Stellar Bancorp reports Q4 EPS 4c, consensus 77c

Reports Q4 provision for credit losses $44.8M vs. a reversal of provision for credit losses of $2.6M for 4Q21 and the provision for credit losses of $2.0M for 3Q22. Tangible book value per share was $14.02 at quarter end from $14.94. "We are pleased to report our Q4 results as a combined institution. Our scale and resources enhance our ability to execute our business strategy focused on delivering exceptional customer service to increase shareholder value while continuing to honor our community values. The integration of our combined talents and expertise benefits our customers, employees, communities and shareholders. We are very grateful for the dedication and hard work of our team coming together and for the continued work as we implement an efficient system conversion in the first quarter of 2023," said CEO Robert Franklin, Jr. "As we approach 2023, we are excited about the opportunities created by our combination and also cautious about increasing interest rates and the resulting effects on our economy. We will focus our efforts in the coming year on credit quality, liquidity and capital management. We are convinced more than ever that there is a bright long-term future for Stellar."