Sturgis Bank & Trust Company Mortgage Rates, Fees & Info
Sturgis, MILEI: 5493001ZYMBN3CK8LJ82
Tax ID: 38-1080012
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Bank Data
Review & Overview
Sturgis Bank & Trust Company is a smaller bank specializing in Home Purchase and Refi loans. Sturgis Bank & Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Sturgis, Elkhart, Kalamazoo, Coldwater, and Battle Creek among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Sturgis Bank & Trust Company has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
54Origination Dollar Volume (All Markets)
$6,330,000Employee count
122Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Outside of Metro Areas | 13 | $4,475,000 | $344,231 | $0 | 0.00% |
| Sturgis, MI (FHA|USDA|VA) | 26 | $1,290,000 | $49,615 | $0 | 0.00% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 3 | $185,000 | $61,667 | $0 | 0.00% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 0.00% |
| Coldwater, MI (FHA|USDA|VA) | 5 | $115,000 | $23,000 | $0 | 0.00% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 2 | $50,000 | $25,000 | $0 | 0.00% |
| NILES, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 2 | $40,000 | $20,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 54 | $6,330,000 | $117,222 | $0 | 0.00% |
For 2018, Sturgis Bank & Trust Company's most frequently originated type of loan was Conventional, with 54 originations.
Loan Reason
For 2018, Sturgis Bank & Trust Company's most frequently cited loan purpose was Home Purchase, with 15 originations. The 2nd most popular reason was Other, with 14 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 54 | $6,330,000 | $117,222 | $0 | 0.00% |
For 2018, Sturgis Bank & Trust Company's most frequently cited loan duration was Other, with 54 originations.
Loan Sizing
2018 saw Sturgis Bank & Trust Company place emphasis on $100,000 or less loans with 47 originations, totaling $1,835,000 in origination value.
Applicant Income
Sturgis Bank & Trust Company lent most frequently to those with incomes in the $50k or less range, with 16 originations. The second most popular income band? $75k-100k, with 14 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 54 | $6,330,000 | $117,222 | $0 | 0.00% |
Sturgis Bank & Trust Company lent most frequently to those with DTI ratios of Exempt%, with 54 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 48 | $4,030,000 | $83,958 | $0 | 0.00% |
| Not applicable | 5 | $2,235,000 | $447,000 | $0 | 0.00% |
| Black | 1 | $65,000 | $65,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications96.77%
Sturgis Bank & Trust Company has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination90.74%
Sturgis Bank & Trust Company has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 54 | $6,330,000 | $117,222 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Seterus, Inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 10 | 3.7% |
| Seterus, Inc. | Conventional home mortgage | Closing on a mortgage | 8 | 3.0% |
| Seterus, Inc. | Conventional home mortgage | Incorrect information on your report | 2 | 0.7% |
| Seterus, Inc. | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 2 | 0.7% |
| Seterus, Inc. | Conventional home mortgage | Struggling to pay mortgage | 70 | 26.0% |
| Seterus, Inc. | Conventional home mortgage | Trouble during payment process | 114 | 42.4% |
| Seterus, Inc. | FHA mortgage | Closing on a mortgage | 4 | 1.5% |
| Seterus, Inc. | FHA mortgage | Struggling to pay mortgage | 10 | 3.7% |
| Seterus, Inc. | FHA mortgage | Trouble during payment process | 9 | 3.3% |
| Seterus, Inc. | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 1 | 0.4% |
| Seterus, Inc. | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 1 | 0.4% |
| Seterus, Inc. | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 0.4% |
| Seterus, Inc. | Other type of mortgage | Incorrect information on your report | 2 | 0.7% |
| Seterus, Inc. | Other type of mortgage | Struggling to pay mortgage | 17 | 6.3% |
| Seterus, Inc. | Other type of mortgage | Trouble during payment process | 18 | 6.7% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Sturgis Bank & Trust Company | 1001 South Centerville Sturgis, MI 49091 | Limited, Drive-thru | $0 |
| Sturgis Bank & Trust Company | 110 South Blackstone Colon, MI 49040 | Full Service B&M | $37,021 |
| Sturgis Bank & Trust Company | 1121 Lagrange Street South Haven, MI 49090 | Full Service B&M | $25,879 |
| Sturgis Bank & Trust Company | 113-125 E Chicago Sturgis, MI 49091 | Full Service B&M | $156,898 |
| Sturgis Bank & Trust Company | 115 North Main Street Three Rivers, MI 49093 | Full Service B&M | $12,789 |
| Sturgis Bank & Trust Company | 122 West Chicago Road White Pigeon, MI 49099 | Full Service B&M | $33,977 |
| Sturgis Bank & Trust Company | 125 North Main Street Climax, MI 49034 | Full Service B&M | $10,713 |
| Sturgis Bank & Trust Company | 158 West Main Street Centreville, MI 49032 | Full Service B&M | $29,190 |
| Sturgis Bank & Trust Company | 232 West Monroe Street Bangor, MI 49013 | Full Service B&M | $29,375 |
| Sturgis Bank & Trust Company | 365 Center Street South Haven, MI 49090 | Full Service B&M | $0 |
| Sturgis Bank & Trust Company | 863 West Chicago Bronson, MI 49028 | Full Service B&M | $15,440 |
For 2018, Sturgis Bank & Trust Company had 11 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $17,353 |
| Net interest income | $14,782 |
| Total noninterest income | $5,037 |
| Gross Fiduciary activities income | $451 |
| Service charges on deposit accounts | $925 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $3,661 |
| Pre-tax net operating income | $5,497 |
| Securities gains (or losses, -) | $-159 |
| Income before extraordinary items | $4,627 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $4,627 |
| Minority interest net income | $0 |
| Net income | $4,627 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $4,765 |
Sturgis Bank & Trust Company's gross interest income from loans was $17,353,000.
