Five Star Bancorp reported net income of $13.1 million for the first quarter of 2025, a slight decrease from $13.3 million in the fourth quarter of 2024, but an increase from $10.6 million in the first quarter of 2024. Total loans held for investment increased by $89.1 million, or 2.52%, during the quarter. Total deposits grew by $178.4 million, or 5.01%, with non-wholesale deposits increasing by $48.4 million and wholesale deposits by $130.0 million.
The net interest margin (NIM) expanded by nine basis points to 3.45% in the first quarter of 2025, while the cost of funds decreased by nine basis points to 2.56%. The efficiency ratio increased to 42.58% from 41.21% in the fourth quarter of 2024. Nonperforming loans to total loans held for investment remained stable at 0.05% at March 31, 2025.
The company's San Francisco Bay Area operations continued to expand, now employing 31 individuals and holding $379.8 million in total deposits as of March 31, 2025. This ongoing growth in key markets demonstrates the effectiveness of Five Star Bancorp's high-touch, relationship-based banking model and its ability to capture market opportunities.
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