Stellar Bancorp, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Stellar Bancorp, Inc. has filed its Q1 2024 10-Q report detailing financial performance and operational information.</b>

AI Summary

Stellar Bancorp, Inc. (STEL) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Stellar Bancorp, Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal executive offices are located at 9 Greenway Plaza, Suite 110, Houston, TX 77046. Stellar Bancorp, Inc. operates within the National Commercial Banks industry (SIC 6021). The filing includes financial data and disclosures for the specified reporting period.

Why It Matters

For investors and stakeholders tracking Stellar Bancorp, Inc., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest quarterly financial data, enabling assessment of Stellar Bancorp's performance and financial health. Understanding the details within this report is crucial for evaluating the company's strategic direction, risk exposure, and potential investment value in the current market environment.

Risk Assessment

Risk Level: medium — Stellar Bancorp, Inc. shows moderate risk based on this filing. The company operates in the National Commercial Banks sector, which is subject to significant regulatory oversight and market fluctuations, as indicated by its SIC code and the nature of a 10-Q filing.

Analyst Insight

Monitor Stellar Bancorp's financial statements and disclosures in this 10-Q for trends in deposits, assets, and profitability to inform investment decisions.

Key Numbers

• 2024-03-31 — Reporting Period End Date (The end date for the quarterly report.)
• 2024-04-26 — Filing Date (The date the 10-Q was filed with the SEC.)
• 2024-01-01 — Quarter Start Date (The start date for the reporting quarter.)

Key Players & Entities

• Stellar Bancorp, Inc. (company) — Filer name and subject of the 10-Q filing.
• 2024-03-31 (date) — Conformed period of report.
• 2024-04-26 (date) — Filed as of date.
• 9 Greenway Plaza, Suite 110, Houston, TX 77046 (address) — Business and mailing address of the company.
• 0001473844 (company) — Central Index Key for Stellar Bancorp, Inc.
• 6021 (industry) — Standard Industrial Classification for National Commercial Banks.

FAQ

Industry Context

Stellar Bancorp, Inc. operates as a commercial bank, a sector characterized by its role in lending, deposit-taking, and providing financial services, subject to stringent regulatory frameworks.

Regulatory Implications

As a commercial bank, Stellar Bancorp is subject to regulations from various bodies including the Federal Reserve, FDIC, and state banking authorities, impacting its operations and capital requirements.

What Investors Should Do

1. Review the balance sheet for changes in total assets, loans, and deposits.
2. Analyze the income statement for revenue growth, net income trends, and expense management.
3. Examine any disclosed risk factors or management discussion and analysis for insights into operational challenges and strategic outlook.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — The date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first 10-Q for Stellar Bancorp, Inc. for the fiscal year 2024, following its previous filings.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value, $0.01 per share STEL New York Stock Exchange

Filing Documents

• stel-20240331.htm (10-Q) — 2699KB
• stelformofperformanceshare.htm (EX-10.1) — 106KB
• steljustinlongemploymentag.htm (EX-10.2) — 168KB
• stel2024033110qex311.htm (EX-31.1) — 10KB
• stel2024033110qex312.htm (EX-31.2) — 10KB
• stel2024033110qex321.htm (EX-32.1) — 4KB
• stel2024033110qex322.htm (EX-32.2) — 4KB
• 0001473844-24-000015.txt (&nbsp;) — 14522KB
• stel-20240331.xsd (EX-101.SCH) — 63KB
• stel-20240331_cal.xml (EX-101.CAL) — 118KB
• stel-20240331_def.xml (EX-101.DEF) — 367KB
• stel-20240331_lab.xml (EX-101.LAB) — 830KB
• stel-20240331_pre.xml (EX-101.PRE) — 637KB
• stel-20240331_htm.xml (XML) — 3327KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1. Interim Consolidated Financial Statements 3 Consolidated Balance Sheets (unaudited) 3 Consolidated Statements of Income (unaudited) 4 Consolidated Statements of Comprehensive Income (unaudited) 5 Consolidated Statements of Changes in Shareholders' Equity (unaudited) 6 Consolidated Statements of Cash Flows (unaudited) 7 Condensed Notes to Interim Consolidated Financial Statements (unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 52 Item 4.

Controls and Procedures

Controls and Procedures 53

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 53 Item 1A.

Risk Factors

Risk Factors 53 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53 Item 3. Defaults upon Senior Securities 54 Item 4. Mine Safety Disclosures 54 Item 5. Other Information 54 Item 6. Exhibits 55

Signatures

Signatures 56 2 Table of Content s

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. INTERIM CONSOLIDATED FINANCIAL STATEMENTS STELLAR BANCORP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 (In thousands, except shares and par value) ASSETS Cash and due from banks $ 74,663 $ 121,004 Interest-bearing deposits at other financial institutions 325,079 278,233 Total cash and cash equivalents 399,742 399,237 Available for sale securities, at fair value 1,523,100 1,395,680 Loans held for investment 7,908,111 7,925,133 Less: allowance for credit losses on loans ( 96,285 ) ( 91,684 ) Loans, net 7,811,826 7,833,449 Accrued interest receivable 45,466 44,244 Premises and equipment, net 115,698 118,683 Federal Home Loan Bank stock 16,050 25,051 Bank-owned life insurance 105,671 105,084 Goodwill 497,318 497,318 Core deposit intangibles, net 110,513 116,712 Other assets 103,838 111,681 TOTAL ASSETS $ 10,729,222 $ 10,647,139 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES: Deposits: Noninterest-bearing $ 3,323,149 $ 3,546,815 Interest-bearing Demand 1,576,261 1,659,999 Money market and savings 2,203,767 2,136,777 Certificates and other time 1,691,539 1,529,876 Total interest-bearing deposits 5,471,567 5,326,652 Total deposits 8,794,716 8,873,467 Accrued interest payable 12,227 11,288 Borrowed funds 215,000 50,000 Subordinated debt 109,864 109,765 Other liabilities 66,717 81,601 Total liabilities 9,198,524 9,126,121 COMMITMENTS AND CONTINGENCIES (See Note 13) SHAREHOLDERS' EQUITY: Preferred stock, $ 0.01 par value; 10,000,000 shares authorized; no shares issued or outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value; 140,000,000 shares authorized; 53,550,820 shares issued and outstanding at March 31, 2024 and 53,291,079 shares issued and outstanding at December 31, 2023 536 533 Capital surplus 1,235,221 1,232,627 Retained earnings 425,130 405,945 Accumulated other comprehensive loss ( 130,189 ) ( 118,087 ) Total shareholders' equity 1,530,698 1,

View Full Filing

View this 10-Q filing on SEC EDGAR