10-K
Annual Report
Stellar Bancorp, Inc.
STEL
NYSE
CIK: 1473844
File #: 001-38280
Balance Sheet
177 line items · 2 periods
XBRL
| Item | Dec 31, 2023 | Dec 31, 2022 |
|---|---|---|
ASSETS | ||
Cash and due from banks | 121,004,000 | 67,063,000 |
Parent Company | 26,394,000 | 27,407,000 |
Interest-bearing deposits at other financial institutions | 278,233,000 | 304,642,000 |
Total cash and cash equivalents | 399,237,000 | 371,705,000 |
Available for sale securities, at fair value | 1,395,680,000 | 1,807,586,000 |
U.S. government and agency securities | 297,418,000 | 414,280,000 |
Municipal securities | 204,059,000 | 540,569,000 |
Agency mortgage-backed pass-through securities | 387,873,000 | 328,801,000 |
Agency collateralized mortgage obligations | 398,117,000 | 394,130,000 |
Corporate bonds and other | 108,213,000 | 129,806,000 |
Carrying Amount | 1,395,680,000 | 1,807,586,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 1,395,680,000 | 1,807,586,000 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 1,395,680,000 | 1,807,586,000 |
Level 1 - Recurring basis - U.S. government and agency securities | 0 | 0 |
Level 2 - Recurring basis - U.S. government and agency securities | 297,418,000 | 414,280,000 |
Level 3 - Recurring basis - U.S. government and agency securities | 0 | 0 |
Recurring basis - U.S. government and agency securities | 297,418,000 | 414,280,000 |
Level 1 - Recurring basis - Municipal securities | 0 | 0 |
Level 2 - Recurring basis - Municipal securities | 204,059,000 | 540,569,000 |
Level 3 - Recurring basis - Municipal securities | 0 | 0 |
Recurring basis - Municipal securities | 204,059,000 | 540,569,000 |
Level 1 - Recurring basis - Agency mortgage-backed pass-through securities | 0 | 0 |
Level 2 - Recurring basis - Agency mortgage-backed pass-through securities | 387,873,000 | 328,801,000 |
Level 3 - Recurring basis - Agency mortgage-backed pass-through securities | 0 | 0 |
Recurring basis - Agency mortgage-backed pass-through securities | 387,873,000 | 328,801,000 |
Level 1 - Recurring basis - Agency collateralized mortgage obligations | 0 | 0 |
Level 2 - Recurring basis - Agency collateralized mortgage obligations | 398,117,000 | 394,130,000 |
Level 3 - Recurring basis - Agency collateralized mortgage obligations | 0 | 0 |
Recurring basis - Agency collateralized mortgage obligations | 398,117,000 | 394,130,000 |
Level 1 - Recurring basis - Corporate bonds and other | 0 | 0 |
Level 2 - Recurring basis - Corporate bonds and other | 108,213,000 | 129,806,000 |
Level 3 - Recurring basis - Corporate bonds and other | 0 | 0 |
Recurring basis - Corporate bonds and other | 108,213,000 | 129,806,000 |
Level 1 - Recurring basis - Interest rate swaps | 0 | 0 |
Level 2 - Recurring basis - Interest rate swaps | 6,692,000 | 9,263,000 |
Level 3 - Recurring basis - Interest rate swaps | 0 | 0 |
Recurring basis - Interest rate swaps | 6,692,000 | 9,263,000 |
Level 1 - Recurring basis - Financial institutions | 0 | 0 |
Level 2 - Recurring basis - Financial institutions | 0 | 0 |
Level 3 - Recurring basis - Financial institutions | 20,000 | 27,000 |
Recurring basis - Financial institutions | 20,000 | 27,000 |
Level 1 - Recurring basis | — | 0 |
Level 2 - Recurring basis | — | 1,816,849,000 |
Level 3 - Recurring basis | — | 27,000 |
Recurring basis | — | 1,816,876,000 |
Loans held for investment | 7,925,133,000 | 7,754,751,000 |
Commercial and industrial | 1,409,002,000 | 1,455,795,000 |
Paycheck Protection Program (PPP) | 5,100,000 | 13,226,000 |
Real estate - Commercial real estate (including multi-family residential) | 4,071,807,000 | 3,931,480,000 |
Real estate - Commercial real estate construction and land development | 1,060,406,000 | 1,037,678,000 |
Real estate - 1-4 family residential (including home equity) | 1,047,174,000 | 1,000,956,000 |
Real estate - Residential construction | 267,357,000 | 268,150,000 |
Consumer and other | 64,287,000 | 47,466,000 |
Commercial and industrial - 30-89 Days | 6,096,000 | 1,591,000 |
