Company: FSBC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001275168-25-000106
Chunk: 118

Company: FIVE STAR BANCORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 118
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 4.50% to 5.70% as of March 31, 2025. There were no amounts outstanding at March 31, 2025 or December 31, 2024.

Note 7: Shareholders’ Equity

(a) EPSBasic EPS is net income divided by the weighted average number of common shares outstanding during the period less average unvested restricted stock awards (“RSAs”). Diluted EPS includes the dilutive effect of additional potential common shares related to unvested RSAs using the treasury stock method. The Company has two forms of outstanding common stock: common stock and unvested RSAs. Holders of unvested RSAs receive non-forfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings, and therefore the RSAs are considered participating securities. However, under the two-class method, the difference in EPS is not significant for these participating securities.Table 7.1: EPSThree months ended(in thousands, except share count and earnings per common share)March 31, 2025March 31, 2024Net income$13,111 $10,631 Basic weighted average common shares outstanding21,209,881 17,190,867 Add: Dilutive effects of assumed vesting of restricted stock43,707 82,127 Total dilutive weighted average common shares outstanding21,253,588 17,272,994 Earnings per common share:Basic EPS$0.62 $0.62 Diluted EPS$0.62 $0.62 The Company did not have any anti-dilutive shares at March 31, 2025 or March 31, 2024.(b) DividendsThe board of directors declared on January 16, 2025, and the Company subsequently paid, a cash dividend of $0.20 per share, totaling $4.3 million.(c) Stock-Based Incentive ArrangementThe Company’s stock-based compensation consists of RSAs granted under its historical stock-based incentive arrangement (the “Historical Incentive Plan”) and RSAs issued under the Five Star Bancorp 2021 Equity Incentive Plan (the “Equity Incentive Plan”). The Historical Incentive Plan consisted of RSAs for certain executive officers of the Company. The arrangement provided that these executive officers would receive shares of restricted common stock of the Company that vested over three years, with the number of shares