Stellar Bancorp Q1 net income $26.1M ($0.49 EPS), NIM 4.26%, NPLs rise to 0.53% of assets

Stellar Bancorp, Inc.

2024-Q1 EPS reported $0.49 revenue$1,598,000

Net income $26.1M ($0.49 diluted EPS) vs $27.3M ($0.51) in Q4 2023; net interest income $102.1M down 3.6% qoq.
Tax-equivalent net interest margin 4.26% (ex-PAA 3.91% flat qoq); cost of funds 2.06%.
Total loans $7.91B (-$17M qoq), total deposits $8.79B (-$78.8M qoq); uninsured deposits 42.8% of total.
Nonperforming assets $57.1M (0.53% of assets) vs $39.2M (0.37%) at Dec 2023; ACL 1.22% of loans.
Total risk-based capital ratio improved to 14.62% from 14.02%; Tier 1 leverage 10.41%.

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 0.95

Stellar Bancorp, Inc. reported the first quarter of 2024 results: revenue $102.1 million, net income $26.1 million, EPS $0.49.

Period: the first quarter of 2024
Revenue: $102.1 million
Net income: $26.1 million
EPS: $0.49
Result: reported results

Exact text from the filing

quarter of 2024 compared to 2.03% for the fourth quarter of 2023. First Quarter 2024 Results Net interest income in the first quarter of 2024 decreased $3.8 million, or 3.6%, to $102.1 million from $105.9 million for the fourth quarter of 2023. The net interest margin on a tax equivalent basis decreased 14 basis points to 4.26% for the first quarter of 2024 from 4.40%

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Source: SEC EDGAR

accession 0001473844-24-000013

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