Stellar Bancorp, Inc. Reports Fourth Quarter and Full Year 2024 Results
Stellar Bancorp (NYSE: STEL) reported Q4 2024 net income of $27.8 million ($0.52 per diluted share) and full-year 2024 net income of $117.6 million ($2.20 per diluted share). The company achieved a return on average assets of 1.10% and return on average equity of 7.50% for 2024.
Key financial metrics include a tax equivalent net interest margin of 4.24% for 2024 (down from 4.51% in 2023), and total risk-based capital ratio improvement to 16.06% from 14.02% year-over-year. Book value per share increased to $30.14 from $28.54, while nonperforming loans decreased to $37.2 million from $39.2 million.
Net interest income for 2024 decreased 6.6% to $408.0 million, while noninterest expense decreased 1.7% to $285.7 million. Total assets reached $10.91 billion, with total loans at $7.44 billion and deposits at $9.13 billion as of December 31, 2024.
Stellar Bancorp (NYSE: STEL) ha riportato un utile netto del quarto trimestre 2024 di $27,8 milioni ($0,52 per azione diluita) e un utile netto annuale 2024 di $117,6 milioni ($2,20 per azione diluita). L'azienda ha registrato un ritorno medio sugli attivi dell'1,10% e un ritorno medio sul capitale del 7,50% per il 2024.
I principali indicatori finanziari includono un margine interbancario netto equivalente a tassazione del 4,24% per il 2024 (in calo rispetto al 4,51% del 2023), e un miglioramento del rapporto di capitale a rischio al 16,06%, rispetto al 14,02% dell'anno precedente. Il valore contabile per azione è aumentato a $30,14 da $28,54, mentre i prestiti non performanti sono diminuiti a $37,2 milioni da $39,2 milioni.
Il reddito da interessi netti per il 2024 è diminuito del 6,6% a $408,0 milioni, mentre le spese non collegate agli interessi sono diminuite dell'1,7% a $285,7 milioni. Gli attivi totali hanno raggiunto i $10,91 miliardi, con prestiti totali a $7,44 miliardi e depositi a $9,13 miliardi al 31 dicembre 2024.
Stellar Bancorp (NYSE: STEL) reportó un ingreso neto del cuarto trimestre de 2024 de $27.8 millones ($0.52 por acción diluida) y un ingreso neto del año completo 2024 de $117.6 millones ($2.20 por acción diluida). La compañía logró un retorno sobre activos promedio del 1.10% y un retorno sobre patrimonio promedio del 7.50% para 2024.
Los principales métricas financieras incluyen un margen de interés neto equivalente a impuestos del 4.24% para 2024 (bajo desde el 4.51% en 2023), y una mejora en la relación de capital basado en riesgo al 16.06% desde el 14.02% año tras año. El valor contable por acción aumentó a $30.14 desde $28.54, mientras que los préstamos no productivos disminuyeron a $37.2 millones desde $39.2 millones.
Los ingresos netos por intereses para 2024 disminuyeron un 6.6% a $408.0 millones, mientras que los gastos no relacionados con intereses disminuyeron un 1.7% a $285.7 millones. Los activos totales alcanzaron los $10.91 mil millones, con préstamos totales por $7.44 mil millones y depósitos por $9.13 mil millones al 31 de diciembre de 2024.
Stellar Bancorp (NYSE: STEL)는 2024년 4분기 순이익이 2,780만 달러($0.52의 희석 주당 순이익)이며, 2024년 전체 순이익이 1억 1,760만 달러($2.20의 희석 주당 순이익)라고 발표했습니다. 이 회사는 2024년 평균 자산 수익률 1.10% 및 평균 자기자본 수익률 7.50%를 달성했습니다.
주요 재무 지표로는 2024년에는 세금 면세 순이자 마진이 4.24%로 감소했으며 (2023년 4.51%에서 하락), 총 위험 기반 자본 비율은 14.02%에서 16.06%로 개선되었습니다. 주당 장부 가치는 $28.54에서 $30.14로 증가했으며, 부실 채권은 $39.2백만에서 $37.2백만으로 감소했습니다.
2024년의 순이자 수익은 6.6% 감소하여 4억 8백만 달러에 이르렀고, 비이자 비용은 1.7% 감소하여 2억 8,570만 달러에 이르렀습니다. 총 자산은 109억 1천만 달러에 달하며, 총 대출은 74억 4천만 달러, 예금은 91억 3천만 달러입니다. (2024년 12월 31일 기준)
Stellar Bancorp (NYSE: STEL) a annoncé un bénéfice net de 27,8 millions de dollars (0,52 dollar par action diluée) pour le quatrième trimestre 2024 et un bénéfice net de 117,6 millions de dollars (2,20 dollars par action diluée) pour l'année entière 2024. La société a réalisé un retour sur actifs moyen de 1,10 % et un retour sur capitaux propres moyen de 7,50 % pour 2024.
Les principaux indicateurs financiers comprennent une marge d'intérêt nette équivalente à l'imposition de 4,24 % pour 2024 (en baisse par rapport à 4,51 % en 2023), et une amélioration du ratio de capital à risque à 16,06 % contre 14,02 % d'une année sur l'autre. La valeur comptable par action a augmenté à 30,14 dollars contre 28,54 dollars, tandis que les prêts non performants ont diminué à 37,2 millions de dollars contre 39,2 millions de dollars.
Les revenus nets d'intérêts pour 2024 ont diminué de 6,6 % pour atteindre 408,0 millions de dollars, tandis que les charges non liées aux intérêts ont diminué de 1,7 % pour s'établir à 285,7 millions de dollars. Les actifs totaux ont atteint 10,91 milliards de dollars, avec des prêts totaux de 7,44 milliards de dollars et des dépôts de 9,13 milliards de dollars au 31 décembre 2024.
Stellar Bancorp (NYSE: STEL) berichtete für das 4. Quartal 2024 einen Nettogewinn von 27,8 Millionen USD (0,52 USD pro verwässerter Aktie) sowie einen Nettogewinn für das Gesamtjahr 2024 von 117,6 Millionen USD (2,20 USD pro verwässerter Aktie). Das Unternehmen erzielte im Jahr 2024 eine Rendite auf durchschnittliche Vermögenswerte von 1,10 % und eine Rendite auf das durchschnittliche Eigenkapital von 7,50 %.
Wichtige finanzielle Kennzahlen umfassen eine steuerlich equivalente Nettozinsspanne von 4,24 % für 2024 (ein Rückgang von 4,51 % im Jahr 2023) sowie eine Verbesserung des risikobasierten Gesamtkapitalquote auf 16,06 % von 14,02 % im Jahresvergleich. Der Buchwert pro Aktie stieg auf 30,14 USD von 28,54 USD, während die notleidenden Kredite auf 37,2 Millionen USD von 39,2 Millionen USD sanken.
Die Nettozinseinnahmen für 2024 fielen um 6,6 % auf 408,0 Millionen USD, während die Nichtzinskosten um 1,7 % auf 285,7 Millionen USD sanken. Die Gesamtaktiva erreichten 10,91 Milliarden USD, mit Gesamtdarlehen von 7,44 Milliarden USD und Einlagen von 9,13 Milliarden USD zum 31. Dezember 2024.
