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Sep 30, 2020
Stellar Bancorp Q3 2020 Earnings Report
Net income increased due to fluctuations in the provision for credit losses.
Key Takeaways
CBTX, Inc. reported a net income of $6.4 million, or $0.26 per diluted share, for the quarter ended September 30, 2020. The results were influenced by the impact of the pandemic and the sustained instability of the oil and gas industry.
Net income was $6.4 million for the third quarter of 2020.
Provision for credit losses was $4.1 million for the third quarter of 2020.
Allowance for credit losses for loans increased to $44.1 million at September 30, 2020.
Loans on COVID-19 related deferral arrangements decreased to 41 loans with total principal outstanding of $82.4 million as of September 30, 2020.
Stellar Bancorp
Stellar Bancorp
Forward Guidance
The company believes that the fourth quarter will be one of caution as they begin to see more clearly the longer-term effect of the pandemic.