Five Star Bancorp ( (FSBC) ) has realeased its Q3 earnings. Here is a breakdown of the information Five Star Bancorp presented to its investors.
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Five Star Bancorp is a bank holding company based in Rancho Cordova, California, operating through its subsidiary, Five Star Bank, which provides community banking services in Northern California.
In its third quarter of 2024, Five Star Bancorp reported a net income of $10.9 million, a slight increase from the previous quarter but a marginal decrease compared to the same period last year. The company continued to expand its operations, notably opening a new full-service office in San Francisco’s Financial District, contributing to a significant increase in deposits.
The quarter saw a robust loan and deposit growth, with total loans increasing by 5.95% and deposits by 7.95%. The bank’s net interest income rose due to higher yields on loans, despite a slight increase in the cost of funds. The efficiency ratio improved, reflecting disciplined expense management. The bank declared a cash dividend of $0.20 per share, underscoring its commitment to return value to shareholders.
Five Star Bancorp’s strategic expansion and operational efficiency have positioned it well in the competitive banking landscape. The management remains optimistic about future growth, supported by a strong presence in the San Francisco Bay Area and a focus on delivering a high-touch banking experience.
