Sturgis Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 29, 2018 at 09:39 pm
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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.
Sturgis Bancorp, Inc. is the holding company for Sturgis Bank & Trust Company (Bank), and its subsidiaries Oakleaf Financial Services, Inc., Oak Mortgage, LLC, Ayres/Oak Insurance, and Oak Title Services. The Bank provides an array of trust, commercial and consumer banking services from banking centers in Sturgis, Bangor, Bronson, Centreville, Climax, Colon, Niles, Portage, South Haven, St. Joseph, Three Rivers and White Pigeon, MI. Oakleaf Financial Services, Inc., offers a range of investment and financial-advisory services. Oak Mortgage, LLC offers residential mortgages in all markets of the Bank. Ayres/Oak Insurance offers various competitive commercial and consumer insurance products. Oak Title Services offers commercial and consumer title insurance. The Bank offers a range of personal banking, business banking, Internet banking and wealth management services.
Sturgis Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017