Stellar Bancorp Files Q2 2024 10-Q
Ticker: STEL · Form: 10-Q · Filed: Jul 26, 2024 · CIK: 1473844
Sentiment: neutral
Topics: 10-Q, financials, banking
Related Tickers: STL
TL;DR
**Stellar Bancorp (STL) dropped its Q2 10-Q. Check financials.**
AI Summary
Stellar Bancorp, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented in this report.
Why It Matters
This 10-Q filing provides crucial financial and operational insights into Stellar Bancorp's performance during the second quarter of 2024, impacting investor decisions.
Risk Assessment
Risk Level: medium — As a financial institution, Stellar Bancorp is subject to various market, credit, and regulatory risks inherent in the banking sector.
Key Numbers
- 20240630 — End of Period (Reporting period for the 10-Q)
- 20240726 — Filing Date (Date the 10-Q was submitted)
- 2024-01-01 to 2024-06-30 — Year-to-Date Period (Financial reporting period)
Key Players & Entities
- Stellar Bancorp, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 20240726 (date) — Filing date
- 77046 (other) — ZIP code for business address
- CBTX, Inc. (company) — Former company name
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on July 26, 2024.
What is Stellar Bancorp's primary industry?
Stellar Bancorp, Inc. is in the NATIONAL COMMERCIAL BANKS industry, SIC code 6021.
What were the previous names of Stellar Bancorp?
Stellar Bancorp, Inc. was formerly known as Stellar Bancorp. Inc. (effective October 3, 2022), CBTX, Inc. (effective October 11, 2017), and CBFH, Inc. (effective October 5, 2009).
Where is Stellar Bancorp's business located?
Stellar Bancorp's business address is 9 Greenway Plaza, Suite 110, Houston, TX 77046.
Filing Stats: 4,658 words · 19 min read · ~16 pages · Grade level 17.9 · Accepted 2024-07-26 16:19:16
Key Financial Figures
- $0.01 — ch registered Common Stock, par value, $0.01 per share STEL New York Stock Exchange
Filing Documents
- stel-20240630.htm (10-Q) — 3193KB
- ex101stelltip-performances.htm (EX-10.1) — 105KB
- ex102stelltip-restrictedst.htm (EX-10.2) — 92KB
- stel2024063010qex311.htm (EX-31.1) — 10KB
- stel2024063010qex312.htm (EX-31.2) — 10KB
- stel2024063010qex321.htm (EX-32.1) — 4KB
- stel2024063010qex322.htm (EX-32.2) — 4KB
- 0001473844-24-000026.txt ( ) — 15804KB
- stel-20240630.xsd (EX-101.SCH) — 63KB
- stel-20240630_cal.xml (EX-101.CAL) — 119KB
- stel-20240630_def.xml (EX-101.DEF) — 360KB
- stel-20240630_lab.xml (EX-101.LAB) — 847KB
- stel-20240630_pre.xml (EX-101.PRE) — 643KB
- stel-20240630_htm.xml (XML) — 3785KB
—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 34 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 58 Item 4.
Controls and Procedures
Controls and Procedures 59
—OTHER INFORMATION
PART II—OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 59 Item 1A.
Risk Factors
Risk Factors 59 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59 Item 3. Defaults upon Senior Securities 59 Item 4. Mine Safety Disclosures 60 Item 5. Other Information 60 Item 6. Exhibits 60
Signatures
Signatures 61 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) June 30, 2024 December 31, 2023 (In thousands, except shares and par value) ASSETS Cash and due from banks $ 110,341 $ 121,004 Interest-bearing deposits at other financial institutions 379,909 278,233 Total cash and cash equivalents 490,250 399,237 Available for sale securities, at fair value 1,630,971 1,395,680 Loans held for investment 7,713,897 7,925,133 Less: allowance for credit losses on loans ( 94,772 ) ( 91,684 ) Loans, net 7,619,125 7,833,449 Accrued interest receivable 43,348 44,244 Premises and equipment, net 113,984 118,683 Federal Home Loan Bank stock 15,089 25,051 Bank-owned life insurance 106,262 105,084 Goodwill 497,318 497,318 Core deposit intangibles, net 104,315 116,712 Other assets 103,001 111,681 TOTAL ASSETS $ 10,723,663 $ 10,647,139 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES: Deposits: Noninterest-bearing $ 3,308,441 $ 3,546,815 Interest-bearing Demand 1,564,405 1,659,999 Money market and savings 2,213,031 2,136,777 Certificates and other time 1,639,426 1,529,876 Total interest-bearing deposits 5,416,862 5,326,652 Total deposits 8,725,303 8,873,467 Accrued interest payable 12,327 11,288 Borrowed funds 240,000 50,000 Subordinated debt 109,964 109,765 Other liabilities 70,274 81,601 Total liabilities 9,157,868 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 June 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value; 140,000,000 shares authorized; 53,564,116 shares issued and outstanding at June 30, 2024 and 53,291,079 shares issued and outstanding at December 31, 2023 536 533 Capital surplus 1,238,477 1,232,627 Retained earnings 447,948 405,945 Accumulated other comprehensive loss ( 121,166 ) ( 118,087 ) Total shareholders' equity 1,565,795 1,52