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Citizens Bancorp Investment, Inc.2024 Annual Report fivestarbank.com | nasdaq: fsbc We’re thrilled to be part of Five Star Bank’s legacy of service to clients and communities who rely on their steadfast commitment, stewardship, and leadership. Five Star believes in their clients’ missions and assumes them as their own. It is no wonder Five Star Bank is celebrating 25 years of community banking! We know our bank is here to stay and will sustain their clients’ trust, respect, and appreciation for many years to come. Having Five Star in our co-pilot’s seat will take our organization, and our airshow, to new heights! DA R C Y B R E W E R Executive Director California Capital Airshow The Five Star Bank Legacy: Celebrating 25 Years of Service Five Star Bank was founded in 1999 (and Five Star Bancorp was incorporated in 2002) by Marvin “Buzz” Oates and Frank Ramos who asked a group of local entrepreneurs to join them in their pursuit of creating the kind of personalized banking services they desired themselves. They envisioned highly-customized banking services steeped in trust and authentic partnership between client and banker. Today, Five Star Bank is guided by purpose-driven banking, community stewardship, regional and industry expertise, a speed to serve, and a commitment to economic development. In May 2021, the Company completed its initial public offering. The Company focused on organic growth by strategically and thoughtfully expanding its reach in Northern California (and beyond) and by developing its team, banking groups, internal processes, community partnerships, and brand. In 2023, the Company expanded into the San Francisco Bay Area, and in 2024, the Company opened an office in the San Francisco Financial District. Today, the Company provides a broad range of banking products and services to customers who are predominately small and medium-sized businesses, professionals, and individuals primarily in Northern California through eight branch offices and with our mobile banking applications. Our primary loan products are commercial real estate loans, land development loans, construction loans, and operating lines of credit. Our principal geographic markets are the Capital Region (Elk Grove, Rancho Cordova, Roseville, and Sacramento), the North State (Chico, Redding, and Yuba City), and the nine-county San Francisco Bay Area. The geographies we serve have profitable and productive economies driven by the governmental, education, technology, healthcare, agricultural, and manufacturing sectors. Since 2016, our market share of the total deposits in the Greater Sacramento Area has increased significantly, according to the Federal Deposit Insurance Corporation (FDIC) Deposit Market Share reports. We believe our market growth confirms the quality of the purpose-driven and integrity-centered banking we strive to deliver to clients. Our mission is to become the top business bank in the markets we serve through exceptional service, deep connectivity, and client empathy. We are pleased our legacy endures as we honor our founders, Buzz and Frank. We are grateful for their vision and tenacity. M a rv i n " B u z z " Oat e s (1923 - 2013) & F r a n k R a m o s S ECO N D O F F I C E O P E N S I N SAC R A M E N TO, CA F IV E STA R BA N K O P E N S F I RST O F F I C E I N R O C K L I N , CA T H I R D O F F I C E O P E N S I N R A N C H O CO R D OVA , CA S EV E N T H O F F I C E O P E N S I N Y U BA C I T Y, CA F O U RT H O F F I C E O P E N S I N R E D D I N G , CA F I V E STA R BA N K L AU N C H E S S U CC E S S F U L I P O N A S DAQ : FS B C F I F T H O F F I C E O P E N S I N ELK GROVE, CA E I G H T H O F F I C E O P E N S I N SA N F R A N C I S CO, CA S I XT H O F F I C E O P E N S I N C H I CO, CA 1999 2006 2020 2004 2008 2014 2021 2011 2024 A History of Growth 1999-2024 4 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 5 A Year of Awards & Recognition AWA R D S : Greater Sacramento Economic Council Sustainability Award The awards recognized Five Star Bank for supporting industry growth in the Greater Sacramento region. Sacramento Business Journal Fastest Growing Companies Sacramento Business Journal Power 100 List: James Beckwith, President & CEO Sacramento Business Journal Women Who Mean Business: Lakhwinder Kaur, SVP / Sacramento Valley Market President Sacramento Business Journal C-Suite Award: Heather Luck, SVP / Chief Financial Officer Sacramento Business Journal 40 Under 40: Maria Soria, VP / Director of Community Relations National Association of Women Business Owners’ Sacramento Valley’s Outstanding Women Leaders’ Executive Woman Award: Lydia Ramirez, SVP / Chief Operations Officer & Chief DE&I Officer Independent Community Bankers of America 40 Under 40: Emerging Community Bank Leaders Award: DJ Kurtze, SVP / San Francisco Bay Area President Association of Latino Professionals for America 50 Most Powerful Latinas: Lydia Ramirez, SVP / Chief Operations Officer & Chief DE&I Officer Redding Chamber of Commerce Ambassador of the Year: Karen Simmons, VP / Deposit Administration Manager – North Region R at i n g s & R a n k i n g s : Bauer Financial Superior Rating (5 stars out of 5) IDC Superior Rating The Findley Report Super Premier Performer S&P Global Market Intelligence Top 3 Best-Performing Community Banks in the nation (banks with $3 billion to $10 billion in assets) BankDirector Magazine (RankingBanking) Best U.S. Banks with assets less than $5 billion (ranked #5) BankDirector Magazine (RankingBanking) Top 25 U.S. Banks (ranked #18) Piper Sandler’s Sm-All Stars Franchise Growth 2019-2024 L OA N S D E P O S I T S +24.5% +22.1% $3.5B $3.6B $1.2 B $1.3 B CAGR CAGR 2019–2024 2019–2024 Dear Clients and Shareholders: We are pleased 2024 marked Five Star Bank’s 25th year serving clients, community partners, shareholders, and employees! It is with deep appreciation and gratitude that we have advocated for our clients and championed the communities we serve. We always will. As our expansion into the San Francisco Bay Area continues, and as we build upon a legacy of superior community banking in the Capital Region and North State, we answer the call of businesses and organizations who desire a banking partner who will sustain well into the future. Five Star Bancorp is here to stay. We are proud to have experienced another year of organic growth built upon a sturdy foundation of client service, expanded relationships and products, and the loyalty of exceptional clients. We will always remember we exist because our clients trust us and we believe in them. It is our privilege to share Five Star Bancorp’s 2024 Annual Report with you. Total Bank Assets Total Loans Total Deposits Total Tier 1 Capital Net Income Return on Average Assets Return on Average Shareholders' Equity $1,479.9 $1,180.3 $1,311.8 $107.4 $29.3 2.2% 31.4% 2019 2020 2021 2022 2023 2024 2024 $1,953.8 $1,503.2 $1,784.0 $130.3 $35.9 2.0% 31.2% $2,556.8 $1,934.5 $2,285.9 $233.4 $42.4 1.9% 22.5% $3,227.2 $2,791.3 $2,782.0 $264.0 $44.8 1.6% 18.8% $3,593.1 $3,081.7 $3,026.9 $298.7 $47.7 1.4% 17.9% $4,053.3 $3,532.7 $3,558.0 $409.5 $45.7 1.2% 12.7% december 31, Financial Highlights 2019-2024 Dollars in Millions 6 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 7 A Culture of Engagement & Belonging Community Impact and Inclusion The Company facilitates talent attraction and retention through an inclusive, safe, and healthy workplace where employees have opportunities to grow and develop their careers. They are also supported by strong compensation, benefits, and health and welfare programs. As of December 31, 2024, we had 205 full-time and five part-time employees. In addition to salaries, we offer annual bonus opportunities, a 401(k) plan with an employer matching contribution, healthcare and insurance benefits, flexible spending accounts, paid time off, family leave, and an employee assistance program. We invest in the growth and development of our employees by providing a multi- dimensional approach to learning that empowers, intellectually grows, and professionally develops our employees through support to attend conferences and obtain degrees, licenses, and certifications. This support has resulted in a highly educated and exceptionally engaged workforce. Further, Community Impact and Inclusion initiatives and programs are foundational to our core business model as we seek to ensure forward- thinking principles permeate workforce development, as well as relationships with community partners and clients. We understand and appreciate the complexity and importance of the inclusion of a full range of identity groups, from ethnicity and nationality to age, gender, religious commitment, socioeconomic status, sexual orientation, and those with disabilities. We also recognize these initiatives build trust which affects financial ecosystems and drives companies’ bottom lines. Banking can often leave clients feeling vulnerable and exposed as they reveal details of their financial history. This vulnerability exists and can be difficult to overcome if trust has not been created – and trust is often more easily established between those with shared experiences. We believe embracing and understanding this reality through a diverse workforce creates opportunity not only from a business perspective but also opportunity to profoundly help those from diverse communities. We believe a successful program will ultimately benefit both the Company and those the Company serves. Environmental, Social & Governance Five Star Bancorp takes a proactive approach to Environmental, Social & Governance (“ESG”) initiatives and believes our ability to manage ESG demonstrates strength in leadership and governance that is essential to sustainable growth. We are executing ESG strategies which will drive positive change while focusing on the impacts of our business, social factors in the communities we serve, and the governance of our board of directors. As stewards of our environment, we also support clients focused on sustainable energy and environmental impact. We believe social impact is inherent in banking and we work with clients and partners committed to the same values. We also support clients who provide innovative environmental solutions and restore life and vitality to areas devastated by catastrophic events and the environmental and humanitarian crises surrounding the unhoused. Please refer to the Company’s 2024 Environmental, Social & Governance Report for more information on 2024 ESG initiatives. Exceptional Credit Quality Exceptional asset quality has consistently been our focus. We have well-established loan policies and underwriting practices that have resulted in very low levels of charge-offs and nonperforming assets. Additionally, we have a multifaceted loan monitoring framework established to regularly evaluate our asset quality after the origination process. Our 2024 results are a testament to the strength of our loan portfolio. The ratio of nonperforming loans to loans held for investment was five basis points as of December 31, 2024, representing a decrease of one basis point from the prior year. Our allowance for credit losses increased from 2023, primarily due to growth in the loan portfolio rather than deteriorating credit quality. Looking ahead to 2025, asset quality remains at the forefront of our objectives. Pictured Left to Right: Sacramento Business Journal’s 40 Under 40 Honoree Maria Soria, Vice President / Director of Community Relations Sacramento Business Journal’s C-Suite Award Heather Luck, Senior Vice President / Chief Financial Officer Sacramento Business Journal’s Women Who Mean Business Lakhwinder Kaur, Senior Vice President / Sacramento Valley Market President Association of Latino Professionals For America's 50 Most Powerful Latinas Honoree & NAWBO Sacramento Valley's Outstanding Women Leaders' Executive Woman Award Lydia Ramirez, Senior Vice President / Chief Operations Officer and Chief DE&I Officer Congratulations! Te success of one woman is inspiration for another. At we celebrate the women on our team who have been recognized for leading with vision, supporting our community, and igniting a spirit of collaboration in our region. FIVE STAR BANK 8 | F I V E S TA R B A N C O R P t o ta l i n c o m e b e f o r e ta x e s ta n g i b l e b o o k va l u e p e r s h a r e +16.3% +10.6% $64.7 M $30.4M $11.25 $18.60 CAGR CAGR 2019–2024 2019–2024 Compound Annual Growth Rate 2019-2024 Strong and Growing Capital Our book value per share as of December 31, 2024, was $18.60 per share, representing an increase of approximately $2.04 per share, or 12.32%, compared to 2023. We have paid cash dividends on our common stock in every quarter since January 2002, with the exception of the third and fourth quarters of 2009 and all quarters of 2010. It is currently the intention of the board of directors to continue payment of cash dividends on a quarterly basis. During the year ended December 31, 2024, we paid approximately $16.2 million in dividends. 