Five Star Bancorp (FSBC) Q4 2022 earnings summary

Executive summary

• 2022 delivered continued organic expansion: assets reached $3.23B, loans $2.79B gross, and deposits $2.78B; net income rose 5.56% to $44.8M.

• Growth was supported by client-service investments, expanded banking groups, technology spending, and strong credit quality; the bank ranked #1 among U.S. community banks with $3B–$10B in assets in S&P Global Market Intelligence’s 2022 ranking.

Financial highlights

• Interest and dividend income was $117.9M vs. $81.6M in 2021; net interest income was $103.1M vs. $77.6M.

• Net income was $44.8M vs. $42.4M; diluted EPS was $2.61 vs. $2.83.

• Income before taxes was $62.9M vs. $47.1M; provision for loan losses rose to $6.7M from $1.7M.

• Total assets increased 26.22% to $3.23B; net loans grew 44.56% to $2.76B, with $848.3M in originations net of repayments.

• Deposits grew 21.70% to $2.78B, including $496.1M of annual growth; non-interest-bearing deposits were 34.91% of total deposits at year-end.

Outlook and guidance

• Priorities for 2023 include continued technology and people investment, digital transformation, expansion of banking groups, and adapting hiring to changing market conditions and demands.

• Asset quality remains a key objective; the outlook also emphasizes continued organic growth and investment in processes and capabilities to support future scale.