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Five Star Bancorp (FSBC-1.75%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total assets to $3.9 billion from $3.6 billion at the end of 2023. This increase is primarily attributed to a rise in total loans held for investment to $3.5 billion.
Total deposits grew by $373.1 million to $3.4 billion, with non-interest-bearing deposits accounting for $906.9 million, representing 26.67% of total deposits.
Net interest income increased to $30.4 million for the quarter, with a net interest margin of 3.37%, compared to 3.31% in the same quarter of the previous year.
The company reported a provision for credit losses of $2.8 million, reflecting loan growth and ongoing economic risks.
Non-interest income was stable at $1.381 million, while non-interest expense increased to $13.776 million, primarily due to higher salaries and employee benefits.
Net income for the quarter was $10.941 million, slightly down from $11.045 million in the previous year.
Five Star Bancorp maintained strong asset quality, with non-accrual loans representing 0.05% of total loans held for investment.
The company's total risk-based capital ratio was 13.94%, and the Tier 1 leverage ratio was 10.83%, both above regulatory requirements.
The board declared a cash dividend of $0.20 per share, consistent with prior quarters.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Five Star Bancorp quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.