2024 Results Results for 2024 reflect the continuation of our organic growth story and that 2024 was yet another incredible year. As of December 31, 2024, our total assets were $4.1 billion, an increase of $460.2 million, or 12.81%, from the prior year. Net income decreased from the prior year by approximately 4.32% to $45.7 million. Our return on average assets and return on average equity during 2024 were 1.23% and 12.72%, respectively. Total loans, net of allowance for credit losses, were $3.5 billion as of December 31, 2024. Loan originations, net of repayments, totaled $442.8 million for the year, growing the loan portfolio by approximately 14.63% during 2024. Total deposits were $3.6 billion as of December 31, 2024. Deposits grew by $531.1 million, or 17.55%, during 2024, and we ended the year with a 25.93% ratio of non-interest-bearing deposits to total deposits. Information Technology Investments In 2024, we continued to make investments in our information technology systems and staff for our banking and lending operations and treasury management activities. We believe this investment will support our continued growth and enable us to enhance our capabilities to offer new products, improve the overall client experience, improve profitability through efficiencies, and provide scale for future growth. We utilize nationally recognized software vendors, preferring their cloud/ hosted models, which allows us to outsource the processing of our data, providing greater scalability and disruption avoidance. Community Reinvestment, Non-profit Support & Impact In 2024, Five Star Bancorp was an engaged member of many Chambers of Commerce. Among other initiatives, we were committed to supporting educational programs, affordable housing, and non-profit clients. We are committed to a robust Community Reinvestment Act (“CRA”) Program and you will read more about these efforts in this report. Five Star Bancorp is extensively engaged with a wide range of non-profits and economic development corporations in the communities we serve through direct charitable giving and active board engagement. Our executive team members serve on numerous non-profit boards of directors, including 3Strands Global Foundation, the Sacramento Hispanic Chamber of Commerce, the Capital Black Chamber of Commerce, the Asian Pacific Chamber of Commerce, Sacramento Regional Conservation Corps, Sacramento Food Bank & Family Services, Project R.I.D.E., and the American River Parkway Foundation. In 2024, we continued our commitment to educational initiatives as mentors, funders, and advocates, including at Cristo Rey High School Sacramento and Capital College & Career Academy. We support the meaningful work of those who serve students from low-to-moderate income communities who have little financial and emotional support. We stand on a sturdy foundation of what we have built together so that we may encourage, support, and strengthen those who need us most. Executive Leadership Depth Five Star Bancorp’s leadership team includes executives who have diverse backgrounds, education, ages, and areas of expertise. They share a depth of knowledge of the Company’s corporate culture, strategic objectives, core business model, business verticals, and client expectations. They are each committed to an exceptional client experience guided by a speed to serve and certainty of execution. Our executive leadership is a synergistic and dynamic team with a high level of mutual respect and trust; this trust permeates the entire organization and has made Five Star Bancorp an attractive company for employees to experience their own successes. A Look Ahead While we remain focused on the future and maintaining a position of respect and distinction in the markets and communities we serve, we are proud to look back at 2024 as an extraordinary year of achievement. The Company’s stellar performance included year-over-year growth in loans, assets, and deposits, strong earnings per share, and a regular shareholder dividend. This is emblematic of the cohesion that exists among our team which grew in strength and stamina after being a vital force for clients. An adaptive team is critical to our success and we will continue to hire those who can quickly respond to changing market conditions and demands. In the coming year, we will stay at the forefront of innovation and technology by making investments in people and processes. We will also remain focused on the successful execution of our ongoing digital transformation and the continued build-out of our banking groups and the San Francisco Bay Area market. We are humbled and proud of our team’s accomplishments and look forward to the continuation of our organic growth story. Five Star Bancorp has never been better positioned for the future. We look to the coming year with optimism and in anticipation of the possibilities it holds for all of us. Our clients, shareholders, and employees are our driving force, our reason for existing, and our greatest champions. It has been our privilege to serve you. J a m e s B e c k w i t h President & CEO J ac k D a lt o n SVP / Chief Credit Officer M i k e L e e SVP / Chief Regulatory Officer H e at h e r L u c k SVP / Chief Financial Officer Ly d i a R a m i r e z SVP / Chief Operations Officer & Chief DE&I Officer M i K E R i z z o SVP / Chief Banking Officer B r e t t Wa i t SVP / Chief Information Officer S h e l l e y W e t t o n SVP / Chief Marketing Officer 2 0 2 4 A N N U A L R E P O R T | 1 1 1 0 | F I V E S TA R B A N C O R P 14 Core Values 14 Regions Served 16 The Entrepreneur’s Bank | Business Vertical Overview 17 Select Clients 87 Community Reinvestment & Sustainability 88 Supporting Clients Who Serve Others 94 Economic Development 95 Education & Workforce Development 96 Environmental Impact 97 Employee Growth Opportunities, Demographics & Volunteer Impact 99 Executive Leadership 105 Board of Directors 111 2024 Financial Summary 118 Locations Contents 2 0 2 4 A N N U A L R E P O R T | 1 3 Rancho Cordova Rancho Cordova is located 12 miles east of Sacramento and spans more than 34 square miles. Rancho Cordova’s largest industries include healthcare, retail trade, and public administration. The Rancho Cordova branch opened in 2006. Roseville Roseville is the most populated city within Placer County and spans over 42 square miles. Roseville is home to one of the largest auto malls in the country, as well as the second-largest shopping mall in Northern California. The city’s largest industries are business, financial operations, healthcare, and education. The branch opened in Rocklin in 1999 and moved to Roseville in 2018. N O R T H S TAT E Five Star Bancorp serves the North State through branch locations in Chico, Redding, and Yuba City. Chico Chico is located in Butte County, approximately 90 miles north of Sacramento and spans 34 square miles. It is the most populated city in Butte County and the largest city north of Sacramento. The city’s largest industries are healthcare, social services, retail, and education. The city is known for being a college town as the home of California State University, Chico, and for Bidwell Park, the nation’s 13th largest municipal park that makes up over 17% of the city. The Chico branch opened in 2014. Redding Redding is located along the Sacramento River, 162 miles north of Sacramento and 120 miles south of the Oregon border. The city has a total area of 61 square miles and is surrounded by mountains to the north, east, and west. It is known as the economic and cultural capital of the Shasta Cascade region of Northern California. The city’s largest industries are healthcare, retail, food service, and education. One of Redding’s most notable attractions is the Sundial Bridge, one of the largest working sundials in the world which serves as a pedestrian bridge over the Sacramento River and is a world-famous California landmark. The Redding branch opened in 2008. Yuba City Yuba City is located 40 miles north of Sacramento in Sutter County. The city spans approximately 15 square miles and is known as a vast agricultural community with farms and orchards surrounding the area. Yuba City is also well-known for their annual Sikh Parade, an event held on the first Sunday of November that draws more than 100,000 attendees from across the country. The Yuba City branch opened in 2020. S A N F R A N C I S C O B AY A R E A San Francisco The San Francisco Bay Area is approximately 80 miles from Sacramento and includes the nine counties of Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma. Each of the counties is known for unique qualities, from natural beauty and prominent universities, to technology companies, cuisine, and national parks. The San Francisco branch opened in 2024. Regions Served Five Star Bancorp serves clients nationwide and has branch locations in Northern California including the Capital Region, North State, and San Francisco Bay Area. C A P I TA L R E G I O N Five Star Bancorp serves the Capital Region through branch locations in Elk Grove, Natomas, Rancho Cordova, and Roseville and one non- depository office located in Downtown Sacramento. Downtown Sacramento Downtown Sacramento is the epicenter of government, business, and entertainment. It is well-known for the California State Capitol and numerous businesses, organizations, and restaurants. Sacramento is also home to the National Basketball Association’s Sacramento Kings, as well as Minor League Baseball’s Sacramento River Cats and the United Soccer League’s Sacramento Republic FC. The non-depository office opened in Downtown Sacramento in 2020. Elk Grove Elk Grove is located south of the city of Sacramento. It is the second largest city in Sacramento County by population and covers 42 square miles of land. The city’s largest industries are healthcare, public administration, and education. Elk Grove has over 100 parks totaling more than 700 acres of recreational amenities. One of the most prominent outdoor attractions is the Laguna Creek Parkway, a 13-mile waterway which includes walking and riding trails, as well as fishing and bird-watching opportunities. The original Elk Grove branch opened in 2011 and moved locations in 2022. Natomas Natomas is a community in the northwestern section of Sacramento. The area spans over 20 square miles and has more than 1,000 acres of undeveloped land for future development opportunities. Natomas is home to more than 2.8 million square feet of retail centers, office parks, and education facilities. The Natomas branch opened in 2004. Core Values We foster a sense of urgency toward thoughtful action. We hire, retain, and develop client- centric talent. We create a culture of belonging and engagement through a diverse and inclusive workforce. We engage with our community for mutual success through representation, innovation, and investment. We fulfill commitments as promised, on time, and with the highest standards. We serve clients and colleagues with professionalism and respect. 1 4 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 1 5 The Entrepreneur’s Bank Business Vertical Overview Five Star Bancorp recognizes entrepreneurs are the foundation of a strong and growing economy. Whether a business is just getting started or is a thriving enterprise, we are committed and compassionate bankers ready to serve. This commitment is authentic and meaningful and has resulted in Five Star Bancorp earning a high level of trust among our clients. Further, the depth and scope of our expertise in specific verticals ensure our clients are provided a greater level of service than our competitors can provide. Manufactured Home Communities, RV Parks & Self Storage Commercial Real Estate & Construction Private Enterprise (small and medium-sized businesses, non-profit organizations, and associations) Faith-based Practice & Professional Services Venture Banking, Technology & Startup Government Healthcare Small Business Administration Agriculture & AgTech Private Enterprise Healthcare Government Private Enterprise Private Enterprise Commercial Real Estate & Construction Agriculture & AgTech Private Enterprise Practice & Professional Services Government Commercial Real Estate & Construction Commercial Real Estate & Construction Non-Profit Non-Profit Small Business Administration Venture Banking, Technology & Startup Faith-based Community Healthcare Commercial Real Estate & Construction Non-Profit Small Business Administration Agriculture & AgTech Private Enterprise Private Enterprise Private Enterprise Manufactured Home Communities, RV Parks & Self Storage Commercial Real Estate & Construction Private Enterprise Practice & Professional Services Manufactured Home Communities, RV Parks & Self Storage Non-Profit Non-Profit Commercial Real Estate & Construction Private Enterprise Original Joe’s Restaurants Merik Gross, MD Kirkwood Meadows Public Utility District Brothers Air Support Freeport Bakery FORMA Construction Cattlemen’s Livestock Market Energy Operations Management Crux Rehabilitation Amador Water Agency Capital Rivers Commercial Livingston’s Concrete Service, Inc. Luis Miramontes Memorial Foundation Sacramento Philharmonic & Opera Canine Purpose Mighty Capital Doxa Church Dignity Health Mercy Medical Group Metrovation California Capital Airshow Nimi Skincare Darin Williams Farming High-Hand Nursery Palmer Signs Julius Clothing The Requity Group REDCO Development San Francisco Bar Pilots Wintersteen | Casarez, A Professional Law Corporation TCC Management San Francisco Opera Guild Pacific Justice Institute Singular Builders Visit Sacramento 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 Select Clients PA G E V E R T I C A L C L I E N T 1 6 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 1 7 O r i g i n a l J o e ' s opened their doors in 1937 as a 14-stool counter on a sawdust covered floor. Serving classic Italian-American fare, the restaurant prepares dishes in an open kitchen for all to see, providing hearty portions at reasonable prices. Known as much for its comfortable familiarity as for its abundant portions, the menu offers hamburgers, steaks, seafood, and pastas, which now represent a Northern-California style of food that delivers the feelings of hope, camaraderie, and optimism synonymous with the American Dream. Five Star Bank understands and supports our restaurants and growth. We appreciate being a valued customer and not just an account number. We understand customer service at Original Joe’s and Five Star brings an Original Joe’s level of customer service to banking. They are a vital part of our restaurants and banking