10-Q
Quarterly Report
Stellar Bancorp, Inc.
STEL
NYSE
CIK: 1473844
File #: 001-38280
Balance Sheet
152 line items · 2 periods
XBRL
| Item | Sep 30, 2025 | Dec 31, 2024 |
|---|---|---|
ASSETS | ||
Cash and due from banks | 99,407,000 | 419,967,000 |
Interest-bearing deposits at other financial institutions | 629,042,000 | 491,249,000 |
Total cash and cash equivalents | 728,449,000 | 911,216,000 |
Available for sale securities, at fair value | 1,842,268,000 | 1,673,016,000 |
U.S. government and agency securities | 174,984,000 | 193,603,000 |
Municipal securities | 193,907,000 | 191,453,000 |
Agency mortgage-backed pass-through securities | 709,961,000 | 521,376,000 |
Agency collateralized mortgage obligations | 671,210,000 | 660,363,000 |
Corporate bonds and other | 92,206,000 | 106,221,000 |
Carrying Amount | 1,842,268,000 | 1,673,016,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 1,842,268,000 | 1,673,016,000 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 1,842,268,000 | 1,673,016,000 |
Level 1 - Recurring Basis - U.S. government and agency securities | 0 | 0 |
Level 2 - Recurring Basis - U.S. government and agency securities | 174,984,000 | 193,603,000 |
Level 3 - Recurring Basis - U.S. government and agency securities | 0 | 0 |
Recurring Basis - U.S. government and agency securities | 174,984,000 | 193,603,000 |
Level 1 - Recurring Basis - Municipal securities | 0 | 0 |
Level 2 - Recurring Basis - Municipal securities | 193,907,000 | 191,453,000 |
Level 3 - Recurring Basis - Municipal securities | 0 | 0 |
Recurring Basis - Municipal securities | 193,907,000 | 191,453,000 |
Level 1 - Recurring Basis - Agency mortgage-backed pass-through securities | 0 | 0 |
Level 2 - Recurring Basis - Agency mortgage-backed pass-through securities | 709,961,000 | 521,376,000 |
Level 3 - Recurring Basis - Agency mortgage-backed pass-through securities | 0 | 0 |
Recurring Basis - Agency mortgage-backed pass-through securities | 709,961,000 | 521,376,000 |
Level 1 - Recurring Basis - Agency collateralized mortgage obligations | 0 | 0 |
Level 2 - Recurring Basis - Agency collateralized mortgage obligations | 671,210,000 | 660,363,000 |
Level 3 - Recurring Basis - Agency collateralized mortgage obligations | 0 | 0 |
Recurring Basis - Agency collateralized mortgage obligations | 671,210,000 | 660,363,000 |
Level 1 - Recurring Basis - Corporate bonds and other | 0 | 0 |
Level 2 - Recurring Basis - Corporate bonds and other | 92,206,000 | 106,221,000 |
Level 3 - Recurring Basis - Corporate bonds and other | 0 | 0 |
Recurring Basis - Corporate bonds and other | 92,206,000 | 106,221,000 |
Level 1 - Recurring Basis - Interest rate swaps | 0 | 0 |
Level 2 - Recurring Basis - Interest rate swaps | 3,860,000 | 6,277,000 |
Level 3 - Recurring Basis - Interest rate swaps | 0 | 0 |
Recurring Basis - Interest rate swaps | 3,860,000 | 6,277,000 |
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 | 9,000 | 8,000 |
Recurring Basis - Credit risk participation agreements | 9,000 | 8,000 |
Loans held for investment | 7,167,857,000 | 7,439,854,000 |
Commercial and industrial | 1,332,795,000 | 1,362,260,000 |
Real estate: - Commercial real estate (including multi-family residential) | 3,733,293,000 | 3,868,218,000 |
Real estate: - Commercial real estate construction and land development | 753,381,000 | 845,494,000 |
Real estate: - 1-4 family residential (including home equity) | 1,142,614,000 | 1,115,484,000 |
