Sturgis Bank & Trust Company Mortgage Rates, Fees & Info
Sturgis, MILEI: 5493001ZYMBN3CK8LJ82
Tax ID: 38-1080012
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Bank Data
Review & Overview
Sturgis Bank & Trust Company is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Sturgis Bank & Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Sturgis, Kalamazoo, Holland, Coldwater, and Battle Creek among others. We have data for 9 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 a below average pick rate when compared to similar lenders.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
Originations
58Origination Dollar Volume (All Markets)
$9,720,000Employee count
124Top 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 |
|---|---|---|---|---|---|
| Sturgis, MI (FHA|USDA|VA) | 23 | $3,075,000 | $133,696 | $0 | 0.00% |
| Outside of Metro Areas | 8 | $2,080,000 | $260,000 | $0 | 0.00% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 12 | $1,920,000 | $160,000 | $0 | 0.00% |
| Holland, MI (FHA|USDA|VA) | 6 | $1,580,000 | $263,333 | $0 | 0.00% |
| Coldwater, MI (FHA|USDA|VA) | 4 | $470,000 | $117,500 | $0 | 0.00% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $0 | 0.00% |
| NILES, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 58 | $9,720,000 | $167,586 | $0 | 0.00% |
For 2019, Sturgis Bank & Trust Company's most frequently originated type of loan was Conventional, with 58 originations.
Loan Reason
For 2019, Sturgis Bank & Trust Company's most frequently cited loan purpose was Home Purchase, with 18 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 | 58 | $9,720,000 | $167,586 | $0 | 0.00% |
For 2019, Sturgis Bank & Trust Company's most frequently cited loan duration was Other, with 58 originations.
Loan Sizing
2019 saw Sturgis Bank & Trust Company place emphasis on $100,000 or less loans with 33 originations, totaling $1,245,000 in origination value.
Applicant Income
Sturgis Bank & Trust Company lent most frequently to those with incomes in the $50k-75k range, with 14 originations. The second most popular income band? $50k or less, with 10 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 58 | $9,720,000 | $167,586 | $0 | 0.00% |
Sturgis Bank & Trust Company lent most frequently to those with DTI ratios of Exempt%, with 58 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 19 | $7,125,000 | $375,000 | $0 | 0.00% |
| White | 39 | $2,595,000 | $66,538 | $0 | 0.00% |
Approval Rates
Total approvals of all applications92.75%
Sturgis Bank & Trust Company has an average approval rate.
Pick Rate
Approvals leading to origination89.66%
Sturgis Bank & Trust Company has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 58 | $9,720,000 | $167,586 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Seterus, Inc. | Conventional home mortgage | Incorrect information on your report | 2 | 6.1% |
| Seterus, Inc. | Conventional home mortgage | Struggling to pay mortgage | 8 | 24.2% |
| Seterus, Inc. | Conventional home mortgage | Trouble during payment process | 18 | 54.5% |
| Seterus, Inc. | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 3.0% |
| Seterus, Inc. | FHA mortgage | Struggling to pay mortgage | 1 | 3.0% |
| Seterus, Inc. | FHA mortgage | Trouble during payment process | 1 | 3.0% |
| Seterus, Inc. | Other type of mortgage | Struggling to pay mortgage | 1 | 3.0% |
| Seterus, Inc. | Other type of mortgage | Trouble during payment process | 1 | 3.0% |
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 | $38,428 |
| Sturgis Bank & Trust Company | 1121 Lagrange Street South Haven, MI 49090 | Full Service B&M | $26,139 |
| Sturgis Bank & Trust Company | 113-125 E Chicago Sturgis, MI 49091 | Full Service B&M | $144,383 |
| Sturgis Bank & Trust Company | 115 North Main Street Three Rivers, MI 49093 | Full Service B&M | $13,515 |
| Sturgis Bank & Trust Company | 122 West Chicago Road White Pigeon, MI 49099 | Full Service B&M | $36,130 |
| Sturgis Bank & Trust Company | 125 North Main Street Climax, MI 49034 | Full Service B&M | $11,566 |
| Sturgis Bank & Trust Company | 158 West Main Street Centreville, MI 49032 | Full Service B&M | $31,178 |
| Sturgis Bank & Trust Company | 232 West Monroe Street Bangor, MI 49013 | Full Service B&M | $30,391 |
| 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 | $17,742 |
For 2019, Sturgis Bank & Trust Company had 11 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $19,509 |
| Net interest income | $16,215 |
| Total noninterest income | $5,097 |
| Gross Fiduciary activities income | $485 |
| Service charges on deposit accounts | $871 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $3,741 |
| Pre-tax net operating income | $6,426 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $5,376 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $5,376 |
| Minority interest net income | $0 |
| Net income | $5,376 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $5,376 |
Sturgis Bank & Trust Company's gross interest income from loans was $19,509,000.
