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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