Core Points - Five Star Bancorp is set to report its financial results for the quarter and year ended December 31, 2024, on January 27, 2025, after market close [1] - A live webcast for analysts and investors will take place on January 28, 2025, at 1:00 PM ET to discuss the financial results [2] - Five Star Bancorp is headquartered in Rancho Cordova, California, and operates through its wholly owned banking subsidiary, Five Star Bank, which has eight branches in Northern California [3]

RANCHO CORDOVA, Calif., Jan. 14, 2025 (GLOBE NEWSWIRE) -- Five Star Bancorp (NASDAQ:FSBC) ("Five Star" or the "Company"), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the "Bank"), expects to report its financial results for the quarter and year ended December 31, 2024, after the stock market closes on Monday, January 27, 2025. Management will host a live webcast for analysts and investors to review this information at 1:00 PM ET (10:00 AM PT) on January 28, 20 ...

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Financial Performance - Net income for the three months ended September 30, 2024, was $10.9 million, compared to $11.0 million for the same period in 2023[168]. - Earnings per common share (basic) decreased to $0.52 for the three months ended September 30, 2024, down from $0.64 for the same period in 2023, a decline of 18.8%[178]. - Net interest income for the three months ended September 30, 2024, was $30,386 thousand, an increase of 10.4% from $27,476 thousand for the same period in 2023[178]. - Total non-interest income for the three months ended September 30, 2024, was $1,381,000, a slight decrease of $3,000 or 0.22% compared to $1,384,000 for the same period in 2023[207]. - Total non-interest expense for the three months ended September 30, 2024, was $13,776,000, an increase of $1,761,000 or 14.66% from $12,015,000 in the same period of 2023[216]. Asset and Loan Growth - Total assets increased by $293.9 million, or 8.18%, to $3.9 billion at September 30, 2024, compared to $3.6 billion at December 31, 2023[169]. - Total loans held for investment rose by $378.8 million, or 12.29%, to $3.5 billion at September 30, 2024, driven by increases in consumer and other loans, commercial real estate loans, and commercial construction loans[170]. - Total deposits increased by $373.1 million to $3.4 billion at September 30, 2024, with non-wholesale deposits rising by $323.3 million to $3.0 billion[168]. - Total shareholders' equity increased to $389,930 thousand as of September 30, 2024, up from $285,774 thousand on December 31, 2023, reflecting a growth of 36.4%[177]. - Total loans increased to $3.5 billion as of September 30, 2024, compared to $3.1 billion at December 31, 2023, with loans held for investment representing 99.92% of total loans[241]. Capital Adequacy - The total risk-based capital ratio was 13.94% at September 30, 2024, compared to 12.30% at December 31, 2023, indicating strong capital adequacy[174]. - The Tier 1 capital ratio improved to 10.93% as of September 30, 2024, up from 9.07% as of December 31, 2023, indicating stronger capital adequacy[177]. - Bancorp's Tier 1 capital to risk-weighted assets ratio was 10.93% as of September 30, 2024, above the required minimum of 6.00%[331]. - Both Bancorp and the Bank were in compliance with all applicable regulatory capital requirements as of September 30, 2024, qualifying as "well-capitalized" under the prompt corrective action framework[328]. Credit Quality - Non-accrual loans represented $1.8 million, or 0.05% of total loans held for investment, at September 30, 2024, showing stable credit quality[171]. - The allowance for credit losses increased to $37.6 million at September 30, 2024, from $34.4 million at December 31, 2023, due to a $6.0 million provision for credit losses recorded during the nine months ended September 30, 2024[272]. - The ratio of nonperforming loans to loans held for investment was 0.05% at September 30, 2024, decreasing from 0.06% at December 31, 2023[265]. - Loans designated as watch and substandard increased to $92.7 million at September 30, 2024, from $41.6 million at December 31, 2023[269]. Interest Income and Margin - The net interest margin was 3.37% for the three months ended September 30, 2024, compared to 3.31% for the same period in 2023, reflecting higher yields on new and repriced loans[172]. - Interest income rose by $7.6 million, driven by higher yields on new and repriced loans, with an average yield on loans increasing by 41 basis points[193]. - The average yield on total interest-earning assets was 5.71% for the nine months ended September 30, 2024, compared to 5.32% for the same period in 2023[196]. - The net interest margin for the nine months ended September 30, 2024, was 3.30%, a decrease of 20 basis points from the prior year[194]. Deposits and Liquidity - Total deposits rose by $373.1 million, or 12.33%, to $3.4 billion at September 30, 2024, compared to $3.0 billion at December 31, 2023[279]. - Non-interest-bearing deposits increased by $75.8 million to $906.9 million, representing 26.67% of total deposits as of September 30, 2024[279]. - As of September 30, 2024, total liquidity was approximately $1.8 billion, consisting of cash and cash equivalents and unused borrowing capacity[313]. - The loan to deposit ratio was 101.87% at September 30, 2024, down from 102.19% at December 31, 2023[279]. Operational Efficiency - The efficiency ratio increased to 43.37% for the three months ended September 30, 2024, up from 41.63% for the corresponding period of 2023, primarily due to increased employee expenses[173]. - The average rate paid on total deposits increased to 2.63% for the three months ended September 30, 2024, compared to 2.18% for the same period in 2023[280]. Market and Regulatory Environment - The FDIC finalized changes to its Statement of Policy on Bank Merger Transactions on September 17, 2024, which may impact future merger approvals[338]. - The proposed FDIC rule on brokered deposits could increase the Bank's deposit insurance assessment costs if finalized as proposed[340].

