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Jun 30, 2020
Stellar Bancorp Q2 2020 Earnings Report
Net income decreased due to the increase in the provision for credit losses during the second quarter of 2020.
Key Takeaways
CBTX, Inc. reported a net income of $2.2 million, or $0.09 per diluted share, for the quarter ended June 30, 2020. The results were impacted by the COVID-19 pandemic and the sustained instability of the oil and gas industry.
Net income was $2.2 million for the second quarter of 2020.
The provision for credit losses was $9.9 million for the second quarter of 2020.
The allowance for credit losses for loans increased to $39.7 million at June 30, 2020.
Funded $336.1 million in loans under the Small Business Administration’s Paycheck Protection Program during the second quarter of 2020.
Stellar Bancorp
Stellar Bancorp
Forward Guidance
Company believes that it will be several months before we can more clearly see the effects of the shut-down of our economy, both at a local and national level