Five Star Bancorp (NASDAQ:FSBC) Q1 2023 Results Conference Call April 25, 2023 1:00 PM ET

Company Participants

James Beckwith - President, CEO

Heather Luck - SVP, CFO

Operator

Good day, and welcome to the Five Star Bancorp First Quarter Earnings Webcast. Please note, this is a closed conference call and you are encouraged to listen via the webcast. After today’s presentation, there will be an opportunity for those provided with a dial-in numbers to ask question. [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 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, 2022, 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 the most directly comparable GAAP figures, which is included in the appendix to the presentation. Please note this event is being recorded.

I would now like to turn the presentation over to James Beckwith, Five Star Bancorp President and CEO. Please go ahead.

James Beckwith

Thank you for joining us to review Five Star Bancorp's financial results for the first 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.

In the first quarter, we executed our goal of growing deposits by adding new accounts and new relationships, thereby growing total deposits by 20% on an annualized basis during the first three months of the year, which was above our target annual growth rate of 12%. Additionally, we grew total deposits in the month of March. As our response to the broader sector challenges provided opportunities for new account openings and relationships based upon our offerings, and services.