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Sturgis Bancorp, Inc. Reports Financial Results for Third Quarter 2026

ACCESS Newswire

STURGIS, MI / October 22, 2026 / Sturgis Bancorp, Inc. (OTCQX:STBI) today reported for the third quarter of 2026:

Tier 1 Capital

The Bank maintained strong capital ratios, exceeding well capitalized requirements, with Tier 1 leverage capital at 9.21%.

Key Quarterly Highlights

  • Net income was $2.5 million.

  • Earnings per share of $1.17.

  • Paid dividend of $0.18 per share.

  • Total assets increased to $1.1 billion.

From Jason J. Hyska, Sturgis Bancorp, Inc. Chief Executive Officer

"The Bank had a solid third quarter. Earnings growth and tax equivalent net interest margin are up YTD 2026, compared to 2025, while credit quality remains on solid footing. Bancorp also completed a Subordinate Debt Raise that gave the Bank additional capital as we continue market expansion. The Bank recently purchased real estate for a new branch location in Paw Paw, Michigan that will help solidify our footprint in Van Buren County. We expect this full-service office to open late 2027. The Community Banking model is very much alive and well. The Bank will continue to strategically explore geographic areas where we believe a Community Bank can thrive and put the additional capital to work for our shareholders."

Quarterly Income Statement Highlights

  • Net income for the quarter (3Q26) was $2.5 million, similar to last quarter's (2Q26) $2.5 million net income and up from $2.4 million net income for the same quarter of the prior year (3Q25).

  • Earnings per share were $1.17 for 3Q26, $1.16 for 2Q26, and $1.09 for 3Q25.

  • Tax equivalent net interest margin decreased to 3.72% for 3Q26 from 3.77% from 2Q26, while increasing from 3.54% for 3Q25.

  • Net interest income was $8.9 million during 3Q26, a 2.06% increase from 2Q26's $8.8 million and a 7.71% increase from 3Q25's $8.3 million. These increases were primarily due to interest and dividend income from taxable securities of $1.9 million in 3Q26, compared to income of $1.2 million in 3Q25, as debt securities have increased over the past year.

  • The provision for credit losses was $45,000 for 3Q26, while 2Q26 and 3Q25 reported reversals to the provision of ($688,000) and ($62,000), respectively. The 2Q26 reversal was substantially related to a $40.1 million sale of residential mortgages, which reduced the overall loan portfolio as a whole.

  • Noninterest income totaled $2.8 million during 3Q26, a 31.67% increase from 2Q26's $2.1 million, and a 13.75% increase from 3Q25's $2.4 million.

  • Noninterest expenses totaled $8.5 million during 3Q26, a 1.16% increase from 2Q26's $8.4 million, and an 8.16% increase from 3Q26's $7.9 million.

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