Press release
Five Star Bancorp Announces Second Quarter 2024 Results
RANCHO CORDOVA, Calif., July 24, 2024 (GLOBE NEWSWIRE) -- Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates
About this update from Five Star Bancorp
[{"type":"text","content":"RANCHO CORDOVA, Calif., July 24, 2024 (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”), today reported net income of $10.8 million for the three months ended June 30, 2024, as compared to $10.6 million for the three months ended March 31, 2024 and $12.7 million for the three months ended June 30, 2023. 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 30,2024 March 31,2024 June 30,2023Return on average assets (“ROAA”) 1.23% 1.22% 1.55%Return on average equity (“ROAE”) 11.72% 14.84% 19.29%Pre-tax income$15,152 $14,961 $17,169 Pre-tax, pre-provision income(1) 17,152 15,861 18,419 Net income 10,782 10,631 12,729 Basic earnings per common share$0.51 $0.62 $0.74 Diluted earnings per common share 0.51 0.62 0.74 Weighted average basic common shares outstanding 21,039,798 17,190,867 17,165,344 Weighted average diluted common shares outstanding 21,058,085 17,272,994 17,168,995 Shares outstanding at end of period 21,319,583 17,353,251 17,257,357 (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: “We delivered strong second quarter results driven by continued momentum in the markets we serve. Total loans increased by $157.2 million, or 20.2% when annualized, and total deposits increased by $193.9 million, or 26.2% when annualized, which we attribute to the growing demand for our differentiated customer experience and the strength of our team. We are seeing a positive turn in net interest margin with a 25 basis point increase from 3.14% in the first quarter to 3.39% in the second quarter of 2024. We are pleased to have decreased short-term borrowings from $120.0 million to zero. We are also pleased that, in addition to a first quarter cash dividend in 2024, we declared a second quarter cash dividend of $0.20 per share, exemplifying our focus on shareholder value. To safeguard this value, we diligently monitor changing market conditions and are confident in the Bank’s resilience in any inter...