Sturgis Bancorp, Inc. (STBI)

Sturgis Bancorp Income Statement

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

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Jun 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	40.69	37.96	26.55	21.74	19.15	17.2
Interest Income on Investments	3.44	2.81	2.36	1.94	2.27	2.21
Total Interest Income	44.12	40.77	28.91	23.68	21.42	19.41
Interest Paid on Deposits	14.09	10.73	2.65	2.53	2.26	2.06
Interest Paid on Borrowings	2.26	1.54	1.84	1.59	1.32	1.31
Total Interest Expense	16.35	12.27	4.49	4.12	3.58	3.37
Net Interest Income	27.78	28.5	24.42	19.57	17.84	16.04
Net Interest Income Growth (YoY)	4.85%	16.70%	24.83%	9.66%	11.23%	10.07%
Trust Income	0.37	0.37	0.41	0.51	0.37	0.49
Mortgage Banking Activities	1.86	1.48	1.39	3.55	4.79	1.09
Gain (Loss) on Sale of Investments	-	-	-	-	0.16	-0.01
Gain (Loss) on Sale of Equity Investments	0.34	0.22	0.35	0.49	-	-
Other Non-Interest Income	8.06	6.78	4.9	5.09	4.01	3.83
Total Non-Interest Income	10.7	8.91	7.05	9.7	9.33	5.5
Non-Interest Income Growth (YoY)	59.09%	26.36%	-27.31%	3.93%	69.51%	10.41%
Revenues Before Loan Losses	38.48	37.41	31.47	29.26	27.17	21.55
Provision for Loan Losses	5.87	1.27	-	1.07	2.9	0.28
Revenue	32.61	36.14	31.47	28.19	24.28	21.26
Revenue Growth (YoY)	-1.03%	14.83%	11.65%	16.12%	14.18%	9.60%
Salaries and Employee Benefits	18.39	17.46	14.8	12.67	10.35	9.06
Occupancy Expenses	4.06	3.74	3.14	2.55	2.15	1.97
Federal Deposit Insurance	0.72	0.68	0.36	0.27	0.32	0.08
Selling, General & Administrative	2.37	2.24	1.36	1.82	1.56	1.65
Other Non-Interest Expense	4.86	4.87	3.81	3.2	2.63	2.39
Total Non-Interest Expense	30.4	28.98	23.48	20.51	17.02	15.17
EBT Excluding Unusual Items	2.21	7.16	7.99	7.68	7.26	6.09
Asset Writedown	-	-	-	-	-	-0.23
Pretax Income	2.21	7.16	7.99	7.68	7.26	5.86
Income Tax Expense	0.11	1.14	1.37	1.33	1.25	0.93
Net Income	2.1	6.02	6.62	6.34	6.01	4.93
Net Income to Common	2.1	6.02	6.62	6.34	6.01	4.93
Net Income Growth	-69.70%	-9.09%	4.35%	5.63%	21.90%	12.67%
Basic Shares Outstanding	2	2	2	2	2	2
Diluted Shares Outstanding	2	2	2	2	2	2
Shares Change (YoY)	1.17%	0.29%	0.31%	0.67%	0.34%	0.44%
EPS (Basic)	0.97	2.81	3.10	2.98	2.84	2.34
EPS (Diluted)	0.97	2.81	3.10	2.98	2.84	2.34
EPS Growth	-70.05%	-9.35%	4.03%	4.93%	21.49%	12.18%
Dividend Per Share	0.680	0.680	0.680	0.640	0.640	0.600
Dividend Growth	0%	0%	6.25%	0%	6.67%	5.26%
Effective Tax Rate	4.89%	15.91%	17.19%	17.34%	17.26%	15.91%

Source: S&P Capital IQ. Banks template. Financial Sources.