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Sep 30, 2022
Stellar Bancorp Q3 2022 Earnings Report
Reported net income and diluted earnings per share for the third quarter of 2022.
Key Takeaways
Stellar Bancorp, Inc., formerly known as CBTX, reported a net income of $12.7 million and diluted earnings per share of $0.52 for Q3 2022. Allegiance reported a net income of $14.3 million and diluted earnings per share of $0.71 for the same period. The merger of equals between CBTX and Allegiance became effective October 1, 2022, resulting in the combined company named Stellar Bancorp, Inc.
CBTX's loans held for investment grew by 12.3% annualized, or $93.5 million, during Q3 2022, reaching $3.13 billion.
CBTX's net interest income increased by 23.3%, or $8.1 million, compared to the second quarter of 2022.
Allegiance's loans held for investment grew by 22.4% annualized, or $243.1 million, during Q3 2022, totaling $4.59 billion.
Allegiance's net interest income increased by 5.6%, or $3.2 million, compared to the second quarter of 2022.
Stellar Bancorp
Stellar Bancorp
Forward Guidance
The press release does not contain specific forward guidance. It focuses on the merger between CBTX and Allegiance and the resulting formation of Stellar Bancorp.