Welcome to our dedicated page for Stellar Bancorp news (Ticker: STEL), a resource for investors and traders seeking the latest updates and insights on Stellar Bancorp stock.
Stellar Bancorp, Inc. (STEL) is a prominent bank holding company headquartered in Houston, Texas, dedicated to providing comprehensive commercial banking solutions. Known for its robust financial condition and stability, Stellar Bancorp operates through its principal banking subsidiary, Stellar Bank. The bank caters primarily to small- to medium-sized businesses and individual customers across the Houston, Dallas, Beaumont, and surrounding communities in Texas.
As one of the largest independently owned banks in Texas, Stellar Bank offers a diverse range of business services, including treasury management, commercial lending, working capital lines of credit, fixed asset lending, equipment financing, interim construction financing, commercial real estate loans, and SBA loans. The bank is also noted for its personal banking services, providing options such as checking and savings accounts, as well as mobile and online banking solutions.
With over 50 full-service banking centers, Stellar Bank prides itself on its deep financial resources, which enable it to meet the short-term, long-term, and ongoing financial needs of businesses and communities throughout Southeast Texas. The bank's decisions are made locally, leveraging the expertise and industry knowledge of its bankers to deliver customized solutions tailored to the needs of its clients.
Stellar Bancorp's recent achievements include the successful merger of equals between Allegiance Bancshares, Inc. and CBTX, Inc., which was effective as of October 1, 2022. This merger has significantly impacted the company's financial statements, reflecting the combined operations post-merger. As of the third quarter of 2023, the company reported a net interest income of $106.7 million and maintained its strategic focus on balance sheet strength, sound quality, and stable core deposits.
The company maintains transparency and communication with its stakeholders through regular updates and investor relations activities. Recent financial highlights indicate a steady performance amidst economic uncertainties, including a net interest margin of 4.37% and total assets amounting to $10.67 billion as of September 30, 2023.
For more detailed insights and the latest updates, investors and interested parties can participate in conference calls and live webcasts hosted by Stellar Bancorp's management team. Information regarding these events and other significant developments can be accessed through the Investor Relations section of the company's website.
Stellar Bancorp (NYSE: STEL) has announced an increase in its quarterly cash dividend. The company's Board of Directors has declared a dividend of $0.14 per share of common stock, representing a $0.01 increase from the previous quarterly dividend of $0.13. The dividend will be payable on December 31, 2024, to shareholders of record as of December 13, 2024.
Stellar Bancorp (NYSE: STEL) announced that its subsidiary, Stellar Bank, plans to redeem all of its $40.0 million Fixed-to-Floating Rate Subordinated Notes due December 15, 2027. The redemption price will be 100% of the principal amount plus any accrued and unpaid interest up to the redemption date. Noteholders will receive detailed instructions regarding the redemption process.
Stellar Bancorp (NYSE: STEL) reported Q3 2024 net income of $33.9 million, or $0.63 per diluted share, up from $29.8 million ($0.56 per share) in Q2 2024. The company achieved a 4.19% tax equivalent net interest margin and improved credit metrics with nonperforming loans decreasing by $18.8 million to $32.1 million. Total assets stood at $10.63 billion, with total loans at $7.55 billion and deposits at $8.74 billion. The company maintained strong capital ratios with a total risk-based capital ratio of 15.91%, while book value per share increased to $30.43.
Stellar Bancorp (NYSE: STEL) has announced its upcoming third quarter 2024 earnings release and conference call. The company will release its earnings report before the market opens on October 25, 2024. Following this, Stellar Bancorp will host a conference call at 8:00 a.m. Central Time (9:00 a.m. Eastern Time) on the same day to discuss the results.
Participants can register for the conference call online to receive dial-in information. A live webcast of the call will also be available, requiring pre-registration. For those unable to attend, the webcast will be accessible later via the company's Investor Relations website. The earnings release will be available on the company's website prior to the call.
Stellar Bancorp (NYSE: STEL) has announced a quarterly cash dividend of $0.13 per share of common stock. The dividend was declared by the company's Board of Directors on August 22, 2024. Shareholders of record as of the close of business on September 13, 2024, will be eligible to receive the dividend, which is scheduled for payment on September 30, 2024. This announcement demonstrates Stellar Bancorp's commitment to providing regular returns to its shareholders and may be indicative of the company's financial stability and confidence in its future performance.
Stellar Bancorp, Inc. (NYSE: STEL) reported net income of $29.8 million, or diluted earnings per share of $0.56, for the second quarter of 2024. This represents an increase from the first quarter's net income of $26.1 million, or $0.49 per share. The company's annualized return on average assets was 1.13%, with a return on average equity of 7.78%.
Key highlights include:
- Total risk-based capital ratio increased to 15.34%
- Tier 1 leverage ratio rose to 10.93%
- Tax equivalent net interest margin was 4.24%
- Net charge-offs were $715 thousand, or 0.02%, year-to-date
The company's focus remains on building capital, maintaining credit quality, and ensuring strong liquidity. Stellar's CEO, Robert R. Franklin, Jr., emphasized the bank's preparedness for potential interest rate changes and its strategic positioning in resilient markets.
Stellar Bancorp (NYSE: STEL) has announced its second quarter 2024 earnings release and conference call date. The company will issue the earnings release before the market opens on July 26, 2024. A conference call to discuss the results will follow at 8:00 a.m. Central Time (9:00 a.m. Eastern Time) on the same day. Both the earnings release and webcast of the conference call will be accessible through the Investor Relations section of Stellar Bancorp's website. Participants can register for the conference call via a specified link to receive dial-in information and a unique PIN.
Stellar Bancorp announced a quarterly cash dividend of $0.13 per share, payable on June 28, 2024, to shareholders of record as of June 14, 2024. Additionally, the Board of Directors authorized a new share repurchase program allowing the repurchase of up to $60 million of common stock through May 31, 2025. This follows an existing program also permitting $60 million in repurchases through May 31, 2024. Repurchases can be made in various forms, including open market transactions and block trades, depending on factors such as price, market conditions, and corporate priorities.
Stellar Bancorp, Inc., the holding company for Stellar Bank, was ranked third among the top performing U.S. public banks with more than $10 billion in total assets in S&P Global Market Intelligence's annual rankings for 2023. Stellar received better-than-median scores across seven ranking metrics, showcasing its strength and risk profile of balance sheets. The recognition highlights the team's dedication and success amidst industry challenges, with a focus on customer relationships and providing a stellar banking experience.
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