Five Star Bancorp (NASDAQ:FSBC) Q2 2023 Earnings Conference Call July 25, 2023 1:00 PM ET
Company Participants
James Beckwith - President, CEO & Director
Heather Luck - SVP & CFO
Conference Call Participants
Robert Terrell - Stephens Inc.
Gary Tenner - D.A. Davidson & Co.
Wood Lay - KBW
Operator
Good day, everyone. Welcome to the Five Star Bancorp Second Quarter Earnings Webcast. [Operator Instructions].
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 those 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, 2022, and quarterly report on Form 10-Q for the quarter ending March 31, 2023, and in particular, the information set forth in Item 1A, Risk Factors therein.
Please refer to Slide 2 of the presentation, which includes disclaimers regarding forward-looking statements, industry data and non-GAAP financial information included in this presentation as well as reconciliations to non-GAAP financial measures to their most directly comparable GAAP figures, which is included in the appendix to the presentation. Please note this event is being recorded.
At this time, I'd like to turn the floor over to James Beckwith, Five Star Bancorp President and CEO. Sir, please go ahead.
James Beckwith
Thank you for joining us to review Five Star Bancorp's financial results for the second quarter of 2023. Joining me today is Heather Luck, Senior Vice President and Chief Financial Officer.
Our comments today will refer to the financial information that was included in the earnings announcement released yesterday. To obtain a copy of the release, please visit our website at fivestarbank.com and click on the Investor Relations tab.
During the 3 months ended June 30, 2023, our return on average assets and return on average equity were 1.55% and 19.29%, respectively, positioning us to remain near the top of our peer group. In the second quarter, we announced our expansion into the San Francisco Bay Area market. Our organic growth story also continued in the second quarter with the addition of new deposit accounts and relationships as seen in the growth of non-broker deposits of $25 million in the 3 months ended June 2023.