Sturgis Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended March 31, 2018; Announces Unaudited Consolidated Net Charge-Offs for the Second Quarter Ended March 31, 2018
July 18, 2018 at 08:30 pm IST
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Sturgis Bancorp, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended March 31, 2018. For the quarter, the company reported net interest income was $3,658,000 against $3,163,000 a year ago. Income before income tax expense was $1,342,000 against $1,219,000 a year ago. Net income was $1,154,000 against $939,000 a year ago. Earnings per share were $0.55 against $0.45 a year ago. Return on average assets of 1.07% against 0.94% a year ago. Return on average equity of 11.98% against 10.55% a year ago.
For the six months, the company reported net interest income was $7,013,000 against $6,369,000 a year ago. The growth was primarily due to loan interest income. Income before income tax expense was $2,180,000 against $2,022,000 a year ago. Net income was $1,911,000 against $1,601,000 a year ago. Earnings per share were $0.91 against $0.77 a year ago. Return on average assets of 0.89% against 0.8% a year ago. Return on average equity of 10.07% against 9.12% a year ago.
Net charge-offs were $3,000 in the second quarter of 2018, compared to $24,000 in the second quarter of 2017.
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 Second Quarter and Six Months Ended March 31, 2018; Announces Unaudited Consolidated Net Charge-Offs for the Second Quarter Ended March 31, 2018