- Strong capital position with total risk-based capital ratio increasing to 16.06% from 14.02%
- Book value per share growth to $30.14 from $28.54
- Decrease in nonperforming loans to $37.2 million from $39.2 million
- Reduction in noninterest expense by 1.7% to $285.7 million
- Net interest income declined 6.6% to $408.0 million in 2024
- Net interest margin decreased to 4.24% from 4.51% year-over-year
- Efficiency ratio worsened to 66.39% from 63.02% year-over-year
- Return on average equity declined to 7.50% from 8.96% in 2023
Insights
The Q4 and full-year 2024 results from Stellar Bancorp reveal a mixed performance picture with several notable trends:
Profitability Metrics Show Pressure: The full-year ROA of
Core Earnings Quality Concerns: The significant impact of purchase accounting accretion (PAA) on earnings deserves attention. The
Deposit Growth & Capital Strength: The
Asset Quality and Efficiency: The efficiency ratio of
“We are proud of our team and their work establishing the foundation of Stellar Bank,” said Robert R. Franklin, Jr., Stellar’s Chief Executive Officer. “Our strong foundation is a testament to their significant efforts over the past two years and they have prepared us for the year ahead. We intend to turn towards growth at a more normalized organic pattern while we keep an eye towards opportunities with downstream partners that would increase our operating leverage,” Mr. Franklin continued.
“We remain focused on core fundamentals as we enter 2025 and are encouraged by the economic activity in our markets. We are excited about the future ahead of us,” Mr. Franklin concluded.
2024 Financial Highlights
-
Solid Profitability: Net income for the full year 2024 was
$117.6 million $2.20 1.10% , a return on average equity of7.50% and a return on average tangible equity of12.18% (1). Net income for the fourth quarter of 2024 was$27.8 million $0.52 1.04% , an annualized return on average equity of6.85% and an annualized return on average tangible equity of10.82% (1). -
Strong Net Interest Margin: Tax equivalent net interest margin was
4.24% for the year 2024 compared to4.51% for 2023. The tax equivalent net interest margin, excluding purchase accounting accretion (“PAA”), was3.89% (1) for 2024 compared to4.03% (1) for 2023. Tax equivalent net interest margin for the fourth quarter of 2024 was4.25% compared to4.19% for the third quarter of 2024. The tax equivalent net interest margin, excluding PAA, was3.94% (1) for the fourth quarter of 2024 compared to3.91% (1) for the third quarter of 2024. -
Meaningful Capital and Book Value Build: Total risk-based capital ratio increased to
16.06% at December 31, 2024 from14.02% at December 31, 2023, book value per share increased to$30.14 $28.54 $19.10 $17.02 -
Credit Metrics: Nonperforming loans decreased
$2.0 million $37.2 million $39.2 million
| _____________________ | |
(1) Refer to page 10 of this earnings release for the calculation of this non-GAAP financial measure |
Year 2024 Results
Net interest income for 2024 decreased
Noninterest income for the year 2024 was
Noninterest expense for the year 2024 decreased
The efficiency ratio was
Fourth Quarter 2024 Results
Net interest income in the fourth quarter of 2024 increased
Noninterest income for the fourth quarter of 2024 was
Noninterest expense for the fourth quarter of 2024 increased
The efficiency ratio was
Financial Condition
Total assets at December 31, 2024 were
Total loans at December 31, 2024 decreased
Total deposits at December 31, 2024 increased
Asset Quality
Nonperforming assets totaled
The fourth quarter of 2024 included a provision for credit losses of
The year ended December 31, 2024 included a reversal of provision for credit losses of
GAAP Reconciliation of Non-GAAP Financial Measures
Stellar’s management uses certain non-GAAP financial measures to evaluate its performance. Please refer to the GAAP Reconciliation and Management’s Explanation of Non-GAAP Financial Measures on page 10 of this earnings release for a reconciliation of these non-GAAP financial measures.
Conference Call
Stellar’s management team will host a conference call and webcast on Friday, January 31, 2025 at 8:00 a.m. Central Time (9:00 a.m. Eastern Time) to discuss its results for the fourth quarter and full year 2024. Participants may register for the conference call at https://registrations.events/direct/Q4I635866 conference ID 63586 to receive the dial-in numbers and unique PIN to access the call. If you need assistance in obtaining a dial-in number, please contact IR@stellar.bank. A simultaneous webcast is available at https://registrations.events/direct/Q4I635866 and requires pre-registration. If you are unable to participate during the live webcast, the webcast will be accessible via the Investor Relations section of the Company’s website at ir.stellar.bank.
About Stellar Bancorp, Inc.
Stellar Bancorp, Inc. is a bank holding company headquartered in
Forward-Looking Statements
Certain statements in this press release which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements” for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements about the benefits of the Company’s merger with Allegiance Bancshares, Inc. (the “Merger”), including future financial performance and operating results, the Company’s plans, business and growth strategies, objectives, expectations and intentions, and other statements that are not historical facts, including projections of macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “scheduled,” “plans,” “intends,” “projects,” “anticipates,” “expects,” “believes,” “estimates,” “potential,” “would,” or “continue” or negatives of such terms or other comparable terminology.
All forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of Stellar to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others: the risk that the cost savings and any revenue synergies from the Merger may not be fully realized or may take longer than anticipated to be realized; disruption to our business as a result of the Merger; the risk that the integration of operations will be materially delayed or will be more costly or difficult than we expected or that we are otherwise unable to successfully integrate our legacy businesses; the amount of the costs, fees, expenses and charges related to the Merger; reputational risk and the reaction of our customers, suppliers, employees or other business partners to the Merger; changes in the interest rate environment, the value of Stellar’s assets and obligations and the availability of capital and liquidity; general competitive, economic, political and market conditions; and other factors that may affect future results of Stellar including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; disruptions to the economy and the
Additional factors which could affect the Company’s future results can be found in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, in each case filed with the SEC and available on the SEC’s website at https://www.sec.gov. We disclaim any obligation and do not intend to update or revise any forward-looking statements contained in this communication, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
Stellar Bancorp, Inc. Financial Highlights (Unaudited) |
|||||||||||||||||||
|
2024 |
|
|
2023 |
|||||||||||||||
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
||||||||||
|
(Dollars in thousands) |
||||||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
$ |
419,967 |
|
|
$ |
103,735 |
|
|
$ |
110,341 |
|
|
$ |
74,663 |
|
|
$ |
121,004 |
|
Interest-bearing deposits at other financial institutions |
|
491,249 |
|
|
|
412,482 |
|
|
|
379,909 |
|
|
|
325,079 |
|
|
|
278,233 |
|
Total cash and cash equivalents |
|
911,216 |
|
|
|
516,217 |
|
|
|
490,250 |
|
|
|
399,742 |
|
|
|
399,237 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Available for sale securities, at fair value |
|
1,673,016 |
|
|
|
1,691,752 |
|
|
|
1,630,971 |
|
|
|
1,523,100 |
|
|
|
1,395,680 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans held for investment |
|
7,439,854 |
|
|
|
7,551,124 |
|
|
|
7,713,897 |
|
|
|
7,908,111 |
|
|
|
7,925,133 |
|
Less: allowance for credit losses on loans |
|
(81,058 |
) |
|
|
(84,501 |
) |
|
|
(94,772 |
) |
|
|
(96,285 |
) |
|
|
(91,684 |
) |
Loans, net |
|
7,358,796 |
|
|
|
7,466,623 |
|
|
|
7,619,125 |
|
|
|
7,811,826 |
|
|
|
7,833,449 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accrued interest receivable |
|
37,884 |
|
|
|
39,473 |
|
|
|
43,348 |
|
|
|
45,466 |
|
|
|
44,244 |
|
Premises and equipment, net |
|
111,856 |
|
|
|
113,742 |
|
|
|
113,984 |
|
|
|
115,698 |
|
|
|
118,683 |
|
Federal Home Loan Bank stock |
|
8,209 |
|
|
|
20,123 |
|
|
|
15,089 |
|
|
|
16,050 |
|
|
|
25,051 |
|
Bank-owned life insurance |
|
107,498 |
|
|
|
106,876 |
|
|
|
106,262 |
|
|
|
105,671 |
|
|
|
105,084 |
|
Goodwill |
|
497,318 |
|
|
|
497,318 |
|
|
|
497,318 |
|
|
|
497,318 |
|
|
|
497,318 |
|
Core deposit intangibles, net |
|
92,546 |
|
|
|
98,116 |
|
|
|
104,315 |
|
|
|
110,513 |
|
|
|
116,712 |
|
Other assets |
|
106,771 |
|
|
|
79,537 |
|
|
|
103,001 |
|
|
|
103,838 |
|
|
|
111,681 |
|
Total assets |
$ |
10,905,110 |
|
|
$ |
10,629,777 |
|
|
$ |
10,723,663 |
|
|
$ |
10,729,222 |
|
|
$ |
10,647,139 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES: |
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing |
$ |
3,576,206 |
|
|
$ |
3,303,048 |
|
|
$ |
3,308,441 |
|
|
$ |
3,323,149 |
|
|
$ |
3,546,815 |
|
Interest-bearing |
|
|
|
|
|
|
|
|
|
||||||||||
Demand |
|
1,845,749 |
|
|
|
1,571,504 |
|
|
|
1,564,405 |
|
|
|
1,576,261 |
|
|
|
1,659,999 |
|
Money market and savings |
|
2,253,193 |
|
|
|
2,280,651 |
|
|
|
2,213,031 |
|
|
|
2,203,767 |
|
|
|
2,136,777 |
|
Certificates and other time |
|
1,453,236 |
|
|
|
1,587,398 |
|
|
|
1,639,426 |
|
|
|
1,691,539 |
|
|
|
1,529,876 |
|
Total interest-bearing deposits |
|
5,552,178 |
|
|
|
5,439,553 |
|
|
|
5,416,862 |
|
|
|
5,471,567 |
|
|
|
5,326,652 |
|
Total deposits |
|
9,128,384 |
|
|
|
8,742,601 |
|
|
|
8,725,303 |
|
|
|
8,794,716 |
|
|
|
8,873,467 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accrued interest payable |
|
17,052 |
|
|
|
16,915 |
|
|
|
12,327 |
|
|
|
12,227 |
|
|
|
11,288 |
|
Borrowed funds |
|
— |
|
|
|
60,000 |
|
|
|
240,000 |
|
|
|
215,000 |
|
|
|
50,000 |
|
Subordinated debt |
|
70,105 |
|
|
|
110,064 |
|
|
|
109,964 |
|
|
|
109,864 |
|
|
|
109,765 |
|
Other liabilities |
|
79,104 |
|
|
|
74,074 |
|
|
|
70,274 |
|
|
|
66,717 |
|
|
|
81,601 |
|
Total liabilities |
|
9,294,645 |
|
|
|
9,003,654 |
|
|
|
9,157,868 |
|
|
|
9,198,524 |
|
|
|
9,126,121 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
||||||||||
Common stock |
|
534 |
|
|
|
535 |
|
|
|
536 |
|
|
|
536 |
|
|
|
533 |
|
Capital surplus |
|
1,240,050 |
|
|
|
1,238,619 |
|
|
|
1,238,477 |
|
|
|
1,235,221 |
|
|
|
1,232,627 |
|
Retained earnings |
|
495,245 |
|
|
|
474,905 |
|
|
|
447,948 |
|
|
|
425,130 |
|
|
|
405,945 |
|
Accumulated other comprehensive loss |
|
(125,364 |
) |
|
|
(87,936 |
) |
|
|
(121,166 |
) |
|
|
(130,189 |
) |
|
|
(118,087 |
) |
Total shareholders’ equity |
|
1,610,465 |
|
|
|
1,626,123 |
|
|
|
1,565,795 |
|
|
|
1,530,698 |
|
|
|
1,521,018 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
10,905,110 |
|
|
$ |
10,629,777 |
|
|
$ |
10,723,663 |
|
|
$ |
10,729,222 |
|
|
$ |
10,647,139 |
|
Stellar Bancorp, Inc. Financial Highlights (Unaudited) |
|||||||||||||||||||||||||||
|
Three Months Ended |
|
Years Ended |
||||||||||||||||||||||||
|
2024 |
|
|
2023 |
|
2024 |
|
2023 |
|||||||||||||||||||
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
December 31 |
|
December 31 |
||||||||||||||
|
|
||||||||||||||||||||||||||
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans, including fees |
$ |
128,738 |
|
|
$ |
132,372 |
|
|
$ |
135,885 |
|
|
$ |
134,685 |
|
$ |
139,114 |
|
$ |
531,680 |
|
|
$ |
537,722 |
|||
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Taxable |
|
14,789 |
|
|
|
13,898 |
|
|
|
11,923 |
|
|
|
9,293 |
|
|
|
9,622 |
|
|
|
49,903 |
|
|
|
38,494 |
|
Tax-exempt |
|
814 |
|
|
|
814 |
|
|
|
816 |
|
|
|
818 |
|
|
|
418 |
|
|
|
3,262 |
|
|
|
2,553 |
|
Deposits in other financial institutions |
|
5,681 |
|
|
|
4,692 |
|
|
|
3,555 |
|
|
|
3,627 |
|
|
|
3,021 |
|
|
|
17,555 |
|
|
|
12,048 |
|
Total interest income |
|
150,022 |
|
|
|
151,776 |
|
|
|
152,179 |
|
|
|
148,423 |
|
|
|
152,175 |
|
|
|
602,400 |
|
|
|
590,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Demand, money market and savings deposits |
|
27,877 |
|
|
|
29,440 |
|
|
|
28,399 |
|
|
|
27,530 |
|
|
|
25,033 |
|
|
|
113,246 |
|
|
|
87,335 |
|
Certificates and other time deposits |
|
16,830 |
|
|
|
18,073 |
|
|
|
18,758 |
|
|
|
15,084 |
|
|
|
15,075 |
|
|
|
68,745 |
|
|
|
41,286 |
|
Borrowed funds |
|
235 |
|
|
|
840 |
|
|
|
1,700 |
|
|
|
1,774 |
|
|
|
4,154 |
|
|
|
4,549 |
|
|
|
17,807 |
|
Subordinated debt |
|
2,123 |
|
|
|
1,916 |
|
|
|
1,912 |
|
|
|
1,917 |
|
|
|
1,983 |
|
|
|
7,868 |
|
|
|
7,630 |
|
Total interest expense |
|
47,065 |
|
|
|
50,269 |
|
|
|
50,769 |
|
|
|
46,305 |
|
|
|
46,245 |
|
|
|
194,408 |
|
|
|
154,058 |
|
NET INTEREST INCOME |
|
102,957 |
|
|
|
101,507 |
|
|
|
101,410 |
|
|
|
102,118 |
|
|
|
105,930 |
|
|
|
407,992 |
|
|
|
436,759 |
|
Provision for (reversal of) credit losses |
|
942 |
|
|
|
(5,985 |
) |
|
|
(1,935 |
) |
|
|
4,098 |
|
|
|
1,047 |
|
|
|
(2,880 |
) |
|
|
8,943 |
|
Net interest income after provision for credit losses |
|
102,015 |
|
|
|
107,492 |
|
|
|
103,345 |
|
|
|
98,020 |
|
|
|
104,883 |
|
|
|
410,872 |
|
|
|
427,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NONINTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Service charges on deposit accounts |
|
1,590 |
|
|
|
1,594 |
|
|
|
1,648 |
|
|
|
1,598 |
|
|
|
1,520 |
|
|
|
6,430 |
|
|
|
6,064 |
|
(Loss) gain on sale of assets |
|
(112 |
) |
|
|
432 |
|
|
|
(64 |
) |
|
|
513 |
|
|
|
198 |
|
|
|
769 |
|
|
|
390 |
|
Bank-owned life insurance |
|
622 |
|
|
|
614 |
|
|
|
591 |
|
|
|
587 |
|
|
|
573 |
|
|
|
2,414 |
|
|
|
2,178 |
|
Debit card and ATM income |
|
570 |
|
|
|
551 |
|
|
|
543 |
|
|
|
527 |
|
|
|
542 |
|
|
|
2,191 |
|
|
|
4,996 |
|
Other |
|
2,362 |
|
|
|
3,111 |
|
|
|
2,698 |
|
|
|
3,071 |
|
|
|
4,053 |
|
|
|
11,242 |
|
|
|
10,934 |
|
Total noninterest income |
|
5,032 |
|
|
|
6,302 |
|
|
|
5,416 |
|
|
|
6,296 |
|
|
|
6,886 |
|
|
|
23,046 |
|
|
|
24,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NONINTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Salaries and employee benefits |
|
40,512 |
|
|
|
41,123 |
|
|
|
39,061 |
|
|
|
41,376 |
|
|
|
40,464 |
|
|
|
162,072 |
|
|
|
157,034 |
|
Net occupancy and equipment |
|
4,401 |
|
|
|
4,570 |
|
|
|
4,503 |
|
|
|
4,390 |
|
|
|
4,572 |
|
|
|
17,864 |
|
|
|
16,932 |
|
Depreciation |
|
1,984 |
|
|
|
1,911 |
|
|
|
1,948 |
|
|
|
1,964 |
|
|
|
1,955 |
|
|
|
7,807 |
|
|
|
7,584 |
|
Data processing and software amortization |
|
5,551 |
|
|
|
5,706 |
|
|
|
5,501 |
|
|
|
4,894 |
|
|
|
5,000 |
|
|
|
21,652 |
|
|
|
19,526 |
|
Professional fees |
|
3,428 |
|
|
|
1,714 |
|
|
|
1,620 |
|
|
|
2,662 |
|
|
|
3,867 |
|
|
|
9,424 |
|
|
|
7,955 |
|
Regulatory assessments and FDIC insurance |
|
1,636 |
|
|
|
1,779 |
|
|
|
2,299 |
|
|
|
1,854 |
|
|
|
5,169 |
|
|
|
7,568 |
|
|
|
11,032 |
|
Amortization of intangibles |
|
5,581 |
|
|
|
6,212 |
|
|
|
6,215 |
|
|
|
6,212 |
|
|
|
6,247 |
|
|
|
24,220 |
|
|
|
26,883 |
|
Communications |
|
807 |
|
|
|
827 |
|
|
|
847 |
|
|
|
937 |
|
|
|
743 |
|
|
|
3,418 |
|
|
|
2,796 |
|
Advertising |
|
1,593 |
|
|
|
878 |
|
|
|
891 |
|
|
|
765 |
|
|
|
1,004 |
|
|
|
4,127 |
|
|
|
3,627 |
|
Acquisition and merger-related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,072 |
|
|
|
— |
|
|
|
15,555 |
|
Other |
|
6,488 |
|
|
|
6,346 |
|
|
|
8,331 |
|
|
|
6,356 |
|
|
|
5,848 |
|
|
|
27,521 |
|
|
|
21,570 |
|
Total noninterest expense |
|
71,981 |
|
|
|
71,066 |
|
|
|
71,216 |
|
|
|
71,410 |
|
|
|
77,941 |
|
|
|
285,673 |
|
|
|
290,494 |
|
INCOME BEFORE INCOME TAXES |
|
35,066 |
|
|
|
42,728 |
|
|
|
37,545 |
|
|
|
32,906 |
|
|
|
33,828 |
|
|
|
148,245 |
|
|
|
161,884 |
|
Provision for income taxes |
|
7,249 |
|
|
|
8,837 |
|
|
|
7,792 |
|
|
|
6,759 |
|
|
|
6,562 |
|
|
|
30,637 |
|
|
|
31,387 |
|
NET INCOME |
$ |
27,817 |
|
|
$ |
33,891 |
|
|
$ |
29,753 |
|
|
$ |
26,147 |
|
|
$ |
27,266 |
|
|
$ |
117,608 |
|
|
$ |
130,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Basic |
$ |
0.52 |
|
|
$ |
0.63 |
|
|
$ |
0.56 |
|
|
$ |
0.49 |
|
|
$ |
0.51 |
|
|
$ |
2.20 |
|
|
$ |
2.45 |
|
Diluted |
$ |
0.52 |
|
|
$ |
0.63 |
|
|
$ |
0.56 |
|
|
$ |
0.49 |
|
|
$ |
0.51 |
|
|
$ |
2.20 |
|
|
$ |
2.45 |
|
Stellar Bancorp, Inc. Financial Highlights (Unaudited) |
|||||||||||||||||||||||||||
|
Three Months Ended |
|
Years Ended |
||||||||||||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||||||
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
December 31 |
|
December 31 |
||||||||||||||
|
