10-K
Annual Report
Stellar Bancorp, Inc.
STEL
NYSE
CIK: 1473844
File #: 001-38280
Balance Sheet
163 line items · 2 periods
XBRL
| Item | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|
ASSETS | ||
Cash and due from banks | 419,967,000 | 121,004,000 |
Parent Company | 61,334,000 | 26,394,000 |
Interest-bearing deposits at other financial institutions | 491,249,000 | 278,233,000 |
Total cash and cash equivalents | 911,216,000 | 399,237,000 |
Available for sale securities, at fair value | 1,673,016,000 | 1,395,680,000 |
U.S. government and agency securities | 193,603,000 | 297,418,000 |
Municipal securities | 191,453,000 | 204,059,000 |
Agency mortgage-backed pass-through securities | 521,376,000 | 387,873,000 |
Agency collateralized mortgage obligations | 660,363,000 | 398,117,000 |
Corporate bonds and other | 106,221,000 | 108,213,000 |
Carrying Amount | 1,673,016,000 | 1,395,680,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 1,673,016,000 | 1,395,680,000 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 1,673,016,000 | 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 | 193,603,000 | 297,418,000 |
Level 3 - Recurring basis - U.S. government and agency securities | 0 | 0 |
Recurring basis - U.S. government and agency securities | 193,603,000 | 297,418,000 |
Level 1 - Recurring basis - Municipal securities | 0 | 0 |
Level 2 - Recurring basis - Municipal securities | 191,453,000 | 204,059,000 |
Level 3 - Recurring basis - Municipal securities | 0 | 0 |
Recurring basis - Municipal securities | 191,453,000 | 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 | 521,376,000 | 387,873,000 |
Level 3 - Recurring basis - Agency mortgage-backed pass-through securities | 0 | 0 |
Recurring basis - Agency mortgage-backed pass-through securities | 521,376,000 | 387,873,000 |
Level 1 - Recurring basis - Agency collateralized mortgage obligations | 0 | 0 |
Level 2 - Recurring basis - Agency collateralized mortgage obligations | 660,363,000 | 398,117,000 |
Level 3 - Recurring basis - Agency collateralized mortgage obligations | 0 | 0 |
Recurring basis - Agency collateralized mortgage obligations | 660,363,000 | 398,117,000 |
Level 1 - Recurring basis - Corporate bonds and other | 0 | 0 |
Level 2 - Recurring basis - Corporate bonds and other | 106,221,000 | 108,213,000 |
Level 3 - Recurring basis - Corporate bonds and other | 0 | 0 |
Recurring basis - Corporate bonds and other | 106,221,000 | 108,213,000 |
Level 1 - Recurring basis - Interest rate swaps | 0 | 0 |
Level 2 - Recurring basis - Interest rate swaps | 6,277,000 | 6,692,000 |
Level 3 - Recurring basis - Interest rate swaps | 0 | 0 |
Recurring basis - Interest rate swaps | 6,277,000 | 6,692,000 |
Level 1 - Recurring basis - Credit Risk Participation Agreement | 0 | 0 |
Level 2 - Recurring basis - Credit Risk Participation Agreement | 0 | 0 |
Level 3 - Recurring basis - Credit Risk Participation Agreement | 8,000 | 20,000 |
Recurring basis - Credit Risk Participation Agreement | 8,000 | 20,000 |
Loans held for investment | 7,439,854,000 | 7,925,133,000 |
Commercial and industrial | 1,362,260,000 | 1,414,102,000 |
Real estate - Commercial real estate (including multi-family residential) | 3,868,218,000 | 4,071,807,000 |
Real estate - Commercial real estate construction and land development | 845,494,000 | 1,060,406,000 |
Real estate - 1-4 family residential (including home equity) | 1,115,484,000 | 1,047,174,000 |
Real estate - Residential construction | 157,977,000 | 267,357,000 |
