Sturgis Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016
January 20, 2017 at 09:30 am
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Sturgis Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net interest income of $3,141,000 against $2,953,000 a year ago. Income before income tax expense was $853,000 against $1,063,000 a year ago. Net income was $695,000 or $0.33 per share against $824,000 or $0.40 per share a year ago. Return on average equity was 8.34% against 10.16% a year ago. Return on average assets was 0.70% against 0.90% a year ago. Total interest income was $3,613,000 against $3,390,000 a year ago. The primary component of the decrease was provision for loan losses.
For the year, the company reported net interest income of $12,316,000 against $10,749,000 a year ago. Income before income tax expense was $3,320,000 against $2,906,000 a year ago. Net income was $2,662,000 or $1.28 per share against $2,460,000 or $1.19 per share a year ago. Return on average equity was 8.09% against 7.86% a year ago. Return on average assets was 0.69% against 0.70% a year ago. Total interest income was $14,132,000 against $12,630,000 a year ago. The increase in net interest income is primarily due to growth in loans and investments. Book value per share increased to $16.61 at December 31, 2016 from $15.70 at December 31, 2015.
The company reported net charge-offs for the fourth quarter of 2016 were $107,000, compared to net recoveries of $133,000 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. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016