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Mar 31, 2023
Stellar Bancorp Q1 2023 Earnings Report
Reported net income and diluted earnings per share, reflecting a resilient business model and strategic initiatives.
Key Takeaways
Stellar Bancorp reported a strong start to the year with net income of $37.1 million and diluted earnings per share of $0.70 for Q1 2023. The company completed its technology systems conversion and launched the Stellar Bank brand during the quarter.
Net income for Q1 2023 was $37.1 million, with diluted earnings per share at $0.70.
Pre-tax, pre-provision income for Q1 2023 was $50.7 million.
Tax equivalent net interest margin was 4.80% for Q1 2023.
Total loans increased to $7.89 billion, and core loans increased to $7.87 billion.
Stellar Bancorp
Stellar Bancorp
Forward Guidance
The company is focused on maintaining strong credit, liquidity, and capital while providing outstanding service. Economy in their markets remain strong, but they remain vigilant to changes impacting the economy and financing conditions.