Stellar Bancorp(US:STEL)2022-04-29 17:38Financial Performance - Assets reached $715 billion, loans amounted to $428 billion, deposits totaled $616 billion, and shareholder equity stood at $7519 million as of March 31, 2022[6] - Core loan growth was $2741 million, a 70% increase from the first quarter of 2021, excluding Paycheck Protection Program (PPP) loans[6] - Deposits grew by $7881 million, or 147%, from the first quarter of 2021[6] - Net income for the first quarter of 2022 was $187 million, compared to $180 million for the first quarter of 2021[7] - Diluted EPS of $091 translated into an annualized return on average assets of 104% and an annualized return on average tangible equity of 1335%[7] - Net interest income decreased to $552 million for the first quarter of 2022, compared to $557 million for the first quarter of 2021[8] Strategic Initiatives - Allegiance Bancshares, Inc and CBTX, Inc announced a merger of equals to create a premier Texas financial institution[10] - The merger aims to generate significant shareholder value through enhanced metrics and cost savings[10] - The combined company is expected to have a complementary branch network with meaningful overlap in the Houston region[10] Market Position - The pro forma company is ranked 6 in the Houston region with $87 billion in deposits[11] - Allegiance Bancshares Inc had $5215366 million in total deposits in the Houston-The Woodlands-Sugar Land MSA in 2021, representing a 158% market share[13] Asset Quality - As of Q1 2022, the tangible equity to tangible assets ratio was 744%[4,22]