10-Q
Quarterly Report
Stellar Bancorp, Inc.
STEL
NYSE
CIK: 1473844
File #: 001-38280
Balance Sheet
162 line items · 2 periods
XBRL
| Item | Jun 30, 2024 | Dec 31, 2023 |
|---|---|---|
ASSETS | ||
Cash and due from banks | 110,341,000 | 121,004,000 |
Interest-bearing deposits at other financial institutions | 379,909,000 | 278,233,000 |
Total cash and cash equivalents | 490,250,000 | 399,237,000 |
Available for sale securities, at fair value | 1,630,971,000 | 1,395,680,000 |
U.S. government and agency securities | 282,170,000 | 297,418,000 |
Municipal securities | 194,609,000 | 204,059,000 |
Agency mortgage-backed pass-through securities | 433,182,000 | 387,873,000 |
Agency collateralized mortgage obligations | 621,845,000 | 398,117,000 |
Corporate bonds and other | 99,165,000 | 108,213,000 |
Carrying Amount | 1,630,971,000 | 1,395,680,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 1,630,971,000 | 1,395,680,000 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 1,630,971,000 | 1,395,680,000 |
Level 1 - Recurring Basis - U.S. government and agency securities | 0 | 0 |
Level 2 - Recurring Basis - U.S. government and agency securities | 282,170,000 | 297,418,000 |
Level 3 - Recurring Basis - U.S. government and agency securities | 0 | 0 |
Recurring Basis - U.S. government and agency securities | 282,170,000 | 297,418,000 |
Level 1 - Recurring Basis - Municipal securities | 0 | 0 |
Level 2 - Recurring Basis - Municipal securities | 194,609,000 | 204,059,000 |
Level 3 - Recurring Basis - Municipal securities | 0 | 0 |
Recurring Basis - Municipal securities | 194,609,000 | 204,059,000 |
Level 1 - Recurring Basis - Agency mortgage-backed pass-through securities | 0 | 0 |
Level 2 - Recurring Basis - Agency mortgage-backed pass-through securities | 433,182,000 | 387,873,000 |
Level 3 - Recurring Basis - Agency mortgage-backed pass-through securities | 0 | 0 |
Recurring Basis - Agency mortgage-backed pass-through securities | 433,182,000 | 387,873,000 |
Level 1 - Recurring Basis - Agency collateralized mortgage obligations | 0 | 0 |
Level 2 - Recurring Basis - Agency collateralized mortgage obligations | 621,845,000 | 398,117,000 |
Level 3 - Recurring Basis - Agency collateralized mortgage obligations | 0 | 0 |
Recurring Basis - Agency collateralized mortgage obligations | 621,845,000 | 398,117,000 |
Level 1 - Recurring Basis - Corporate bonds and other | 0 | 0 |
Level 2 - Recurring Basis - Corporate bonds and other | 99,165,000 | 108,213,000 |
Level 3 - Recurring Basis - Corporate bonds and other | 0 | 0 |
Recurring Basis - Corporate bonds and other | 99,165,000 | 108,213,000 |
Level 1 - Recurring Basis - Interest rate swaps | 0 | 0 |
Level 2 - Recurring Basis - Interest rate swaps | 6,926,000 | 6,692,000 |
Level 3 - Recurring Basis - Interest rate swaps | 0 | 0 |
Recurring Basis - Interest rate swaps | 6,926,000 | 6,692,000 |
Level 1 - Recurring Basis - Credit risk participation agreements | 0 | 0 |
Level 2 - Recurring Basis - Credit risk participation agreements | 0 | 0 |
Level 3 - Recurring Basis - Credit risk participation agreements | 13,000 | 20,000 |
Recurring Basis - Credit risk participation agreements | 13,000 | 20,000 |
Loans held for investment | 7,713,897,000 | 7,925,133,000 |
Commercial and industrial | 1,392,435,000 | 1,409,002,000 |
Paycheck Protection Program (PPP) | 3,629,000 | 5,100,000 |
Real estate: - Commercial real estate (including multi-family residential) | 4,029,671,000 | 4,071,807,000 |
Real estate: - Commercial real estate construction and land development | 922,805,000 | 1,060,406,000 |
Real estate: - 1-4 family residential (including home equity) | 1,098,681,000 | 1,047,174,000 |