Consumer and other | 90,421,000 | 64,287,000 |
Commercial and industrial - 30-89 Days | 6,814,000 | 6,471,000 |
Commercial and industrial - 90 or More Days | 0 | 0 |
Commercial and industrial - Total Past Due Loans | 6,814,000 | 6,471,000 |
Commercial and industrial - Current Loans | 1,346,946,000 | 1,402,583,000 |
Real estate - Commercial real estate (including multi-family residential) - 30-89 Days | 15,128,000 | 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 | 15,128,000 | 9,600,000 |
Real estate - Commercial real estate (including multi-family residential) - Current Loans | 3,836,631,000 | 4,045,508,000 |
Real estate - Commercial real estate construction and land development - 30-89 Days | 1,614,000 | 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 | 1,614,000 | 7,341,000 |
Real estate - Commercial real estate construction and land development - Current Loans | 840,819,000 | 1,048,022,000 |
Real estate - 1-4 family residential (including home equity) - 30-89 Days | 10,684,000 | 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 | 10,684,000 | 3,492,000 |
Real estate - 1-4 family residential (including home equity) - Current Loans | 1,095,744,000 | 1,034,808,000 |
Real estate - Residential construction - 30-89 Days | 478,000 | 498,000 |
Real estate - Residential construction - 90 or More Days | 0 | 0 |
Real estate - Residential construction - Total Past Due Loans | 478,000 | 498,000 |
Real estate - Residential construction - Current Loans | 157,499,000 | 263,571,000 |
Consumer and other - 30-89 Days | 37,000 | 64,000 |
Consumer and other - 90 or More Days | 0 | 0 |
Consumer and other - Total Past Due Loans | 37,000 | 64,000 |
Consumer and other - Current Loans | 90,248,000 | 63,984,000 |
30-89 Days | 34,755,000 | 27,466,000 |
90 or More Days | 0 | 0 |
Total Past Due Loans | 34,755,000 | 27,466,000 |
Current Loans | 7,367,887,000 | 7,858,476,000 |
Commercial and industrial - Pass | 1,321,977,000 | 1,382,218,000 |
Commercial and industrial - Special Mention | 6,266,000 | 8,340,000 |
Commercial and industrial - Substandard | 34,017,000 | 23,496,000 |
Commercial and industrial - Doubtful | 0 | 48,000 |
Real estate - Commercial real estate (including multi-family residential) - Pass | 3,671,749,000 | 3,959,675,000 |
Real estate - Commercial real estate (including multi-family residential) - Special Mention | 99,165,000 | 54,483,000 |
Real estate - Commercial real estate (including multi-family residential) - Substandard | 97,304,000 | 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 | 828,418,000 | 1,032,789,000 |
Real estate - Commercial real estate construction and land development - Special Mention | 8,911,000 | 9,737,000 |
Real estate - Commercial real estate construction and land development - Substandard | 8,165,000 | 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 | 1,073,277,000 | 1,011,743,000 |
Real estate - 1-4 family residential (including home equity) - Special Mention | 10,326,000 | 5,384,000 |
Real estate - 1-4 family residential (including home equity) - Substandard | 31,881,000 | 30,047,000 |
Real estate - 1-4 family residential (including home equity) - Doubtful | 0 | 0 |
Real estate - Residential construction - Pass | 151,742,000 | 264,069,000 |
Real estate - Residential construction - Special Mention | 321,000 | 0 |
Real estate - Residential construction - Substandard | 5,914,000 | 3,288,000 |
Real estate - Residential construction - Doubtful | 0 | 0 |
