Stellar Bancorp Q2 Net Income Fell

(RTTNews) - Stellar Bancorp, Inc. (STEL), on Friday, announced that net income declined in the second quarter compared with the previous year.

For the second quarter, net income declined to $26.35 million from $29.75 million last year.

Earnings per share were $0.51 versus $0.56 last year.

Adjusted net income decreased to $30.74 million from $34.66 million in the previous year.

Five Analysts, on average, had expected the company to report $0.45 per share. Analysts' estimates typically exclude special items.

Net interest income decreased to $98.34 million from $101.41 million in the previous year's quarter.

Adjusted net interest income increased to $93.08 million from $91.38 million in the previous year.

Non-interest income increased to $5.79 million from $5.42 million in the previous year.

Adjusted non-interest income decreased to $5.85 million from $5.48 million last year. Total loans held for investment increased to $7.29 billion from $7.71 billion last year.

Deposits increased to $8.68 billion from $8.73 billion in the prior year.

On Thursday, Stellar Bancorp closed trading, 1.81% lesser at $31.53 on the New York Stock Exchange.