Sturgis Bank & Trust Company's net interest income from loans was $16,215,000.
Sturgis Bank & Trust Company's fee based income from loans was $871,000.
Sturgis Bank & Trust Company's net income from loans was $5,376,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $3,294 |
| Provision for credit losses | $283 |
| Total noninterest expense | $14,603 |
| Salaries and employee benefits | $8,689 |
| Premises and equipment expense | $1,833 |
| Additional noninterest expense | $4,081 |
| Applicable income taxes | $1,050 |
| Net charge-offs | $60 |
| Cash dividends | $3,001 |
Sturgis Bank & Trust Company's interest expense for loans was $3,294,000.
Sturgis Bank & Trust Company's payroll and benefits expense were $8,689,000.
Sturgis Bank & Trust Company's property, plant and equipment expenses $1,833,000.
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 | $353,216 |
| Deposits held in domestic offices | $353,216 |
| Deposits by Individuals, partnerships, and corporations | $340,615 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $12,451 |
| Deposits by Commercial banks and other depository institutions in U.S. | $150 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $27,374 |
| Demand deposits | $12,260 |
| Nontransaction accounts | $325,842 |
| Money market deposit accounts (MMDAs) | $19,477 |
| Other savings deposits (excluding MMDAs) | $227,861 |
| Total time deposits | $78,504 |
| Total time and savings deposits | $340,956 |
| Noninterest-bearing deposits | $90,027 |
| Interest-bearing deposits | $263,189 |
| Retail deposits | $318,588 |
| IRAs and Keogh plan accounts | $7,964 |
| Brokered deposits | $15,937 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $473,438 |
| Cash & Balances due from depository institutions | $25,917 |
| Interest-bearing balances | $12,616 |
| Total securities | $55,850 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $355,509 |
| Loan and leases loss allowance | $3,451 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $9,367 |
| Other real estate owned | $193 |
| Goodwill and other intangibles | $7,059 |
| All other assets | $19,543 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $473,438 |
| Total Liabilities | $430,053 |
| Total deposits | $353,216 |
| Interest-bearing deposits | $263,189 |
| Deposits held in domestic offices | $353,216 |
| % insured (estimated) | $82 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $70,000 |
| Subordinated debt | $0 |
| All other liabilities | $6,837 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $355,509 |
| Loan and leases loss allowance | $3,451 |
| Total loans and leases (domestic) | $358,960 |
| All real estate loans | $313,931 |
| Real estate loans in domestic offices | $313,931 |
| Construction and development loans | $17,414 |
| Residential 1-4 family construction | $5,150 |
| Other construction, all land development and other land | $12,264 |
| Loans secured by nonfarm nonresidential properties | $130,247 |
| Nonfarm nonresidential secured by owner-occupied properties | $91,538 |
| Commercial real estate & other non-farm, non-residential | $38,709 |
| Multifamily residential real estate | $508 |
| 1-4 family residential loans | $164,778 |
| Farmland loans | $984 |
| Loans held in foreign offices | $0 |
| Farm loans | $1,143 |
| Commercial and industrial loans | $36,061 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $6,104 |
| Credit card loans | $0 |
| Related Plans | $1,037 |
| Consumer Auto Loans | $1,096 |
| Other loans to individuals | $3,971 |
| All other loans & leases | $1,721 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $200 |
| 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 | $5,461 |
| Non 1-4 family restructured loans & leases | $2,018 |
| Total loans and leases (foreign) | $0 |
Sturgis Bank & Trust Company had $355,509,000 of loans outstanding in 2019. $313,931,000 of loans were in real estate loans. $17,414,000 of loans were in development loans. $508,000 of loans were in multifamily mortgage loans. $164,778,000 of loans were in 1-4 family mortgage loans. $1,143,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,096,000 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 | 278 | $47,788 | $171,899 |
| Nonfarm, nonresidential loans - <$100k | 83 | $3,357 | $40,446 |
| Nonfarm, nonresidential loans - $100-250k | 97 | $11,311 | $116,608 |
| Nonfarm, nonresidential loans - $250k-1MM | 98 | $33,120 | $337,959 |
| Commercial & Industrial, US addressed loans - <$1MM | 288 | $24,306 | $84,396 |
| Commercial & Industrial, US addressed loans - <$100k | 188 | $4,780 | $25,426 |
| Commercial & Industrial, US addressed loans - $100-250k | 65 | $6,968 | $107,200 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 35 | $12,558 | $358,800 |
| Farmland loans - <$1MM | 15 | $760 | $50,667 |
| Farmland loans - <$100k | 12 | $365 | $30,417 |
| Farmland loans - $100-250k | 3 | $395 | $131,667 |
| Agriculture operations loans - <$1MM | 4 | $712 | $178,000 |
| Agriculture operations loans - $100-250k | 2 | $275 | $137,500 |
| Agriculture operations loans - $250k-1MM | 2 | $437 | $218,500 |