Consumer and other - Pass | 90,143,000 | 63,881,000 |
Consumer and other - Special Mention | 16,000 | 67,000 |
Consumer and other - Substandard | 262,000 | 339,000 |
Consumer and other - Doubtful | 0 | 0 |
Pass | 7,137,306,000 | 7,714,375,000 |
Special Mention | 125,005,000 | 78,011,000 |
Substandard | 177,543,000 | 132,699,000 |
Doubtful | 0 | 48,000 |
Less: allowance for credit losses on loans | 81,058,000 | 91,684,000 |
Commercial and industrial | 28,847,000 | 31,979,000 |
Real estate - Commercial real estate (including multi-family residential) | 29,833,000 | 38,187,000 |
Real estate - Commercial real estate construction and land development | 16,383,000 | 13,627,000 |
Real estate - 1-4 family residential (including home equity) | 3,320,000 | 4,785,000 |
Real estate - Residential construction | 1,565,000 | 2,623,000 |
Consumer and other | 1,110,000 | 483,000 |
Unfunded Loan Commitment | 12,400,000 | 11,300,000 |
Loans, net | 7,358,796,000 | 7,833,449,000 |
Accrued interest receivable | 37,884,000 | 44,244,000 |
Premises and equipment, net | 111,856,000 | 118,683,000 |
Federal Home Loan Bank stock | 8,209,000 | 25,051,000 |
Bank-owned life insurance | 107,498,000 | 105,084,000 |
Goodwill | 497,318,000 | 497,318,000 |
Core deposit intangibles, net | 92,546,000 | 116,712,000 |
Core Deposit Intangibles | 92,546,000 | 116,712,000 |
Servicing Assets | 146,000 | 212,000 |
Other assets | 107,451,000 | 111,681,000 |
Parent Company | 12,983,000 | 9,290,000 |
TOTAL ASSETS | 10,905,790,000 | 10,647,139,000 |
Parent Company | 1,680,147,000 | 1,592,592,000 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
LIABILITIES: | ||
Deposits: | ||
Noninterest-bearing | 3,576,206,000 | 3,546,815,000 |
Interest-bearing | ||
Demand | 1,845,749,000 | 1,659,999,000 |
Money market and savings | 2,253,193,000 | 2,136,777,000 |
Certificates and other time | 1,453,236,000 | 1,529,876,000 |
Total interest-bearing deposits | 5,552,178,000 | 5,326,652,000 |
Total deposits | 9,128,384,000 | 8,873,467,000 |
Accrued interest payable | 17,052,000 | 11,288,000 |
Borrowed funds | 0 | 50,000,000 |
Subordinated debt | 70,105,000 | 109,765,000 |
Parent Company | 70,105,000 | 69,765,000 |
Other liabilities | 82,389,000 | 81,601,000 |
Total liabilities | 9,297,930,000 | 9,126,121,000 |
Parent Company | 72,287,000 | 71,574,000 |
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued or outstanding at both December 31, 2024 and 2023 | 0 | 0 |
Common stock, $0.01 par value; 140,000,000 shares authorized, 53,428,699 shares issued and outstanding at December 31, 2024 and 53,291,079 shares issued and outstanding at December 31, 2023 | 534,000 | 533,000 |
Parent Company | 534,000 | 533,000 |
Capital surplus | 1,240,050,000 | 1,232,627,000 |
Parent Company | 1,240,050,000 | 1,232,627,000 |
Retained earnings | 492,640,000 | 405,945,000 |
Parent Company | 492,640,000 | 405,945,000 |
Accumulated other comprehensive loss | (125,364,000) | (118,087,000) |
Parent Company | (125,364,000) | (118,087,000) |
Total shareholders’ equity | 1,607,860,000 | 1,521,018,000 |
Common Stock | 534,000 | 533,000 |
Capital Surplus | 1,240,050,000 | 1,232,627,000 |
Retained Earnings | 492,640,000 | 405,945,000 |
Accumulated Other Comprehensive (Loss) Income | (125,364,000) | (118,087,000) |
Parent Company | 1,607,860,000 | 1,521,018,000 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 10,905,790,000 | 10,647,139,000 |
Parent Company | 1,680,147,000 | 1,592,592,000 |