Stellar Bancorp Q1 2024 – Net Income $26.1M

Stellar Bancorp, Inc. has reported its first-quarter 2024 results, revealing a net income of $26.1 million, or diluted earnings per share of $0.49. This is a decrease from the fourth quarter of 2023, which saw a net income of $27.3 million, with diluted earnings per share of $0.51.

The company's annualized return on average assets for the first quarter of 2024 was 0.98%, down from 1.02% in the fourth quarter of 2023. The annualized return on average equity also decreased to 6.88% from 7.33%, and the annualized return on average tangible equity decreased to 11.47% from 12.61%.

Total risk-based capital ratio increased to 14.62% at March 31, 2024, up from 14.02% at December 31, 2023. The tier 1 leverage ratio also saw an increase to 10.41% at March 31, 2024, up from 10.18% at December 31, 2023.

Net interest margin was reported at 4.26% for the first quarter of 2024, down from 4.40% in the fourth quarter of 2023. Excluding purchase accounting accretion, the tax equivalent net interest margin remained steady at 3.91% for both the first and fourth quarters of 2023.

Total loans at March 31, 2024, decreased to $7.91 billion from $7.93 billion at December 31, 2023. Total deposits also decreased to $8.79 billion from $8.87 billion over the same period.

Nonperforming assets totaled $57.1 million, or 0.53% of total assets, at March 31, 2024, compared to $39.2 million, or 0.37% of total assets, at December 31, 2023. The provision for credit losses for the first quarter of 2024 was $4.1 million, an increase from $1.0 million for the fourth quarter of 2023.

Stellar Bancorp, Inc. operates as a bank holding company and is headquartered in Houston, Texas. Its principal banking subsidiary, Stellar Bank, provides commercial banking services across various communities in Texas.

The company's management will host a conference call and webcast on Friday, April 26, 2024, to discuss its first quarter 2024 results.

Today the company's shares have moved -3.8% to a price of $22.98. If you want to know more, read the company's complete 8-K report here.

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