Real estate: - Residential construction | 200,134,000 | 267,357,000 |
Consumer and other | 66,542,000 | 64,287,000 |
Commercial and industrial - 30-89 Days | 6,271,000 | 6,096,000 |
Commercial and industrial - 90 or More Days | 0 | 0 |
Commercial and industrial - Total Past Due Loans | 6,271,000 | 6,096,000 |
Commercial and industrial - Current Loans | 1,367,716,000 | 1,397,858,000 |
Paycheck Protection Program (PPP) - 30-89 Days | 429,000 | 375,000 |
Paycheck Protection Program (PPP) - 90 or More Days | 0 | 0 |
Paycheck Protection Program (PPP) - Total Past Due Loans | 429,000 | 375,000 |
Paycheck Protection Program (PPP) - Current Loans | 3,197,000 | 4,725,000 |
Real estate: - Commercial real estate (including multi-family residential) - 30-89 Days | 16,806,000 | 9,600,000 |
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 | 16,806,000 | 9,600,000 |
Real estate: - Commercial real estate (including multi-family residential) - Current Loans | 3,994,771,000 | 4,045,508,000 |
Real estate: - Commercial real estate construction and land development - 30-89 Days | 14,276,000 | 7,341,000 |
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 | 14,276,000 | 7,341,000 |
Real estate: - Commercial real estate construction and land development - Current Loans | 906,888,000 | 1,048,022,000 |
Real estate: - 1-4 family residential (including home equity) - 30-89 Days | 2,660,000 | 3,492,000 |
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 | 2,660,000 | 3,492,000 |
Real estate: - 1-4 family residential (including home equity) - Current Loans | 1,083,567,000 | 1,034,808,000 |
Real estate: - Residential construction - 30-89 Days | 1,193,000 | 498,000 |
Real estate: - Residential construction - 90 or More Days | 0 | 0 |
Real estate: - Residential construction - Total Past Due Loans | 1,193,000 | 498,000 |
Real estate: - Residential construction - Current Loans | 198,786,000 | 263,571,000 |
Consumer and other - 30-89 Days | 80,000 | 64,000 |
Consumer and other - 90 or More Days | 0 | 0 |
Consumer and other - Total Past Due Loans | 80,000 | 64,000 |
Consumer and other - Current Loans | 66,351,000 | 63,984,000 |
30-89 Days | 41,715,000 | 27,466,000 |
90 or More Days | 0 | 0 |
Total Past Due Loans | 41,715,000 | 27,466,000 |
Current Loans | 7,621,276,000 | 7,858,476,000 |
Commercial and industrial - Pass | 1,350,619,000 | 1,377,118,000 |
Commercial and industrial - Special Mention | 7,509,000 | 8,340,000 |
Commercial and industrial - Substandard | 34,262,000 | 23,496,000 |
Commercial and industrial - Doubtful | 45,000 | 48,000 |
Paycheck Protection Program (PPP) - Pass | 3,629,000 | 5,100,000 |
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 | 3,849,863,000 | 3,959,675,000 |
Real estate: - Commercial real estate (including multi-family residential) - Special Mention | 115,807,000 | 54,483,000 |
Real estate: - Commercial real estate (including multi-family residential) - Substandard | 64,001,000 | 57,649,000 |
Real estate: - Commercial real estate (including multi-family residential) - Doubtful | 0 | 0 |
Real estate: - Commercial real estate construction and land development - Pass | 885,335,000 | 1,032,789,000 |
Real estate: - Commercial real estate construction and land development - Special Mention | 24,782,000 | 9,737,000 |
Real estate: - Commercial real estate construction and land development - Substandard | 12,688,000 | 17,880,000 |
Real estate: - Commercial real estate construction and land development - Doubtful | 0 | 0 |
Real estate: - 1-4 family residential (including home equity) - Pass | 1,061,659,000 | 1,011,743,000 |
