Five Star Bancorp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Five Star Bancorp has submitted its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and position.</b>

AI Summary

FIVE STAR BANCORP (FSBC) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Five Star Bancorp filed a 10-Q report for the period ending March 31, 2024. The filing includes financial data for the first quarter of 2024. Key dates related to financial reporting and fiscal year-end are noted. The company is incorporated in California and operates in the Commercial Banks sector. The filing references various accounting standards and financial instruments.

Why It Matters

For investors and stakeholders tracking FIVE STAR BANCORP, this filing contains several important signals. This filing provides investors and analysts with up-to-date financial information to assess the bank's performance and stability in the current economic climate. Understanding the details within this 10-Q is crucial for evaluating Five Star Bancorp's financial health, risk exposure, and future prospects.

Risk Assessment

Risk Level: low — FIVE STAR BANCORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures, indicating a routine update of financial information.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand Five Star Bancorp's current operational and financial standing.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-08 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2023-12-31 — Previous Year End (FISCAL YEAR END)

Key Players & Entities

• FIVE STAR BANCORP (company) — FILER
• FSBC (company) — tk
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-08 (date) — FILED AS OF DATE
• 3100 ZINFANDEL DRIVE (address) — BUSINESS ADDRESS STREET 1
• RANCHO CORDOVA (location) — BUSINESS ADDRESS CITY
• CA (location) — BUSINESS ADDRESS STATE
• 916-626-5000 (phone) — BUSINESS PHONE

FAQ

Industry Context

Five Star Bancorp operates within the commercial banking industry, which is subject to various economic and regulatory factors.

Regulatory Implications

As a commercial bank, Five Star Bancorp is subject to regulations from federal and state authorities, impacting its operations and capital requirements.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024 to understand asset growth, loan portfolio performance, and profitability.
2. Review any disclosed risk factors or management's discussion and analysis for insights into challenges and strategies.
3. Compare key financial metrics to previous periods and industry benchmarks to assess performance trends.

Key Dates

• 2024-03-31: Quarterly Period End — Financial results for Q1 2024 are reported.
• 2024-05-08: Filing Date — The 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing an update on the company's financial condition since the previous year-end filing.

Key Financial Figures

• $1.235 billion — rs: (i) total annual gross revenues are $1.235 billion or more; (ii) the Company issues more t
• $1 billion — more; (ii) the Company issues more than $1 billion in non-convertible debt; or (iii) the C
• $0.7 billion — filer with a public float of more than $0.7 billion. 6 (e) Significant Accounting Polici

Filing Documents

• fsbc-20240331.htm (10-Q) — 2845KB
• a2024q110-qexx311.htm (EX-31.1) — 10KB
• a2024q110-qexx312.htm (EX-31.2) — 10KB
• a2024q110-qexx321.htm (EX-32.1) — 5KB
• a2024q110-qexx322.htm (EX-32.2) — 5KB
• fsbc-20240331_g1.jpg (GRAPHIC) — 55KB
• 0001275168-24-000094.txt (&nbsp;) — 12467KB
• fsbc-20240331.xsd (EX-101.SCH) — 47KB
• fsbc-20240331_cal.xml (EX-101.CAL) — 81KB
• fsbc-20240331_def.xml (EX-101.DEF) — 256KB
• fsbc-20240331_lab.xml (EX-101.LAB) — 654KB
• fsbc-20240331_pre.xml (EX-101.PRE) — 473KB
• fsbc-20240331_htm.xml (XML) — 2839KB

Financial Statements (unaudited)

Financial Statements (unaudited) 1 Consolidated Balance Sheets 1 Consolidated Statements of Income 2 Consolidated Statements of Comprehensive Income 3 Consolidated Statements of Shareholders' Equity 4 Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 ITEM 3. Quantitative and Qualitative Disclosure About Market Risk 60 ITEM 4.

Controls and Procedures

Controls and Procedures 61 PART II OTHER INFORMATION 62 ITEM 1.

Legal Proceedings

Legal Proceedings 62 ITEM 1A.

Risk Factors

Risk Factors 62 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 62 ITEM 3. Defaults Upon Senior Securities 62 ITEM 4. Mine Safety Disclosures 62 ITEM 5. Other Information 62 ITEM 6. Exhibits 63

SIGNATURES

SIGNATURES 64 Table of Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements FIVE STAR BANCORP AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share amounts) March 31, 2024 December 31, 2023 ASSETS Cash and due from financial institutions $ 29,750 $ 26,986 Interest-bearing deposits in banks 155,575 294,590 Cash and cash equivalents 185,325 321,576 Time deposits in banks 5,878 5,858 Securities available-for-sale, at fair value, net of allowance for credit losses of $ 0 at March 31, 2024 and December 31, 2023 (amortized cost of $ 122,667 and $ 124,788 at March 31, 2024 and December 31, 2023, respectively) 105,006 108,083 Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $ 20 at March 31, 2024 and December 31, 2023 (fair value of $ 2,828 and $ 2,913 at March 31, 2024 and December 31, 2023, respectively) 3,000 3,077 Loans held for sale 10,243 11,464 Loans held for investment 3,104,130 3,081,719 Allowance for credit losses - loans ( 34,653 ) ( 34,431 ) Loans held for investment, net of allowance for credit losses 3,069,477 3,047,288 FHLB stock 15,000 15,000 Operating leases, right-of-use asset, net 6,932 5,284 Premises and equipment, net 1,569 1,623 Bank-owned life insurance 18,872 17,180 Interest receivable and other assets 55,058 56,692 Total assets $ 3,476,360 $ 3,593,125 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Non-interest-bearing $ 817,388 $ 831,101 Interest-bearing 2,138,384 2,195,795 Total deposits 2,955,772 3,026,896 Borrowings: Subordinated notes, net 73,786 73,749 Other borrowings 120,000 170,000 Operating lease liability 7,320 5,603 Interest payable and other liabilities 26,902 31,103 Total liabilities 3,183,780 3,307,351 Commitments and contingencies (Note 8) Shareholders' equity: Preferred stock, no par value; 10,000,000 shares authorized; zero issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, no par value; 100,000,000 shares authorized; 17,353,251 shares issue

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1: Basis of Presentation and Summary of Significant Accounting Policies (a) Organization Five Star Bank (the "Bank") was chartered on October 26, 1999 and began operations on December 20, 1999. Five Star Bancorp ("Bancorp" or the "Company") was incorporated on September 16, 2002 and subsequently obtained approval from the Federal Reserve to be a bank holding company in connection with its acquisition of the Bank. The Company became the sole shareholder of the Bank on June 2, 2003 in a statutory merger, pursuant to which each outstanding share of the Bank's common stock was exchanged for one share of common stock of the Company. The Company, through the Bank, provides financial services to customers who are predominately small and middle-market businesses, professionals, and individuals residing in the Northern California region. The Company's primary loan products are commercial real estate loans, land development loans, construction loans, and operating lines of credit, and its primary deposit products are checking accounts, savings accounts, money market accounts, and term certificate accounts. The Bank currently has seven branch offices in Roseville, Natomas, Rancho Cordova, Redding, Elk Grove, Chico, and Yuba City. (b) Basis of Financial Statement Presentation and Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") as contained within the Financial Accounting Standards Board's ("FASB") ASC and the rules and regulations of the SEC, including the instructions to Regulation S-X. These interim unaudited consolidated financial statements reflect all adjustments (consisting solely of normal recurring adjustments and accruals) which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and comprehensive

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View this 10-Q filing on SEC EDGAR