Five Star Bancorp (NASDAQ:FSBC) Q3 2023 Earnings Conference Call October 31, 2023 1:00 PM ET

Company Participants

James Beckwith - President & CEO

Heather Luck - SVP, Chief Financial Officer

Conference Call Participants

Gary Tenner - D.A. Davidson

Andrew Terrell - Stephens, Inc.

Operator

Welcome to the Five Star Bancorp Third 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 number to ask questions. [Operator Instructions].

Before we get started, let me remind you that today's meeting will include some forward-looking statements within the meanings 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, and in particular, the information set forth in Item 1A, Risk Factors in those reports.

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. Reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures are 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 third 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 fivestarbank.com and click on the Investor Relations tab.

During the three months ended September 30, 2023, our return on average assets and return on average equity were 1.30 and 16.09, respectively, positioning us to remain near the top of our peer group. In the third quarter, we enhanced our expansion into the Bay Area market with an addition of another seasoned team of professionals.