Five Star Bancorp reported a net income of $13.1 million for the first quarter of 2025, a 23.3% increase from $10.6 million in the same period of the previous year. The company's total interest income rose to $57.1 million, up from $47.5 million, while total interest expense increased to $23.1 million from $20.8 million. This resulted in a net interest income of $34 million, reflecting a 27.05% increase year-over-year. The net interest margin improved to 3.45%, compared to 3.14% in the prior year, primarily due to a higher balance of loans with increased yields.
Total assets for Five Star Bancorp reached $4.25 billion as of March 31, 2025, marking a 4.73% increase from $4.05 billion at the end of 2024. The growth in assets was driven by a $178.4 million increase in total deposits, which rose to $3.74 billion. The company’s loan portfolio also expanded, with total loans held for investment increasing by $89.1 million to $3.62 billion. This growth was attributed to $259.3 million in loan originations, partially offset by $65.6 million in payoffs and $104.6 million in paydowns.
In terms of operational metrics, the company maintained a strong credit quality profile, with non-accrual loans representing only 0.05% of total loans held for investment. The allowance for credit losses increased to $39.2 million, or 1.08% of total loans, compared to 1.07% at the end of 2024. The efficiency ratio improved to 42.58%, down from 44.50% in the previous year, indicating better cost management relative to income.
Looking ahead, Five Star Bancorp remains focused on expanding its market presence in Northern California, where it operates eight branch offices. The company plans to continue leveraging its strong deposit base and loan growth strategy to enhance profitability. Management expressed confidence in maintaining robust asset quality and capital ratios, with all capital ratios exceeding regulatory requirements. The company also declared a cash dividend of $0.20 per share, reflecting its commitment to returning value to shareholders while supporting ongoing growth initiatives.
About FIVE STAR BANCORP
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