05:37 PM EDT, 05/23/2024 (MT Newswires) -- Stellar Bancorp ( STEL ) said Thursday its board authorized a new share buyback program allowing the repurchase of up to $60 million of the company's common shares through May 31, 2025.

Stellar said it has an existing share buyback program, under which it may repurchase up to $60 million of its common shares, through May 31, 2024.

The company said it maintained its quarterly cash dividend of $0.13 a share, payable June 28 to shareholders of record June 14.