Stellar Bancorp reports Q3 EPS 63c, consensus 48c

Reports Q3 tangible book value per share $19.28. Reports Q3 CET1 capital ratio 13.63%. Reports Q3 net charge-offs .21%. “We are pleased to announce our third quarter 2024 financial results that reflect our work as we mark the second anniversary of our transformational merger completed on October 1, 2022,” said Robert Franklin, Jr., Stellar’s CEO. “Since the merger, we have focused on building the foundation of Stellar Bank. Those efforts include constructing the scalable infrastructure to support an institution with more than $10 billion of assets while we have built a strong capital base, significantly increased our liquidity position and maintained a disciplined focus on credit. We have also significantly reduced our exposure to commercial real estate and invested in assets to help us grow a more balanced loan portfolio through additional commercial and industrial lending experience and leadership.”