Five Star Bancorp (NASDAQ:FSBC) Q3 2024 Earnings Call October 29, 2024 1:00 PM ET
Company Participants
James Beckwith - President and Chief Executive Officer
Heather Luck - Senior Vice President and Chief Financial Officer
Conference Call Participants
Woody Lay - KBW
Andrew Terrell - Stephens
Gary Tenner - D.A. Davidson
Operator
Good day, everyone, and 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. [Operator Instructions]
Before we get started, we would like to 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, 2023, quarterly reports on Form 10-Q for the 3 months ended March 31, 2024 and June 30, 2024, 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, unaudited financial data and non-GAAP financial information included in this presentation. Reconciliations of non-GAAP financial measures to their most directly comparable GAAP figures are included in the appendix to the presentation. Please note this event is being recorded.
At this time, I’d 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 2024. 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.
Our organic growth story continued in the third quarter with the successful opening of our whole service office in San Francisco’s Financial District on September 3, 2024, allowing us to continue our momentum in the San Francisco Bay Area. We added 5 more seasoned professionals to support this expansion and also continue to add new core deposit accounts and relationships as seen in the increase of non wholesale deposits of $92.9 million during the 3 months ended September 30, 2024.