Sturgis Bancorp, Inc. (STBI)

Sturgis Bancorp Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	42.53	37.96	26.55	21.74	19.15
Interest Income on Investments	4.21	2.81	2.36	1.94	2.27
Total Interest Income	46.74	40.77	28.91	23.68	21.42
Interest Paid on Deposits	15.17	10.73	2.65	2.53	2.26
Interest Paid on Borrowings	3.55	1.54	1.84	1.59	1.32
Total Interest Expense	18.72	12.27	4.49	4.12	3.58
Net Interest Income	28.02	28.5	24.42	19.57	17.84
Net Interest Income Growth (YoY)	-1.70%	16.70%	24.83%	9.66%	11.23%
Trust Income	0.47	0.37	0.41	0.51	0.37
Mortgage Banking Activities	1.82	1.48	1.39	3.55	4.79
Gain (Loss) on Sale of Investments	-	-	-	-	0.16
Gain (Loss) on Sale of Equity Investments	0.37	0.22	0.35	0.49	-
Other Non-Interest Income	7.35	6.78	4.9	5.09	4.01
Total Non-Interest Income	10.08	8.91	7.05	9.7	9.33
Non-Interest Income Growth (YoY)	13.15%	26.36%	-27.31%	3.93%	69.51%
Revenues Before Loan Losses	38.1	37.41	31.47	29.26	27.17
Provision for Loan Losses	4.59	1.27	-	1.07	2.9
Revenue	33.51	36.14	31.47	28.19	24.28
Revenue Growth (YoY)	-7.27%	14.83%	11.65%	16.12%	14.18%
Salaries and Employee Benefits	17.68	17.46	14.8	12.67	10.35
Occupancy Expenses	4.26	3.74	3.14	2.55	2.15
Federal Deposit Insurance	0.74	0.68	0.36	0.27	0.32
Selling, General & Administrative	2.73	2.24	1.36	1.82	1.56
Other Non-Interest Expense	4.95	4.87	3.81	3.2	2.63
Total Non-Interest Expense	30.35	28.98	23.48	20.51	17.02
EBT Excluding Unusual Items	3.16	7.16	7.99	7.68	7.26
Pretax Income	3.16	7.16	7.99	7.68	7.26
Income Tax Expense	0.32	1.14	1.37	1.33	1.25
Net Income	2.84	6.02	6.62	6.34	6.01
Net Income to Common	2.84	6.02	6.62	6.34	6.01
Net Income Growth	-52.89%	-9.09%	4.35%	5.63%	21.90%
Basic Shares Outstanding	2	2	2	2	2
Diluted Shares Outstanding	2	2	2	2	2
Shares Change (YoY)	0.28%	0.29%	0.31%	0.66%	0.34%
EPS (Basic)	1.32	2.81	3.10	2.98	2.84
EPS (Diluted)	1.32	2.81	3.10	2.98	2.84
EPS Growth	-53.02%	-9.35%	4.03%	4.93%	21.49%
Dividend Per Share	0.680	0.680	0.680	0.640	0.640
Dividend Growth	-	-	6.25%	-	6.67%
Effective Tax Rate	10.23%	15.91%	17.19%	17.34%	17.26%

Source: S&P Global Market Intelligence. Banks template. Financial Sources.