(Dollars and share amounts in thousands, except per share data) |
||||||||||||||||||||||||||
Net income |
$ |
27,817 |
|
|
$ |
33,891 |
|
|
$ |
29,753 |
|
|
$ |
26,147 |
|
|
$ |
27,266 |
|
|
$ |
117,608 |
|
|
$ |
130,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Earnings per share, basic |
$ |
0.52 |
|
|
$ |
0.63 |
|
|
$ |
0.56 |
|
|
$ |
0.49 |
|
|
$ |
0.51 |
|
|
$ |
2.20 |
|
|
$ |
2.45 |
|
Earnings per share, diluted |
$ |
0.52 |
|
|
$ |
0.63 |
|
|
$ |
0.56 |
|
|
$ |
0.49 |
|
|
$ |
0.51 |
|
|
$ |
2.20 |
|
|
$ |
2.45 |
|
Dividends per share |
$ |
0.14 |
|
|
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.53 |
|
|
$ |
0.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Return on average assets(A) |
|
1.04 |
% |
|
|
1.27 |
% |
|
|
1.13 |
% |
|
|
0.98 |
% |
|
|
1.02 |
% |
|
|
1.10 |
% |
|
|
1.21 |
% |
Return on average equity(A) |
|
6.85 |
% |
|
|
8.49 |
% |
|
|
7.78 |
% |
|
|
6.88 |
% |
|
|
7.33 |
% |
|
|
7.50 |
% |
|
|
8.96 |
% |
Return on average tangible equity(A)(B) |
|
10.82 |
% |
|
|
13.63 |
% |
|
|
12.82 |
% |
|
|
11.47 |
% |
|
|
12.61 |
% |
|
|
12.18 |
% |
|
|
15.75 |
% |
Net interest margin (tax equivalent)(A)(C) |
|
4.25 |
% |
|
|
4.19 |
% |
|
|
4.24 |
% |
|
|
4.26 |
% |
|
|
4.40 |
% |
|
|
4.24 |
% |
|
|
4.51 |
% |
Net interest margin (tax equivalent) excluding PAA(A)(B)(C) |
|
3.94 |
% |
|
|
3.91 |
% |
|
|
3.82 |
% |
|
|
3.91 |
% |
|
|
3.91 |
% |
|
|
3.89 |
% |
|
|
4.03 |
% |
Efficiency ratio(D) |
|
66.59 |
% |
|
|
66.18 |
% |
|
|
66.63 |
% |
|
|
66.18 |
% |
|
|
69.21 |
% |
|
|
66.39 |
% |
|
|
63.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Stellar Bancorp, Inc. (Consolidated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity to assets |
|
14.77 |
% |
|
|
15.30 |
% |
|
|
14.60 |
% |
|
|
14.27 |
% |
|
|
14.29 |
% |
|
|
14.77 |
% |
|
|
14.29 |
% |
Tangible equity to tangible assets(B) |
|
9.89 |
% |
|
|
10.27 |
% |
|
|
9.53 |
% |
|
|
9.12 |
% |
|
|
9.04 |
% |
|
|
9.89 |
% |
|
|
9.04 |
% |
Estimated Total capital ratio (to risk-weighted assets) |
|
16.06 |
% |
|
|
15.91 |
% |
|
|
15.34 |
% |
|
|
14.62 |
% |
|
|
14.02 |
% |
|
|
16.06 |
% |
|
|
14.02 |
% |
Estimated Common equity Tier 1 capital (to risk weighted assets) |
|
14.19 |
% |
|
|
13.62 |
% |
|
|
12.98 |
% |
|
|
12.29 |
% |
|
|
11.77 |
% |
|
|
14.19 |
% |
|
|
11.77 |
% |
Estimated Tier 1 capital (to risk-weighted assets) |
|
14.31 |
% |
|
|
13.74 |
% |
|
|
13.10 |
% |
|
|
12.41 |
% |
|
|
11.89 |
% |
|
|
14.31 |
% |
|
|
11.89 |
% |
Estimated Tier 1 leverage (to average tangible assets) |
|
11.30 |
% |
|
|
11.25 |
% |
|
|
10.93 |
% |
|
|
10.55 |
% |
|
|
10.18 |
% |
|
|
11.30 |
% |
|
|
10.18 |
% |
Stellar Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Estimated Total capital ratio (to risk-weighted assets) |
|
15.34 |
% |
|
|
15.07 |
% |
|
|
14.65 |
% |
|
|
14.13 |
% |
|
|
13.65 |
% |
|
|
15.34 |
% |
|
|
13.65 |
% |
Estimated Common equity Tier 1 capital (to risk-weighted assets) |
|
14.19 |
% |
|
|
13.63 |
% |
|
|
13.12 |
% |
|
|
12.61 |
% |
|
|
12.20 |
% |
|
|
14.19 |
% |
|
|
12.20 |
% |
Estimated Tier 1 capital (to risk-weighted assets) |
|
14.19 |
% |
|
|
13.63 |
% |
|
|
13.12 |
% |
|
|
12.61 |
% |
|
|
12.20 |
% |
|
|
14.19 |
% |
|
|
12.20 |
% |
Estimated Tier 1 leverage (to average tangible assets) |
|
11.19 |
% |
|
|
11.16 |
% |
|
|
10.94 |
% |
|
|
10.72 |
% |
|
|
10.44 |
% |
|
|
11.19 |
% |
|
|
10.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Other Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Weighted average shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Basic |
|
53,422 |
|
|
|
53,541 |
|
|
|
53,572 |
|
|
|
53,343 |
|
|
|
53,282 |
|
|
|
53,469 |
|
|
|
53,229 |
|
Diluted |
|
53,471 |
|
|
|
53,580 |
|
|
|
53,608 |
|
|
|
53,406 |
|
|
|
53,350 |
|
|
|
53,510 |
|
|
|
53,313 |
|
Period end shares outstanding |
|
53,429 |
|
|
|
53,446 |
|
|
|
53,564 |
|
|
|
53,551 |
|
|
|
53,291 |
|
|
|
53,429 |
|
|
|
53,291 |
|
Book value per share |
$ |
30.14 |
|
|
$ |
30.43 |
|
|
$ |
29.23 |
|
|
$ |
28.58 |
|
|
$ |
28.54 |
|
|
$ |
30.14 |
|
|
$ |
28.54 |
|
Tangible book value per share(B) |
$ |
19.10 |
|
|
$ |
19.28 |
|
|
$ |
18.00 |
|
|
$ |
17.23 |
|
|
$ |
17.02 |
|
|
$ |
19.10 |
|
|
$ |
17.02 |
|
Employees - full-time equivalents |
|
1,037 |
|
|
|
1,040 |
|
|
|
1,045 |
|
|
|
1,007 |
|
|
|
998 |
|
|
|
1,037 |
|
|
|
998 |
|
(A) |
Interim periods annualized. |
(B) |
Refer to the calculation of these non-GAAP financial measures and a reconciliation to their most directly comparable GAAP financial measures on page 10 of this Earnings Release. |
(C) |
Net interest margin represents net interest income divided by average interest-earning assets. |
(D) |
Represents total noninterest expense divided by the sum of net interest income plus noninterest income, excluding net gains and losses on the sale of assets. Additionally, taxes and provision for credit losses are not part of this calculation. |
Stellar Bancorp, Inc. Financial Highlights (Unaudited) |
||||||||||||||||||||||||||||||||
|
Three Months Ended |
|||||||||||||||||||||||||||||||
|
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
|||||||||||||||||||||||||||
|
Average Balance |
|
Interest Earned/ Interest Paid |
|
Average Yield/Rate |
|
Average Balance |
|
Interest Earned/ Interest Paid |
|
Average Yield/Rate |
|
Average Balance |
|
Interest Earned/ Interest Paid |
|
Average Yield/Rate |
|||||||||||||||
|
(Dollars in thousands) |
|||||||||||||||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans |
$ |
7,477,332 |
|
|
$ |
128,738 |
|
6.85 |
% |
|
$ |
7,627,522 |
|
|
$ |
132,372 |
|
6.90 |
% |
|
$ |
7,973,780 |
|
|
$ |
139,114 |
|
6.92 |
% |
|||
Securities |
|
1,702,111 |
|
|
|
15,603 |
|
|
3.65 |
% |
|
|
1,676,614 |
|
|
|
14,712 |
|
|
3.49 |
% |
|
|
1,386,079 |
|
|
|
10,040 |
|
|
2.87 |
% |
Deposits in other financial institutions |
|
473,719 |
|
|
|
5,681 |
|
|
4.77 |
% |
|
|
339,493 |
|
|
|
4,692 |
|
|
5.50 |
% |
|
|
217,068 |
|
|
|
3,021 |
|
|
5.52 |
% |
Total interest-earning assets |
|
9,653,162 |
|
|
$ |
150,022 |
|
|
6.18 |
% |
|
|
9,643,629 |
|
|
$ |
151,776 |
|
|
6.26 |
% |
|
|
9,576,927 |
|
|
$ |
152,175 |
|
|
6.30 |
% |
Allowance for credit losses on loans |
|
(84,423 |
) |
|
|
|
|
|
|
(94,785 |
) |
|
|
|
|
|
|
(92,992 |
) |
|
|
|
|
|||||||||
Noninterest-earning assets |
|
1,080,429 |
|
|
|
|
|
|
|
1,077,422 |
|
|
|
|
|
|
|
1,142,438 |
|
|
|
|
|
|||||||||
Total assets |
$ |
10,649,168 |
|
$ |
10,626,266 |
|
|
|
|
|
|
$ |
10,626,373 |
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand deposits |
$ |
1,623,867 |
|
|
$ |
11,341 |
|
|
2.78 |
% |
|
$ |
1,606,736 |
|
|
$ |
12,458 |
|
|
3.08 |
% |
|
$ |
1,420,892 |
|
|
$ |
10,548 |
|
|
2.95 |
% |
Money market and savings deposits |
|
2,312,711 |
|
|
|
16,536 |
|
|
2.84 |
% |
|
|
2,254,767 |
|
|
|
16,982 |
|
|
3.00 |
% |
|
|
2,163,348 |
|
|
|
14,485 |
|
|
2.66 |
% |
Certificates and other time deposits |
|
1,538,785 |
|
|
|
16,830 |
|
|
4.35 |
% |
|
|
1,620,908 |
|
|
|
18,073 |
|
|
4.44 |
% |
|
|
1,461,227 |
|
|
|
15,075 |
|
|
4.09 |
% |
Borrowed funds |
|
15,978 |
|
|
|
235 |
|
|
5.85 |
% |
|
|
49,077 |
|
|
|
840 |
|
|
6.81 |
% |
|
|
275,694 |
|
|
|
4,154 |
|
|
5.98 |
% |
Subordinated debt |
|
101,394 |
|
|
|
2,123 |
|
|
8.33 |
% |
|
|
110,007 |
|
|
|
1,916 |
|
|
6.93 |
% |
|
|
109,713 |
|
|
|
1,983 |
|
|
7.17 |
% |
Total interest-bearing liabilities |
|
5,592,735 |
|
|
$ |
47,065 |
|
|
3.35 |
% |
|
|
5,641,495 |
|
|
$ |
50,269 |
|
|
3.54 |
% |
|
|
5,430,874 |
|
|
$ |
46,245 |
|
|
3.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest-bearing demand deposits |
|
3,342,636 |
|
|
|
|
|
|
|
3,303,726 |
|
|
|
|
|
|
|
3,624,417 |
|
|
|
|
|
|||||||||
Other liabilities |
|
99,006 |
|
|
|
|
|
|
|
93,127 |
|
|
|
|
|
|
|
95,705 |
|
|
|
|
|
|||||||||
Total liabilities |
|
9,034,377 |
|
|
|
|
|
|
|
9,038,348 |
|
|
|
|
|
|
|
9,150,996 |
|
|
|
|
|
|||||||||
Shareholders’ equity |
|
1,614,791 |
|
|
|
|
|
|
|
1,587,918 |
|
|
|
|
|
|
|
1,475,377 |
|
|
|
|
|
|||||||||
Total liabilities and shareholders’ equity |
$ |
10,649,168 |
|
|
|
|
|
|
$ |
10,626,266 |
|
|
|
|
|
|
$ |
10,626,373 |
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest rate spread |
|
|
|
|
2.83 |
% |
|
|
|
|
|
2.72 |
% |
|
|
|
|
|
2.92 |
% |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest income and margin |
|
|
$ |
102,957 |
|
|
4.24 |
% |
|
|
|
$ |
101,507 |
|
|
4.19 |
% |
|
|
|
$ |
105,930 |
|
|
4.39 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest income and net interest margin (tax equivalent) |
|
|
$ |
103,039 |
|
|
4.25 |
% |
|
|
|
$ |
101,578 |
|
|
4.19 |
% |
|
|
|
$ |
106,121 |
|
|
4.40 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cost of funds |
|
|
|
|
2.10 |
% |
|
|
|
|
|
2.24 |
% |
|
|
|
|
|
2.03 |
% |
||||||||||||
Cost of deposits |
|
|
|
|
2.02 |
% |
|
|
|
|
|
2.15 |
% |
|
|
|
|
|
1.84 |
% |
||||||||||||
|
Years Ended December 31, |
||||||||||||||||||||
|
2024 |
|
|
2023 |
|||||||||||||||||
|
Average Balance |
|
Interest Earned/ Interest Paid |
|
Average Yield/Rate |
|
Average Balance |
|
Interest Earned/ Interest Paid |
|
Average Yield/Rate |
||||||||||
|
(Dollars in thousands) |
||||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans |
$ |
7,712,122 |
|
|
$ |
531,680 |
|
6.89 |
% |
|
$ |
7,961,911 |
|
|
$ |
537,722 |
|
6.75 |
% |
||
Securities |
|
1,593,073 |
|
|
|
53,165 |
|
|
3.34 |
% |
|
|
1,490,588 |
|
|
|
41,047 |
|
|
2.75 |
% |
Deposits in other financial institutions |
|
334,654 |
|
|
|
17,555 |
|
|
5.25 |
% |
|
|
242,803 |
|
|
|
12,048 |
|
|
4.96 |
% |
Total interest-earning assets |
|
9,639,849 |
|
|
$ |
602,400 |
|
|
6.25 |
% |
|
|
9,695,302 |
|
|
$ |
590,817 |
|
|
6.09 |
% |
Allowance for credit losses on loans |
|
(91,770 |
) |
|
|
|
|
|
|
(95,668 |
) |
|
|
|
|
||||||
Noninterest-earning assets |
|
1,098,395 |
|
|
|
|
|
|
|
1,147,232 |
|
|
|
|
|
||||||
Total assets |
$ |
10,646,474 |
|
|
|
|
|
|
$ |
10,746,866 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand deposits |
$ |
1,618,212 |
|
|
$ |
48,290 |
|
|
2.98 |
% |
|
$ |
1,464,015 |
|
|
$ |
38,689 |
|
|
2.64 |
% |
Money market and savings deposits |
|
2,236,678 |
|
|
|
64,956 |
|
|
2.90 |
% |
|
|
2,259,264 |
|
|
|
48,646 |
|
|
2.15 |
% |
Certificates and other time deposits |
|
1,574,598 |
|
|
|
68,745 |
|
|
4.37 |
% |
|
|
1,239,345 |
|
|
|
41,286 |
|
|
3.33 |
% |
Borrowed funds |
|
77,662 |
|
|
|
4,549 |
|
|
5.86 |
% |
|
|
318,721 |
|
|
|
17,807 |
|
|
5.59 |
% |
Subordinated debt |
|
107,768 |
|
|
|
7,868 |
|
|
7.30 |
% |
|
|
109,560 |
|
|
|
7,630 |
|
|
6.96 |
% |
Total interest-bearing liabilities |
|
5,614,918 |
|
|
$ |
194,408 |
|
|
3.46 |
% |
|
|
5,390,905 |
|
|
$ |
154,058 |
|
|
2.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposits |
|
3,369,931 |
|
|
|
|
|
|
|
3,814,651 |
|
|
|
|
|
||||||
Other liabilities |
|
94,156 |
|
|
|
|
|
|
|
85,376 |
|
|
|
|
|
||||||
Total liabilities |
|
9,079,005 |
|
|
|
|
|
|
|
9,290,932 |
|
|
|
|
|
||||||
Shareholders’ equity |
|
1,567,469 |
|
|
|
|
|
|
|
1,455,934 |
|
|
|
|
|
||||||
Total liabilities and shareholders' equity |
$ |
10,646,474 |
|
|
|
|
|
|
$ |
10,746,866 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest rate spread |
|
|
|
|
2.79 |
% |
|
|
|
|
|
3.23 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income and margin |
|
|
$ |
407,992 |
|
|
4.23 |
% |
|
|
|
$ |
436,759 |
|
|
4.50 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income and net interest margin (tax equivalent) |
|
|
$ |
408,305 |
|
|
4.24 |
% |
|
|
|
$ |
437,670 |
|
|
4.51 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of funds |
|
|
|
|
2.16 |
% |
|
|
|
|
|
1.67 |
% |
||||||||
Cost of deposits |
|
|
|
|
2.07 |
% |
|
|
|
|
|
1.47 |
% |
||||||||
Stellar Bancorp, Inc. Financial Highlights (Unaudited) |
|||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||
|
2024 |
|
2023 |
||||||||||||||||
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
||||||||||
|
(Dollars in thousands) |
||||||||||||||||||
Period-end Loan Portfolio: |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial |
$ |
1,362,260 |
|
|
$ |
1,350,753 |
|
|
$ |
1,396,064 |
|
|
$ |
1,455,755 |
|
|
$ |
1,414,102 |
|
Real estate: |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate (including multi-family residential) |
|
3,868,218 |
|
|
|
3,976,296 |
|
|
|
4,029,671 |
|
|
|
4,049,885 |
|
|
|
4,071,807 |
|
Commercial real estate construction and land development |
|
845,494 |
|
|
|
890,316 |
|
|
|
922,805 |
|
|
|
1,039,443 |
|
|
|
1,060,406 |
|
1-4 family residential (including home equity) |
|
1,115,484 |
|
|
|
1,112,235 |
|
|
|
1,098,681 |
|
|
|
1,049,316 |
|
|
|
1,047,174 |
|
Residential construction |
|
157,977 |
|
|
|
161,494 |
|
|
|
200,134 |
|
|
|
252,573 |
|
|
|
267,357 |
|
Consumer and other |
|
90,421 |
|
|
|
60,030 |
|
|
|
66,542 |
|
|
|
61,139 |
|
|
|
64,287 |
|
Total loans held for investment |
$ |
7,439,854 |
|
|
$ |
7,551,124 |
|
|
$ |
7,713,897 |
|
|
$ |
7,908,111 |
|
|
$ |
7,925,133 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing |
$ |
3,576,206 |
|
|
$ |
3,303,048 |
|
|
$ |
3,308,441 |
|
|
$ |
3,323,149 |
|
|
$ |
3,546,815 |
|
Interest-bearing |
|
|
|
|
|
|
|
|
|
||||||||||
Demand |
|
1,845,749 |
|
|
|
1,571,504 |
|
|
|
1,564,405 |
|
|
|
1,576,261 |
|
|
|
1,659,999 |
|
Money market and savings |
|
2,253,193 |
|
|
|
2,280,651 |
|
|
|
2,213,031 |
|
|
|
2,203,767 |
|
|
|
2,136,777 |
|
Certificates and other time |
|
1,453,236 |
|
|
|
1,587,398 |
|
|
|
1,639,426 |
|
|
|
1,691,539 |
|
|
|
1,529,876 |
|
Total interest-bearing deposits |
|
5,552,178 |
|
|
|
5,439,553 |
|
|
|
5,416,862 |
|
|
|
5,471,567 |
|
|
|
5,326,652 |
|
Total deposits |
$ |
9,128,384 |
|
|
$ |
8,742,601 |
|
|
$ |
8,725,303 |
|
|
$ |
8,794,716 |
|
|
$ |
8,873,467 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality: |
|
|
|
|
|
|
|
|
|
||||||||||
Nonaccrual loans |
$ |
37,212 |
|
|
$ |
32,140 |
|
|
$ |
50,906 |
|
|
$ |
57,129 |
|
|
$ |
39,191 |
|
Accruing loans 90 or more days past due |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonperforming loans |
|
37,212 |
|
|
|
32,140 |
|
|
|
50,906 |
|
|
|
57,129 |
|
|
|
39,191 |
|
Foreclosed assets |
|
1,708 |
|
|
|
2,984 |
|
|
|
2,548 |
|
|
|
— |
|
|
|
— |
|
Total nonperforming assets |
$ |
38,920 |
|
|
$ |
35,124 |
|
|
$ |
53,454 |
|
|
$ |
57,129 |
|
|
$ |
39,191 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs (recoveries) |
$ |
2,016 |
|
|
$ |
3,933 |
|
|
$ |
(1 |
) |
|
$ |
714 |
|
|
$ |
2,577 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonaccrual loans: |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial |
$ |
8,500 |
|
|
$ |
9,718 |
|
|
$ |
18,451 |
|
|
$ |
15,465 |
|
|
$ |
5,048 |
|
Real estate: |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate (including multi-family residential) |
|
16,459 |
|
|
|
10,695 |
|
|
|
18,094 |
|
|
|
21,268 |
|
|
|
16,699 |
|
Commercial real estate construction and land development |
|
3,061 |
|
|
|
4,183 |
|
|
|
1,641 |
|
|
|
8,406 |
|
|
|
5,043 |
|
1-4 family residential (including home equity) |
|
9,056 |
|
|
|
7,259 |
|
|
|
12,454 |
|
|
|
10,368 |
|
|
|
8,874 |
|
Residential construction |
|
— |
|
|
|
121 |
|
|
|
155 |
|
|
|
1,410 |
|
|
|
3,288 |
|
Consumer and other |
|
136 |
|
|
|
164 |
|
|
|
111 |
|
|
|
212 |
|
|
|
239 |
|
Total nonaccrual loans |
$ |
37,212 |
|
|
$ |
32,140 |
|
|
$ |
50,906 |
|
|
$ |
57,129 |
|
|
$ |
39,191 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming assets to total assets |
|
0.36 |
% |
|
|
0.33 |
% |
|
|
0.50 |
% |
|
|
0.53 |
% |
|
|
0.37 |
% |
Nonperforming loans to total loans |
|
0.50 |
% |
|
|
0.43 |
% |
|
|
0.66 |
% |
|
|
0.72 |
% |
|
|
0.49 |
% |
Allowance for credit losses on loans to nonperforming loans |
|
217.83 |
% |
|
|
262.92 |
% |
|
|
186.17 |
% |
|
|
168.54 |
% |
|
|
233.94 |
% |
Allowance for credit losses on loans to total loans |
|
1.09 |
% |
|
|
1.12 |
% |
|
|
1.23 |
% |
|
|
1.22 |
% |
|
|
1.16 |
% |
Net charge-offs to average loans (annualized) |
|
0.11 |
% |
|
|
0.21 |
% |
|
|
0.00 |
% |
|
|
0.04 |
% |
|
|
0.13 |
% |
Stellar Bancorp, Inc. GAAP Reconciliation and Management’s Explanation of Non-GAAP Financial Measures (Unaudited) |
|||||||||||||||||||||||||||
Stellar’s management uses certain non-GAAP (generally accepted accounting principles) financial measures to evaluate its performance. Stellar believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and that management and investors benefit from referring to these non-GAAP financial measures in assessing Stellar’s performance and when planning, forecasting, analyzing and comparing past, present and future periods. Specifically, Stellar reviews pre-tax, pre-provision income, pre-tax pre-provision ROAA, tangible book value per share, return on average tangible equity, tangible equity to tangible assets and net interest margin (tax equivalent) excluding PAA for internal planning and forecasting purposes. Stellar has included in this earnings release information relating to these non-GAAP financial measures for the applicable periods presented. These non-GAAP measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which Stellar calculates the non-GAAP financial measures may differ from that of other companies reporting measures with similar names. |
