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Sturgis Bancorp Inc., headquartered in South Haven, Michigan, United States, is the holding company for Sturgis Bank & Trust Company. The bank offers trust, commercial, and consumer banking services through various banking centers and subsidiaries. With a focus on expanding core business operations and maintaining strong credit quality, Sturgis Bancorp continues to grow its franchise value while providing a full array of financial services.
Sturgis Bancorp, Inc. (OTCQX:STBI) has announced a new leadership structure for its subsidiary, Sturgis Bank and Trust Company, as part of its succession plan. Jason Hyska will become CEO of the Bank, while Matt Scheske is appointed President and COO. Eric Eishen remains as President and CEO of Sturgis Bancorp. The transition is expected to enhance organizational stability and continue the Bank's growth, which includes new branches in Michigan. Hyska and Scheske bring over 45 years of combined experience in banking, emphasizing continued community service and business development.
Sturgis Bancorp, Inc. (OTCQX:STBI) reported a net income of $1.5 million for Q2 2022, up from $1.38 million in Q2 2021. Total assets rose by 4.9% to $783 million, primarily driven by a 13.4% increase in net loans, reaching $615.1 million. Net interest income increased to $5.7 million due to loan interest increases. However, noninterest income fell to $1.8 million, largely impacted by declines in mortgage banking activities. Compensation expenses surged by 26% due to new staffing. The bank maintains strong credit quality, with 99.87% of loans performing well.
Sturgis Bancorp, Inc. (OTCQX:STBI) has declared a cash dividend of $0.17 per common share, payable on September 15, 2022, to stockholders of record on August 15, 2022. This marks the continuation of the quarterly dividend at the highest level in the company's history, reflecting robust earnings and strong asset quality. Sturgis Bancorp operates Sturgis Bank & Trust Company and several subsidiaries, offering comprehensive banking and financial services across multiple locations in Michigan.
Sturgis Bancorp, Inc. (OTCQX: STBI) has declared a cash dividend of $0.17 per common share, payable on June 15, 2022, to stockholders of record on May 13, 2022. This dividend maintains the highest quarterly level in the Company's history, reflecting robust earnings and asset quality. The Company operates through its subsidiaries, offering a variety of banking, investment, and insurance services across multiple locations in Michigan.
Sturgis Bancorp reported a net income of $1.2 million for Q1 2022, a decline from $1.36 million in Q1 2021, primarily due to extraordinary items last year. Net interest income rose by $966,000 to $5.1 million, driven by strong loan growth. Despite strong credit quality, with 99.97% of loans performing, noninterest income fell to $2 million from $2.9 million due to a drop in mortgage banking revenue. Total assets increased 8.2% to $804.3 million.
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.
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