Sturgis Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter of 2013
January 28, 2014 at 11:54 am EST
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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.
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 Fourth Quarter and Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter of 2013