Sturgis Bank & Trust Company Mortgage Rates, Fees & Info

Sturgis, MI

LEI: 5493001ZYMBN3CK8LJ82

Tax ID: 38-1080012

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Sturgis Bank & Trust Company is a smaller bank specializing in Home Purchase loans. Sturgis Bank & Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Coldwater, Sturgis, Kalamazoo, Niles, and Muskegon among others. We have data for 11 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.

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    Originations

    75

    Origination Dollar Volume (All Markets)

    $13,145,000

    Employee count

    147

    Top 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
    Coldwater, MI (FHA|USDA|VA) 6 $4,920,000 $820,000 $0 0.00%
    Outside of Metro Areas 8 $2,220,000 $277,500 $0 0.00%
    Sturgis, MI (FHA|USDA|VA) 26 $1,620,000 $62,308 $0 0.00%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 13 $1,615,000 $124,231 $0 0.00%
    NILES, MI (FHA|USDA|VA) 12 $1,050,000 $87,500 $0 0.00%
    MUSKEGON, MI (FHA|USDA|VA) 1 $635,000 $635,000 $0 0.00%
    Holland, MI (FHA|USDA|VA) 4 $630,000 $157,500 $0 0.00%
    Traverse City, MI (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $130,000 $65,000 $0 0.00%
    Adrian, MI (FHA|USDA|VA) 1 $15,000 $15,000 $0 0.00%
    Sturgis Bank & Trust Company's top markets include Coldwater, Sturgis, Kalamazoo, Niles, and Muskegon among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 75 $13,145,000 $175,267 $0 0.00%

    For 2020, Sturgis Bank & Trust Company's most frequently originated type of loan was Conventional, with 75 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 29 $8,455,000 $291,552 $0 0.00%
    Other 13 $475,000 $36,538 $0 0.00%
    Cash Out Refi 13 $1,305,000 $100,385 $0 0.00%
    Home Improvement 11 $675,000 $61,364 $0 0.00%
    Refi 9 $2,235,000 $248,333 $0 0.00%

    For 2020, Sturgis Bank & Trust Company's most frequently cited loan purpose was Home Purchase, with 29 originations. The 2nd most popular reason was Other, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 75 $13,145,000 $175,267 $0 0.00%

    For 2020, Sturgis Bank & Trust Company's most frequently cited loan duration was Other, with 75 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 54 $2,690,000 $49,815 $0 0.00%
    $100k-200k 9 $1,225,000 $136,111 $0 0.00%
    $200k-400k 6 $1,770,000 $295,000 $0 0.00%
    $400k-600k 3 $1,415,000 $471,667 $0 0.00%
    $1MM+ 2 $5,410,000 $2,705,000 $0 0.00%
    $600k-1MM 1 $635,000 $635,000 $0 0.00%

    2020 saw Sturgis Bank & Trust Company place emphasis on $100,000 or less loans with 54 originations, totaling $2,690,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 14 $1,390,000 $99,286 $0 0.00%
    $50k or less 13 $505,000 $38,846 $0 0.00%
    $75k-100k 10 $520,000 $52,000 $0 0.00%
    $150k-250k 8 $710,000 $88,750 $0 0.00%
    $50k-75k 6 $320,000 $53,333 $0 0.00%
    $250k+ 5 $1,585,000 $317,000 $0 0.00%

    Sturgis Bank & Trust Company lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $50k or less, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 75 $13,145,000 $175,267 $0 0.00%

    Sturgis Bank & Trust Company lent most frequently to those with DTI ratios of Exempt%, with 75 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 17 $8,085,000 $475,588 $0 0.00%
    White 57 $5,025,000 $88,158 $0 0.00%
    American Indian 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.45%

    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 origination
    88.00%

    Sturgis Bank & Trust Company has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 75 $13,145,000 $175,267

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 3 $5,425,000 $1,808,333
    Multifamily:Site-Built 3 $1,145,000 $381,667
    Single Family (1-4 Units):Manufactured 12 $760,000 $63,333
    Single Family (1-4 Units):Site-Built 57 $5,815,000 $102,018

    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 $42,878
    Sturgis Bank & Trust Company 1121 Lagrange Street South Haven, MI 49090 Full Service B&M $35,969
    Sturgis Bank & Trust Company 113-125 E Chicago Sturgis, MI 49091 Full Service B&M $184,976
    Sturgis Bank & Trust Company 115 North Main Street Three Rivers, MI 49093 Full Service B&M $15,869
    Sturgis Bank & Trust Company 122 West Chicago Road White Pigeon, MI 49099 Full Service B&M $39,633
    Sturgis Bank & Trust Company 125 North Main Street Climax, MI 49034 Full Service B&M $14,129
    Sturgis Bank & Trust Company 158 West Main Street Centreville, MI 49032 Full Service B&M $38,463
    Sturgis Bank & Trust Company 232 West Monroe Street Bangor, MI 49013 Full Service B&M $39,771
    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 $19,833

