Sturgis Bancorp, Inc. Reports Financial Results for First Quarter 2024 [Yahoo! Finance]
STURGIS BANCORP INC (STBI)
NASDAQ:AMEX Investor Relations:
snl.com/irweblinkx/corporateprofile.aspx?iid=4073840
Company Research
Source: Yahoo! Finance
Net loss for the quarter was $(1.97 million). Loss per share of $(0.92). Paid dividend of $0.17 per share. Total assets increased to $925 million. Deposits increased to $807 million. Credit quality remains strong with 99.44% of unguaranteed loans performing according to loan agreements. The Bank maintained strong capital ratios, exceeding "well-capitalized" requirements, with Tier 1 leverage capital at 7.64%. From Jason J. Hyska, Sturgis Bancorp, Inc. Chief Executive Officer "Overall, the Bank is performing well despite the large credit loss. The Bank recognized a large write-off related to one commercial loan relationship. This is the same credit that required a $1.00 million reserve in 4Q23. Overall credit quality remains strong with 99.44% of all unguaranteed loans performing according to loan agreements and the Bank remains well capitalized with a Tier 1 leverage ratio of 7.64%. The Bank continues to grow our deposit base and relationships throughout our footpri
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News
- Sturgis Bancorp, Inc. Declares Quarterly Cash Dividend [Yahoo! Finance]Yahoo! Finance
- Sturgis Bancorp, Inc. Declares Quarterly Cash DividendAccesswire
- Sturgis Bancorp, Inc. Reports Financial Results for First Quarter 2024Accesswire
- Sturgis Bancorp, Inc. Reports Financial Results for 2023 [Yahoo! Finance]Yahoo! Finance
- Sturgis Bancorp, Inc. Reports Financial Results for 2023Accesswire