goals. T H E D U G G A N FA M I LY Marie, John Sr., Elena & John Jr., Owners San Francisco, CA 1 8 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 1 9 After a frustrating and extremely stressful experience with my previous bank, I knew it was time to find a new bank that would be a better partner for me and my small business. I moved my accounts to Five Star Bank and the entire transition has been seamless. Their team is extremely helpful and I am so grateful for their support. It is rare to find personalized service from bankers who are kind and competent. I really value that and I cannot say enough good things about Five Star Bank. M e r i k G r o s s , M D , provides primary care to patients. Dr. Merik Gross takes the time to ensure all of her patients feel as if they are a member of her family by listening to their questions and concerns and understanding the complexities of each human body so she can better diagnose what ails it. D R . M E R I K G R O S S Owner San Francisco, CA 2 0 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 2 1 While attending a conference, we were very pleased to meet Five Star Bank. After talking to other Five Star customers, we transferred all accounts seamlessly. Every step of the way, from in-person, to phone calls, to video / internet interactions, we felt heard and appreciated. We were constantly impressed with the professionalism of all Five Star staff. Further, our staff quickly learned the intuitive and user-friendly web interface which was light-years ahead of our old bank. I cannot recommend Five Star Bank enough! K i r k wo o d M e a d ow s P u b l i c U t i l i t y D i s t r i c t maintains and enhances the quality of life in Kirkwood by providing their customers with safe, reliable, and environmentally responsible services. They provide water, wastewater, fire protection, solid waste removal, snow removal, cable television administration, mosquito abatement, parks and recreation services, and electrical and propane services to their customers. E R I K C H R I S T E S O N General Manager Kirkwood, CA 2 2 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 2 3 B r o t h e r s A i r S u p p o r t, founded by twin brothers Michael and Christopher Mariani, is driven to help protect the people and lands of California and beyond from wildfires. Today, they are a heavy lift helicopter company and a team of "brothers" serving the forestry, utility, and agriculture industries. After losing our family’s home in the 2017 Napa Atlas Peak Fires, we were driven to help protect the lives and lands of California from wildfires. We were looking for a bank that believed in us as much as we believed in ourselves. We found what we were looking for in Five Star Bank. Five Star Bank believed in our business plan and provided us with start- up capital and a much-needed operating line to help us serve and protect our communities. We are full of gratitude for the opportunity to work with Five Star. We could not have started Brothers Air Support without them. M I C H A E L & C H R I S T O P H E R M A R I A N I Owners Vacaville, CA 2 4 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 2 5 After our bank sold three times we knew we needed a bank that was here to stay. Luckily we were introduced to Five Star Bank. The transition was seamless and now we are with a bank that understands and values our business needs. WA LT E R & M A R L E N E G O E T Z E L E R Owners Sacramento, CA F r e e p o r t B a k e r y, a regional treasure, is a family- owned, full-line scratch bakery serving the Sacramento region since 1987. Along with their well-loved cakes, they bake a fresh selection of morning Danish pastries, muffins, pies, cookies, and savory items daily. 2 6 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 2 7 As the founder of a dynamic and growing company, I know having the support of a good bank is fundamental. In my past experience, I always felt that I was chasing my banker to perform even routine tasks. After five years, the lack of urgency began to impact our businesses as I found myself spending more time holding the bank accountable than my own team. I decided to explore other options and was immediately blown-away by the Five Star Bank team. Starting with our first call, their excitement for our company was authentic and palpable. As our conversations continued, they transformed from our potential bankers to our advocates. We weren’t just another company to them, as much as a team they wanted to support and cheer for. Since our move, not only has that advocacy continued, I appreciate how proactive and thoughtful it has been. It feels like we really have someone in our corner. V I C T O R M E Z H V I N S K Y Founder & President San Francisco, CA F O R M A C o n s t r u c t i o n is a homeowner's best partner. Their commitment to transparent business practices, proactive project management, superior construction, and unparalleled craftsmanship ensures distinctive projects, from custom homes to major remodels and historic rehabilitations. 2 8 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 2 9 Five Star Bank is the complete banking solution for our family of companies. The community bank feel and customer service combined with their diverse banking solutions make them an ideal partner. C at t l e m e n ’ s L i v e s t o c k M a r k e t ( C L M ) has provided California, Nevada, and Oregon cattlemen with California’s central most livestock market for 55 years. Built with a commitment to customer service and dedication to California’s cattle industry, CLM established itself as California’s premier marketing facility. The Parnell family took the ownership reins with the same commitment to customer service. Jake Parnell has managed CLM since February of 2007 and continues the legacy of livestock marketing. CLM is northern California’s only Wednesday auction market and draws a large contingent of buyers throughout the western United States. M O L LY & J A K E PA R N E L L Owners Galt, CA 3 0 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 3 1 D E R E K J O N E S President Rancho Cordova, CA E n e r g y O p e r at i o n s M a n ag e m e n t is a leader in proprietary natural gas pipeline infrastructure project development and operations in California and Nevada. They specialize in serving industrial end-users, dairy biomethane developers, and conventional gas producers, offering diversified services tailored to meet the unique needs of each customer. With a deep understanding of the complex energy and regulatory landscape, Energy Operations Management's staff and platform are equipped to navigate and solve the challenges of today's energy market. Since our transition to Five Star Bank, we have consistently experienced professionalism, expertise, and a customer-focused approach that sets them apart in the banking industry. Beyond banking services, what truly sets Five Star apart is their commitment to building and maintaining strong relationships. Regular contact with bank management, well-organized networking events, and personal engagement opportunities have enabled us to explore new business opportunities and better understand the diverse range of services they offer. This personal touch is a rare quality that makes Five Star an invaluable partner. Five Star Bank embodies excellence in banking through their innovative products, outstanding support, and relationship-driven approach. I wholeheartedly recommend their services to anyone seeking a trusted financial partner dedicated to their success. 3 2 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 3 3 Working with Five Star Bank has provided our organization with tailored financial solutions that support our growth and operational efficiency. Their responsive customer service and in-depth industry knowledge have helped us navigate challenges and seize opportunities. Additionally, the bank’s commitment to our community aligns with our values, enhancing our reputation and relationships locally. Their support has been instrumental in achieving our financial goals and fostering sustainable development. C r u x R e h a b i l i tat i o n is a multidisciplinary institute with a holistic approach to providing the best outcomes for their patients. They provide various services to improve overall functionality and bring about complete transformation in the well-being of the musculoskeletal system of the body. Crux Rehab’s staff has expertise in managing patients with both chronic and acute ailments and injuries while working closely with patients and their health care teams including primary care providers and specialists. J AG D E E P G A R C H A CEO & Physical Therapist Sacramento, CA 3 4 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 3 5 Five Star Bank's proactive and energetic customer service has resulted in a better structure of accounts, more financial transparency, and much greater interest yields than we were earning previously. A m a d o r Wat e r Ag e n c y was formed as a public non-profit special district in 1959 by the California Legislature and ratified by the voters of Amador County for the purpose of providing water, wastewater, and storm drain services to Amador County. They serve approximately 10,000 customers in Amador County and are the primary provider of drinking water. L A R R Y M C K E N N E Y General Manager Sutter Creek, CA 3 6 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 3 7 Working with Five Star Bank has been instrumental for the growth of our business. Although Capital Rivers Commercial is a smaller, but growing, company in commercial real estate development, brokerage, and property management, Five Star treats us like their top priority. From the CEO to the team members processing our wires and setting up accounts, their level of personal care is unmatched. They understand real estate development, recognize how we mitigate risks, and work with us as true partners. Regular check-ins ensure we continue to find ways to grow and manage our business efficiently. Their proactive approach and industry insight have been invaluable to our success. Moving from one of the nation’s largest banks to Five Star has been one of the best decisions we have made. G R E G AG U I R R E President & CEO Sacramento, CA C a p i ta l R i v e r s C o m m e r c i a l ' s team of commercial real estate brokers, property managers, and development professionals work, together to deliver creative solutions to meet their clients' goals and help them reduce risks. They approach their projects with loyalty, forward thinking, hard work, and passion. 3 8 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 3 9 Working with Five Star Bank has been a great experience. We decided to move our corporate accounts in the first quarter of 2024, which is never an easy decision to make, or an easy process to undertake. But the staff at Five Star has been wonderful. The communication and customer service exceeded our expectations and they made the process extremely easy. Their staff are friendly, professional, and helpful. Now on the other side of the transition, we feel confident that we made the right decision and are excited for our future with Five Star! L i v i n g s t o n ' s C o n c r e t e S e r v i c e , I n c . , is a family-owned and operated business founded by Edith and Vince Livingston in 1946. They have solutions for residential and commercial projects, from foundation to bridges, with the goal of providing superior ready-mix concrete and great customer service to their valued clients. J O E & S H A N N O N R U S S I President & Vice President North Highlands, CA 4 0 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 4 1 Working with Five Star Bank has been instrumental in advancing our mission and expanding our impact on our community. Their support ensures we can continue to advance state-of-the-art cancer treatments and technologies in the North State. Their expertise in non-profit banking provides us with valuable insights and resources and helps us manage our finances more effectively and maximizes our interest-bearing account opportunities. Five Star has consistently gone above and beyond our expectations in their service to our organization. Their team is incredibly responsive and attentive, always ready to assist us with any financial queries or needs we may have. Their commitment to our cause and their proactive approach has made them a trusted and indispensable partner in our journey. R A N DY J E N S E N Executive Director Redding, CA L u i s M i r a m o n t e s M e m o r i a l F o u n d at i o n was established in 2011 to honor the memory of Gold Hills Golf Pro Luis Miramontes. The Foundation’s main goal is to raise funds through donations for cancer research and to create cancer awareness in the North State. 