Five Star Bancorp Files Q2 2024 10-Q

TL;DR

**FSBC Q2 10-Q filed. Bank's financials for June 30, 2024, are now public.**

AI Summary

Five Star Bancorp (FSBC) filed its 10-Q for the period ending June 30, 2024. The filing covers financial performance and operational details for the second quarter of 2024. Key financial data and business segments are detailed within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Five Star Bancorp, crucial for understanding the bank's health and strategic direction.

Risk Assessment

Risk Level: medium — As a financial institution, Five Star Bancorp is subject to various regulatory, economic, and credit risks inherent in the banking sector.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 20240806 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Five Star Bancorp (company) — Filer of the 10-Q
• FSBC (company) — Ticker symbol for Five Star Bancorp
• 20240630 (date) — End of the reporting period
• 20240806 (date) — Filing date

FAQ

Key Financial Figures

• $1.235 billion — rs: (i) total annual gross revenues are $1.235 billion or more; (ii) the Company issues more t
• $1.0 billion — more; (ii) the Company issues more than $1.0 billion in non-convertible debt; or (iii) the C
• $0.7 billion — filer with a public float of more than $0.7 billion. 7 (e) Significant Accounting Polici

Filing Documents

• fsbc-20240630.htm (10-Q) — 3102KB
• a2024q210-qexx311.htm (EX-31.1) — 10KB
• a2024q210-qexx312.htm (EX-31.2) — 10KB
• a2024q210-qexx321.htm (EX-32.1) — 5KB
• a2024q210-qexx322.htm (EX-32.2) — 5KB
• fsbc-20240630_g1.jpg (GRAPHIC) — 55KB
• 0001275168-24-000112.txt ( ) — 12756KB
• fsbc-20240630.xsd (EX-101.SCH) — 48KB
• fsbc-20240630_cal.xml (EX-101.CAL) — 82KB
• fsbc-20240630_def.xml (EX-101.DEF) — 259KB
• fsbc-20240630_lab.xml (EX-101.LAB) — 672KB
• fsbc-20240630_pre.xml (EX-101.PRE) — 483KB
• fsbc-20240630_htm.xml (XML) — 2777KB

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 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 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 30 ITEM 3. Quantitative and Qualitative Disclosure About Market Risk 65 ITEM 4.

Controls and Procedures

Controls and Procedures 66 PART II OTHER INFORMATION 67 ITEM 1.

Legal Proceedings

Legal Proceedings 67 ITEM 1A.

Risk Factors

Risk Factors 67 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 67 ITEM 3. Defaults Upon Senior Securities 67 ITEM 4. Mine Safety Disclosures 67 ITEM 5. Other Information 67 ITEM 6. Exhibits 68

SIGNATURES

SIGNATURES 69 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) June 30, 2024 December 31, 2023 ASSETS Cash and due from financial institutions $ 28,572 $ 26,986 Interest-bearing deposits in banks 161,787 294,590 Cash and cash equivalents 190,359 321,576 Time deposits in banks 4,097 5,858 Securities available-for-sale, at fair value, net of allowance for credit losses of $ 0 at June 30, 2024 and December 31, 2023 (amortized cost of $ 120,569 and $ 124,788 at June 30, 2024 and December 31, 2023, respectively) 103,204 108,083 Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $ 20 at June 30, 2024 and December 31, 2023 (fair value of $ 2,801 and $ 2,913 at June 30, 2024 and December 31, 2023, respectively) 2,973 3,077 Loans held for sale 5,322 11,464 Loans held for investment 3,266,291 3,081,719 Allowance for credit losses ( 35,406 ) ( 34,431 ) Loans held for investment, net of allowance for credit losses 3,230,885 3,047,288 FHLB stock 15,000 15,000 Operating leases, right-of-use asset, net 6,630 5,284 Premises and equipment, net 1,610 1,623 Bank-owned life insurance 19,030 17,180 Interest receivable and other assets 55,107 56,692 Total assets $ 3,634,217 $ 3,593,125 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Non-interest-bearing $ 825,733 $ 831,101 Interest-bearing 2,323,898 2,195,795 Total deposits 3,149,631 3,026,896 Borrowings: Subordinated notes, net 73,822 73,749 Other borrowings — 170,000 Operating lease liability 7,077 5,603 Interest payable and other liabilities 23,217 31,103 Total liabilities 3,253,747 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 June 30, 2024 and December 31, 2023 — — Common stock, no par value; 100,000,000 shares authorized; 21,319,583 shares issued and outstanding at

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

View Full Filing

View this 10-Q filing on SEC EDGAR