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 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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