Sturgis Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $3,886,000 against $3,613,000 a year ago. Net interest income of $3,343,000 against $3,141,000 a year ago. The increase is primarily due to growth in average interest-earning assets. Net interest income after provision for loan losses was $3,374,000 against $3,068,000 a year ago. Income before income tax expense was $335,000 against $853,000 a year ago. Net income was $828,000 or $0.40 per share against $695,000 or $0.33 per share a year ago. Return on average equity was 8.94% against 8.34% a year ago. Return on average assets was 0.81% against 0.70% a year ago.

For the year, the company reported total interest income of $14,982,000 against $14,132,000 a year ago. Net interest income was $12,944,000 against $12,316,000 a year ago. Net interest income after provision for loan losses was $13,157,000 against $11,959,000 a year ago. Income before income tax expense was $3,270,000 against $3,320,000 a year ago. Net income was $3,168,000 or $1.52 per share against $2,662,000 or $1.28 per share a year ago. The increase in net interest income is primarily due to growth in loans. Return on average equity was 8.83% against 8.09% a year ago. Return on average assets was 0.78% against 0.69% a year ago. Book value per share increased to $17.78 at December 31, 2017 from $16.65 at December 31, 2016.

For the fourth quarter, the company reported net charge-offs of $5,000 compared to $107,000 a year ago.