Sturgis Bank & Trust Company's net interest income from loans was $14,782,000.
Sturgis Bank & Trust Company's fee based income from loans was $925,000.
Sturgis Bank & Trust Company's net income from loans was $4,627,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,571 |
| Provision for credit losses | $161 |
| Total noninterest expense | $14,161 |
| Salaries and employee benefits | $8,324 |
| Premises and equipment expense | $1,675 |
| Additional noninterest expense | $4,162 |
| Applicable income taxes | $711 |
| Net charge-offs | $5 |
| Cash dividends | $1,700 |
Sturgis Bank & Trust Company's interest expense for loans was $2,571,000.
Sturgis Bank & Trust Company's payroll and benefits expense were $8,324,000.
Sturgis Bank & Trust Company's property, plant and equipment expenses $1,675,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 0.0% |
| Real Estate loans | 0.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 0.0% |
| HELOC loans | 0.0% |
| All other family | 0.0% |
| Commercial & industrial loans | 0.0% |
| Personal loans | 0.0% |
| Credit card loans | 0.0% |
| Other individual loans | 0.0% |
| Auto loans | 1.0% |
| Other consumer loans | 0.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $342,621 |
| Deposits held in domestic offices | $342,621 |
| Deposits by Individuals, partnerships, and corporations | $304,091 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $38,281 |
| Deposits by Commercial banks and other depository institutions in U.S. | $249 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $171,332 |
| Demand deposits | $92,322 |
| Nontransaction accounts | $171,289 |
| Money market deposit accounts (MMDAs) | $15,850 |
| Other savings deposits (excluding MMDAs) | $72,492 |
| Total time deposits | $82,948 |
| Total time and savings deposits | $250,299 |
| Noninterest-bearing deposits | $82,563 |
| Interest-bearing deposits | $260,058 |
| Retail deposits | $298,320 |
| IRAs and Keogh plan accounts | $7,577 |
| Brokered deposits | $34,853 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $431,375 |
| Cash & Balances due from depository institutions | $32,750 |
| Interest-bearing balances | $20,483 |
| Total securities | $51,677 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $311,117 |
| Loan and leases loss allowance | $3,228 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $9,274 |
| Other real estate owned | $193 |
| Goodwill and other intangibles | $7,160 |
| All other assets | $19,204 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $431,375 |
| Total Liabilities | $389,854 |
| Total deposits | $342,621 |
| Interest-bearing deposits | $260,058 |
| Deposits held in domestic offices | $342,621 |
| % insured (estimated) | $83 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $42,500 |
| Subordinated debt | $0 |
| All other liabilities | $4,733 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $311,117 |
| Loan and leases loss allowance | $3,228 |
| Total loans and leases (domestic) | $314,345 |
| All real estate loans | $271,783 |
| Real estate loans in domestic offices | $271,783 |
| Construction and development loans | $14,951 |
| Residential 1-4 family construction | $5,182 |
| Other construction, all land development and other land | $9,769 |
| Loans secured by nonfarm nonresidential properties | $106,870 |
| Nonfarm nonresidential secured by owner-occupied properties | $66,338 |
| Commercial real estate & other non-farm, non-residential | $40,532 |
| Multifamily residential real estate | $1,301 |
| 1-4 family residential loans | $147,211 |
| Farmland loans | $1,450 |
| Loans held in foreign offices | $0 |
| Farm loans | $2,268 |
| Commercial and industrial loans | $32,891 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $5,757 |
| Credit card loans | $0 |
| Related Plans | $1,075 |
| Consumer Auto Loans | $744 |
| Other loans to individuals | $3,938 |
| All other loans & leases | $1,646 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $179 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $0 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $6,634 |
| Non 1-4 family restructured loans & leases | $2,497 |
| Total loans and leases (foreign) | $0 |
Sturgis Bank & Trust Company had $311,117,000 of loans outstanding in 2018. $271,783,000 of loans were in real estate loans. $14,951,000 of loans were in development loans. $1,301,000 of loans were in multifamily mortgage loans. $147,211,000 of loans were in 1-4 family mortgage loans. $2,268,000 of loans were in farm loans. $0 of loans were in credit card loans. $744,000 of loans were in the auto loan category.
Small Business Loans
| Categorization | # of Loans in Category | $ amount of loans (in 000's) | Average $/loan |
|---|---|---|---|
| Nonfarm, nonresidential loans - <$1MM | 238 | $39,311 | $165,172 |
| Nonfarm, nonresidential loans - <$100k | 78 | $3,180 | $40,769 |
| Nonfarm, nonresidential loans - $100-250k | 81 | $8,922 | $110,148 |
| Nonfarm, nonresidential loans - $250k-1MM | 79 | $27,209 | $344,418 |
| Commercial & Industrial, US addressed loans - <$1MM | 285 | $23,425 | $82,193 |
| Commercial & Industrial, US addressed loans - <$100k | 194 | $5,149 | $26,541 |
| Commercial & Industrial, US addressed loans - $100-250k | 59 | $6,812 | $115,458 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 32 | $11,464 | $358,250 |
| Farmland loans - <$1MM | 22 | $1,228 | $55,818 |
| Farmland loans - <$100k | 17 | $557 | $32,765 |
| Farmland loans - $100-250k | 4 | $420 | $105,000 |
| Farmland loans - $250k-1MM | 1 | $251 | $251,000 |
| Agriculture operations loans - <$1MM | 6 | $964 | $160,667 |
| Agriculture operations loans - $100-250k | 5 | $691 | $138,200 |
| Agriculture operations loans - $250k-1MM | 1 | $273 | $273,000 |