4 2 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 4 3 Five Star Bank has been a wonderfully supportive banking partner for the Sacramento Philharmonic & Opera. They have been incredibly generous in their support of our Link Up Music Education program. We cannot thank them enough for how they have impacted and enhanced the Sacramento Philharmonic & Opera! S ac r a m e n t o P h i l h a r m o n i c & O p e r a is one of the region's leading performing arts organizations. Their mission is to build community, inspire a love of the performing arts, and enrich lives through music. G I U L I A N O KO R N B E R G CEO Sacramento, CA 4 4 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 4 5 Working with Five Star Bank has been a transformative experience for our business. Their personalized banking approach enabled us to secure the funding needed to drive our growth. Every interaction with a Five Star team member is nothing short of exceptional. We’re grateful for their partnership and look forward to continuing our growth with their support. C a n i n e P u r p o s e is a doggy daycare and dog training company specializing in dog socialization and behavior modification. They believe each dog has a specific role and purpose within their human family. Every dog and situation are unique and they personalize their training for each family. E L I S E & W E S T O N K E S T E R Owners Rocklin, CA 4 6 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 4 7 Mighty Capital is excited to join the Five Star Bank family and earning their investor trust has been an exceptional experience, particularly due to their deep commitment to the San Francisco Bay Area community and its thriving venture and innovation ecosystem. Their personalized approach and dedication to fueling local innovation make them a valuable partner for both companies and investors in the region. M i g h t y C a p i ta l is more than just a financial backer – they’re a strategic partner companies need to win. They help companies scale from startup to IPO, have navigated both sides of multi-billion dollar mergers, and have been ahead of most of the major tech shifts of the past two decades. J E N N I F E R VA N C I N I & S C M OAT T I Founding General Partner & Founding Managing Partner San Francisco, CA 4 8 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 4 9 Harvest Bible Chapel (now Doxa Church) was formally launched at Granite Bay High School in 2013. The church began with much prayer, very little resources, and a big vision based on the Great Commission in Matthew 28, making disciples of all nations. The relationship with Five Star Bank started with simple checking and savings accounts that provided the financial foundation a young church needed to function. As the church grew over time, so did Doxa’s financial complexity. In 2019, the church realized a need to find a permanent location. With the help of Five Star, Doxa was able to purchase the Rocklin campus which has enabled the church to continue to grow and live out its mission. S C O T T H O L L I N G S H E A D Lead Pastor Rocklin, CA D ox a C h u r c h glorifies God by making disciples to fulfill the Great Commission in the spirit of the Great Commandment. From worship services to Kids Discipleship to Students and Young Adults, Doxa Church aims to make authentic disciples of Christ who follow His ways in their worship, their walk, and their work. 5 0 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 5 1 D i g n i t y H e a lt h M e r c y M e d i c a l G r o u p believes in the healing power of humankindness. One of the ways they put that belief into practice is to provide the resources their clients need, including over 500 providers at 27 locations covering primary care and 45 specialties. Choosing Five Star Bank has been a game-changer for Dignity Health Mercy Medical Group. Their commitment to providing a simple, connected, and trusted banking experience has directly contributed to our successful investments and enhanced treasury services. Five Star’s partnership has empowered us to better steward our financial resources and community investments, furthering our mission to provide high-quality care across 27 locations and 45 specialties. A L A N S H AT Z E L & J A H M A L M I L L E R CEO & Chief Administrative Officer Sacramento, CA 5 2 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 5 3 I could write a book about our Five Star Bank experience. Our banker is the most exceptional banker I have ever worked with. Five Star’s team is tenacious, very thorough, and organized. They are amazing problem solvers and ensured our loan was finalized. We are very fortunate to have found Five Star Bank and look forward to a very long relationship. M A R K S E I L E R Co-Founder & Managing Partner San Francisco, CA M e t r ovat i o n is passionate about creating unique properties that bring life and energy to communities. With over 25 years of experience in the industry, they have become experts at revitalizing neighborhoods and transforming underutilized areas into thriving communities. They believe every project deserves a fresh perspective and the opportunity to add value to the environment through a location-driven approach to developments, combining them with hands-on management and leasing. Their goal is to create a perfect mix of tenants that will achieve long-term stability, value, and adaptability to market conditions. 5 4 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 5 5 We didn’t realize what we were missing in our banking experience until we made the jump to Five Star Bank. Five Star clearly understood our commitment to our non-profit’s educational mission and financial stewardship and assumed it as their own. From day one, the Five Star team provided exceptional personal service during the transition, guiding us painlessly, every step of the way. C a l i f o r n i a C a p i ta l A i r s h ow, established in 2004, plans and operates a family friendly annual event designed to honor the Sacramento Region's rich aviation heritage and veterans while using the power and magic of flight to inspire young people. They give back to the community through scholarships, charitable group donations, and exciting youth programming throughout the year. A N G E L A T E R R Y & DA R C Y B R E W E R Director of Operations & Executive Director Mather, CA 5 6 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 5 7 N i m i S k i n c a r e is an American brand that delivers high-quality skincare routines while championing America- first values of faith, family, and freedom. Each product is proudly made in the USA, reflecting their dedication to their core principles. By focusing on performance-driven ingredients and giving back to aligned causes, they uphold the values that make them strong: quality, integrity, and excellence. P E T E R S T E R N CEO San Francisco, CA Partnering with the Five Star Bank team has been nothing short of a game changer for Nimi Skincare. Their warm, family-like approach instilled confidence at every turn and made the loan process transparent and straightforward. With their expertise and white-glove support, we’ve been able to concentrate on growing the business and seizing new opportunities. 5 8 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 5 9 D a r i n W i l l i a m s Fa r m i n g , located in Biggs, California, is owned by Darin Williams, a fourth-generation farmer, and his wife, Tamara Williams. They farm 800 acres of rice and 150 acres of walnuts. They also provide custom farm services including fertilizing, spraying, harvesting, and rice straw incorporation. Years ago as a young farmer trying to expand my operation, Five Star Bank was willing to work with me and saw my potential. They not only understand agriculture and its ups and downs, but my personal farming operation, too. Five Star sees the value in what I do as a farmer. This support builds a trust and relationship you don’t find at other banks. It allows me to focus my time on farming, knowing they’ll have me covered on the financial side. Their customer service is outstanding and I’ve built a personal relationship with their team. You feel like part of a family with them. TA M A RA & DA R I N W I L L I A M S Owners Biggs, CA 6 0 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 6 1 S C O T T PA R I S Owner Loomis, CA The hospitality and retail business is dynamic, everchanging, and challenging. Creating an interactive, experiential destination takes a great bank. Five Star Bank’s customer service and creative solutions are directly connected to our success. H i g h - H a n d N u r s e r y took a blighted, condemned, vacant lot in Downtown Loomis and transformed the space into an interactive, experiential destination. Their nursery and greenhouse offer gardens filled with unique shrubs and plants. Their cafe and brewery on-site provide delicious food and beverages. Clients can also visit their Fruit Shed and enjoy a taste of the best olive oils and balsamic vinegars at the High-Hand Olive Oil Company. (Scott Paris pictured third from left.) 6 2 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 6 3 Partnering with Five Star Bank has been a game-changer for our small business. Their team took the time to understand our unique needs and provided us with a clear and actionable roadmap for growth and security. At Palmer Signs, we specialize in creating custom, high-quality signage that enhances brands and drives success. Whether it's our award-winning vehicle wraps or striking storefront displays, our innovative designs and expert craftsmanship ensure our clients' messages truly stand out. Thanks to Five Star’s support, we can confidently transform our clients' visions into vibrant realities. Their commitment to our success has empowered us to make a lasting impression in the marketplace. T O N Y PA L M E R Owner & CEO Roseville, CA Pa l m e r S i g n s has understood what it takes to make their clients’ businesses shine for over 30 years. They specialize in logo creation to implementation on apparel, signs, banners and promotional items, and high visibility vehicle wraps. 6 4 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 6 5 L O R I & B R U C E A N A P O L S K Y Owners Sacramento, CA Julius Clothing's relationship with Five Star Bank is personalized and we receive extraordinary service. As a family-owned business, we value personal connection and Five Star is always there for us. They're part of our team and help us maintain our business as a fashion landmark in the Capital Region! J u l i u s C l o t h i n g is located in the heart of Sacramento and inside the Pavilions Shopping Center. For over 100 years, they have been known as a premier clothing destination. They provide top-quality brands, exclusive designers, and made-to-measure clothing collections for men and women. Over the years, Julius Clothing has met the demands of their clientele with one standard goal - impeccable service plus quality and tailored styles to fit the needs of their clients. 6 6 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 6 7 Five Star Bank has been a blessing for The Requity Group and TRG Management. It is one thing to have a banking partnership that truly understands the asset class that we invest into and is able to offer attractive financing options. It is another to have a banking partner that provides white-glove support. We look forward to continuing to use Five Star as our primary bank of choice to support our company's growth. T h e R e q u i t y G r o u p is a real estate investment company that applies operational expertise to small-cap real estate, creating value by seizing real estate opportunities that institutional capital sources cannot efficiently pursue. DY L A N M A R M A CEO Tampa, FL 6 8 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 6 9 In a particularly challenging lending environment, Five Star Bank delivered as promised on terms and tight timing execution for one of our recent San Francisco commercial office building purchases. REDCO looks forward to continuing business with Five Star after making our first experience with them top notch! “ J A S O N & C H R I S F R E I S E Managing Partners & Co-Founders San Francisco, CA R E D C O D e v e l o p m e n t is a third-generation real estate development company focused on the adaptive re-use and repositioning of commercial properties. They primarily concentrate on value-add, infill opportunities and opportunistic development along the West Coast. Photo Credit: Vicki Thompson | Silicon Valley Business Journal 7 0 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 7 1 S a n F r a n c i s c o B a r P i l o t s has safely navigated the world’s largest ships through some of North America’s most challenging waterways for 170 years. These state and federally licensed master mariners are highly specialized professionals who rely on navigational experience, ship- handling skills, and local knowledge to transport more than $40 billion in annual trade. Over 1,000 miles of fragile shoreline and 90% of the state’s marshlands are protected by their expert navigation. As the Business Director of a highly regulated and specialized business, I knew finding a financial partner who truly understood and supported our unique needs would be invaluable. Big banks just weren’t a fit. From the moment we started working with Five Star Bank, we experienced a banking team that was incredibly attentive and responsive, always ready to provide personalized solutions that fit our specific requirements. Their range of products is comprehensive and tailored, ensuring we have the right tools to effectively manage our finances and keep our business on a steady course. A N N E M C I N T Y R E Business Director San Francisco, CA 7 2 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 7 3 Five Star Bank has provided our law firm with prompt and resourceful options for our financial challenges. More importantly, the company shares our core values in the way they value their team members and the strategic way in which they are growing. W i n t e r s t e e n | C a s a r e z , A Professional Law Corporation, is a full-service defense firm that specializes in workers’ compensation defense. Their clients come from all business sectors, insurance companies, third-party administrators, and public entities. They are dedicated to their clients and the defense of their files, which shows in the handling of their clients’ cases. They provide the highest level of customer service to their clients during every stage of the file-handling process. E R I N W I N T E R S T E E N & A N G E L C A S A R E Z Co-Founder & COO and Co-Founder & CEO Sacramento, CA 74 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 7 5 Our relationship with Five Star Bank has been a cornerstone of our national real estate private equity business. Five Star consistently delivers exceptional, prioritized service to every individual, navigating demands intelligently and dedicatedly with trust, kindness, honesty, and support. We highly recommend the entire Five Star team – both in lending and banking – to any business owner. T C C M a n ag e m e n t is a vertically-integrated real estate owner-operator with approximately $500m in assets. JAY YA N G Co-Founder Lapeer, MI 76 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 7 7 We are grateful for a banking partner who cares about our success and supports our mission. Everyone on the Five Star Bank team makes us feel valued and appreciated. They are extremely customer-focused and help us find efficiencies to make us more productive while keeping our finances secure. We appreciate having a banker who is there for us when we need them. “ S U S A N M A L O T T Executive Director San Francisco, CA S a n F r a n c i s c o O p e r a G u i l d engages with the community and recognizes authentic voices as they emerge through the practice of music and storytelling. They support young artists in their development of world view, artistic expression, and leadership potential. Participation in the performing arts leads to deep appreciation of beauty and diverse points of view. San Francisco Opera Guild's programs help young people grow into curious and caring citizens with a strong sense of self and empathy for others. 