Sturgis Bank & Trust Company in Sturgis, Michigan (MI)



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Sturgis Bank & Trust Company
GeneralFDIC Certificate #: 28593
Status: Active
Federal Reserve ID: 366078
Bank Holding Company (Regulatory Top Holder): Sturgis Bancorp, Inc. (RSSDID: 3051571, Location: Sturgis, MI)
Date Established: January 01, 1905
WWW: http://www.sturgisbank.com
Trust Powers Granted: Yes
Bank Charter Class: Savings banks, state charter, supervised by the FDIC
Offices: 11 (Domestic: 11, Interstate: No)
OTS Docket #: 1910
FDIC's unique #: 41427
Numeric code: 41
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
FDIC Insured: Yes
Insured Savings Institution: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: March 20, 1950
Last Structure Change Effective Date: March 31, 2006
Last Structure Change Process Date: November 03, 2006
Last Data Update: November 03, 2006
Data Source Date: April 05, 2012
LocationAddress: 119-125 East Chicago Road, Sturgis, MI 49091
County: St. Joseph
Quarterly Banking Profile Region: Chicago
FDIC Geographic Region: Chicago
FDIC Supervisory Region: Chicago
FDIC Field Office: Grand Rapids
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: Central
Core Based Statistical Area (CBSA): Sturgis, MI (#44780)
CBSA Micro Statistical Area: Yes
History of ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $314.3 mil
Equity capital: $29.0 mil
Deposits held in domestic offices: $234.6 mil
Return on assets (ROA): 0.16% ($0.5 mil)
Quarterly return on assets: 0.68% ($2.1 mil)
Return on Equity (ROE): 2.04% ($0.6 mil)
Quarterly return on equity: 7.68% ($2.2 mil)
Net income: $0.6 mil
Quarterly Net income: $0.6 mil
Pretax return on assets: 0.20% ($628.6 mil)
Quarterly Pretax return on assets: 0.92% ($2,891.7 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)130
Total assets$314,319
Cash and due from depository institutions$27,501
Interest-bearing balances$20,204
Securities$265
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$252,987
Loan loss allowance $5,875
Trading account assets$0
Bank premises and fixed assets$7,855
Other real estate owned$2,082
Goodwill and other intangibles$6,388
All other assets$17,241
Life insurance assets$314,319
Total liabilities and capital$285,294
Total liabilities$234,641
Total deposits$200,957
Interest-bearing deposits$234,641
Deposits held in domestic offices$92
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$48,500
Other borrowed funds $0
Subordinated debt $2,153
All other liabilities $29,025
Total equity capital$29,025
Total bank equity capital$29,025
Perpetual preferred stock$0
Common stock$3,360
Surplus$22,972
Undivided profits $2,693
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $986
Income earned, not collected on loans $10,870
Earning assets $0
Long-term assets (5+ years) $941
Average Assets, year-to-date $273,456
Average Assets, quarterly $31,411
Volatile liabilities $352,713
Insider loans $327,035
FHLB advances $227,482
Loans and leases held for sale $316,594
Unused loan commitments $8,976
Tier 1 (core) risk-based capital $5,204
Tier 2 risk-based capital $25,439
Total risk weighted assets $3,772
Total unused commitments $0
Restructured Loans and leases $35,854
Derivatives$3,042
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $13,948
Total interest expense $3,867
Net interest income $10,081
Provision for loan and lease losses $1,608
Total noninterest income $3,845
Fiduciary activities $322
Service charges on deposit accounts $972
Trading account gains & fees $0
Additional noninterest income $2,551
Total noninterest expense $12,138
Salaries and employee benefits $6,374
Premises and equipment expense $1,337
Additional noninterest expense $4,427
Pre-tax net operating income $180
Securities gains (losses) $536
Applicable income taxes $141
Income before extraordinary items $575
Extraordinary gains - net $0
Net income attributable to bank $575
Net charge-offs $0
Cash dividends $575
Sale, conversion, retirement of capital stock, net $2,424
Net operating income $920
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.58%
Cost of funding earning assets 1.27%
Net interest margin 3.31%
Noninterest income to earning assets 1.26%
Noninterest expense to earning assets 3.99%
Net operating income to assets 0.04%
Return on assets (ROA) 0.16%
Pretax return on assets 0.20%
Return on equity (ROE) 2.04%
Retained earnings to average equity (YTD only) -1.22%
Net charge-offs to loans 0.92%
Credit loss provision to net charge-offs 66.34%
Efficiency ratio0.74%
Assets per employee$87,161
Cash dividends to net income (YTD only)2.42%
Condition Ratios (%)
Loss allowance to loans 160.00%
Loss allowance to noncurrent loans 2.27%
Noncurrent assets plus other real estate owned to assets 54.05%
Noncurrent loans to loans 4.12%
Net loans and leases to deposits4.20%
Net loans and leases to core deposits 107.82%
Equity capital to assets 116.32%
Core capital (leverage) ratio 9.23%
Tier 1 risk-based capital ratio 8.04%
Total risk-based capital ratio 11.18%
Memoranda
Average assets$12
Average earning assets$352,713
Average equity $28,180
Average loans $304,332
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Total Fiduciary and Related Assets (December 31, 2011)
(Dollar figures in thousands)
Total fiduciary and related assets$1
Number of Fiduciary Accounts and Related Asset Accounts1
Fiduciary powers grantedYes
Fiduciary or related activityYes
Managed Assets$72,253
Number of Accounts1
Personal trust and agency accounts$34,084
Employee benefit-defined contribution accounts$19,435
Employee benefit-defined benefit accounts$0
Other retirement accounts$0
Corporate trust and agency accounts$3,629
Investment management agency accounts$0
Other fiduciary accounts$8,113
Fiduciary accounts held in foreign offices$2,907
Non-managed Assets$0
Number of Accounts87
Personal trust and agency accounts$0
Employee benefit-defined contribution accounts$0
Employee benefit-defined benefit accounts$0
Other retirement accounts$38,169
Corporate trust and agency accounts$0
Other fiduciary accounts$485
Fiduciary accounts held in foreign offices$27,271
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11 Michigan Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
041427Sturgis Bank & Trust Company119-125 East Chicago Road, Sturgis, MI 49091January 01, 1905Full Service Brick and Mortar
1268749White Pigeon Banking Center122 West Chicago Road, White Pigeon, MI 49099January 01, 1905Full Service Brick and Mortar
101268750Colon Banking Center110 South Blackstone, Colon, MI 49040January 01, 1905Full Service Brick and Mortar
103268751Three Rivers Banking Center115 North Main Street, Three Rivers, MI 49093June 30, 1988Full Service Brick and Mortar
104263039Sturgis Banking Center1001 South Centerville, Sturgis, MI 49091January 31, 1989Limited Service Facility
107268752Maplecrest Banking Center1501 East Chicago Road, Sturgis, MI 49091Febuary 03, 1997Limited Service Facility
108268753Bronson Banking Center863 West Chicago, Bronson, MI 49028December 08, 1997Full Service Brick and Mortar
110206725Centreville Banking Center158 West Main Street, Centreville, MI 49032September 01, 1959Full Service Brick and Mortar
111206726Climax Banking Center125 North Main Street, Climax, MI 49034August 16, 1963Full Service Brick and Mortar
113218099South Haven Banking Center1121 Lagrange Street, South Haven, MI 49090March 03, 1980Full Service Brick and Mortar
116474032South Haven (Center Street) Branch365 Center Street, South Haven, MI 49090April 16, 2008Full Service Brick and Mortar
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