Sturgis Bank & Trust Company Mortgage Rates, Fees & Info
Sturgis, MILEI: 5493001ZYMBN3CK8LJ82
Tax ID: 38-1080012
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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: Kalamazoo, Sturgis, Niles, Lansing, and Holland among others. We have data for 12 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
82Origination Dollar Volume (All Markets)
$11,820,000Employee count
157Top 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 |
|---|---|---|---|---|---|
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 20 | $2,360,000 | $118,000 | $0 | 0.00% |
| Sturgis, MI (FHA|USDA|VA) | 21 | $2,135,000 | $101,667 | $0 | 0.00% |
| NILES, MI (FHA|USDA|VA) | 10 | $1,680,000 | $168,000 | $0 | 0.00% |
| Outside of Metro Areas | 12 | $1,590,000 | $132,500 | $0 | 0.00% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $1,265,000 | $1,265,000 | $0 | 0.00% |
| Holland, MI (FHA|USDA|VA) | 5 | $1,215,000 | $243,000 | $0 | 0.00% |
| Hillsdale, MI (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $0 | 0.00% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 4 | $460,000 | $115,000 | $0 | 0.00% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 0.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| Coldwater, MI (FHA|USDA|VA) | 3 | $85,000 | $28,333 | $0 | 0.00% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 82 | $11,820,000 | $144,146 | $0 | 0.00% |
For 2021, Sturgis Bank & Trust Company's most frequently originated type of loan was Conventional, with 82 originations.
Loan Reason
For 2021, Sturgis Bank & Trust Company's most frequently cited loan purpose was Home Purchase, with 39 originations. The 2nd most popular reason was Home Improvement, with 14 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 82 | $11,820,000 | $144,146 | $0 | 0.00% |
For 2021, Sturgis Bank & Trust Company's most frequently cited loan duration was Other, with 82 originations.
Loan Sizing
2021 saw Sturgis Bank & Trust Company place emphasis on $100,000 or less loans with 47 originations, totaling $2,065,000 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? $50k-75k, with 15 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 82 | $11,820,000 | $144,146 | $0 | 0.00% |
Sturgis Bank & Trust Company lent most frequently to those with DTI ratios of Exempt%, with 82 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.67%
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 origination93.90%
Sturgis Bank & Trust Company has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 82 | $11,820,000 | $144,146 |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Seterus, Inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |
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 | $47,206 |
| Sturgis Bank & Trust Company | 1121 Lagrange Street South Haven, MI 49090 | Full Service B&M | $60,493 |
| Sturgis Bank & Trust Company | 113-125 E Chicago Sturgis, MI 49091 | Full Service B&M | $218,646 |
| Sturgis Bank & Trust Company | 115 North Main Street Three Rivers, MI 49093 | Full Service B&M | $17,605 |
| Sturgis Bank & Trust Company | 1210 W Milham Ave Portage, MI 49024 | Full Service B&M | $9,295 |
| Sturgis Bank & Trust Company | 122 West Chicago Road White Pigeon, MI 49099 | Full Service B&M | $44,850 |
| Sturgis Bank & Trust Company | 125 North Main Street Climax, MI 49034 | Full Service B&M | $17,496 |
| Sturgis Bank & Trust Company | 158 West Main Street Centreville, MI 49032 | Full Service B&M | $59,070 |
| Sturgis Bank & Trust Company | 232 West Monroe Street Bangor, MI 49013 | Full Service B&M | $38,792 |
| Sturgis Bank & Trust Company | 3125 Cleveland Ave Saint Joseph, MI 49085 | Full Service B&M | $492 |
| Sturgis Bank & Trust Company | 320 Main St Saint Joseph, MI 49085 | Full Service B&M | $31,911 |
| 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 | $25,788 |
For 2021, Sturgis Bank & Trust Company had 14 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $23,819 |
| Net interest income | $20,533 |
| Total noninterest income | $9,506 |
| Gross Fiduciary activities income | $505 |
| Service charges on deposit accounts | $743 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $8,258 |
| Pre-tax net operating income | $8,984 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $7,378 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $7,378 |
| Minority interest net income | $0 |
| Net income | $7,378 |
| Sale, conversion, retirement of capital stock, net | $3,000 |
| Net operating income | $7,378 |
Sturgis Bank & Trust Company's gross interest income from loans was $23,819,000.
Sturgis Bank & Trust Company's net interest income from loans was $20,533,000.
Sturgis Bank & Trust Company's fee based income from loans was $743,000.
