The following is a summary of the Five Star Bancorp (FSBC) Q1 2024 Earnings Call Transcript:
Financial Performance:
Five Star Bancorp reported Q1 2024 net income of $10.6 million, with return on average assets at 1.22% and return on average equity at 14.84%.
The company has grown its loan portfolio by $22.4 million (0.73%) from prior quarter largely within the consumer concentration.
A decrease in deposits by $71.1 million or 2.35% reflects a strategy of relying less on wholesale deposits.
The company declared a dividend payout of $0.20 per share, payable on May 13, 2024.
Business Progress:
In Q1 of 2024, Five Star Bancorp saw continued growth while navigating external headwinds.
To support the company's expansion in the San Francisco Bay Area, five additional seasoned professionals were hired.
Allowance for credit losses stood at $34.7 million at the end of Q1, increased from a $0.9 million provision for credit losses.
Loans designated as substandard have decreased from the last quarter, signaling improved loan portfolio quality.
The company is focused on execution of its growth strategy, leaning towards organic growth and disciplined business practices.
More details: Five Star Bancorp IR
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