    For 2020, Sturgis Bank & Trust Company had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $21,567
    Net interest income $17,991
    Total noninterest income $8,943
    Gross Fiduciary activities income $371
    Service charges on deposit accounts $736
    Trading account gains and fees $0
    Additional Noninterest Income $7,836
    Pre-tax net operating income $7,578
    Securities gains (or losses, -) $157
    Income before extraordinary items $6,382
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,382
    Minority interest net income $0
    Net income $6,382
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,251

    Sturgis Bank & Trust Company's gross interest income from loans was $21,567,000.
    Sturgis Bank & Trust Company's net interest income from loans was $17,991,000.
    Sturgis Bank & Trust Company's fee based income from loans was $736,000.
    Sturgis Bank & Trust Company's net income from loans was $6,382,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,576
    Provision for credit losses $2,897
    Total noninterest expense $16,459
    Salaries and employee benefits $9,845
    Premises and equipment expense $1,979
    Additional noninterest expense $4,635
    Applicable income taxes $1,353
    Net charge-offs $117
    Cash dividends $1,651

    Sturgis Bank & Trust Company's interest expense for loans was $3,576,000.
    Sturgis Bank & Trust Company's payroll and benefits expense were $9,845,000.
    Sturgis Bank & Trust Company's property, plant and equipment expenses $1,979,000.

    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 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $512,688
    Deposits held in domestic offices $512,688
    Deposits by Individuals, partnerships, and corporations $432,554
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $80,134
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $268,564
    Demand deposits $141,839
    Nontransaction accounts $244,124
    Money market deposit accounts (MMDAs) $25,117
    Other savings deposits (excluding MMDAs) $88,686
    Total time deposits $130,321
    Total time and savings deposits $370,849
    Noninterest-bearing deposits $129,224
    Interest-bearing deposits $383,464
    Retail deposits $424,848
    IRAs and Keogh plan accounts $7,758
    Brokered deposits $61,240
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $643,517
    Cash & Balances due from depository institutions $69,084
    Interest-bearing balances $57,024
    Total securities $73,072
    Federal funds sold & reverse repurchase $0
    Net loans and leases $451,923
    Loan and leases loss allowance $6,231
    Trading account assets $0
    Bank premises and fixed assets $11,844
    Other real estate owned $341
    Goodwill and other intangibles $8,156
    All other assets $29,097

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $643,517
    Total Liabilities $586,677
    Total deposits $512,688
    Interest-bearing deposits $383,464
    Deposits held in domestic offices $512,688
    % insured (estimated) $76
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $61,500
    Subordinated debt $0
    All other liabilities $12,489

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $451,923
    Loan and leases loss allowance $6,231
    Total loans and leases (domestic) $458,154
    All real estate loans $389,040
    Real estate loans in domestic offices $389,040
    Construction and development loans $22,624
    Residential 1-4 family construction $10,834
    Other construction, all land development and other land $11,790
    Loans secured by nonfarm nonresidential properties $150,999
    Nonfarm nonresidential secured by owner-occupied properties $147,641
    Commercial real estate & other non-farm, non-residential $3,358
    Multifamily residential real estate $482
    1-4 family residential loans $214,128
    Farmland loans $807
    Loans held in foreign offices $0
    Farm loans $414
    Commercial and industrial loans $57,260
    To non-U.S. addressees $0
    Loans to individuals $7,172
    Credit card loans $0
    Related Plans $965
    Consumer Auto Loans $817
    Other loans to individuals $5,390
    All other loans & leases $4,268
    Loans to foreign governments and official institutions $0
    Other loans $180
    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 $4,785
    Non 1-4 family restructured loans & leases $1,818
    Total loans and leases (foreign) $0

    Sturgis Bank & Trust Company had $451,923,000 of loans outstanding in 2020. $389,040,000 of loans were in real estate loans. $22,624,000 of loans were in development loans. $482,000 of loans were in multifamily mortgage loans. $214,128,000 of loans were in 1-4 family mortgage loans. $414,000 of loans were in farm loans. $0 of loans were in credit card loans. $817,000 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 905 $94,873 $104,832
    Nonfarm, nonresidential loans - <$100k 714 $48,050 $67,297
    Nonfarm, nonresidential loans - $100-250k 91 $11,272 $123,868
    Nonfarm, nonresidential loans - $250k-1MM 100 $35,551 $355,510
    Commercial & Industrial, US addressed loans - <$1MM 630 $39,180 $62,190
    Commercial & Industrial, US addressed loans - <$100k 489 $12,743 $26,059
    Commercial & Industrial, US addressed loans - $100-250k 96 $11,094 $115,563
    Commercial & Industrial, US addressed loans - $250k-1MM 45 $15,343 $340,956
    Farmland loans - <$1MM 13 $598 $46,000
    Farmland loans - <$100k 11 $408 $37,091
    Farmland loans - $100-250k 2 $190 $95,000
    Agriculture operations loans - <$1MM 3 $414 $138,000
    Agriculture operations loans - $100-250k 1 $107 $107,000
    Agriculture operations loans - $250k-1MM 2 $307 $153,500