STURGIS BANCORP INC - STBI STOCK NEWS

Sturgis Bancorp, Inc. (OTCQX:STBI) announced net income of $3.2 million for Q3 2023 and $6.4 million for the first nine months of 2023. Credit quality remains strong, with 99.46% of loans performing according to loan agreements. Total assets increased 3.8% to $897.4 million during the first nine months of 2023. Net loans increased 5.0% to $734.6 million during the first nine months of 2023. Total non-brokered deposits increased 8.8% to $718.1 million during the first nine months of 2023.

STURGIS, MI / ACCESSWIRE / April 26, 2023 / Sturgis Bancorp, Inc. (OTCQX:STBI) reported a net income of $1.5 million for Q1 2023, a 28.1% increase from $1.2 million in the same quarter of 2022. Earnings per share rose to $0.72 from $0.57 year-over-year, primarily driven by a $2.1 million increase in net interest income, totaling $7.1 million. The company's total assets grew to $873.9 million, with net loans increasing by $5.5 million, reflecting robust performance in residential mortgages. However, noninterest income decreased to $1.7 million due to lower mortgage banking activities. Credit quality remains high with 99.8% of loans performing. The Bank's capital ratios exceed regulatory requirements, affirming financial stability. Despite challenges from rising interest rates impacting mortgage revenue, other fee revenues are on the rise, contributing positively to overall business expansion.

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.