Commercial and industrial - 90 or More Days | 0 | 0 |
Commercial and industrial - Total Past Due Loans | 6,096,000 | 1,591,000 |
Commercial and industrial - Current Loans | 1,397,858,000 | 1,428,907,000 |
Paycheck Protection Program (PPP) - 30-89 Days | 375,000 | 517,000 |
Paycheck Protection Program (PPP) - 90 or More Days | 0 | 0 |
Paycheck Protection Program (PPP) - Total Past Due Loans | 375,000 | 517,000 |
Paycheck Protection Program (PPP) - Current Loans | 4,725,000 | 12,604,000 |
Real estate - Commercial real estate (including multi-family residential) - 30-89 Days | 9,600,000 | 3,222,000 |
Real estate - Commercial real estate (including multi-family residential) - 90 or More Days | 0 | 0 |
Real estate - Commercial real estate (including multi-family residential) - Total Past Due Loans | 9,600,000 | 3,222,000 |
Real estate - Commercial real estate (including multi-family residential) - Current Loans | 4,045,508,000 | 3,918,288,000 |
Real estate - Commercial real estate construction and land development - 30-89 Days | 7,341,000 | 851,000 |
Real estate - Commercial real estate construction and land development - 90 or More Days | 0 | 0 |
Real estate - Commercial real estate construction and land development - Total Past Due Loans | 7,341,000 | 851,000 |
Real estate - Commercial real estate construction and land development - Current Loans | 1,048,022,000 | 1,036,827,000 |
Real estate - 1-4 family residential (including home equity) - 30-89 Days | 3,492,000 | 3,385,000 |
Real estate - 1-4 family residential (including home equity) - 90 or More Days | 0 | 0 |
Real estate - 1-4 family residential (including home equity) - Total Past Due Loans | 3,492,000 | 3,385,000 |
Real estate - 1-4 family residential (including home equity) - Current Loans | 1,034,808,000 | 988,167,000 |
Real estate - Residential construction - 30-89 Days | 498,000 | 0 |
Real estate - Residential construction - 90 or More Days | 0 | 0 |
Real estate - Residential construction - Total Past Due Loans | 498,000 | 0 |
Real estate - Residential construction - Current Loans | 263,571,000 | 268,150,000 |
Consumer and other - 30-89 Days | 64,000 | 192,000 |
Consumer and other - 90 or More Days | 0 | 0 |
Consumer and other - Total Past Due Loans | 64,000 | 192,000 |
Consumer and other - Current Loans | 63,984,000 | 47,002,000 |
30-89 Days | 27,466,000 | 9,758,000 |
90 or More Days | 0 | 0 |
Total Past Due Loans | 27,466,000 | 9,758,000 |
Current Loans | 7,858,476,000 | 7,699,945,000 |
Commercial and industrial - Pass | 1,377,118,000 | 1,400,191,000 |
Commercial and industrial - Special Mention | 8,340,000 | 18,982,000 |
Commercial and industrial - Substandard | 23,496,000 | 36,568,000 |
Commercial and industrial - Doubtful | 48,000 | 54,000 |
Paycheck Protection Program (PPP) - Pass | 5,100,000 | 13,226,000 |
Paycheck Protection Program (PPP) - Special Mention | 0 | 0 |
Paycheck Protection Program (PPP) - Substandard | 0 | 0 |
Paycheck Protection Program (PPP) - Doubtful | 0 | 0 |
Real estate - Commercial real estate (including multi-family residential) - Pass | 3,959,675,000 | 3,844,951,000 |
Real estate - Commercial real estate (including multi-family residential) - Special Mention | 54,483,000 | 18,183,000 |
Real estate - Commercial real estate (including multi-family residential) - Substandard | 57,649,000 | 68,346,000 |
Real estate - Commercial real estate (including multi-family residential) - Doubtful | 0 | 0 |
Real estate - Commercial real estate construction and land development - Pass | 1,032,789,000 | 1,025,141,000 |
Real estate - Commercial real estate construction and land development - Special Mention | 9,737,000 | 832,000 |
Real estate - Commercial real estate construction and land development - Substandard | 17,880,000 | 11,705,000 |
Real estate - Commercial real estate construction and land development - Doubtful | 0 | 0 |
Real estate - 1-4 family residential (including home equity) - Pass | 1,011,743,000 | 969,396,000 |
Real estate - 1-4 family residential (including home equity) - Special Mention | 5,384,000 | 3,714,000 |
