Press release
Five Star Bancorp Announces Second Quarter 2023 Results
RANCHO CORDOVA, Calif., July 24, 2023 (GLOBE NEWSWIRE) -- Five Star Bancorp (Nasdaq: FSBC) (the “Company” or “Five Star”), the holding company for Five Star
About this update from Five Star Bancorp
[{"type":"text","content":"RANCHO CORDOVA, Calif., July 24, 2023 (GLOBE NEWSWIRE) -- Five Star Bancorp (Nasdaq: FSBC) (the “Company” or “Five Star”), the holding company for Five Star Bank (the “Bank”), today reported net income of $12.7 million for the three months ended June 30, 2023, as compared to $13.2 million for the three months ended March 31, 2023 and $10.0 million for the three months ended June 30, 2022. Second Quarter Highlights Performance and operating highlights for the Company for the periods noted below included the following: Three months ended(in thousands, except per share and share data)June 30,2023 March 31,2023 June 30,2022Return on average assets (“ROAA”) 1.55% 1.65% 1.45%Return on average equity (“ROAE”) 19.29% 20.94% 17.20%Pre-tax income$17,169 $18,501 $14,033 Pre-tax, pre-provision income(1) 18,419 19,401 16,283 Net income 12,729 13,161 9,953 Basic earnings per common share$0.74 $0.77 $0.58 Diluted earnings per common share 0.74 0.77 0.58 Weighted average basic common shares outstanding 17,165,344 17,150,174 17,125,715 Weighted average diluted common shares outstanding 17,168,995 17,194,884 17,149,449 Shares outstanding at end of period 17,257,357 17,258,904 17,245,983 (1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure. James E. Beckwith, President and Chief Executive Officer, commented on the financial results: “In response to disruption in the banking industry and to meet market demand while building upon the Bank’s organic growth strategy, we were pleased to announce our expansion into the San Francisco Bay Area with the hiring of a commercial banking team in the 2nd Quarter of 2023. This expansion demonstrates our ability to seize opportunities and our confidence in the Bay Area’s talent pipeline as well as our belief in the strength of the region’s diverse and competitive business environment. We look forward to championing new and existing clients in this market and to enhancing and strengthening community partnerships. This Quarter, we were also pleased to have been awarded the 2022 Raymond James Community Bankers Cup, which speaks to the Bank’s superior performance and stability. The award recognizes the top 10% of community banks in the nation based on various profitability, operational efficiency, and balance sheet metrics (banks considered include...