As of September 30, 2024, Five Star Bancorp reported total assets of $3.9 billion, reflecting an increase of $293.9 million (8.18%) from $3.6 billion at the end of 2023. Total loans held for investment rose to $3.5 billion, up $378.8 million (12.29%), primarily driven by increases in consumer loans, commercial real estate loans, and commercial construction loans. Total deposits also saw significant growth, increasing by $373.1 million (12.33%) to $3.4 billion.
The company’s net interest income for the third quarter of 2024 was $30.4 million, an increase of $2.9 million from $27.5 million in the same quarter of 2023. This growth was attributed to higher yields on new and repriced loans, despite an increase in interest expenses due to larger average deposit balances at higher rates. The net interest margin improved to 3.37% for Q3 2024, compared to 3.31% in Q3 2023.
Net income for the three months ended September 30, 2024, was $10.9 million, slightly down from $11.0 million in the same period of the previous year. For the nine months ended September 30, 2024, net income totaled $32.4 million, a decrease from $36.9 million in 2023. Basic earnings per share for Q3 2024 were $0.52, down from $0.64 in Q3 2023.
The provision for credit losses increased to $2.8 million for Q3 2024, up from $1.1 million in Q3 2023, reflecting loan growth and economic risks. The allowance for credit losses as a percentage of total loans held for investment decreased to 1.09% from 1.12% at the end of 2023.
Shareholders' equity rose to $389.9 million as of September 30, 2024, compared to $285.8 million at the end of 2023, driven by $80.9 million in additional common stock issued and net income recognized. The company declared a cash dividend of $0.20 per share on July 18, 2024, totaling $4.3 million.
Five Star Bancorp's efficiency ratio increased to 43.37% for Q3 2024, up from 41.63% in Q3 2023, primarily due to increased employee expenses related to expansion efforts. The total risk-based capital ratio improved to 13.94% as of September 30, 2024, compared to 12.30% at the end of 2023, indicating a stronger capital position.
The company continues to focus on its core banking services, primarily serving small and medium-sized businesses in Northern California, with a significant concentration in commercial real estate lending, which constituted 84.01% of loans held for investment as of September 30, 2024.
About FIVE STAR BANCORP
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