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Jun 30, 2023
Stellar Bancorp Q2 2023 Earnings Report
Reported net income and diluted earnings per share for the second quarter of 2023, while maintaining focus on capital, credit, and liquidity.
Key Takeaways
Stellar Bancorp reported a net income of $35.2 million and diluted earnings per share of $0.66 for Q2 2023. The company remains focused on capital, credit, and liquidity, which is reflected in their results.
Second quarter 2023 net income of $35.2 million and diluted earnings per share of $0.66, annualized return on average assets of 1.31% and an annualized return on average tangible equity of 17.05%.
Total risk-based capital ratio increased to 13.03% at June 30, 2023 from 12.39% at December 31, 2022 and Tier 1 leverage ratio increased to 9.51% at June 30, 2023 from 8.55% at December 31, 2022.
Net charge-offs of $428 thousand, or 0.01%, for the year-to-date 2023, while nonperforming assets remained stable.
Tax equivalent net interest margin was 4.49% for the second quarter of 2023 as compared to 4.80% in the first quarter of 2023.
Stellar Bancorp
Stellar Bancorp
Forward Guidance
This press release contains forward-looking statements regarding the company's future performance, which are subject to risks and uncertainties.