Company: FSBC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001275168-25-000038
Chunk: 124

Company: FIVE STAR BANCORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 124
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 2024, compared to $18.9 million for the year ended December 31, 2023. This increase is due to a $0.6 million provision to return true-up recorded during the year ended December 31, 2024, partially offset by a decline in taxable income year-over-year. The effective tax rate was 29.43% and 28.34% for the years ended December 31, 2024 and December 31, 2023, respectively.

FINANCIAL CONDITION SUMMARY

The following discussion compares our financial condition as of December 31, 2024 to our financial condition as of December 31, 2023. Table 7 summarizes selected components of our consolidated balance sheet as of December 31, 2024 and December 31, 2023.

Table 7: Selected Components of Consolidated Balance Sheets(dollars in thousands)December 31, 2024December 31, 2023Total assets$4,053,278 $3,593,125 Cash and cash equivalents352,343 321,576 Total investments100,914 111,160 Loans held for investment3,532,686 3,081,719 Total deposits3,557,994 3,026,896 Subordinated notes, net73,895 73,749 Total shareholders’ equity396,624 285,774 

Total Assets

At December 31, 2024, total assets were $4.1 billion, an increase of $460.2 million from $3.6 billion at December 31, 2023, primarily due to a $451.0 million increase in total loans held for investment and a $30.8 million increase in cash and cash equivalents, partially offset by a $10.2 million decrease in investments.

Cash and Cash Equivalents

Total cash and cash equivalents were $352.3 million at December 31, 2024, an increase of $30.8 million from $321.6 million at December 31, 2023. The increase in cash and cash equivalents was primarily due to increases in deposits of $531.1 million, $80.9 million in net proceeds from the 2024 Public Offering (as defined below), and pre-tax income of $64.7 million, partially offset by loan originations, net of repayments, of $442