Sturgis Bancorp, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2022
January 23, 2023
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Sturgis Bancorp, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2022. For the fourth quarter, the company reported net income was USD 1.87 million compared to USD 1.78 million a year ago. Basic earnings per share from continuing operations was USD 0.87 compared to USD 0.83 a year ago.
For the full year, net interest income was USD 24.42 million compared to USD 19.57 million a year ago. Net income was USD 6.62 million compared to USD 6.34 million a year ago. Basic earnings per share from continuing operations was USD 3.1 compared to USD 2.98 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.