Five Star Bancorp Reports Quarterly Net Income Rise

By Bobby Samwell • Tuesday, January 28 10:28 • Permanent Link

Five Star Bancorp (NASDAQ: FSBC) has reported its quarterly and annual results, showcasing a mix of positive and negative changes in key financial metrics. For the three months ended December 31, 2024, the company reported a net income of $13.3 million, a significant increase from the $10.9 million reported for the three months ended September 30, 2024. However, there was a slight decrease from the $10.8 million reported for the same period in 2023.

The return on average assets (ROAA) for the three months ended December 31, 2024 was 1.31%, up from 1.18% for the three months ended September 30, 2024, but slightly down from 1.26% for the same period in 2023. Similarly, the return on average equity (ROAE) for the same periods showed an increase from 11.31% to 13.48%, although it was down from 15.45% for the period in 2023.

The company's pre-tax income for the three months ended December 31, 2024, stood at $19,367, marking an increase from $15,241 for the three months ended September 30, 2024, and $15,151 for the same period in 2023. The pre-tax, pre-provision income for the same periods also showed growth, reaching $20,667 for the three months ended December 31, 2024, up from $17,991 and $15,951 for the prior periods, respectively.

In terms of net interest margin, the company reported a slight decrease from 3.37% for the three months ended September 30, 2024, to 3.36% for the three months ended December 31, 2024. However, this was still an improvement from the 3.19% reported for the same period in 2023. For the year ended December 31, 2024, the net interest margin was 3.32%, compared to 3.42% for the year ended December 31, 2023.

Total deposits increased by $158.0 million, or 4.65%, during the three months ended December 31, 2024, with non-wholesale deposits increasing by $8.0 million, or 0.27%, and wholesale deposits increasing by $150.0 million, or 36.59%. This growth in deposits contributed to an increase in total loans held for investment, which stood at $3,532,686 at the end of December 31, 2024, up from $3,460,565 at the end of September 30, 2024, and $3,081,719 at the end of December 31, 2023.

The company's board of directors declared a cash dividend of $0.20 per share during the three months ended December 31, 2024, and subsequently declared another cash dividend of the same amount on January 16, 2025.

Following these announcements, the company's shares moved 0.6%, and are now trading at a price of $30.69. Check out the company's full 8-K submission here.

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