Q2 2024 Five Star Bancorp Earnings Call Transcript
Key Points
- Successful close of public offering resulting in issuance of 3,967,500 additional shares of common stock with net proceeds of approximately $80.9 million.
- Increase in non-wholesale deposits by $118.3 million during the three months ended June 30th, 2024.
- Maintained a conservative underwriting approach with a 50% loan to value on commercial real estate.
- Reported a $0.2 per share dividend for the first and second quarters of 2024.
- Net income for the quarter was $10.8 million, with a return on average assets of 1.23% and return on average equity of 11.72%.
- Nonperforming loans increased at the beginning of the third quarter of 2023, though they represented only 0.06% of the portfolio at the end of the quarter.
- Non-interest income decreased to $1.6 million in the second quarter from $1.8 million in the previous quarter.
- Non-interest bearing deposits as a percent of total deposits decreased slightly from 27.7% to 26.2% at the end of the second quarter.
- Noninterest expense grew by $0.8 million in the three months ended June 30th compared to the three months ended March 31st.
- SBA gain on sale income is not expected to be durable, with expectations of gains significantly less in Q3 and Q4 compared to the first half of the year.
Good afternoon, everyone, and welcome to the Five Star Bancorp Second Quarter 2024 earnings webcast. Please note that this is a closed conference call. You are encouraged to listen via the webcast. After today's presentation, there will be an opportunity for those provided with a dial-in number to ask questions to ask a question, you may press star and one using a telephone keypad. To withdraw your questions, you may press star and two. Before we get started, let me remind you that today's meeting will include some forward-looking statements within the meaning of applicable securities laws. These forward-looking statements relate to, among other things, current plans, expectations, events and industry trends that may affect the Company's future operating results and financial position. Such statements involve risks and uncertainties and future activities and results may differ materially from these expectations. For a more complete discussion of the risks and uncertainties that may cause actual results to differ materially from the company's forward-looking statements, please see the Company's annual report
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