Q3 2024 Five Star Bancorp Earnings Call Transcript
Key Points
- Five Star Bancorp (FSBC) successfully opened a new full-service office in San Francisco's Financial District, enhancing its presence in the Bay Area.
- The company reported a significant increase in non-wholesale deposits by $92.9 million during the third quarter.
- Asset quality remains strong with nonperforming loans decreasing to 0.05% of loans held for investment.
- Five Star Bancorp (FSBC) maintained a stable net interest margin, which decreased by only 2 basis points.
- The company declared a consistent dividend of $0.20 per share for the first three quarters of 2024, reflecting shareholder value.
- Net interest margin slightly decreased from 3.39% to 3.37% compared to the previous quarter.
- Non-interest income decreased to $1.4 million from $1.6 million in the previous quarter, primarily due to reduced gains from loans sold.
- Non-interest expense increased by $0.3 million, driven by higher salaries and employee benefits.
- The cost of total deposits rose by 16 basis points to 253 basis points during the quarter.
- The common equity Tier 1 ratio decreased from 11.27% to 10.93% between June 30, 2024, and September 30, 2024.
Good day, everyone, and welcome to the Five Star Bancorp third-quarter earnings webcast. Please note, this is a closed conference call, and you are encouraged to listen via the webcast. (Operator Instructions)
Before we get started, we would like to 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 on Form 10-K for the year ended December 31, 2023; quarterly reports on Form 10-Q for the three months ended March 31, 2024 and June 30, 2024; and in particular, the information set forth in Item 1A
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