Sturgis Bank & Trust Company's net income from loans was $7,378,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $3,286 |
| Provision for credit losses | $1,074 |
| Total noninterest expense | $19,981 |
| Salaries and employee benefits | $12,126 |
| Premises and equipment expense | $2,365 |
| Additional noninterest expense | $5,490 |
| Applicable income taxes | $1,606 |
| Net charge-offs | $274 |
| Cash dividends | $500 |
Sturgis Bank & Trust Company's interest expense for loans was $3,286,000.
Sturgis Bank & Trust Company's payroll and benefits expense were $12,126,000.
Sturgis Bank & Trust Company's property, plant and equipment expenses $2,365,000.
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 | $584,231 |
| Deposits held in domestic offices | $584,231 |
| Deposits by Individuals, partnerships, and corporations | $462,187 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $122,044 |
| 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 | $331,150 |
| Demand deposits | $151,958 |
| Nontransaction accounts | $253,081 |
| Money market deposit accounts (MMDAs) | $54,892 |
| Other savings deposits (excluding MMDAs) | $110,053 |
| Total time deposits | $88,136 |
| Total time and savings deposits | $432,273 |
| Noninterest-bearing deposits | $145,541 |
| Interest-bearing deposits | $438,690 |
| Retail deposits | $533,104 |
| IRAs and Keogh plan accounts | $6,459 |
| Brokered deposits | $10,000 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $751,558 |
| Cash & Balances due from depository institutions | $40,019 |
| Interest-bearing balances | $24,225 |
| Total securities | $107,481 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $549,483 |
| Loan and leases loss allowance | $7,031 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $13,231 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $8,845 |
| All other assets | $32,499 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $751,558 |
| Total Liabilities | $684,667 |
| Total deposits | $584,231 |
| Interest-bearing deposits | $438,690 |
| Deposits held in domestic offices | $584,231 |
| % insured (estimated) | $71 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $89,000 |
| Subordinated debt | $0 |
| All other liabilities | $11,436 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $549,483 |
| Loan and leases loss allowance | $7,031 |
| Total loans and leases (domestic) | $556,514 |
| All real estate loans | $508,841 |
| Real estate loans in domestic offices | $508,841 |
| Construction and development loans | $38,668 |
| Residential 1-4 family construction | $21,636 |
| Other construction, all land development and other land | $17,032 |
| Loans secured by nonfarm nonresidential properties | $179,467 |
| Nonfarm nonresidential secured by owner-occupied properties | $137,996 |
| Commercial real estate & other non-farm, non-residential | $41,471 |
| Multifamily residential real estate | $449 |
| 1-4 family residential loans | $289,112 |
| Farmland loans | $1,145 |
| Loans held in foreign offices | $0 |
| Farm loans | $95 |
| Commercial and industrial loans | $33,999 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $8,185 |
| Credit card loans | $0 |
| Related Plans | $488 |
| Consumer Auto Loans | $2,119 |
| Other loans to individuals | $5,578 |
| All other loans & leases | $5,394 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $186 |
| 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 | $3,341 |
| Non 1-4 family restructured loans & leases | $883 |
| Total loans and leases (foreign) | $0 |
Sturgis Bank & Trust Company had $549,483,000 of loans outstanding in 2021. $508,841,000 of loans were in real estate loans. $38,668,000 of loans were in development loans. $449,000 of loans were in multifamily mortgage loans. $289,112,000 of loans were in 1-4 family mortgage loans. $95,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,119,000 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 | 341 | $62,487 | $183,246 |
| Nonfarm, nonresidential loans - <$100k | 97 | $3,631 | $37,433 |
| Nonfarm, nonresidential loans - $100-250k | 123 | $15,800 | $128,455 |
| Nonfarm, nonresidential loans - $250k-1MM | 121 | $43,056 | $355,835 |
| Commercial & Industrial, US addressed loans - <$1MM | 270 | $23,662 | $87,637 |
| Commercial & Industrial, US addressed loans - <$100k | 166 | $4,597 | $27,693 |
| Commercial & Industrial, US addressed loans - $100-250k | 63 | $6,321 | $100,333 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 41 | $12,744 | $310,829 |
| Farmland loans - <$1MM | 11 | $434 | $39,455 |
| Farmland loans - <$100k | 9 | $258 | $28,667 |
| Farmland loans - $100-250k | 2 | $176 | $88,000 |
| Agriculture operations loans - <$1MM | 1 | $95 | $95,000 |
| Agriculture operations loans - $100-250k | 1 | $95 | $95,000 |