10-Q
Quarterly Report
Stellar Bancorp, Inc.
STEL
NYSE
CIK: 1473844
File #: 001-38280
Balance Sheet
162 line items · 2 periods
XBRL
| Item | Sep 30, 2024 | Dec 31, 2023 |
|---|---|---|
ASSETS | ||
Cash and due from banks | 103,735,000 | 121,004,000 |
Interest-bearing deposits at other financial institutions | 412,482,000 | 278,233,000 |
Total cash and cash equivalents | 516,217,000 | 399,237,000 |
Available for sale securities, at fair value | 1,691,752,000 | 1,395,680,000 |
U.S. government and agency securities | 277,519,000 | 297,418,000 |
Municipal securities | 198,993,000 | 204,059,000 |
Agency mortgage-backed pass-through securities | 463,447,000 | 387,873,000 |
Agency collateralized mortgage obligations | 645,040,000 | 398,117,000 |
Corporate bonds and other | 106,753,000 | 108,213,000 |
Carrying Amount | 1,691,752,000 | 1,395,680,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 1,691,752,000 | 1,395,680,000 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 1,691,752,000 | 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 | 277,519,000 | 297,418,000 |
Level 3 - Recurring Basis - U.S. government and agency securities | 0 | 0 |
Recurring Basis - U.S. government and agency securities | 277,519,000 | 297,418,000 |
Level 1 - Recurring Basis - Municipal securities | 0 | 0 |
Level 2 - Recurring Basis - Municipal securities | 198,993,000 | 204,059,000 |
Level 3 - Recurring Basis - Municipal securities | 0 | 0 |
Recurring Basis - Municipal securities | 198,993,000 | 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 | 463,447,000 | 387,873,000 |
Level 3 - Recurring Basis - Agency mortgage-backed pass-through securities | 0 | 0 |
Recurring Basis - Agency mortgage-backed pass-through securities | 463,447,000 | 387,873,000 |
Level 1 - Recurring Basis - Agency collateralized mortgage obligations | 0 | 0 |
Level 2 - Recurring Basis - Agency collateralized mortgage obligations | 645,040,000 | 398,117,000 |
Level 3 - Recurring Basis - Agency collateralized mortgage obligations | 0 | 0 |
Recurring Basis - Agency collateralized mortgage obligations | 645,040,000 | 398,117,000 |
Level 1 - Recurring Basis - Corporate bonds and other | 0 | 0 |
Level 2 - Recurring Basis - Corporate bonds and other | 106,753,000 | 108,213,000 |
Level 3 - Recurring Basis - Corporate bonds and other | 0 | 0 |
Recurring Basis - Corporate bonds and other | 106,753,000 | 108,213,000 |
Level 1 - Recurring Basis - Interest rate swaps | 0 | 0 |
Level 2 - Recurring Basis - Interest rate swaps | 4,420,000 | 6,692,000 |
Level 3 - Recurring Basis - Interest rate swaps | 0 | 0 |
Recurring Basis - Interest rate swaps | 4,420,000 | 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 | 18,000 | 20,000 |
Recurring Basis - Credit risk participation agreements | 18,000 | 20,000 |
Loans held for investment | 7,551,124,000 | 7,925,133,000 |
Commercial and industrial | 1,347,876,000 | 1,409,002,000 |
Paycheck Protection Program (PPP) | 2,877,000 | 5,100,000 |
Real estate: - Commercial real estate (including multi-family residential) | 3,976,296,000 | 4,071,807,000 |
Real estate: - Commercial real estate construction and land development | 890,316,000 | 1,060,406,000 |
Real estate: - 1-4 family residential (including home equity) | 1,112,235,000 | 1,047,174,000 |
Real estate: - Residential construction | 161,494,000 | 267,357,000 |
Consumer and other | 60,030,000 | 64,287,000 |
Commercial and industrial - 30-89 Days | 4,817,000 | 6,096,000 |
Commercial and industrial - 90 or More Days | 0 | 0 |
Commercial and industrial - Total Past Due Loans | 4,817,000 | 6,096,000 |
Commercial and industrial - Current Loans | 1,333,347,000 | 1,397,858,000 |
Paycheck Protection Program (PPP) - 30-89 Days | 14,000 | 375,000 |
Paycheck Protection Program (PPP) - 90 or More Days | 0 | 0 |
Paycheck Protection Program (PPP) - Total Past Due Loans | 14,000 | 375,000 |
Paycheck Protection Program (PPP) - Current Loans | 2,857,000 | 4,725,000 |
Real estate: - Commercial real estate (including multi-family residential) - 30-89 Days | 14,917,000 | 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 | 14,917,000 | 9,600,000 |
Real estate: - Commercial real estate (including multi-family residential) - Current Loans | 3,950,684,000 | 4,045,508,000 |
Real estate: - Commercial real estate construction and land development - 30-89 Days | 2,558,000 | 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 | 2,558,000 | 7,341,000 |
Real estate: - Commercial real estate construction and land development - Current Loans | 883,575,000 | 1,048,022,000 |
Real estate: - 1-4 family residential (including home equity) - 30-89 Days | 4,451,000 | 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 | 4,451,000 | 3,492,000 |
Real estate: - 1-4 family residential (including home equity) - Current Loans | 1,100,525,000 | 1,034,808,000 |
Real estate: - Residential construction - 30-89 Days | 5,546,000 | 498,000 |
Real estate: - Residential construction - 90 or More Days | 0 | 0 |
Real estate: - Residential construction - Total Past Due Loans | 5,546,000 | 498,000 |
Real estate: - Residential construction - Current Loans | 155,827,000 | 263,571,000 |
