Sturgis Bancorp Reports Earnings for First Quarter 2015
(firmenpresse) - STURGIS, MI -- (Marketwired) -- 05/05/15 -- . (OTCQX: STBI) today announced net income of $397,000 for the first quarter of 2014.
Sturgis Bancorp is the holding company for (Bank), and its subsidiaries and Sturgis Bancorp provides a full array of trust, commercial and consumer banking services from 12 banking centers in Sturgis, Bangor, Bronson, Centreville, Climax, Colon, South Haven, Three Rivers and White Pigeon, Mich. Oakleaf Financial Services offers a complete range of investment and financial advisory services. Oak Mortgage offers residential mortgages in all markets of the Bank.
Key Highlights for the first quarter of 2015:
Net income for the first quarter of 2015 decreased to $397,000, compared to $547,000 for the first quarter of 2014, primarily due to smaller negative provision to the allowance for loan losses and higher pension funding.
The Bank maintained strong capital ratios, exceeding "well-capitalized" requirements, with Tier 1 capital at 9.44%. Total capital at March 31, 2015 was 15.61% of risk-weighted assets.
Nonaccrual and past due loans decreased.
Total deposits increased 7.4% to $251.6 million, mostly in temporary municipal deposits.
Allowance for loan losses was 1.47% of loans, up slightly from 1.43% at the end of 2014.
- Net income for the three months ended March 31, 2015 was $397,000, or $0.19 per share, compared to net income of $574,000, or $0.27 per share, for the three months ended March 31, 2014. The tax equivalent net interest margin decreased to 3.53% in 2015 from 3.60% in 2014.
Noninterest income was $1.4 million in the first quarter of 2015, compared to $1.1 million in the first quarter of 2014. Commission income increased $95,000 to $493,000 in 2015. Trust fee income increased $63,000 to $151,000 in 2015. Gain on sale of real estate increased to $71,000 in 2015, compared to a net loss of ($9,000) in 2014.
Noninterest expense was $3.4 million in 2015, compared to $3.0 million in 2014. Compensation expense increased $261,000, primarily due to pension funding. The Company made an elective additional contribution to fund pension liabilities in 2015, which increased expense by $166,000. Real estate owned expense increased to $141,000 in 2015, compared to $72,000 in 2014.
The Company provided ($85,000) to the allowance for loan losses in the first three months of 2015, compared to ($214,000) in the same quarter of 2014. Net charge-offs were ($17,000) in 2015, compared to $121,000 in 2014.
Total assets increased to $330.5 million at March 31, 2015 from $312.5 million at December 31, 2014, primarily in cash and cash equivalents. Loans decreased $1.2 million from December 31, 2014. Most of the decrease in loans was in and Commercial Real Estate Loans.
Noninterest-bearing deposits increased to $53.2 million at March 31, 2015 from $51.4 million at December 31, 2014. Interest-bearing deposits also increased to $198.4 million at March 31, 2015 from $182.9 million at December 31, 2014. These increases in deposit accounts are typical for the first quarter of each year, as municipalities deposit property tax revenues. Municipalities historically have either used or reinvested those funds elsewhere during the second quarter of the year, and Management expects that pattern to continue for 2015.
Total equity was $30.7 million at March 31, 2015, compared to $30.4 million at December 31, 2014. Book value per share increased to $14.83 ($11.68 tangible) at March 31, 2015 from $14.66 ($11.51 tangible) at December 31, 2014.
This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include statements regarding intent, belief, outlook, objectives, efforts, estimates or expectations of Bancorp, primarily with respect to future events and the future financial performance of the Bancorp. Any such forward-looking statements are not guarantees of future events or performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement. Factors that could cause a difference between an ultimate actual outcome and a preceding forward-looking statement include, but are not limited to, changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; government and regulatory policy changes; the outcome of any pending and future litigation and contingencies; trends in consumer behavior and ability to repay loans; and changes of the world, national and local economies. Bancorp undertakes no obligation to update, amend or clarify forward-looking statements as a result of new information, future events, or otherwise. The numbers presented herein are unaudited.
For additional information, visit our website at .
Contacts:
Sturgis Bancorp
Eric Eishen
President & CEO
or
Brian P. Hoggatt
CFO
P: 269 651-9345
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Datum: 05.05.2015 - 13:29 Uhr
Sprache: Deutsch
News-ID 1356673
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