Sturgis Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the year, the company's total interest income was $11,922,000 compared to $12,679,000 for the same period of last year. Net interest income was $9,344,000 compared to $9,644,000 for the same period of last year. Income before income tax expense was $1,873,000 compared to $2,370,000 for the same period of last year. Net income was $1,627,000 compared to $1,866,000 for the same period of last year. Earnings per share were $0.8 compared to $0.92 for the same period of last year. Return on average equity was 5.88% compared to 7.18% reported a year ago. Return on average assets was 0.51% compared to 0.59% reported a year ago. The decrease in net interest income is primarily due to the decrease in average earning assets to $271.5 million in 2013 from $276.4 million in 2012.

For the quarter, the company's total interest income was $2,903,000 compared to $3,139,000 for the same period of last year. Net interest income was $2,329,000 compared to $2,409,000 for the same period of last year. Income before income tax expense was $183,000 compared to $335,000 for the same period of last year. Net income was $222,000 compared to $345,000 for the same period of last year. Earnings per share were $0.11 compared to $0.17 for the same period of last year. Return on average equity was 3.13% compared to 5.11% reported a year ago. Return on average assets was 0.28% compared to 0.44% reported a year ago. The decrease in net interest income is primarily due to reductions in average interest-earning assets.

Net charge-offs for the fourth quarter of 2013 were $143,000 compared to $827,000 a year ago.