FIVE STAR BANCORP Stock Price, News & Analysis

Five Star Bancorp (Nasdaq: FSBC) has opened its first full-service office in San Francisco, expanding its presence in the Bay Area. The 4,000-square-foot office, located at 345 California Street, Suite 2875, will offer personalized, concierge banking services to meet client needs and protect against fraud. This move follows the hiring of 22 Bay Area banking professionals since 2023.

Five Star Bank's President and CEO, James Beckwith, emphasized the company's commitment to bringing client-focused services to the area. The new office features an open floor plan with views of San Francisco and the Bay. Five Star Bank has received numerous awards, including the 2024 Greater Sacramento Economic Council's Sustainability Award and rankings in various industry lists for performance and service.

Five Star Bancorp (Nasdaq: FSBC) reported Q2 2024 net income of $10.8 million, a slight increase from Q1 2024's $10.6 million but down from Q2 2023's $12.7 million. Key highlights include a 20.2% annualized increase in total loans and a 26.2% annualized increase in total deposits. Net interest margin improved to 3.39% from 3.14% in Q1 2024. The company eliminated $120.0 million in short-term borrowings and raised $80.9 million through a public offering. Basic and diluted EPS were $0.51, down from Q1 2024's $0.62 and Q2 2023's $0.74. The company declared a second-quarter dividend of $0.20 per share.

Non-interest income fell by $0.3 million compared to Q1 2024 and by $1.2 million compared to Q2 2023. Non-interest expenses rose by $0.8 million quarter-over-quarter and by $1.5 million year-over-year. The company's efficiency ratio improved slightly to 44.07%. The allowance for credit losses increased to $35.4 million, with a notable rise in loans designated as watch.

Five Star Bancorp (Nasdaq: FSBC), the holding company of Five Star Bank, has declared a cash dividend of $0.20 per share on its voting common stock. The dividend is scheduled to be paid on August 12, 2024, to shareholders of record as of August 5, 2024. This announcement demonstrates the company's commitment to providing returns to its shareholders and may indicate confidence in its financial stability and performance.

Five Star Bancorp (Nasdaq: FSBC) is expanding its presence in the San Francisco Bay Area with strategic hires and promotions. The company has hired Jeff Winkel as Senior VP/Managing Director and promoted Reagan Ballo to VP/Managing Director of Government Banking. These moves aim to fill the gap in high-tech and personalized banking left by recent bank failures in the region.

Five Star plans to open a full-service office in San Francisco by Q3 2024. The expansion strategy focuses on serving the non-profit sector and special districts in the Bay Area. The company is positioning itself as a Northern California bank offering a concierge banking experience to meet the needs of the local business community.

On July 11, 2024, Five Star Bancorp (Nasdaq: FSBC) announced that it will release its financial results for the second quarter of 2024 on July 24, 2024, after the market closes.

A live webcast for analysts and investors will follow on July 25, 2024, at 1:00 PM ET (10:00 AM PT). The webcast will be available on the company’s website in the 'News & Events' section under 'Events'.

Participants are encouraged to pre-register using the provided link, and the webcast will be archived for 90 days.

Five Star Bancorp (Nasdaq: FSBC) is expanding its services into the San Francisco Bay Area by hiring three seasoned commercial banking professionals. The new team members, Chris Rudberg, Greg Kogan, and Desiree Ciochon, will enhance the company's concierge banking services. The company plans to open a full-service office at 345 California Street, San Francisco, in Q3 2024. Additionally, Five Star Bancorp and its employees have received eight awards, including the 2023 Raymond James Community Bankers Cup and recognition as one of the 2023 S&P Global Market Intelligence Top 50 Best-Performing Community Banks.

Five Star Bancorp reported net income of $10.6 million for Q1 2024, compared to $10.8 million in Q4 2023 and $13.2 million in Q1 2023. The company declared a cash dividend of $0.20 per share and completed a successful public offering of 3,450,000 shares of common stock in April 2024. Despite margin compression, disciplined expense management led to an efficiency ratio of 44.50%. Total deposits decreased by $71.1 million in Q1 2024 due to a decline in wholesale deposits, offset by an increase in non-wholesale deposits. The company's short-term borrowings decreased by $50.0 million. Loan and deposit growth showed positive trends. Net interest margin decreased slightly, while other financial ratios remained stable. The company's asset quality and liquidity position were strong.