STURGIS, MI / ACCESSWIRE / October 31, 2022 / Sturgis Bancorp, Inc. (OTCQX:STBI) today announced net income of $2.1 million for the third quarter of 2022 and $4.8 million for the first nine months of 2022.

Sturgis Bancorp is the holding company for Sturgis Bank & Trust Company (Bank) and its subsidiaries Oakleaf Financial Services, Oak Mortgage, Ayres/Oak Insurance and Oak Title Services. The bank offers a full range 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 offers a full range of investment and financial advisory services. Oak Mortgage offers residential mortgages in all of the bank’s markets. Ayres/Oak Insurance offers a variety of competitive commercial and consumer insurance products. Oak Title Services offers commercial and consumer title insurance.

Key Highlights:

• Net income for the third quarter of 2022 was $2,097,000, an increase of $271,000. The increase from 2021 was primarily net interest income, which increased by $742,000.
• The credit quality is very high as 99.79% of the loans are executed according to the loan agreements. The allowance for loan losses was 1.05% of loans as of September 30, 2022 compared to 1.28% as of December 31, 2021. Net charge-offs were ($100,000) in the first nine months of 2022 compared to $209,000 in the first nine months of 2021.
• The bank maintained strong capital ratios, exceeding “well capitalized” requirements with Tier 1 leveraged capital of 8.25%.
• Residential mortgage sales of $35.7 million generated $1.2 million in interest-free income for the first nine months of 2022, compared to $2.1 million for sales of $89.1 million in the first nine months of 2021.
• Total assets increased 22.7% to $842.2 million in the first nine months of 2022.
• Loans, net, increased 47.6% to $669.3 million in the first nine months of 2022, including an increase in…