Company: FSBC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001275168-25-000038
Chunk: 3

Company: FIVE STAR BANCORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 3
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Item 8.      Financial Statements and Supplementary Data

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

PageReport of Independent Registered Public Accounting Firm (Moss Adams LLP; PCAOB ID# 659)74Consolidated Balance Sheets as of December 31, 2024 and 202375Consolidated Statements of Income for the years ended December 31, 2024, 2023, and 202276Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023, and 202277Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2024, 2023, and 202278Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023, and 202279Notes to Consolidated Financial Statements81

73

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of

Five Star Bancorp and Subsidiary

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Five Star Bancorp (and subsidiary) (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2024 and 2023, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Change in Accounting Principle

As discussed in Notes 1, 2, 3 and 4 to the consolidated financial statements, the Company changed its method of accounting for the allowance for credit losses as of January 1, 2023, due to the adoption of Accounting Standards Update No. 2016-13, which established Accounting Standards Codification Topic 326, Financial Instruments - Credit Losses.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are