company for Sturgis Bank & Trust Company and its subsidiaries, offering a range of banking and financial services across multiple locations in Michigan.

Sturgis Bancorp (OTCQX:STBI) reported financial results for Q2 2024. Key highlights include:

• Net income of $1.3 million, rebounding from Q1's $2.0 million loss
• Earnings per share of $0.60
• Paid dividend of $0.17 per share
• Total assets increased to $942 million
• Deposits decreased to $800 million

The bank maintained strong capital ratios, with Tier 1 leverage capital at 7.66%. Credit quality remains robust, with 99.20% of unguaranteed loans performing. Net interest income increased 0.68% from Q1 to $6.84 million, while noninterest income decreased 29.35% to $2.2 million. The bank's CEO noted challenges in the current economic environment but emphasized focus on credit quality and margin management.

Sturgis Bancorp, Inc. (STBI) declares a quarterly cash dividend of $0.17 per common share, maintaining the highest dividend level in the company's history. The dividend is payable on June 14, 2024, to stockholders of record as of May 15, 2024.

Sturgis Bancorp, Inc. reported a net loss of $(1.97 million) for the first quarter of 2024, with a loss per share of $(0.92). Despite the large credit loss, credit quality remains strong with 99.44% of unguaranteed loans performing as per agreements. Total assets increased to $925 million, deposits rose to $807 million, and the Bank maintained well-capitalized status with a Tier 1 leverage capital of 7.64%. The Bank's entrance into new markets led to growth in deposit base and relationships, with a focus on overall financial services. Income statement highlights show a decrease in net interest income, while noninterest income increased significantly. Noninterest expenses decreased, and the balance sheet saw increases in total assets, securities, net loans, and total deposits.

Sturgis Bancorp, Inc. (STBI) announced financial results for Q4 and year-end 2023, revealing a net loss in Q4 but a net income for the year. Credit quality remains strong, with 98.60% of loans performing. The Bank maintained strong capital ratios and saw increases in total assets, net loans, and total deposits. CEO Jason J. Hyska highlighted challenges faced, including a loss due to a large commercial relationship, one-time compensation expenses, and expectations for 2024. Noninterest income from mortgage banking activities and fee income contributed positively to net income diversification.

Sturgis Bancorp, Inc. (STBI) declared a cash dividend of $0.17 per common share, continuing the highest quarterly dividend in the company's history. The company is the holding company for Sturgis Bank & Trust Company and its subsidiaries, offering a full array of financial services. The dividend is payable on March 15, 2024, to stockholders of record on February 15, 2024.

Sturgis Bancorp, Inc. (STBI) announced the retirement of Eric L. Eishen after 45 years of service to Sturgis Bank. The planned succession process started in July 2022, with Jason Hyska as CEO and Matt Scheske as president. Hyska is now appointed president and CEO. Eishen's leadership and vision contributed to bank growth, and he leaves the bank in capable hands. Eishen's contributions have been recognized with numerous awards, and the bank continues to be committed to the philosophy of the four stakeholders: customers, community, employees, and shareholders.