Five Star Bancorp reported net income of $13.3 million for the fourth quarter of 2024, an increase from $10.9 million in the third quarter of 2024 and $10.8 million in the fourth quarter of 2023. For the full year ended December 31, 2024, net income was $45.7 million, compared to $47.7 million for the full year 2023. The company achieved significant growth in its balance sheet, with total loans held for investment increasing by $451.0 million and total deposits by $531.1 million for the year.
The net interest margin (NIM) for the fourth quarter of 2024 was 3.36%, a one basis point decrease from the prior quarter but a 17 basis point increase year-over-year. The full-year 2024 NIM was 3.32%, a decrease of 10 basis points from 2023. Asset quality remained robust, with nonperforming loans to total loans held for investment decreasing to 0.05% at December 31, 2024, from 0.06% at December 31, 2023.
The company's expansion into the San Francisco Bay Area continued to yield results, with operations in the region having 27 employees and contributing $229.5 million in deposits from June 5, 2023, to December 31, 2024. This growth underscores the effectiveness of Five Star Bancorp's strategic market penetration and relationship-based banking model.
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