Real estate: - 1-4 family residential (including home equity) - Special Mention | 7,727,000 | 5,384,000 |
Real estate: - 1-4 family residential (including home equity) - Substandard | 29,295,000 | 30,047,000 |
Real estate: - 1-4 family residential (including home equity) - Doubtful | 0 | 0 |
Real estate: - Residential construction - Pass | 198,803,000 | 264,069,000 |
Real estate: - Residential construction - Special Mention | 1,121,000 | 0 |
Real estate: - Residential construction - Substandard | 210,000 | 3,288,000 |
Real estate: - Residential construction - Doubtful | 0 | 0 |
Consumer and other - Pass | 66,308,000 | 63,881,000 |
Consumer and other - Special Mention | 46,000 | 67,000 |
Consumer and other - Substandard | 188,000 | 339,000 |
Consumer and other - Doubtful | 0 | 0 |
Pass | 7,416,216,000 | 7,714,375,000 |
Special Mention | 156,992,000 | 78,011,000 |
Substandard | 140,644,000 | 132,699,000 |
Doubtful | 45,000 | 48,000 |
Less: allowance for credit losses on loans | 94,772,000 | 91,684,000 |
Commercial and industrial | 38,776,000 | 31,979,000 |
Paycheck Protection Program (PPP) | 0 | 0 |
Real estate: - Commercial real estate (including multi-family residential) | 35,897,000 | 38,187,000 |
Real estate: - Commercial real estate construction and land development | 12,511,000 | 13,627,000 |
Real estate: - 1-4 family residential (including home equity) | 5,230,000 | 4,785,000 |
Real estate: - Residential construction | 1,963,000 | 2,623,000 |
Consumer and other | 395,000 | 483,000 |
Unfunded Loan Commitment | 9,700,000 | 11,300,000 |
Loans, net | 7,619,125,000 | 7,833,449,000 |
Accrued interest receivable | 43,348,000 | 44,244,000 |
Premises and equipment, net | 113,984,000 | 118,683,000 |
Federal Home Loan Bank stock | 15,089,000 | 25,051,000 |
Bank-owned life insurance | 106,262,000 | 105,084,000 |
Goodwill | 497,318,000 | 497,318,000 |
Core deposit intangibles, net | 104,315,000 | 116,712,000 |
Core Deposit Intangibles | 104,315,000 | 116,712,000 |
Servicing Assets | 178,000 | 212,000 |
Other assets | 103,001,000 | 111,681,000 |
TOTAL ASSETS | 10,723,663,000 | 10,647,139,000 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
LIABILITIES: | ||
Deposits: | ||
Noninterest-bearing | 3,308,441,000 | 3,546,815,000 |
Interest-bearing | ||
Demand | 1,564,405,000 | 1,659,999,000 |
Money market and savings | 2,213,031,000 | 2,136,777,000 |
Certificates and other time | 1,639,426,000 | 1,529,876,000 |
Total interest-bearing deposits | 5,416,862,000 | 5,326,652,000 |
Total deposits | 8,725,303,000 | 8,873,467,000 |
Accrued interest payable | 12,327,000 | 11,288,000 |
Borrowed funds | 240,000,000 | 50,000,000 |
Subordinated debt | 109,964,000 | 109,765,000 |
Other liabilities | 70,274,000 | 81,601,000 |
Total liabilities | 9,157,868,000 | 9,126,121,000 |
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued or outstanding at June 30, 2024 and December 31, 2023 | 0 | 0 |
Common stock, $0.01 par value; 140,000,000 shares authorized; 53,564,116 shares issued and outstanding at June 30, 2024 and 53,291,079 shares issued and outstanding at December 31, 2023 | 536,000 | 533,000 |
Capital surplus | 1,238,477,000 | 1,232,627,000 |
Retained earnings | 447,948,000 | 405,945,000 |
Accumulated other comprehensive loss | (121,166,000) | (118,087,000) |
Total shareholders’ equity | 1,565,795,000 | 1,521,018,000 |
Common Stock | 536,000 | 533,000 |
Capital Surplus | 1,238,477,000 | 1,232,627,000 |
Retained Earnings | 447,948,000 | 405,945,000 |
Accumulated Other Comprehensive (Loss) Income | (121,166,000) | (118,087,000) |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 10,723,663,000 | 10,647,139,000 |