7 8 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 7 9 Working with Five Star Bank has been an absolute delight. We know our bank represents the values we hold so dear. We also have comfort knowing they are there for us at all times to aid with the financial aspects of our organization while allowing us to focus on what we do best. With impeccable and timely service, guidance, and all types of problem-solving when we need it most, it is truly a pleasure to have Five Star as our banking partner. “ Pac i f i c J u s t i c e I n s t i t u t e is a non-profit 501(3)c legal defense organization specializing in the defense of religious freedom, parental rights, and other civil liberties. They work diligently, without charge, to provide their clients with the legal support they need. B R A D W I L L I A M DAC U S Founder & President Sacramento, CA 8 0 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 8 1 Working with Five Star Bank has been a game-changer for Singular Builders from day one. Their exceptional support and tailored financial solutions have been instrumental in our growth and success. We couldn’t have achieved our goals without their dedicated team and personalized service. S i n g u l a r B u i l d e r s are builders by trade and artisans by nature. From preconstruction services to construction management, interior construction, historical restoration, green building, and more, they specialize in luxury interiors, hospitality, and adaptive reuse. They believe a building is not just a building. It’s a place where someone lives or works, a cornerstone of a neighborhood, and the culmination of a dream. Their team builds structures that shape the way California lives. M I C H A E L T Z O R T Z I S & J E F F G H E R A R D I N I Co-Founder & President and Co-Founder & CEO San Francisco, CA 8 2 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 8 3 Five Star Bank supports Visit Sacramento’s mission to ensure our region is a leading destination for meetings, conventions, travel trade, and leisure, which support the vitality of our regional economy by driving almost $200 million in visitor spending annually. Together, we are champions for Sacramento’s prosperity and advocates for the quality of life of our residents and business community. Our vision is to get every person in the world to say, ‘I want to visit Sacramento!’ V i s i t S ac r a m e n t o is the public-facing name of the Sacramento Convention & Visitors Bureau, a destination marketing organization. Their core business is selling and marketing Sacramento as a destination for meetings and conventions, travel trade, and leisure travelers to generate economic impact for the City and County of Sacramento. M I K E T E S TA President & CEO Sacramento, CA (Mike Testa pictured far right.) 8 4 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 8 5 2 0 2 4 A N N U A L R E P O R T | 8 7 Community Reinvestment & Sustainability It is our shared responsibility to build a strong foundation of community by fostering a culture of belonging and inclusion. We remain focused on the investment, economic development, and sustainability of our region. We also proudly support many non-profit organizations dedicated to the success of the under-resourced and vulnerable populations, the empowerment of women, and the viability of our environment. 2 0 2 4 A N N U A L R E P O R T | 8 7 As the CEO of the Delancey Street Foundation, it’s critical to have a bank like Five Star Bank where I know our funds are safe. It’s important to have a bank representative who puts our needs first. They listen and advise, but mostly, they care. Five Star is so much more than a bank. They are part of our community! D e l a n c e y S t r e e t F o u n d at i o n is the country's leading residential self-help organization for former substance abusers, ex-convicts, homeless, and others who have hit bottom. Started in 1971 with four people in a San Francisco apartment, Delancey Street has served thousands of residents in five locations throughout the United States. Residents at Delancey Street range from teenagers to senior citizens, and include men and women of all races and ethnicities. The minimum stay at Delancey Street is two years while the average resident remains for almost four years – drug, alcohol, and crime-free. During their time at Delancey Street, residents receive a high school equivalency degree (GED) and are trained in marketable skills. Beyond academic and vocational training, residents learn important values and the social and interpersonal skills that allow them to live successfully in the mainstream of society. M I M I S I L B E R T President & CEO San Francisco, CA I spent many years being abused with gangs and substance abusers in my early life. Then, I made terrible choices, became a drug addict, and spent many years in prison. Delancey Street has totally changed my life and given me many vocational and educational skills, but mostly it taught me to be honest, decent, empathic, and have integrity. I am now the chef at our Delancey Street Restaurant. I interview other people in jails and prisons who are asking for the chance that I received to turn my life around at Delancey Street. J O H N R E Y N A Chef, Delancey Street Restaurant 8 8 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 8 9 I cannot say enough good things about Five Star Bank. As the recently installed Executive Director at Sacramento Recovery House, Inc., one of my first tasks was transferring our fiscal operations to a new bank. There were a number of challenges with pandemic related logistics, identifying and opening the necessary bank accounts, transferring large amounts of money, and setting up credit lines needed to support the complex bookkeeping related to a non- profit operation. The Five Star team went above and beyond in helping me to get this done. No matter how many times I called them, they were always good listeners, incredibly patient, understanding, and immediately responsive. They exhibited a genuine interest in understanding my agency’s particular requirements and were committed in making sure they met our specific needs. As a provider of treatment services for over 25 years, I am keenly aware of the importance of customer service. As such, I can without hesitation recommend Five Star as they are exemplary in that category and I consider them a critical partner in helping us carry out our mission to the greater Sacramento County community. Choosing Five Star as your banking provider will be a decision you will not regret. S ac r a m e n t o R e c ov e r y H o u s e , I n c . , is dedicated to providing gender-responsive, trauma-informed, residential services to adults seeking recovery from substance use disorders. D R . B J DAV I S Executive Director Sacramento, CA Gateway House for Women has been a transformative part of my recovery journey. Their supportive environment and compassionate staff provided me with the tools I needed to confront my addiction head on. Through comprehensive programs and empowering group sessions, I learned how to heal and rebuild my life. Gateway didn't just help me overcome my addiction, they taught me how to live a life of recovery, to believe in myself, and become a sober, productive member of society. They also helped me to understand that my past does not define me and that the choices I make now will continue to empower me to live a life that I deserve. My journey to recovery has come full circle as I am now employed by the remarkable organization in the role of shift monitor. This position allows me to provide essential support to women facing addiction, and pay forward the life-saving assistance I received from Gateway. M I C H E L L E E VA N G E L I S TA Shift Monitor, Sacramento Recovery's Gateway House for Womem 9 0 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 9 1 Five Star Bank’s commitment to the well-being of the community as well as their supportive business services have bolstered our organization and enhanced the impact of our work throughout our 30 year history. E VA N S C H M I D T CEO Sacramento, CA Valley Vision has been a valuable partner in providing funding and resources that enabled the Del Paso Heights Growers’ Alliance to break ground on the future home of the Suga’ Cane Greenhouse. And with in-kind support, we are building a 432 square foot structure that will provide workforce development opportunities, jobs, and upskilling for residents to be able to participate in a climate-friendly economy. Once built, this greenhouse will produce and distribute over 2,000 plants throughout the Sacramento Region. FAT I M A M A L I K Executive Director Del Paso Heights Growers’ Alliance Va l l e y V i s i o n is a civic leadership organization dedicated to improving the livability of the Sacramento region. Through research and action, they collaborate on bold, long-term solutions that improve people's lives. 9 2 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 9 3 Economic Development We support programs, economic development organizations, and activities that seek to improve the economic well-being and quality of life for the communities we serve while supporting small businesses. The Company provides services, investment, and lending which contribute to our region’s economic growth. Economic Development Organizations (Chambers of Commerce) The Company supports economic development organizations including the Greater Sacramento Economic Council which is the Capital Region’s leading economic development organization in the state capital of California. The Company is also a member of many regional Chambers of Commerce to ensure the prosperity of a diverse business community, including Chico, Elk Grove, El Dorado Hills, Folsom, Orangevale, Rancho Cordova, Redding, Rocklin, Roseville, Sacramento, San Francisco, West Sacramento, Yuba-Sutter, and others. The Company actively supports, through membership and board positions, many minority Chambers of Commerce including the Capital Black Chamber of Commerce, Sacramento Hispanic Chamber of Commerce, Sacramento Asian Pacific Chamber of Commerce, and Indus Valley American Chamber of Commerce. National Association of Women Business Owners Five Star Bancorp believes in supporting small businesses to help them grow and thrive. Our client, National Association of Women Business Owners Sacramento Valley, provides its members with a variety of educational, social, economic, and political programs that help women build successful ventures and make effective changes in business culture. They also provide members access to mentors, advisors, and advocates. Superior California Economic Development Superior California Economic Development ("SCED") leverages public and private funds to grow the economy and catalyzes projects that respond to critical community needs. SCED supports small businesses through lending and works with local and regional organizations to provide financial programs designated to accommodate Shasta County and the surrounding counties. Five Star Bancorp’s partnership with SCED provides an additional resource our clients can utilize to help their businesses grow and thrive. Community Development Loans $19,345,000 or 0.52% of Average Assets within Sacramento, Chico, and Redding Assessment Areas for the following purposes: • Affordable Housing • Community Services • Economic Development • Revitalizing and Stabilizing Communities Education & Workforce Development Supporting educational institutions is critically important to us. Five Star Bancorp supports robust educational programs at the high school, trade school, college, and university levels. Cristo Rey High School Sacramento Cristo Rey High School transforms lives by providing college preparatory education and professional work experience to high school students with limited financial and emotional support. The school’s vision is to create an effective and highly regarded high school that transforms underserved students into faith-filled, educated, professional, and service-oriented people through work experience programs. Capital College & Career Academy Capital College and Career Academy’s ("CCCA") vision is to create an educational environment where students are college-accelerated and job-prepared with foundational skills in three main construction trades: carpentry, electrical, and plumbing. CCCA addresses a critical job skills need in the Sacramento Region while providing students with the education and certifications necessary to become changemakers in their community. Upon graduation, students will have real-world experience and tangible skills that will allow them to succeed not just today but many years down the road. Sacramento State University Business Honors Program The Sacramento State University Business Honors Program immerses students in an exceptional learning experience through cohort groups and prepares them to become highly qualified managers through a cross functional and integrated program. Our employees also teach classes on business marketing. When the program was on the verge of collapse due to budget cuts, Five Star Bancorp stepped in to sponsor the cohort from 2017 to 2026. We are proud to sponsor the Five Star Bank Business Honors Cohort. University of the Pacific Five Star Bancorp underwrites University of the Pacific’s Leadership Development Program and the Five Star Bank Leadership Fund which provide financial support to students. Our employees present leadership development webinars and have regularly taught as visiting lecturers. University of California, Davis The Five Star Bank Athletes in Business Group serves student athletes interested in careers in banking or finance and provides opportunities for employees to interact with students while providing insight into transitioning from college to the workforce. 