NYSE: STEL
Stellar Bancorp, Inc.CIK 0001473844 · SIC 6021 · National Commercial Banks
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Stellar Bancorp completes merger with Prosperity; shareholders receive $38.53 per share
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Stellar Bancorp shareholders approve Prosperity merger but reject executive pay package
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Stellar Bancorp faces three shareholder lawsuits over Prosperity merger disclosures
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Stellar Bancorp declares $0.15 quarterly dividend, payable June 26
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Stellar Bancorp merger with Prosperity clears SEC hurdle; Q1 results released
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revenue $1.6M, net income $27.0M. Stellar Bancorp slows buybacks 9.2% in Q1 amid merger; share price paid rises 11%
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Latest financial statements
From 10-Q filed Apr 28, 2026 (period ending Mar 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
| Description | Three months ended March 31, 2026 | Three months ended March 31, 2025 |
|---|---|---|
| INTEREST INCOME: | ||
| Loans, including fees | 119,783 | 120,640 |
| Securities: | ||
| Taxable | 19,623 | 16,148 |
| Tax-exempt | 805 | 812 |
| Deposits in other financial institutions | 4,884 | 4,720 |
| Total interest income | 145,095 | 142,320 |
| INTEREST EXPENSE: | ||
| Demand, money market and savings deposits | 29,644 | 27,574 |
| Certificates and other time deposits | 8,624 | 13,527 |
| Borrowed funds | 149 | 517 |
| Subordinated debt | 747 | 1,444 |
| Total interest expense | 39,164 | 43,062 |
| NET INTEREST INCOME | 105,931 | 99,258 |
| Provision for credit losses | 2,497 | 3,632 |
| Net interest income after provision for credit losses | 103,434 | 95,626 |
| NONINTEREST INCOME: | ||
| Service charges on deposit accounts | 1,635 | 1,584 |
| (Loss) gain on sale/write-down of assets | (37) | 417 |
| Bank-owned life insurance income | 626 | 610 |
| Debit card and interchange income | 547 | 520 |
| Other | 2,339 | 2,374 |
| Total noninterest income | 5,110 | 5,505 |
| NONINTEREST EXPENSE: | ||
| Salaries and employee benefits | 43,931 | 41,792 |
| Net occupancy and equipment | 4,575 | 3,926 |
| Depreciation | 1,971 | 1,995 |
| Data processing and software amortization | 6,073 | 5,682 |
| Professional fees | 886 | 1,786 |
| Regulatory assessments and FDIC insurance | 1,639 | 1,733 |
| Amortization of intangibles | 4,886 | 5,548 |
| Communications | 759 | 847 |
| Advertising | 799 | 782 |
| Acquisition and merger-related expenses | 3,307 | — |
| Other | 6,338 | 6,075 |
| Total noninterest expense | 75,164 | 70,166 |
| INCOME BEFORE INCOME TAXES | 33,380 | 30,965 |
| Provision for income taxes | 6,414 | 6,263 |
| NET INCOME | 26,966 | 24,702 |
| EARNINGS PER SHARE: | ||
| Basic | 0.53 | 0.46 |
| Diluted | 0.53 | 0.46 |
| DIVIDENDS PER SHARE | 0.15 | 0.14 |
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except shares and par value)
| Description | March 31, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS: | ||
| Cash and due from banks | 107,736 | 94,331 |
| Interest-bearing deposits at other financial institutions | 441,834 | 325,122 |
| Total cash and cash equivalents | 549,570 | 419,453 |
| Available for sale securities, at fair value | 1,864,710 | 2,198,459 |
| Loans held for investment | 7,587,952 | 7,300,591 |
| Less: allowance for credit losses on loans | (85,431) | (83,629) |
| Loans, net | 7,502,521 | 7,216,962 |
| Accrued interest receivable | 36,589 | 35,869 |
| Premises and equipment, net | 99,861 | 106,118 |
| Federal Reserve Bank and Federal Home Loan Bank stock | 51,105 | 45,532 |
| Bank-owned life insurance | 110,103 | 109,477 |
| Goodwill | 497,318 | 497,318 |
| Core deposit intangibles, net | 66,137 | 71,018 |
| Other assets | 111,442 | 106,388 |
