Stellar Bancorp Q3 net income $33.9M ($0.63 EPS); redeems $40M sub notes due 2027

Stellar Bancorp, Inc.

2024-Q3 EPS reported $1.68 revenue$4,840,000

Net income $33.9M ($0.63 diluted EPS) vs $29.8M ($0.56) Q2 2024; ROAA 1.27%.
Tax-equivalent NIM 4.19%; excluding purchase accounting accretion 3.91%.
Nonperforming loans fell $18.8M to $32.1M; reversal of provision $6.0M.
Book value per share $30.43; tangible book value $19.28, up from $18.00 Q2.
Repurchased 108,984 shares at avg $26.10; to redeem $40M sub notes at 100% of principal.

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