94 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 9 5 The Company's Environmental Impact Five Star Bancorp supports clients committed to the sustainability of the communities we serve and who create a positive environmental impact. We also find ways to conserve resources and make a positive environmental impact, and in 2024, the Company made progress toward sustainability practices. Activities such as utilizing e-signatures to conduct business to reduce paper consumption, occupying sustainable facilities when possible, shredding unused paper, utilizing recycle bins, expanding our digital capabilities, and using energy efficient lighting have contributed to minimizing the Company’s carbon footprint. • The Company’s Paper Waste Reduction Program has saved approximately 608 trees in 2024; • The Company believes in utilizing energy efficient buildings, and in 2024, 4 out of 9 office locations were sustainable offices, including a LEED Platinum Certified building in San Francisco, California; and • The Company continues to expand its digital capabilities as clients utilize remote deposit capture and mobile deposit capture (up 25.7% year-over-year). Remote deposit capture and mobile deposit capture make up 80% of total bank deposits. Additionally, 87% of clients are online banking users. Employee Growth Opportunities, Demographics & Volunteer Impact We are deeply committed to the career development and growth of our employees and provide opportunities to ensure our workforce is engaged, dedicated, and supported for their continued success. Accelerated Leadership Track Five Star Bancorp’s Accelerated Leadership Track ("ALT") is an interactive, rotational training program which attracts the brightest, most driven college and university graduates and nurtures their talent by providing relevant experiences right from the start. The Company’s goal is to identify those who can take on challenging positions early in their career and who have the potential to become future leaders. The Company achieves this by engaging employees in an intensive cross functional training program so they can gain insight into varying aspects of financial services. Upon successful completion of the ALT program, participants are placed in an entry-level position based on their strengths, interests, and talents. Supervisor Series The Supervisor Series was created for up-and-coming and entry-level supervisors and was designed to educate them on management and leadership skills so they can best support employees and the organization. L.E.A.D. (Leverage. Engage. Accelerate. Drive.) The L.E.A.D. program was designed for Company leaders to develop skills in areas including emotional intelligence, strategic planning, trust building, and inspiring employees. The program provides opportunities to strategically impact the organization and challenges employees to become strong leaders within the organization and in our community. 2024 Workforce Demographics • 58.6% of total workforce were women • 46.2% of total workforce were from diverse races and ethnic backgrounds 2024 Senior Vice Presidents & Above • 37.5% of Executive team were women • 25.0% of Executive team were from diverse races and ethnic backgrounds • 43.5% of Senior Vice Presidents and above were women • 32.6% of Senior Vice Presidents and above were from diverse races and ethnic backgrounds Volunteer Impact Five Star Bancorp is extensively engaged with a wide range of non-profits and economic development corporations through direct charitable giving and active board engagement. Our executive team and employees serve on numerous non-profit boards of directors, including 3Strands Global Foundation, the Sacramento Hispanic Chamber of Commerce, the Capital Black Chamber of Commerce, the Sacramento Asian Pacific Chamber of Commerce, Sacramento Regional Conservation Corps, Sacramento Food Bank & Family Services, Project R.I.D.E., the American River Parkway Foundation, and more. • In 2024, employees contributed a total of 1,563 volunteer hours across 79 organizations performing 712 activities • Averaged 8 volunteer hours per full-time employee Five Star Bank has been a trusted partner in Breathe California Sacramento Region’s life-saving work for over a decade. Five Star has been a rock, proactively seeking ways to help us streamline and access resources. With this solid foundation of support and trust, we look forward to many more productive years in the Greater Sacramento Region with Five Star Bank by our side. J E N N I F E R F I N T O N CEO, Breathe California Sacramento Region 9 6 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 9 7 Executive Leadership 2 0 2 4 A N N U A L R E P O R T | 9 9 1 0 0 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 1 0 1 J a m e s B e c k w i t h President & Chief Executive Officer With nearly 30 years of experience, Mr. Beckwith serves as our President and Chief Executive Officer and is a member of our board of directors. Mr. Beckwith joined Five Star Bank in 2003. He is deeply connected to the Sacramento community and has chaired several community-based organizations including the Sacramento Metropolitan Chamber of Commerce, Valley Vision, and KVIE (the local PBS affiliate). Mr. Beckwith is a past Chair of California Bankers Association. He is a Private Sector Director with Greater Sacramento Economic Council and a member of the Sacramento State University College of Business Advisory Council. In 2024, Mr. Beckwith was elected to the board of directors of the California Chamber of Commerce. Mr. Beckwith previously served as Chief Financial Officer and Chief Operating Officer at National Bank of the Redwoods in Santa Rosa, California. He graduated from San Francisco State University with a Bachelor of Science degree in Business Administration with a concentration in Accounting. He is also a graduate of Pacific Coast Banking School at the University of Washington where he was class president. In 2020, Mr. Beckwith was recognized by the Sacramento Metropolitan Chamber of Commerce as the Businessman of the Year and was named among the Most Admired CEOs of 2020 by the Sacramento Business Journal. He was also recognized with a Vistage Leadership Award in 2021 and was the 2022 UCP Humanitarian of the Year. In 2024, Mr. Beckwith was listed on the Sacramento Business Journal's Power 100 List. M i k e L e e SVP / Chief Regulatory Officer Mr. Lee has served as Senior Vice President / Chief Regulatory Officer since 2010. He joined the Company in 2005 as Chief Financial Officer after serving over 14 years with the Federal Deposit Insurance Corporation. He later transitioned to the position of Senior Vice President / Chief Credit Officer in 2007 and served in that position until being appointed as Senior Vice President / Chief Regulatory Officer in 2010. Mr. Lee graduated from Midwestern State University in Texas with a Bachelor of Science degree in Business Administration with a concentration in Economics and graduated with honors from the Pacific Coast Banking School at the University of Washington. Mr. Lee serves on the boards of directors of the Sacramento Asian Pacific Chamber of Commerce and the Sacramento Regional Conservation Corps. J ac k D a lt o n SVP / Chief Credit Officer Mr. Dalton joined Five Star Bank as Senior Vice President / Chief Credit Officer in 2011. He has more than 40 years of experience in the lending and banking industry. Prior to joining the company, Mr. Dalton started his lending career with the Farm Credit System in 1980 as a Credit Analyst, then transitioned into roles as a Loan Officer, Branch Manager, and Senior Vice President / Senior Lender. In 1991, Mr. Dalton moved to Stockmans Bank via merger as Senior Vice President / Chief Credit Officer. Through a merger in 2008, he later served as Senior Vice President / Region Credit Administrator at PremierWest Bank. He is a member of the District 3 Grower Liaison Committee for Blue Diamond and a member of the Sutter Club's Finance Committee. Mr. Dalton graduated from California Polytechnic State University, San Luis Obispo, with a Bachelor of Science degree in Animal Science. H e at h e r L u c k SVP / Chief Financial Officer Ms. Luck serves as Senior Vice President / Chief Financial Officer. She first joined the Company in October 2018 as Vice President / Director of Finance. Prior to this, Ms. Luck was a Manager in Assurance Services for Ernst & Young, LLP from 2010 through 2017 where she led multiple audit engagements simultaneously, including coordination with tax, valuation, and other specialist groups required to achieve audit objectives in accordance with standards enumerated by the Public Company Accounting Oversight Board and American Institute of Certified Public Accountants. Her audit experience at Ernst & Young spanned several industries including manufacturing, real estate, technology, media and entertainment, and telecommunications. Her client portfolio included multinational SEC registrants, private issuers, and sub-orders. She then served as Senior Assistant Controller - Global Business Units and Mergers & Acquisitions at Oracle from March 2018 until September 2018 where she was responsible for overseeing the integration of general ledgers of newly acquired entities onto the Oracle Cloud Platform which included ensuring compliance with accounting policies and intercompany eliminations. Ms. Luck earned a Bachelor of Science degree in Marketing from the University of Utah and earned a Master of Science degree in Accounting and Finance from the University of Maryland Global Campus. Ms. Luck is a licensed Certified Public Accountant in the state of California and graduated from Pacific Coast Banking School at the University of Washington in 2022. In 2024, Ms. Luck was honored by the Sacramento Business Journal with a C-Suite award. E X E C U T I V E L E A D E R S H I P 1 0 2 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 1 0 3 Ly d i a R a m i r e z SVP / Chief Operations Officer & Chief DE&I Officer Ms. Ramirez serves as Senior Vice President / Chief Operations Officer and Chief DE&I Officer. She has over 18 years of experience in senior level banking and is skilled in strategic operational process and sales management. Before joining the Company, she served as Vice President / Multi-Branch Manager at MUFG Union Bank from 2010 to 2017. Ms. Ramirez serves on the boards of directors of the Sacramento Hispanic Chamber of Commerce and Sacramento Food Bank & Family Services and is a member of the Sacramento State University College of Business Advisory Council. She also serves on the board of directors and is the 2024 Board Chair for the Capital Black Chamber of Commerce. Ms. Ramirez is a graduate of Leadership Sacramento (2021) and a senior fellow of the American Leadership Forum, class of XXVI. Ms. Ramirez graduated from the University of California, Davis, with a Bachelor of Science in Psychology and Bachelor of Arts in Spanish. She is a graduate from California State University, Sacramento, with a Master of Business Administration. She is also a graduate of California Bankers Association Executive Banking School. In 2021, Ms. Ramirez was recognized by the Sacramento Business Journal among their 40 Under 40 and by Comstock's Magazine among their Women in Leadership. In 2022, Ms. Ramirez was recognized among the Sacramento Business Journal’s Women Who Mean Business. In 2023, she was among the inaugural class of Top 25 Latino Change Makers by the Sacramento Bee. In 2024, she was recognized among the Association of Latino Professionals for America's 50 Most Powerful Latinas and by the National Association for Women Business Owners Sacramento Valley Chapter with an Outstanding Women Leaders award. M I K E R i z z o SVP / Chief Banking Officer Mr. Rizzo joined the Company in 2005 as Senior Vice President / Business Development Officer. He helped establish the business banking practice and developed commercial real estate loans. Mr. Rizzo opened the de novo Rancho Cordova office in June 2006. Currently, he serves as Senior Vice President / Chief Banking Officer and supports and manages the Company’s team of Business Development Officers and Treasury Solutions Advisors. Mr. Rizzo earned a Bachelor of Science in Business Administration with a concentration in Finance from California State