Five Star Bancorp Announces Second Quarter 2024 Results (1) See the section entitled "Non-GAAP Reconciliation (Unaudited)" for a reconciliation of this non-GAAP financial measure. The employee awards include a: • Sacramento Business Journal's Women Who Mean Business award • Sacramento Business Journal C-Suite award • National Association of Women Business Owners Outstanding Women Leader's Executive award • Independent Community Bankers of American 40 Under 40: Emerging Community Bank Leaders award The Compa ...

Core Viewpoint - Five Star Bancorp reported a net income of $10.8 million for Q2 2024, showing a slight increase from Q1 2024 but a decrease compared to Q2 2023, driven by loan growth and changes in interest income and expenses [1][10]. Financial Performance - Net income for Q2 2024 was $10.8 million, compared to $10.6 million in Q1 2024 and $12.7 million in Q2 2023 [1][10]. - Return on average assets (ROAA) was 1.23% for Q2 2024, slightly up from 1.22% in Q1 2024 but down from 1.55% in Q2 2023 [2][11]. - Return on average equity (ROAE) decreased to 11.72% in Q2 2024 from 14.84% in Q1 2024 and 19.29% in Q2 2023 [2][11]. - Pre-tax income increased to $15.2 million in Q2 2024 from $15.0 million in Q1 2024 but decreased from $17.2 million in Q2 2023 [2][11]. Loan and Deposit Growth - Total loans increased by $157.2 million, or 20.2% annualized, while total deposits rose by $193.9 million, or 26.2% annualized [2][4]. - Loans held for investment reached $3.27 billion, up 5.22% from Q1 2024 and 11.58% from Q2 2023 [19][10]. - Non-interest-bearing deposits were $825.7 million, showing a slight increase from Q1 2024 but a decrease from Q2 2023 [19][10]. Interest Income and Margin - Net interest income for Q2 2024 was $29.1 million, an increase of $2.3 million from Q1 2024 and $1.5 million from Q2 2023 [11][24]. - Net interest margin improved to 3.39% in Q2 2024 from 3.14% in Q1 2024 but decreased from 3.45% in Q2 2023 [11][24]. Capital and Dividends - The common equity Tier 1 capital ratio increased to 11.28% as of June 30, 2024, from 9.13% in Q1 2024, primarily due to the public offering [7][19]. - A cash dividend of $0.20 per share was declared for Q2 2024, consistent with the previous quarter [3][10]. Market Expansion - The company successfully executed a public offering, issuing 3,967,500 shares with net proceeds of approximately $80.9 million, supporting its growth strategy in the San Francisco Bay Area [4][7]. - The San Francisco Bay Area team increased to 19 employees, contributing $161.3 million in deposits since the expansion began in June 2023 [4][7]. Awards and Recognition - The company received multiple awards in the first half of 2024, including recognition for sustainability and performance among community banks [5][6].

Core Viewpoint - Five Star Bancorp has declared a cash dividend of $0.20 per share on its voting common stock, which will be paid on August 12, 2024, to shareholders of record as of August 5, 2024 [4]. Company Overview - Five Star Bancorp is a bank holding company headquartered in Rancho Cordova, California, operating through its wholly owned banking subsidiary, Five Star Bank, which has seven branches in Northern California [1].

"Five Star Bank is closing the gap in San Francisco commercial banking left from the Silicon Valley Bank and First Republic Bank failures," said Five Star Bank San Francisco Bay Area President, DJ Kurtze. "The Bay Area community has been seeking a Northern California bank that provides a highly personalized concierge banking experience – and Five Star has answered the call. Jeff was a Senior Managing Director at First Republic Bank for over 23 years and is extremely committed to the San Francisco Bay Area c ...

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company's beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement ...