Stellar Bancorp Q4 net income $27.3M ($0.51 EPS); NIM expands to 4.40% but expenses rise on FDIC assessment

Stellar Bancorp, Inc.

2023-FY EPS reported $2.45 revenue$6,064,000

Net income $27.3M, diluted EPS $0.51 for Q4 2023; full-year net income $130.5M, EPS $2.45.
Tax-equivalent NIM 4.40% (up 3 bps QoQ); net interest income $105.9M (-0.7% QoQ).
Noninterest expense $77.9M (+10.2% QoQ) includes $2.4M FDIC special assessment and $1.9M severance.
Loans down $79.4M to $7.93B; deposits up $186.8M to $8.87B; NIM excl. purchase accounting 3.91%.
Tangible book value per share up 21.4% to $17.02; total risk-based capital ratio 14.02%.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Stellar Bancorp, Inc. reported financial results for year ended December 31, 2023 and fourth quarter of 2023.

Period: year ended December 31, 2023 and fourth quarter of 2023
Result: reported results

Exact text from the filing

On January 26, 2024, Stellar Bancorp, Inc. (the “Company”) issued a press release announcing its financial results for the year ended December 31, 2023 and fourth quarter of 2023.

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Stellar Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0001473844-24-000005

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