Stellar Bancorp Files Q3 2024 10-Q
Ticker: STEL · Form: 10-Q · Filed: Oct 25, 2024 · CIK: 1473844
Sentiment: neutral
Topics: 10-Q, financials, banking
TL;DR
**Stellar Bancorp Q3 2024 10-Q is IN. Check financials.**
AI Summary
Stellar Bancorp, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures relevant to investors are presented in this report.
Why It Matters
This filing provides investors with the latest financial performance data for Stellar Bancorp, Inc., crucial for understanding the company's health and making informed investment decisions.
Risk Assessment
Risk Level: medium — As a financial institution, Stellar Bancorp is subject to various market and regulatory risks inherent in the banking sector.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
- 2024-10-25 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Stellar Bancorp, Inc. (company) — Filer of the 10-Q
- 20240930 (date) — End of the reporting period
- 20241025 (date) — Filing date
- Houston, TX (location) — Company headquarters
FAQ
What is the primary business of Stellar Bancorp, Inc.?
Stellar Bancorp, Inc. is primarily engaged in national commercial banking, as indicated by its Standard Industrial Classification code [6021].
What is the fiscal year end for Stellar Bancorp, Inc.?
The fiscal year end for Stellar Bancorp, Inc. is December 31 (1231).
When was Stellar Bancorp, Inc. previously known as CBTX, Inc.?
The company's name changed from CBTX, Inc. to Stellar Bancorp, Inc. on October 3, 2022 (20221003).
What is the SEC file number for Stellar Bancorp, Inc.?
The SEC file number for Stellar Bancorp, Inc. is 001-38280.
What is the business address of Stellar Bancorp, Inc.?
The business address for Stellar Bancorp, Inc. is 9 Greenway Plaza, Suite 110, Houston, TX 77046.
Filing Stats: 4,643 words · 19 min read · ~15 pages · Grade level 18.5 · Accepted 2024-10-25 16:01:06
Key Financial Figures
- $0.01 — ch registered Common Stock, par value, $0.01 per share STEL New York Stock Exchange
Filing Documents
- stel-20240930.htm (10-Q) — 3206KB
- stel2024093010qex311.htm (EX-31.1) — 10KB
- stel2024093010qex312.htm (EX-31.2) — 10KB
- stel2024093010qex321.htm (EX-32.1) — 4KB
- stel2024093010qex322.htm (EX-32.2) — 4KB
- 0001473844-24-000035.txt ( ) — 15591KB
- stel-20240930.xsd (EX-101.SCH) — 62KB
- stel-20240930_cal.xml (EX-101.CAL) — 120KB
- stel-20240930_def.xml (EX-101.DEF) — 358KB
- stel-20240930_lab.xml (EX-101.LAB) — 846KB
- stel-20240930_pre.xml (EX-101.PRE) — 641KB
- stel-20240930_htm.xml (XML) — 3778KB
—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 35 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 57 Item 4.
Controls and Procedures
Controls and Procedures 58
—OTHER INFORMATION
PART II—OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 58 Item 1A.
Risk Factors
Risk Factors 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 3. Defaults upon Senior Securities 59 Item 4. Mine Safety Disclosures 59 Item 5. Other Information 59 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) September 30, 2024 December 31, 2023 (In thousands, except shares and par value) ASSETS Cash and due from banks $ 103,735 $ 121,004 Interest-bearing deposits at other financial institutions 412,482 278,233 Total cash and cash equivalents 516,217 399,237 Available for sale securities, at fair value 1,691,752 1,395,680 Loans held for investment 7,551,124 7,925,133 Less: allowance for credit losses on loans ( 84,501 ) ( 91,684 ) Loans, net 7,466,623 7,833,449 Accrued interest receivable 39,473 44,244 Premises and equipment, net 113,742 118,683 Federal Home Loan Bank stock 20,123 25,051 Bank-owned life insurance 106,876 105,084 Goodwill 497,318 497,318 Core deposit intangibles, net 98,116 116,712 Other assets 79,537 111,681 TOTAL ASSETS $ 10,629,777 $ 10,647,139 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES: Deposits: Noninterest-bearing $ 3,303,048 $ 3,546,815 Interest-bearing Demand 1,571,504 1,659,999 Money market and savings 2,280,651 2,136,777 Certificates and other time 1,587,398 1,529,876 Total interest-bearing deposits 5,439,553 5,326,652 Total deposits 8,742,601 8,873,467 Accrued interest payable 16,915 11,288 Borrowed funds 60,000 50,000 Subordinated debt 110,064 109,765 Other liabilities 74,074 81,601 Total liabilities 9,003,654 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 September 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value; 140,000,000 shares authorized; 53,445,999 shares issued and outstanding at September 30, 2024 and 53,291,079 shares issued and outstanding at December 31, 2023 535 533 Capital surplus 1,238,619 1,232,627 Retained earnings 474,905 405,945 Accumulated other comprehensive loss ( 87,936 ) ( 118,087 ) Total shareholders' equity 1,6