10-K
Annual Report
Stellar Bancorp, Inc.
STEL
NYSE
CIK: 1473844
File #: 001-38280
Balance Sheet
167 line items · 2 periods
XBRL
| Item | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
ASSETS | ||
Cash and due from banks | 94,331,000 | 419,967,000 |
Parent Company | 57,807,000 | 61,334,000 |
Interest-bearing deposits at other financial institutions | 325,122,000 | 491,249,000 |
Total cash and cash equivalents | 419,453,000 | 911,216,000 |
Available for sale securities, at fair value | 2,198,459,000 | 1,673,016,000 |
U.S. government and agency securities | 392,475,000 | 193,603,000 |
Municipal securities | 196,201,000 | 191,453,000 |
Agency mortgage-backed pass-through securities | 807,986,000 | 521,376,000 |
Agency collateralized mortgage obligations | 697,065,000 | 660,363,000 |
Corporate bonds and other | 104,732,000 | 106,221,000 |
Carrying Amount | 2,198,459,000 | 1,673,016,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 2,198,459,000 | 1,673,016,000 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 2,198,459,000 | 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 | 392,475,000 | 193,603,000 |
Level 3 - Recurring basis - U.S. government and agency securities | 0 | 0 |
Recurring basis - U.S. government and agency securities | 392,475,000 | 193,603,000 |
Level 1 - Recurring basis - Municipal securities | 0 | 0 |
Level 2 - Recurring basis - Municipal securities | 196,201,000 | 191,453,000 |
Level 3 - Recurring basis - Municipal securities | 0 | 0 |
Recurring basis - Municipal securities | 196,201,000 | 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 | 807,986,000 | 521,376,000 |
Level 3 - Recurring basis - Agency mortgage-backed pass-through securities | 0 | 0 |
Recurring basis - Agency mortgage-backed pass-through securities | 807,986,000 | 521,376,000 |
Level 1 - Recurring basis - Agency collateralized mortgage obligations | 0 | 0 |
Level 2 - Recurring basis - Agency collateralized mortgage obligations | 697,065,000 | 660,363,000 |
Level 3 - Recurring basis - Agency collateralized mortgage obligations | 0 | 0 |
Recurring basis - Agency collateralized mortgage obligations | 697,065,000 | 660,363,000 |
Level 1 - Recurring basis - Corporate bonds and other | 0 | 0 |
Level 2 - Recurring basis - Corporate bonds and other | 104,732,000 | 106,221,000 |
Level 3 - Recurring basis - Corporate bonds and other | 0 | 0 |
Recurring basis - Corporate bonds and other | 104,732,000 | 106,221,000 |
Level 1 - Recurring basis - Interest rate swaps and caps | 0 | — |
Level 2 - Recurring basis - Interest rate swaps and caps | 4,252,000 | — |
Level 3 - Recurring basis - Interest rate swaps and caps | 0 | — |
Recurring basis - Interest rate swaps and caps | 4,252,000 | — |
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 | 6,000 | 8,000 |
Recurring basis - Credit risk participation agreements | 6,000 | 8,000 |
Level 1 - Recurring basis - Interest rate swaps | — | 0 |
Level 2 - Recurring basis - Interest rate swaps | — | 6,277,000 |
Level 3 - Recurring basis - Interest rate swaps | — | 0 |
Recurring basis - Interest rate swaps | — | 6,277,000 |
Loans held for investment | 7,300,591,000 | 7,439,854,000 |
Commercial and industrial | 1,476,559,000 | 1,362,260,000 |
Real estate - Commercial real estate (including multi-family residential) | 3,766,294,000 | 3,868,218,000 |
Real estate - Commercial real estate construction and land development | 720,779,000 | 845,494,000 |
Real estate - 1-4 family residential (including home equity) | 1,136,227,000 | 1,115,484,000 |
Real estate - Residential construction | 124,653,000 | 157,977,000 |
Consumer and other | 76,079,000 | 90,421,000 |
Commercial and industrial - 30-89 Days | 6,789,000 | 6,814,000 |
Commercial and industrial - 90 or More Days | 0 | 0 |
Commercial and industrial - Total Past Due Loans | 6,789,000 | 6,814,000 |
Commercial and industrial - Current Loans | 1,462,154,000 | 1,346,946,000 |
Real estate - Commercial real estate (including multi-family residential) - 30-89 Days | 8,790,000 | 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 | 8,790,000 | 15,128,000 |
Real estate - Commercial real estate (including multi-family residential) - Current Loans | 3,728,233,000 | 3,836,631,000 |
Real estate - Commercial real estate construction and land development - 30-89 Days | 2,129,000 | 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 | 2,129,000 | 1,614,000 |
Real estate - Commercial real estate construction and land development - Current Loans | 716,812,000 | 840,819,000 |
Real estate - 1-4 family residential (including home equity) - 30-89 Days | 9,285,000 | 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 | 9,285,000 | 10,684,000 |
Real estate - 1-4 family residential (including home equity) - Current Loans | 1,113,609,000 | 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 | 124,205,000 | 157,499,000 |
Consumer and other - 30-89 Days | 35,000 | 37,000 |
Consumer and other - 90 or More Days | 0 | 0 |
Consumer and other - Total Past Due Loans | 35,000 | 37,000 |
Consumer and other - Current Loans | 76,002,000 | 90,248,000 |
30-89 Days | 27,028,000 | 34,755,000 |
90 or More Days | 0 | 0 |
