10-Q - FIVE STAR BANCORP (0001275168) (Filer)

Thu, Nov 7, 5:51 PM (67 days ago)

For the quarter ending September 30, 2024, Five Star Bancorp (FSBC) reported a net income of $10.9 million, slightly down from $11.0 million in the same period last year. Total assets rose to $3.9 billion, driven by a $378.8 million increase in loans held for investment, primarily in consumer and commercial real estate sectors. Total deposits increased by $373.1 million, with non-interest-bearing deposits representing 26.67% of total deposits. The net interest margin improved to 3.37% from 3.31%, attributed to higher yields on loans, despite rising interest expenses. The efficiency ratio rose to 43.37%, reflecting increased staffing to support growth. The allowance for credit losses increased to $37.6 million, representing 1.09% of total loans, while non-performing loans remained low at 0.05% of total loans. Overall, FSBC's financial health appears stable, with robust growth in loans and deposits, though challenges from rising interest rates and operational costs persist. Future operations may be impacted by economic conditions and regulatory changes, particularly regarding capital requirements and brokered deposits.