| TOTAL ASSETS | 10,889,356 | 10,806,594 |
| LIABILITIES: | ||
| Deposits: | ||
| Noninterest-bearing | 3,210,579 | 3,407,865 |
| Interest-bearing | ||
| Demand | 2,171,968 | 2,114,997 |
| Money market and savings | 2,596,972 | 2,469,845 |
| Certificates and other time | 1,002,491 | 1,028,759 |
| Total interest-bearing deposits | 5,771,431 | 5,613,601 |
| Total deposits | 8,982,010 | 9,021,466 |
| Accrued interest payable | 5,240 | 5,508 |
| Borrowed funds | 135,000 | — |
| Subordinated debt | 40,256 | 40,226 |
| Other liabilities | 59,085 | 70,740 |
| Total liabilities | 9,221,591 | 9,137,940 |
| SHAREHOLDERS’ EQUITY: | ||
| Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued or outstanding at March 31, 2026 and December 31, 2025 | — | — |
| Common stock, $0.01 par value; 140,000,000 shares authorized; 50,911,515 shares issued and outstanding at March 31, 2026 and 50,902,024 shares issued and outstanding at December 31, 2025 | 509 | 509 |
| Capital surplus | 1,170,867 | 1,174,894 |
| Retained earnings | 585,403 | 566,216 |
| Accumulated other comprehensive loss | (89,014) | (72,965) |
| Total shareholders’ equity | 1,667,765 | 1,668,654 |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 10,889,356 | 10,806,594 |
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Three months ended March 31, 2026 | Three months ended March 31, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | 26,966 | 24,702 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and intangibles amortization | 6,857 | 7,543 |
| Net accretion of discount on loans | (3,561) | (5,397) |
| Net accretion of discount on securities | (2,769) | (1,299) |
| Provision for credit losses | 2,497 | 3,632 |
| Deferred income tax expense | 889 | 1,008 |
| Stock-based compensation expense | 1,956 | 1,966 |
| Net change in operating leases | 1,105 | 823 |
| Bank-owned life insurance income | (626) | (610) |
| Federal Reserve Bank and Federal Home Loan Bank stock dividends | (73) | (238) |
| Loss (gain) on sale/write-down of assets | 37 | (417) |
| Excess tax benefit from stock-based compensation | (480) | 539 |
| Decrease in accrued interest receivable and other assets | (4,941) | (8,946) |
| Decrease in accrued interest payable and other liabilities | (11,349) | (28,985) |
| Net cash provided by (used in) operating activities | 16,508 | (5,679) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchase of available for sale securities | (1,237,330) | (1,511,027) |
| Proceeds from maturities and principal paydowns of available for sale securities | 1,553,525 | 1,392,366 |
| Proceeds from sales and calls of available for sale securities | — | 102,705 |
| Net change in total loans | (287,409) | 170,741 |
| Purchase of bank premises and equipment | (268) | (770) |
| Proceeds from sale of bank premises, equipment and other real estate | 3,310 | 5,820 |
| Net purchase of Federal Reserve Bank and Federal Home Loan Bank stock | — | (12,455) |
| Net cash provided by investing activities | 31,828 | 147,380 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Net decrease in noninterest-bearing deposits | (197,287) | (370,587) |
| Net increase (decrease) in interest-bearing deposits | 157,830 | (195,084) |
| Net change in borrowed funds | 135,000 | 120,000 |
| Dividends paid to common shareholders | (7,779) | (7,270) |
| Payments made the issuance of restricted stock and stock option exercises | (1,810) | (799) |
| Repurchase of common stock | (4,173) | (38,602) |
| Net cash provided by (used) in financing activities | 81,781 | (492,342) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 130,117 | (350,641) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 419,453 | 911,216 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | 549,570 | 560,575 |
Amounts as printed on the EDGAR/iXBRL face — (Dollars in thousands, except per share data); (Dollars in thousands, except shares and par value); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