Total Past Due Loans | 27,028,000 | 34,755,000 |
Current Loans | 7,221,015,000 | 7,367,887,000 |
Commercial and industrial - Pass | 1,438,641,000 | 1,321,977,000 |
Commercial and industrial - Special Mention | 4,828,000 | 6,266,000 |
Commercial and industrial - Substandard | 33,090,000 | 34,017,000 |
Commercial and industrial - Doubtful | 0 | 0 |
Real estate - Commercial real estate (including multi-family residential) - Pass | 3,580,264,000 | 3,671,749,000 |
Real estate - Commercial real estate (including multi-family residential) - Special Mention | 76,560,000 | 99,165,000 |
Real estate - Commercial real estate (including multi-family residential) - Substandard | 109,470,000 | 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 | 703,735,000 | 828,418,000 |
Real estate - Commercial real estate construction and land development - Special Mention | 12,551,000 | 8,911,000 |
Real estate - Commercial real estate construction and land development - Substandard | 4,493,000 | 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 | 1,095,589,000 | 1,073,277,000 |
Real estate - 1-4 family residential (including home equity) - Special Mention | 11,405,000 | 10,326,000 |
Real estate - 1-4 family residential (including home equity) - Substandard | 29,233,000 | 31,881,000 |
Real estate - 1-4 family residential (including home equity) - Doubtful | 0 | 0 |
Real estate - Residential construction - Pass | 123,828,000 | 151,742,000 |
Real estate - Residential construction - Special Mention | 377,000 | 321,000 |
Real estate - Residential construction - Substandard | 448,000 | 5,914,000 |
Real estate - Residential construction - Doubtful | 0 | 0 |
Consumer and other - Pass | 75,979,000 | 90,143,000 |
Consumer and other - Special Mention | 6,000 | 16,000 |
Consumer and other - Substandard | 94,000 | 262,000 |
Consumer and other - Doubtful | 0 | 0 |
Pass | 7,018,036,000 | 7,137,306,000 |
Special Mention | 105,727,000 | 125,005,000 |
Substandard | 176,828,000 | 177,543,000 |
Doubtful | 0 | 0 |
Less: allowance for credit losses on loans | 83,629,000 | 81,058,000 |
Commercial and industrial | 33,182,000 | 28,847,000 |
Real estate - Commercial real estate (including multi-family residential) | 31,873,000 | 29,833,000 |
Real estate - Commercial real estate construction and land development | 13,220,000 | 16,383,000 |
Real estate - 1-4 family residential (including home equity) | 3,214,000 | 3,320,000 |
Real estate - Residential construction | 1,222,000 | 1,565,000 |
Consumer and other | 918,000 | 1,110,000 |
Collateralized Loan Obligations | 7,000,000 | 2,000,000 |
Unfunded Loan Commitment | 16,200,000 | 12,400,000 |
Loans, net | 7,216,962,000 | 7,358,796,000 |
Accrued interest receivable | 35,869,000 | 37,884,000 |
Premises and equipment, net | 106,118,000 | 111,856,000 |
Federal Reserve Bank and Federal Home Loan Bank stock | 45,532,000 | 8,209,000 |
Bank-owned life insurance | 109,477,000 | 107,498,000 |
Goodwill | 497,318,000 | 497,318,000 |
Core deposit intangibles, net | 71,018,000 | 92,546,000 |
Core Deposit Intangibles | 71,018,000 | 92,546,000 |
Servicing Assets | 70,000 | 146,000 |
Other assets | 106,388,000 | 107,451,000 |
Parent Company | 15,934,000 | 12,983,000 |
TOTAL ASSETS | 10,806,594,000 | 10,905,790,000 |
Parent Company | 1,710,895,000 | 1,680,147,000 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
LIABILITIES: | ||
Deposits: | ||
Noninterest-bearing | 3,407,865,000 | 3,576,206,000 |
Interest-bearing | ||
Demand | 2,114,997,000 | 1,845,749,000 |
Money market and savings | 2,469,845,000 | 2,253,193,000 |
Certificates and other time | 1,028,759,000 | 1,453,236,000 |
Total interest-bearing deposits | 5,613,601,000 | 5,552,178,000 |
Total deposits | 9,021,466,000 | 9,128,384,000 |
Accrued interest payable | 5,508,000 | 17,052,000 |
Subordinated debt | 40,226,000 | 70,105,000 |
Parent Company | 40,226,000 | 70,105,000 |
Other liabilities | 70,740,000 | 82,389,000 |
Total liabilities | 9,137,940,000 | 9,297,930,000 |
Parent Company | 42,241,000 | 72,287,000 |
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued or outstanding at both December 31, 2025 and 2024 | 0 | 0 |
Common stock, $0.01 par value; 140,000,000 shares authorized, 50,902,024 shares issued and outstanding at December 31, 2025 and 53,428,699 shares issued and outstanding at December 31, 2024 | 509,000 | 534,000 |
Parent Company | 509,000 | 534,000 |
Capital surplus | 1,174,894,000 | 1,240,050,000 |
Parent Company | 1,174,894,000 | 1,240,050,000 |
Retained earnings | 566,216,000 | 492,640,000 |
Parent Company | 566,216,000 | 492,640,000 |
Accumulated other comprehensive loss | (72,965,000) | (125,364,000) |
Parent Company | (72,965,000) | (125,364,000) |
Total shareholders’ equity | 1,668,654,000 | 1,607,860,000 |
Common Stock | 509,000 | 534,000 |
Capital Surplus | 1,174,894,000 | 1,240,050,000 |
Retained Earnings | 566,216,000 | 492,640,000 |
Accumulated Other Comprehensive (Loss) Income | (72,965,000) | (125,364,000) |
Parent Company | 1,668,654,000 | 1,607,860,000 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 10,806,594,000 | 10,905,790,000 |
Parent Company | 1,710,895,000 | 1,680,147,000 |