Sturgis Bancorp Inc. Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018
October 17, 2018 at 09:20 pm IST
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Sturgis Bancorp Inc. reported consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported total interest income was $4,457,000 against $3,776,000 reported last year. Net interest income was $3,746,000 against $3,232,000 reported last year. Income before income tax expense was $1,408,000 against $914,000 reported last year. Net income was $1,257,000 or $0.60 per share against $739,000 or $0.35 per share reported last year. Return on average equity was 12.58% against 8.14% reported last year. Return on average assets was 1.15% against 0.72% reported last year.
For nine months, the company reported total interest income was $12,664,000 against $11,096,000 reported last year. Net interest income was $10,759,000 against $9,600,000 reported last year. Income before income tax expense was $3,588,000 against $2,936,000 reported last year. Net income was $3,168,000 or $1.51 per share against $2,340,000 or $1.12 per share reported last year. Return on average equity was 11.07% against 8.79% reported last year. Return on average assets was 0.98% against 0.78% reported last year.
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.