Real estate: - Residential construction | 121,197,000 | 157,977,000 |
Consumer and other | 84,577,000 | 90,421,000 |
Commercial and industrial - 30-89 Days | 4,232,000 | 6,814,000 |
Commercial and industrial - 90 or More Days | 0 | 0 |
Commercial and industrial - Total Past Due Loans | 4,232,000 | 6,814,000 |
Commercial and industrial - Current Loans | 1,322,969,000 | 1,346,946,000 |
Real estate: - Commercial real estate (including multi-family residential) - 30-89 Days | 19,184,000 | 15,128,000 |
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 | 19,184,000 | 15,128,000 |
Real estate: - Commercial real estate (including multi-family residential) - Current Loans | 3,688,953,000 | 3,836,631,000 |
Real estate: - Commercial real estate construction and land development - 30-89 Days | 677,000 | 1,614,000 |
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 | 677,000 | 1,614,000 |
Real estate: - Commercial real estate construction and land development - Current Loans | 749,805,000 | 840,819,000 |
Real estate: - 1-4 family residential (including home equity) - 30-89 Days | 6,624,000 | 10,684,000 |
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 | 6,624,000 | 10,684,000 |
Real estate: - 1-4 family residential (including home equity) - Current Loans | 1,123,907,000 | 1,095,744,000 |
Real estate: - Residential construction - 30-89 Days | 0 | 478,000 |
Real estate: - Residential construction - 90 or More Days | 0 | 0 |
Real estate: - Residential construction - Total Past Due Loans | 0 | 478,000 |
Real estate: - Residential construction - Current Loans | 120,740,000 | 157,499,000 |
Consumer and other - 30-89 Days | 283,000 | 37,000 |
Consumer and other - 90 or More Days | 0 | 0 |
Consumer and other - Total Past Due Loans | 283,000 | 37,000 |
Consumer and other - Current Loans | 84,233,000 | 90,248,000 |
30-89 Days | 31,000,000 | 34,755,000 |
90 or More Days | 0 | 0 |
Total Past Due Loans | 31,000,000 | 34,755,000 |
Current Loans | 7,090,607,000 | 7,367,887,000 |
Commercial and industrial - Pass | 1,293,434,000 | 1,321,977,000 |
Commercial and industrial - Special Mention | 11,640,000 | 6,266,000 |
Commercial and industrial - Substandard | 27,721,000 | 34,017,000 |
Commercial and industrial - Doubtful | 0 | 0 |
Real estate: - Commercial real estate (including multi-family residential) - Pass | 3,526,276,000 | 3,671,749,000 |
Real estate: - Commercial real estate (including multi-family residential) - Special Mention | 108,314,000 | 99,165,000 |
Real estate: - Commercial real estate (including multi-family residential) - Substandard | 98,703,000 | 97,304,000 |
Real estate: - Commercial real estate (including multi-family residential) - Doubtful | 0 | 0 |
Real estate: - Commercial real estate construction and land development - Pass | 732,871,000 | 828,418,000 |
Real estate: - Commercial real estate construction and land development - Special Mention | 3,636,000 | 8,911,000 |
Real estate: - Commercial real estate construction and land development - Substandard | 16,874,000 | 8,165,000 |
Real estate: - Commercial real estate construction and land development - Doubtful | 0 | 0 |
Real estate: - 1-4 family residential (including home equity) - Pass | 1,104,864,000 | 1,073,277,000 |
Real estate: - 1-4 family residential (including home equity) - Special Mention | 9,242,000 | 10,326,000 |
Real estate: - 1-4 family residential (including home equity) - Substandard | 28,508,000 | 31,881,000 |
