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Sep 30, 2023
Stellar Bancorp Q3 2023 Earnings Report
Reported a decrease in net income and earnings per share due to the uncertain economic environment, while maintaining a strong balance sheet and stable core deposits.
Key Takeaways
Stellar Bancorp reported a net income of $30.9 million and diluted earnings per share of $0.58 for Q3 2023. The company is focused on maintaining balance sheet strength, asset quality, and stable core deposits amidst economic uncertainty and rising interest rates.
Net income for Q3 2023 was $30.9 million, with diluted earnings per share of $0.58.
Total risk-based capital ratio increased to 13.42% as of September 30, 2023.
Tax equivalent net interest margin was 4.37% for Q3 2023.
Noninterest-bearing deposit balances remained a significant portion of the deposit funding base at 42.1%.
Forward Guidance
Stellar Bancorp's management expressed caution regarding the economic environment and the impact of rising interest rates. The company will focus on building its capital base, managing liquidity, and monitoring credit quality to protect and increase long-term shareholder value.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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