|||||||||||||||||||||||||||
|
Three Months Ended |
|
Years Ended |
||||||||||||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||||||
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
December 31 |
|
December 31 |
||||||||||||||
|
(Dollars and share amounts in thousands, except per share data) |
||||||||||||||||||||||||||
Net income |
$ |
27,817 |
|
|
$ |
33,891 |
|
|
$ |
29,753 |
|
|
$ |
26,147 |
|
|
$ |
27,266 |
|
|
$ |
117,608 |
|
|
$ |
130,497 |
|
Add: Provision for credit losses |
|
942 |
|
|
|
(5,985 |
) |
|
|
(1,935 |
) |
|
|
4,098 |
|
|
|
1,047 |
|
|
|
(2,880 |
) |
|
|
8,943 |
|
Add: Provision for income taxes |
|
7,249 |
|
|
|
8,837 |
|
|
|
7,792 |
|
|
|
6,759 |
|
|
|
6,562 |
|
|
|
30,637 |
|
|
|
31,387 |
|
Pre-tax, pre-provision income |
$ |
36,008 |
|
|
$ |
36,743 |
|
|
$ |
35,610 |
|
|
$ |
37,004 |
|
|
$ |
34,875 |
|
|
$ |
145,365 |
|
|
$ |
170,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total average assets |
$ |
10,649,168 |
|
|
$ |
10,626,266 |
|
|
$ |
10,623,865 |
|
|
$ |
10,686,789 |
|
|
$ |
10,626,373 |
|
|
$ |
10,646,474 |
|
|
$ |
10,746,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Pre-tax, pre-provision return on average assets(B) |
|
1.35 |
% |
|
|
1.38 |
% |
|
|
1.35 |
% |
|
|
1.39 |
% |
|
|
1.30 |
% |
|
|
1.37 |
% |
|
|
1.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total shareholders’ equity |
$ |
1,610,465 |
|
|
$ |
1,626,123 |
|
|
$ |
1,565,795 |
|
|
$ |
1,530,698 |
|
|
$ |
1,521,018 |
|
|
$ |
1,610,465 |
|
|
$ |
1,521,018 |
|
Less: Goodwill and core deposit intangibles, net |
|
589,864 |
|
|
|
595,434 |
|
|
|
601,633 |
|
|
|
607,831 |
|
|
|
614,030 |
|
|
|
589,864 |
|
|
|
614,030 |
|
Tangible shareholders’ equity |
$ |
1,020,601 |
|
|
$ |
1,030,689 |
|
|
$ |
964,162 |
|
|
$ |
922,867 |
|
|
$ |
906,988 |
|
|
$ |
1,020,601 |
|
|
$ |
906,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Shares outstanding at end of period |
|
53,429 |
|
|
|
53,446 |
|
|
|
53,564 |
|
|
|
53,551 |
|
|
|
53,291 |
|
|
|
53,429 |
|
|
|
53,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Tangible book value per share |
$ |
19.10 |
|
|
$ |
19.28 |
|
|
$ |
18.00 |
|
|
$ |
17.23 |
|
|
$ |
17.02 |
|
|
$ |
19.10 |
|
|
$ |
17.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average shareholders’ equity |
$ |
1,614,791 |
|
|
$ |
1,587,918 |
|
|
$ |
1,538,124 |
|
|
$ |
1,528,298 |
|
|
$ |
1,475,377 |
|
|
$ |
1,567,469 |
|
|
$ |
1,455,934 |
|
Less: Average goodwill and core deposit intangibles, net |
|
592,471 |
|
|
|
598,866 |
|
|
|
604,722 |
|
|
|
611,149 |
|
|
|
617,236 |
|
|
|
601,768 |
|
|
|
627,449 |
|
Average tangible shareholders’ equity |
$ |
1,022,320 |
|
|
$ |
989,052 |
|
|
$ |
933,402 |
|
|
$ |
917,149 |
|
|
$ |
858,141 |
|
|
$ |
965,701 |
|
|
$ |
828,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Return on average tangible equity(B) |
|
10.82 |
% |
|
|
13.63 |
% |
|
|
12.82 |
% |
|
|
11.47 |
% |
|
|
12.61 |
% |
|
|
12.18 |
% |
|
|
15.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total assets |
$ |
10,905,110 |
|
|
$ |
10,629,777 |
|
|
$ |
10,723,663 |
|
|
$ |
10,729,222 |
|
|
$ |
10,647,139 |
|
|
$ |
10,905,110 |
|
|
$ |
10,647,139 |
|
Less: Goodwill and core deposit intangibles, net |
|
589,864 |
|
|
|
595,434 |
|
|
|
601,633 |
|
|
|
607,831 |
|
|
|
614,030 |
|
|
|
589,864 |
|
|
|
614,030 |
|
Tangible assets |
$ |
10,315,246 |
|
|
$ |
10,034,343 |
|
|
$ |
10,122,030 |
|
|
$ |
10,121,391 |
|
|
$ |
10,033,109 |
|
|
$ |
10,315,246 |
|
|
$ |
10,033,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Tangible equity to tangible assets |
|
9.89 |
% |
|
|
10.27 |
% |
|
|
9.53 |
% |
|
|
9.12 |
% |
|
|
9.04 |
% |
|
|
9.89 |
% |
|
|
9.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest income (tax equivalent) |
$ |
103,039 |
|
|
$ |
101,578 |
|
|
$ |
101,482 |
|
|
$ |
102,207 |
|
|
$ |
106,121 |
|
|
$ |
408,305 |
|
|
$ |
437,670 |
|
Less: Purchase accounting accretion |
|
7,555 |
|
|
|
6,795 |
|
|
|
10,098 |
|
|
|
8,551 |
|
|
|
11,726 |
|
|
|
32,999 |
|
|
|
46,802 |
|
Adjusted net interest income (tax equivalent) |
$ |
95,484 |
|
|
$ |
94,783 |
|
|
$ |
91,384 |
|
|
$ |
93,656 |
|
|
$ |
94,395 |
|
|
$ |
375,306 |
|
|
$ |
390,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average earning assets |
$ |
9,653,162 |
|
|
$ |
9,643,629 |
|
|
$ |
9,616,874 |
|
|
$ |
9,645,544 |
|
|
$ |
9,576,927 |
|
|
$ |
9,639,849 |
|
|
$ |
9,695,302 |
|
Net interest margin (tax equivalent) excluding PAA |
|
3.94 |
% |
|
|
3.91 |
% |
|
|
3.82 |
% |
|
|
3.91 |
% |
|
|
3.91 |
% |
|
|
3.89 |
% |
|
|
4.03 |
% |
(A) |
Represents total noninterest expense, excluding acquisition and merger-related expenses, core deposit intangibles amortization and write-downs on assets moved to held for sale, divided by the sum of net interest income, excluding purchase accounting adjustments plus noninterest income, excluding gains and losses on the sale of assets. Additionally, taxes and provision for credit losses are not part of this calculation. |
(B) |
Interim periods annualized. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250130119365/en/
Investor Relations
IR@stellar.bank
Source: Stellar Bancorp, Inc.
FAQ
What were Stellar Bancorp's (STEL) Q4 2024 earnings per share?
How much did STEL's net interest margin change in 2024 compared to 2023?
What was Stellar Bancorp's (STEL) total deposit balance at the end of 2024?
How did STEL's book value per share change from 2023 to 2024?
What was Stellar Bancorp's (STEL) full-year 2024 net income?
