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.