University, Sacramento, and is a graduate of Pacific Coast Banking School at the University of Washington. In 2022, Mr. Rizzo was recognized among the Sacramento Business Journal's C-Suite Awards honorees. He serves on the board of directors and is a Past Board President of the American River Parkway Foundation. S h e l l e y W e t t o n SVP / Chief Marketing Officer Ms. Wetton has served as Senior Vice President / Chief Marketing Officer since 2018, after first joining the Company in 2015 as Vice President / Community Relations and Communications. Ms. Wetton has over 25 years of corporate branding, media relations, and strategic marketing expertise. She previously served as Vice President, Corporate Communications at The Buzz Oates Group of Companies where she worked directly for Buzz Oates for over 15 years and until his passing in 2013. She has worked closely with the Company’s board of directors since its inception in 1999. Ms. Wetton is responsible for strategic branding strategies and leads all marketing, communications, and branding efforts. She is also responsible for corporate partnerships and corporate giving. Ms. Wetton earned a Bachelor of Arts degree in English and a Master of Arts degree in English from California State University, Sacramento. She is a graduate of the Sacramento Metropolitan Chamber of Commerce Foundation's 2018 Leadership Sacramento class. In 2023, Ms. Wetton was recognized among the Sacramento Business Journal's C-Suite Awards honorees. She was a guest speaker at the 2024 American Banker Association's Marketing Conference. Ms. Wetton serves on the boards of directors of 3Strands Global Foundation and the Sacramento Metro Chamber of Commerce. She served on the Board of Trustees of the Leukemia & Lymphoma Society from 2017 to 2020. B r e t t Wa i t SVP / Chief Information Officer Mr. Wait first joined the Company in 2011 and currently serves as Senior Vice President / Chief Information Officer, a position he has held since 2018. Mr. Wait has over 20 years of community banking experience and information technology fluency and has served in various roles with the Company including Operations Officer from 2011 to 2013, Vice President / Technology & Operations Manager from 2013 to 2015, and Senior Vice President / Chief Operating Officer from 2015 to 2017. He also served as Chief Information Officer at River City Bank from 2017 to 2018 where he was responsible for overseeing information technology, information security, and data analytics, before rejoining the Company in his current position in 2018. Mr. Wait graduated from the University of Wisconsin - Whitewater with a Bachelor of Business Administration in Finance. He also holds a Master of Business Administration from California State University, Sacramento. E X E C U T I V E L E A D E R S H I P Board of Directors 2 0 2 4 A N N U A L R E P O R T | 1 0 5 1 0 6 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 1 0 7 B O A R D O F D I R E C T O R S J a m e s B e c k w i t h President, Chief Executive Officer & Board Member With nearly 30 years of experience, Mr. Beckwith serves as Five Star Bancorp’s President and Chief Executive Officer. Mr. Beckwith joined Five Star Bank in 2003. He is deeply connected to the Sacramento community and has chaired several community-based organizations including the Sacramento Metropolitan Chamber of Commerce, Valley Vision, and KVIE (the local PBS affiliate). Mr. Beckwith is a past Chair of California Bankers Association. He is a Private Sector Director with Greater Sacramento Economic Council and a member of the Sacramento State University College of Business Advisory Council. In 2024, Mr. Beckwith was elected to the board of directors of the California Chamber of Commerce. Mr. Beckwith previously served as Chief Financial Officer and Chief Operating Officer at National Bank of the Redwoods in Santa Rosa, California. He graduated from San Francisco State University with a Bachelor of Science in Business Administration with a concentration in Accounting. He is also a graduate of Pacific Coast Banking School at the University of Washington where he was class president. In 2020, Mr. Beckwith was recognized by the Sacramento Metropolitan Chamber of Commerce as the Businessman of the Year and was named among the Most Admired CEOs of 2020 by the Sacramento Business Journal. He was also recognized with a Vistage Leadership Award in 2021 and was the 2022 UCP Humanitarian of the Year. In 2024, Mr. Beckwith was listed on the Sacramento Business Journal's Power 100 List. Strategy Committee, Member R o b e r t P e r r y- S m i t h Board Chair Mr. Perry-Smith founded and served as Chief Executive Officer of Perry-Smith LLP, a regional accounting and consulting firm that provided professional services throughout California and to numerous industries, including the banking industry. Upon his retirement in 2013, Mr. Perry-Smith concluded his 40 year career as a Certified Public Accountant, having served as a partner and executive at both the national and regional levels. Throughout his career, he was responsible for the delivery of professional services to both public and private companies, including annual audits and management consulting services. With an industry specialization in banking, he also participated in regulatory compliance examinations, capital structure augmentation, and numerous mergers and acquisitions. Mr. Perry-Smith has been a frequent speaker at various banking industry conferences, including the California Bankers Association. He is a member of the American Institute of Certified Public Accountants (retired) and the California Society of CPAs. His previous board experience includes Racor Industries, The Sutter Club (past President), Presidio Bank, Sierra Vista Bank (Chairman), and the Perry-Smith Foundation. Audit Committee, Chair Governance and Nominating Committee, Member Strategy Committee, Member S h a n n o n D e a r y- B e l l Board Member Ms. Deary-Bell most recently served as President and Chief Executive Officer of Nor-Cal Beverage, a position she held since 2010 before its acquisition in 2023 by Manna Beverages & Ventures. At Nor-Cal Beverage, Ms. Deary-Bell had oversight of the transition of the company into one of the largest co-packers in the western United States. During her 30 years of service at Nor-Cal Beverage, she held numerous positions before serving as President and Chief Executive Officer. Recently, Ms. Deary-Bell led the company through a major acquisition, and after 17 months of negotiations, was successful in finding the right company to acquire her family business of 87 years. Ms. Deary-Bell has been an active member of the Women Business Leaders of Sacramento since 2015. She is a member of the Sacramento Host Committee and has been a member of Vistage (Leadership Chief Executive Organization) since 2013. Ms. Deary-Bell served on the Jesuit High School board of directors for six years. Governance and Nominating Committee, Vice Chair L a r r y A l l b a u g h Board Member Mr. Allbaugh has served as an executive of Buzz Oates Commercial Real Estate since 1990, serving as Chief Executive Officer since 2009. He is a managing member of Pac West Equities, LP, the primary real estate investment entity of the organization, and Co-Trustee of the Marvin L. Oates Trust. Mr. Allbaugh serves on the board of directors of Teichert Inc. and serves as Chair of its Audit Committee. He also serves on the board of directors of Pacific Coast Building Products, Inc., the board of directors of the Greater Sacramento Economic Council, and the Marvin Buzz Oates Charitable Foundation as a founding director. He is active in multiple charitable and faith-based activities locally and internationally. Governance and Nominating Committee, Chair ALCO Committee, Member Strategy Committee, Member R a n d a l l R e y n o s o Board Vice Chair Mr. Reynoso has over 40 years of banking experience, including serving as Executive Vice President of Wells Fargo Bank from 2007 until his retirement in 2020, leading the buildout of the bank’s investor real estate department for the nation as well as serving as Middle Market Banking Leader for Northern California. For eight consecutive years, Mr. Reynoso was responsible for Wells Fargo Bank’s business banking program in San Francisco and surrounding counties. Prior to this, Mr. Reynoso served as President and Chief Operating Officer, and on the boards of directors, of both Placer Sierra Bancshares and Placer Sierra Bank. Additionally, Mr. Reynoso was instrumental in taking Placer Sierra Bank public in 2004 as well as facilitating the sale of the bank to Wells Fargo Bank in June 2007. A native of Sacramento, Mr. Reynoso has held leadership roles with numerous Northern California philanthropic organizations, including the San Francisco Opera Association, the San Francisco Travel Association (where he is the immediate past chair), and the Zuckerberg San Francisco General Hospital Foundation. Past service includes leadership roles with the Sacramento Hispanic Chamber of Commerce, the American Leadership Forum, the Stanford Home for Children, the Mondavi Center for the Performing Arts, KVIE (the local PBS affiliate), and NatureBridge. Strategy Committee, Chair Audit Committee, Member Wa r r e n K a s h i wag i Board Member Mr. Kashiwagi has over 40 years of professional public accounting experience. A retired Certified Public Accountant, he has advised, counseled, and represented various businesses in tax planning and compliance, business succession planning, strategic planning, and merger and acquisition consulting. From 2011 to 2017, Mr. Kashiwagi was a Tax Partner with Crowe Horwath, LLP. Prior to that, he was a Tax Partner with Perry-Smith LLP from 1988 to 2011. Mr. Kashiwagi has served on the boards of directors of the Sacramento Metropolitan Chamber of Commerce, the California Asian Pacific Chamber of Commerce, the Los Rios Colleges Foundation, and the Crocker Art Museum. He also served as Board Chair of Sutter Community Hospitals and as Board President of the Sacramento Japanese American Citizens League. Audit Committee, Vice Chair ALCO Committee, Member 1 0 8 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 1 0 9 B O A R D O F D I R E C T O R S J u d s o n R i g g s Board Member Mr. Riggs is the Chief Executive Officer and Chair of Teichert Inc., positions he has held since 2003 and 2010, respectively. Mr. Riggs serves on the boards of directors of Teichert Inc., the Greater Sacramento Economic Council, the Host Committee, the Dean’s Advisory Council of the Graduate School of Management at University of California, Davis, and the Juvenile Justice Chaplaincy, and is the Vice Chair of the board of directors and Chair of the Finance Committee of PRIDE Industries. Compensation Committee, Chair L e i g h W h i t e Board Member Ms. White has over 30 years of experience in key positions in television broadcast management throughout the United States. From 2015 to 2020, Ms. White served as Vice President and General Manager of KTXL-TV in Sacramento, California (FOX, Tribune Broadcasting). She is a graduate of the University of Minnesota with a Bachelor of Science degree in Applied Studies / Communications. She most recently graduated from the Saïd School of Business Digital Disruption Program at the University of Oxford in Oxford, England. She is currently pursuing her Master of Business Administration in Finance at Louisiana State University. Ms. White serves on the boards of Paratransit and United Cerebral Palsy, both based in Sacramento. Ms. White retired from the board effective January 2, 2025. ALCO Committee, Chair Strategy Committee, Member D o n n a L u c a s Board Member Ms. Lucas is a highly regarded strategic communications consultant and the Founder and Chief Executive Officer of Lucas Public Affairs ("LPA"), a firm she established in 2006. In May 2024, LPA was acquired by Public Policy Holding Company, Inc. (LSE: PPHC), listed on the London Stock Exchange, with Ms. Lucas continuing in her role as CEO. Before founding LPA, Ms. Lucas was the CEO of Nelson Communications, a leading California public affairs firm that was acquired by Omnicom in 2000. Following the acquisition, she served as Global Partner and Public Affairs Practice Leader for Porter Novelli. After her tenure at Porter Novelli, Ms. Lucas served as Deputy Chief of Staff for Strategic Planning and Initiatives for Governor Arnold Schwarzenegger and later as Chief of Staff for First Lady Maria Shriver. Earlier in her career, she held several other notable positions, including Deputy Press Secretary for Governor George Deukmejian, Deputy Treasurer for State Treasurer Tom Hayes, and California Press Secretary for the 1988 presidential campaign of then-Vice President George H.W. Bush. Ms. Lucas has also served as the Chair of the California Chamber of Commerce and the Chair of the College Futures Foundation. She was a member of the Public Policy Institute of California ("PPIC") board of directors from 2007 to 2019, chairing the board from 2013 to 2016, and continues to be involved with PPIC as a member of its Statewide Leadership Council. She is a founding member of She Shares, a unique conversation series featuring trailblazing women leaders who have made a lasting impact in California and beyond. Recognized for her leadership, Ms. Lucas was named Sacramento Businesswoman of the Year in 2018 by the Sacramento Metro Chamber of Commerce and is routinely listed among Sacramento’s most powerful and influential figures in Capitol Weekly’s annual “Top 100.” Compensation Committee, Member Dav i d N i c k u m Board Member Since 2010, Mr. Nickum has served as Owner and President of Waveco, Inc., d.b.a. Valley Farm Transport, Inc., one of the largest agricultural trucking companies in the United States, after