Consumer and other - 30-89 Days | 99,000 | 64,000 |
Consumer and other - 90 or More Days | 0 | 0 |
Consumer and other - Total Past Due Loans | 99,000 | 64,000 |
Consumer and other - Current Loans | 59,767,000 | 63,984,000 |
30-89 Days | 32,402,000 | 27,466,000 |
90 or More Days | 0 | 0 |
Total Past Due Loans | 32,402,000 | 27,466,000 |
Current Loans | 7,486,582,000 | 7,858,476,000 |
Commercial and industrial - Pass | 1,309,108,000 | 1,377,118,000 |
Commercial and industrial - Special Mention | 11,333,000 | 8,340,000 |
Commercial and industrial - Substandard | 27,392,000 | 23,496,000 |
Commercial and industrial - Doubtful | 43,000 | 48,000 |
Paycheck Protection Program (PPP) - Pass | 2,877,000 | 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 | 3,788,878,000 | 3,959,675,000 |
Real estate: - Commercial real estate (including multi-family residential) - Special Mention | 128,342,000 | 54,483,000 |
Real estate: - Commercial real estate (including multi-family residential) - Substandard | 59,076,000 | 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 | 851,621,000 | 1,032,789,000 |
Real estate: - Commercial real estate construction and land development - Special Mention | 28,613,000 | 9,737,000 |
Real estate: - Commercial real estate construction and land development - Substandard | 10,082,000 | 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 | 1,073,758,000 | 1,011,743,000 |
Real estate: - 1-4 family residential (including home equity) - Special Mention | 11,637,000 | 5,384,000 |
Real estate: - 1-4 family residential (including home equity) - Substandard | 26,840,000 | 30,047,000 |
Real estate: - 1-4 family residential (including home equity) - Doubtful | 0 | 0 |
Real estate: - Residential construction - Pass | 155,270,000 | 264,069,000 |
Real estate: - Residential construction - Special Mention | 321,000 | 0 |
Real estate: - Residential construction - Substandard | 5,903,000 | 3,288,000 |
Real estate: - Residential construction - Doubtful | 0 | 0 |
Consumer and other - Pass | 59,735,000 | 63,881,000 |
Consumer and other - Special Mention | 37,000 | 67,000 |
Consumer and other - Substandard | 258,000 | 339,000 |
Consumer and other - Doubtful | 0 | 0 |
Pass | 7,241,247,000 | 7,714,375,000 |
Special Mention | 180,283,000 | 78,011,000 |
Substandard | 129,551,000 | 132,699,000 |
Doubtful | 43,000 | 48,000 |
Less: allowance for credit losses on loans | 84,501,000 | 91,684,000 |
Commercial and industrial | 30,006,000 | 31,979,000 |
Paycheck Protection Program (PPP) | 0 | 0 |
Real estate: - Commercial real estate (including multi-family residential) | 35,419,000 | 38,187,000 |
Real estate: - Commercial real estate construction and land development | 12,031,000 | 13,627,000 |
Real estate: - 1-4 family residential (including home equity) | 5,051,000 | 4,785,000 |
Real estate: - Residential construction | 1,579,000 | 2,623,000 |
Consumer and other | 415,000 | 483,000 |
Unfunded Loan Commitment | 10,000,000 | 11,300,000 |
Loans, net | 7,466,623,000 | 7,833,449,000 |
Accrued interest receivable | 39,473,000 | 44,244,000 |
Premises and equipment, net | 113,742,000 | 118,683,000 |
Federal Home Loan Bank stock | 20,123,000 | 25,051,000 |
Bank-owned life insurance | 106,876,000 | 105,084,000 |
Goodwill | 497,318,000 | 497,318,000 |
Core deposit intangibles, net | 98,116,000 | 116,712,000 |
Core Deposit Intangibles | 98,116,000 | 116,712,000 |
Servicing Assets | 156,000 | 212,000 |
Other assets | 79,537,000 | 111,681,000 |
TOTAL ASSETS | 10,629,777,000 | 10,647,139,000 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
LIABILITIES: | ||
Deposits: | ||
Noninterest-bearing | 3,303,048,000 | 3,546,815,000 |
Interest-bearing | ||
Demand | 1,571,504,000 | 1,659,999,000 |
Money market and savings | 2,280,651,000 | 2,136,777,000 |
Certificates and other time | 1,587,398,000 | 1,529,876,000 |
Total interest-bearing deposits | 5,439,553,000 | 5,326,652,000 |
Total deposits | 8,742,601,000 | 8,873,467,000 |
Accrued interest payable | 16,915,000 | 11,288,000 |
Borrowed funds | 60,000,000 | 50,000,000 |
Subordinated debt | 110,064,000 | 109,765,000 |
Other liabilities | 74,074,000 | 81,601,000 |
Total liabilities | 9,003,654,000 | 9,126,121,000 |
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued or outstanding at September 30, 2024 and December 31, 2023 | 0 | 0 |
Common stock, $0.01 par value; 140,000,000 shares authorized; 53,445,999 shares issued and outstanding at September 30, 2024 and 53,291,079 shares issued and outstanding at December 31, 2023 | 535,000 | 533,000 |
Capital surplus | 1,238,619,000 | 1,232,627,000 |
Retained earnings | 474,905,000 | 405,945,000 |
Accumulated other comprehensive loss | (87,936,000) | (118,087,000) |
Total shareholders’ equity | 1,626,123,000 | 1,521,018,000 |
Common Stock | 535,000 | 533,000 |
Capital Surplus | 1,238,619,000 | 1,232,627,000 |
Retained Earnings | 474,905,000 | 405,945,000 |
Accumulated Other Comprehensive (Loss) Income | (87,936,000) | (118,087,000) |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 10,629,777,000 | 10,647,139,000 |