Sturgis Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Reports Net Charge-Offs for the First Quarter Ended March 31, 2018
April 23, 2018 at 11:28 pm IST
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Sturgis Bancorp, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company's net income was USD 756,000 or USD 0.36 per share compared to USD 662,000 or USD 0.32 per share a year ago. Total interest income was USD 3,932,000 compared to USD 3,673,000 a year ago. Net interest income was USD 3,355,000 compared to USD 3,206,000 a year ago. Net interest income after provision for loan losses was USD 3,233,000 compared to USD 3,341,000 a year ago. Income before income tax expense was USD 838,000 compared to USD 802,000 a year ago. Return on average assets was 0.72% against 0.67% a year ago. Return on average equity was 8.11% against 8.10% a year ago. Net income increased 14% compared to the first quarter of 2017, primarily due to higher net interest income. The growth in net interest income was primarily due to loan interest income, which increased by USD 196,000 to USD 3.4 million. Book value per share increased to USD 18.19 at March 31, 2018 from USD 17.78 at December 31, 2017. Tangible book value per share increased to USD 14.75 at March 31, 2018 from USD 14.35 at December 31, 2017.
For the quarter, the company reported net charge-offs of USD 2,000 compared to USD 72,000 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. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Reports Net Charge-Offs for the First Quarter Ended March 31, 2018
STURGIS BANCORP, INC. 