being employed there in various capacities since 1988. Mr. Nickum is a past chair of Make-A-Wish Foundation of Northeastern and Central California and Northern Nevada Chapter, a former board member of St. Michael’s Episcopal Day School, and a past board member of Tesco Controls, Inc. Mr. Nickum is also a former member of Cal Poly College of Agriculture, Food and Environmental Sciences’ Dean’s Advisory Council. ALCO Committee, Member K e v i n R a m o s Board Member Mr. Ramos is the Chief Investment Officer of Buzz Oates Commercial Real Estate, a position he has held since 1995, and Investment Committee Chair of Pac West Industrial Equities, LP, a position he has held since 2017. He has over 35 years of experience in the commercial real estate industry with specific experience in finance, entitlement, development, leasing, property management, investment, and asset management. He currently serves on the board of directors of Saint John’s Program for Real Change and the Sacramento chapter of NAIOP, a national commercial real estate association. Compensation Committee, Member 2024 Financial Summary 2 0 2 4 A N N U A L R E P O R T | 1 1 1 1 1 2 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 1 1 3 Year ended December 31, 2024 2023 2022 Interest and fee income Loans, including fees $ 193,341 $ 162,713 $ 111,795 Taxable securities 1,830 1,876 1,714 Nontaxable securities 700 724 713 Interest-bearing deposits in banks 11,080 9,069 3,696 Total interest and fee income 206,951 174,382 117,918 Interest expense Deposits 82,398 57,861 10,923 Subordinated notes 4,646 4,646 3,740 Other borrowings 196 995 185 Total interest expense 87,240 63,502 14,848 Net interest income 119,771 110,880 103,070 Provision for credit losses 6,950 4,000 6,700 Net interest income after provision for credit losses 112,761 106,880 96,370 Non-interest income Service charges on deposit accounts 721 575 467 Net gain (loss) on sales of securities – (167) 5 Gain on sale of loans 1,274 1,952 2,934 Loan-related fees 1,605 1,719 2,207 Federal Home Loan Bank of San Francisco ("FHLB") stock dividends 1,320 970 546 Earnings on bank-owned life insurance 644 510 412 Other 889 1,952 586 Total non-interest income 6,453 7,511 7,157 Non-interest expense Salaries and employee benefits 31,709 27,097 22,571 Occupancy and equipment 2,547 2,218 2,059 Data processing and software 5,088 4,015 3,091 Federal Deposit Insurance Corporation insurance 1,635 1,557 850 Professional services 3,078 2,575 2,467 Advertising and promotional 2,411 2,403 1,908 Loan-related expenses 1,207 1,192 1,287 Other operating expenses 6,818 6,718 6,436 Total non-interest expense 54,493 47,775 40,669 Income before provision for income taxes 64,721 66,616 62,858 Provision for income taxes 19,050 18,882 18,057 Net income $ 45,671 $ 47,734 $ 44,801 Basic earnings per share $ 2.26 $ 2.78 $ 2.61 Diluted earnings per share $ 2.26 $ 2.78 $ 2.61 Consolidated Statements of Income in thousands, except per share amounts See notes to consolidated financial statements in our Annual Report on Form 10-K. See notes to consolidated financial statements in our Annual Report on Form 10-K. year ended December 31, 2024 2023 Assets Cash and due from financial institutions $ 33,882 $ 26,986 Interest-bearing deposits in banks 318,461 294,590 Cash and cash equivalents 352,343 321,576 Time deposits in banks 4,121 5,858 Securities available-for-sale, at fair value, net of allowance for credit losses of $0 at December 31, 2024 and 2023 (amortized cost of $115,757 and $124,788 at December 31, 2024 and 2023, respectively) 98,194 108,083 Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $20 at December 31, 2024 and 2023 (fair value of $2,353 and $2,913 at December 31, 2024 and 2023, respectively) 2,720 3,077 Loans held for sale 3,247 11,464 Loans held for investment 3,532,686 3,081,719 Allowance for credit losses (37,791) (34,431) Loans held for investment, net of allowance for credit losses 3,494,895 3,047,288 FHLB stock 15,000 15,000 Operating leases, right-of-use asset ("ROUA"), net 6,245 5,284 Premises and equipment, net 1,584 1,623 Bank-owned life insurance 19,375 17,180 Interest receivable and other assets 55,554 56,692 Total assets $ 4,053,278 $ 3,593,125 Liabilities and Shareholders' Equity Deposits Non-interest-bearing $ 922,629 $ 831,101 Interest-bearing 2,635,365 2,195,795 Total deposits 3,557,994 3,026,896 Subordinated notes, net 73,895 73,749 Other borrowings – 170,000 Operating lease liability 6,857 5,603 Interest payable and other liabilities 17,908 31,103 Total liabilities 3,656,654 3,307,351 Shareholders' equity Preferred stock, no par value; 10,000,000 shares authorized; zero issued and outstanding at December 31, 2024 and 2023, respectively – – Common stock, no par value; 100,000,000 shares authorized; 21,319,083 shares issued and outstanding at December 31, 2024; 17,256,989 shares issued and outstanding at December 31, 2023 302,531 220,505 Retained earnings 106,464 77,036 Accumulated other comprehensive loss, net of taxes (12,371) (11,767) Total shareholders' equity 396,624 285,774 Total liabilities and shareholders' equity $ 4,053,278 $ 3,593,125 Consolidated Balance Sheets in thousands, except share amounts 1 1 4 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 1 1 5 Shares Amount Retained Earnings Accumulated Other Comprehensive (Loss) Income Total Shareholders' Equity Balance at December 31, 2021 17,224,848 $ 218,444 $ 17,168 $ (566) $ 235,046 Cumulative effect of adoption of Accounting Standards Codification ("ASC") 842 on retained earnings - - 68 - 68 Net income - - 44,801 - 44,801 Other comprehensive loss - - - (12,888) (12,888) Stock issued under stock award plans 23,639 - - - - Stock compensation expense - 1,099 - - 1,099 Stock forfeitures (6,561) - - - - Cash dividends paid ($1.05 per share) - - (15,301) - (15,301) Balance at December 31, 2022 17,241,926 $ 219,543 $ 46,736 $ (13,454) $ 252,825 Cumulative effect of adoption of ASC 326 on retained earnings - - (4,491) - (4,491) Net income - - 47,734 - 47,734 Other comprehensive income - - - 1,687 1,687 Stock issued under stock award plans 16,978 - - - - Stock compensation expense - 962 - - 962 Stock forfeitures (1,915) - - - - Cash dividends paid ($0.75 per share) - - (12,943) - (12,943) Balance at December 31, 2023 17,256,989 $ 220,505 $ 77,036 $ (11,767) $ 285,774 Net income - - 45,671 - 45,671 Other comprehensive loss - - - (604) (604) Stock issued under stock award plans 96,380 - - - - Stock compensation expense - 1,156 - - 1,156 Stock forfeitures (1,786) - - - - Common stock issued 3,967,500 80,870 - - 80,870 Cash dividends paid ($0.80 per share) - - (16,243) - (16,243) Balance at December 31, 2024 21,319,083 $ 302,531 $ 106,464 $ (12,371) $ 396,624 Consolidated Statements of Changes in Shareholders' Equity in thousands, except share and per share amounts Common Stock year ended December 31, 2024 2023 2022 Cash flows from operating activities Net income $ 45,671 $ 47,734 $ 44,801 Adjustments to reconcile net income to net cash provided by operating activities: Provision for credit losses 6,950 4,000 6,700 Depreciation and amortization 1,877 1,612 1,636 Amortization of deferred loan fees and costs (337) 117 534 Amortization of premiums and discounts on securities 943 1,152 1,267 Amortization of subordinated note issuance costs 146 144 122 Amortization of low income housing tax credits 1,050 291 - Stock compensation expense 1,156 962 1,099 Earnings on bank-owned life insurance (644) (510) (412) Deferred tax provision (243) (897) (1,942) Loans originated for sale (21,654) (47,922) (60,173) Gain on sale of loans (1,274) (1,952) (2,934) Gross proceeds from sale of loans 19,682 38,410 53,691 Net loss (gain) on sale of securities available-for-sale - 167 (5) Extinguishment of redeemed subordinated note issuance costs - - 302 Gain on partial sale of equity investment (545) (1,683) - Net changes in: Interest receivable and other assets 2,535 (3,708) (5,096) Interest payable and other liabilities (2,611) 1,897 7,363 Operating lease liability (916) (900) (978) Net cash provided by operating activities 51,786 38,914 45,975 Cash flows from investing activities Proceeds from sale of securities available-for-sale - 737 1,623 Maturities, prepayments, and calls of securities available-for-sale 8,445 10,056 15,523 Purchases of securities available-for-sale - (1,151) (2,642) Capital call for equity investment (2,908) (1,407) - Proceeds received from equity investment 1,056 1,915 - Low income housing tax credits (10,052) (2,341) - Net change in time deposits in banks 1,737 3,991 4,615 Loan originations, net of repayments (442,843) (284,314) (848,283) Purchase of premises and equipment (628) (653) (481) Purchase of FHLB stock - (4,110) (4,223) Purchase of bank-owned life insurance (1,551) (2,001) (3,054) Net cash used in investing activities (446,744) (279,278) (836,922) Consolidated Statements of Cash Flows in thousands See notes to consolidated financial statements in our Annual Report on Form 10-K. See notes to consolidated financial statements in our Annual Report on Form 10-K. Continues on next page 1 1 6 | F I V E S TA R B A N C O R P 2 0 2 4 A N N U A L R E P O R T | 1 1 7 Consolidated Statements of Cash Flows (Continued) in thousands Consolidated Statements of Comprehensive Income in thousands Year ended December 31, 2024 2023 2022 Cash flows from Financing Activities Net change in deposits $ 531,098 $ 244,892 $ 496,114 Proceeds from issuance of stock, net of issuance costs 80,870 - - (Payments) advances on other borrowings (170,000) 70,000 100,000 Cash dividends paid (16,243) (12,943) (15,301) Proceeds from subordinated note issuance - - 75,000 Subordinated note issuance costs - - (1,454) Subordinated note redemption - - (28,750) Net cash provided by financing activities 425,725 301,949 625,609 Net change in cash and cash equivalents 30,767 61,585 (165,338) Cash and cash equivalents at beginning of period 321,576 259,991 425,329 Cash and cash equivalents at end of period $ 352,343 $ 321,576 $ 259,991 Supplemental disclosure of cash flow information Interest paid $ 87,113 $ 61,854 $ 1,345 Income taxes paid 16,884 19,969 5,200 Supplemental disclosure of noncash items Transfer from loans held for sale to loans held for investment 11,464 9,416 10,671 Unrealized (loss) gain on securities (858) 2,228 (18,291) Operating lease liabilities recorded in conjunction with adoption of ASC 842 - - 5,221 Operating lease liabilities exchanged for ROUA 2,170 2,260 - ROUA recorded in conjunction with adoption of ASC 842 - - 4,974 ROUA acquired (2,170) (2,243) - Net change in commitment for low income housing tax credits 531 (13,612) - Cumulative effect of adoption of ASC 842 on retained earnings, net of tax - - 68 Cumulative effect of adoption of ASC 326 on retained earnings, net of tax - (4,491) - Year ended December 31, 2024 2023 2022 Net income $ 45,671 $ 47,734 $ 44,801 Net unrealized holding (loss) gain on securities available-for-sale during the period (858) 2,228 (18,291) Reclassification for net loss (gain) on sale of securities included in net income - 167 (5) Less: Income tax (benefit) expense related to items of other comprehensive (loss) income (254) 708 (5,408) Other comprehensive (loss) income (604) 1,687 (12,888) Total comprehensive income $ 45,067 $ 49,421 $ 31,913 See notes to consolidated financial statements in our Annual Report on Form 10-K. Five Star Bancorp Common Stock The Company’s common stock, no par value per share, is traded on the Nasdaq Global Select Market under the symbol “FSBC.” As of December 31, 2024, there were 127 holders of record of the Company’s common stock. Additional Information and Where to Find It In accordance with the Securities Exchange Act of 1934 (Exchange Act), the Company files annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and proxy statements for the annual meeting of shareholders, copies of which are also available in the Investor Relations section of our website at https://investors.fivestarbank.com/financial-information/sec-filings, or upon written request to us at Corporate Secretary, Five Star Bancorp, 3100 Zinfandel Drive, Suite 100, Rancho Cordova, California 95670. This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward- looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law. Forward – Looking Statements Locations C h i c o B A N K I N G O f f i c e 1370 E. Lassen Avenue, Suite 100 Chico, CA 95973 530.924.5121 D ow n t ow n S ac r a m e n t o O f f i c e ( N o n - D e p o s i t o r y ) 555 Capitol Mall, Suite 985 Sacramento, CA 95814 916.306.1655 E l k G r ov e B A N K I N G O f f i c e 9250 Laguna Springs Drive, Suite 102 Elk Grove, CA 95758 916.714.2444 N at o m a s B A N K I N G O f f i c e 2400 Del Paso Road, Suite 100 Sacramento, CA 95834 916.640.1500 R a n c h o C o r d ova B A N K I N G O f f i c e 3100 Zinfandel Drive, Suite 100 Rancho Cordova, CA 95670 916.851.5440 R e d d i n g B A N K I N G O f f i c e 358 Hartnell Avenue, Suite B Redding, CA 96002 530.223.6652 R o s e v i l l e B A N K I N G O f f i c e 2240 Douglas Boulevard, Suite 100 Roseville, CA 95661 916.626.5000 s a n f r a n c i s c o B A N K I N G O f f i c e 345 California Street, Suite 2875 San Francisco, CA 94104 415.278.7400 Y u b a C i t y B A N K I N G O f f i c e 855 Harter Parkway, Suite 350B Yuba City, CA 95993 530.431.0950 1 1 8 | F I V E S TA R B A N C O R P Five Star Bancorp maintains a healthy, sustainable environment through the responsible use of renewable resources. Printed on Forest Stewardship Council® certified paper. The FSC®’s mission is to promote environmentally sound, socially beneficial, and economically prosperous management of the world’s forests. 3100 Zinfandel Drive, Suite 100 Rancho Cordova, California 95670 916.851.5440 fivestarbank.com
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