Real estate: - 1-4 family residential (including home equity) - Doubtful | 0 | 0 |
Real estate: - Residential construction - Pass | 120,363,000 | 151,742,000 |
Real estate: - Residential construction - Special Mention | 377,000 | 321,000 |
Real estate: - Residential construction - Substandard | 457,000 | 5,914,000 |
Real estate: - Residential construction - Doubtful | 0 | 0 |
Consumer and other - Pass | 84,433,000 | 90,143,000 |
Consumer and other - Special Mention | 18,000 | 16,000 |
Consumer and other - Substandard | 126,000 | 262,000 |
Consumer and other - Doubtful | 0 | 0 |
Pass | 6,862,241,000 | 7,137,306,000 |
Special Mention | 133,227,000 | 125,005,000 |
Substandard | 172,389,000 | 177,543,000 |
Doubtful | 0 | 0 |
Less: allowance for credit losses on loans | 78,924,000 | 81,058,000 |
Commercial and industrial | 28,710,000 | 28,847,000 |
Real estate: - Commercial real estate (including multi-family residential) | 30,859,000 | 29,833,000 |
Real estate: - Commercial real estate construction and land development | 14,034,000 | 16,383,000 |
Real estate: - 1-4 family residential (including home equity) | 3,012,000 | 3,320,000 |
Real estate: - Residential construction | 1,187,000 | 1,565,000 |
Consumer and other | 1,122,000 | 1,110,000 |
Collateralized Loan Obligations | 5,300,000 | 2,000,000 |
Unfunded Loan Commitment | 15,800,000 | 12,400,000 |
Loans, net | 7,088,933,000 | 7,358,796,000 |
Accrued interest receivable | 34,865,000 | 37,884,000 |
Premises and equipment, net | 107,803,000 | 111,856,000 |
Federal Reserve Bank and Federal Home Loan Bank stock | 45,437,000 | 8,209,000 |
Bank-owned life insurance | 109,358,000 | 107,498,000 |
Goodwill | 497,318,000 | 497,318,000 |
Core deposit intangibles, net | 75,929,000 | 92,546,000 |
Core Deposit Intangibles | 75,929,000 | 92,546,000 |
Servicing Assets | 101,000 | 146,000 |
Other assets | 97,753,000 | 107,451,000 |
TOTAL ASSETS | 10,628,113,000 | 10,905,790,000 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
LIABILITIES: | ||
Deposits: | ||
Noninterest-bearing | 3,210,948,000 | 3,576,206,000 |
Interest-bearing | ||
Demand | 1,960,857,000 | 1,845,749,000 |
Money market and savings | 2,489,169,000 | 2,253,193,000 |
Certificates and other time | 1,156,489,000 | 1,453,236,000 |
Total interest-bearing deposits | 5,606,515,000 | 5,552,178,000 |
Total deposits | 8,817,463,000 | 9,128,384,000 |
Accrued interest payable | 9,429,000 | 17,052,000 |
Subordinated debt | 70,196,000 | 70,105,000 |
Other liabilities | 77,887,000 | 82,389,000 |
Total liabilities | 8,974,975,000 | 9,297,930,000 |
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued or outstanding at September 30, 2025 and December 31, 2024 | 0 | 0 |
Common stock, $0.01 par value; 140,000,000 shares authorized; 51,228,156 shares issued and outstanding at September 30, 2025 and 53,428,699 shares issued and outstanding at December 31, 2024 | 512,000 | 534,000 |
Capital surplus | 1,182,781,000 | 1,240,050,000 |
Retained earnings | 547,717,000 | 492,640,000 |
Accumulated other comprehensive loss | (77,872,000) | (125,364,000) |
Total shareholders’ equity | 1,653,138,000 | 1,607,860,000 |
Common Stock | 512,000 | 534,000 |
Capital Surplus | 1,182,781,000 | 1,240,050,000 |
Retained Earnings | 547,717,000 | 492,640,000 |
Accumulated Other Comprehensive (Loss) Income | (77,872,000) | (125,364,000) |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 10,628,113,000 | 10,905,790,000 |