Real estate - 1-4 family residential (including home equity) - Substandard | 30,047,000 | 27,846,000 |
Real estate - 1-4 family residential (including home equity) - Doubtful | 0 | 0 |
Real estate - Residential construction - Pass | 264,069,000 | 266,943,000 |
Real estate - Residential construction - Special Mention | 0 | 421,000 |
Real estate - Residential construction - Substandard | 3,288,000 | 786,000 |
Real estate - Residential construction - Doubtful | 0 | 0 |
Consumer and other - Pass | 63,881,000 | 47,062,000 |
Consumer and other - Special Mention | 67,000 | 43,000 |
Consumer and other - Substandard | 339,000 | 361,000 |
Consumer and other - Doubtful | 0 | 0 |
Pass | 7,714,375,000 | 7,566,910,000 |
Special Mention | 78,011,000 | 42,175,000 |
Substandard | 132,699,000 | 145,612,000 |
Doubtful | 48,000 | 54,000 |
Less: allowance for credit losses on loans | 91,684,000 | 93,180,000 |
Commercial and industrial | 31,979,000 | 41,236,000 |
Paycheck Protection Program (PPP) | 0 | 0 |
Real estate - Commercial real estate (including multi-family residential) | 38,187,000 | 32,970,000 |
Real estate - Commercial real estate construction and land development | 13,627,000 | 14,121,000 |
Real estate - 1-4 family residential (including home equity) | 4,785,000 | 2,709,000 |
Real estate - Residential construction | 2,623,000 | 1,796,000 |
Consumer and other | 483,000 | 348,000 |
Unfunded Loan Commitment | 11,300,000 | 12,000,000 |
Loans, net | 7,833,449,000 | 7,661,571,000 |
Accrued interest receivable | 44,244,000 | 44,743,000 |
Premises and equipment, net | 118,683,000 | 126,803,000 |
Federal Home Loan Bank stock | 25,051,000 | 15,058,000 |
Bank-owned life insurance | 105,084,000 | 103,094,000 |
Goodwill | 497,318,000 | 497,260,000 |
Core deposit intangibles, net | 116,712,000 | 143,525,000 |
Core Deposit Intangibles | 116,712,000 | 143,525,000 |
Servicing Assets | 212,000 | 309,000 |
Other assets | 111,681,000 | 129,092,000 |
Parent Company | 9,290,000 | 7,569,000 |
TOTAL ASSETS | 10,647,139,000 | 10,900,437,000 |
Parent Company | 1,592,592,000 | 1,454,554,000 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
LIABILITIES: | ||
Deposits: | ||
Noninterest-bearing | 3,546,815,000 | 4,230,169,000 |
Interest-bearing | ||
Demand | 1,659,999,000 | 1,591,828,000 |
Money market and savings | 2,136,777,000 | 2,575,923,000 |
Certificates and other time | 1,529,876,000 | 869,712,000 |
Total interest-bearing deposits | 5,326,652,000 | 5,037,463,000 |
Total deposits | 8,873,467,000 | 9,267,632,000 |
Accrued interest payable | 11,288,000 | 2,098,000 |
Borrowed funds | 50,000,000 | 63,925,000 |
Subordinated debt | 109,765,000 | 109,367,000 |
Parent Company | 69,765,000 | 69,367,000 |
Other liabilities | 81,601,000 | 74,239,000 |
Total liabilities | 9,126,121,000 | 9,517,261,000 |
Parent Company | 71,574,000 | 71,378,000 |
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued or outstanding at both December 31, 2023 and 2022 | 0 | 0 |
Common stock, $0.01 par value; 140,000,000 shares authorized, 53,291,079 shares issued and outstanding at December 31, 2023 and 52,954,985 shares issued and outstanding at December 31, 2022 | 533,000 | 530,000 |
Parent Company | 533,000 | 530,000 |
Capital surplus | 1,232,627,000 | 1,222,761,000 |
Parent Company | 1,232,627,000 | 1,222,761,000 |
Retained earnings | 405,945,000 | 303,146,000 |
Parent Company | 405,945,000 | 303,146,000 |
Accumulated other comprehensive loss | (118,087,000) | (143,261,000) |
Parent Company | (118,087,000) | (143,261,000) |
Total shareholders’ equity | 1,521,018,000 | 1,383,176,000 |
Common Stock | 533,000 | 530,000 |
Capital Surplus | 1,232,627,000 | 1,222,761,000 |
Retained Earnings | 405,945,000 | 303,146,000 |
Accumulated Other Comprehensive Income (Loss) | (118,087,000) | (143,261,000) |
Parent Company | 1,521,018,000 | 1,383,176,000 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 10,647,139,000 | 10,900,437,000 |
Parent Company | 1,592,592,000 | 1,454,554,000 |