Stellar Bancorp Inc Stock Price, News & Analysis

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.