Q4 2024 Five Star Bancorp Earnings Call
Welcome to five Star Bank Corp, fourth quarter and year end earnings webcast.
Please note. This is a close conference call and you are encouraged to listen via the webcast.
After today's presentation will be an opportunity for that was provided with the dial in number is to ask questions.
To ask a question you May press Star and then one on your telephone keypad.
All your question you May press Star two.
Before we get started we'd like to remind you that today's meeting will include some forward looking statements within the meaning of applicable securities laws.
These forward looking statements relate to among other things current plans expectations events and industry trends that may affect the company's future operating results and financial position.
Let's see.
There are certain.
Activities and results may differ materially from these expectations.
For a more complete discussion of the risks and uncertainties that may cause actual results to differ materially from the company's forward looking statements. Please see the company's annual report on Form 10-K for the year ended December 31 2023.
Early reports on Form 10-Q for the three months ended March 31 2024.
30th 2024 at September 32024, and in particular, the information set forth in item one a risk factors in those reports.
Please refer to slide two of the presentation, which includes disclaimers regarding forward looking statements industry data and non-GAAP financial information included in this presentation.
Reconciliations of non-GAAP financial measures to their most directly comparable GAAP figures are included in the appendix to the presentation.
Please also note today's event is being recorded.
James: This time I would like to turn the floor over to James back with five Star Bancorp President and CEO. Please go ahead.
James: Thank you for joining us to review five Star Bancorp's financial results for the fourth quarter and year ended December 31, 'twenty 'twenty four.
Speaker Change: Joining me today is have their luck executive Vice President and Chief Financial Officer.
Speaker Change: Our comments today will refer to the financial information that was included in the earnings announcement released yesterday.
A copy of the release please visit our website at five Star Bank Dot Com.
Speaker Change: Click on the Investor Relations tab.
Speaker Change: 'twenty 'twenty four was another outstanding year of achievement underpinned by this successful continuation of our San Francisco market expansion. In addition to opening a full service office in San Francisco's Financial District on September 3rd 2024, we added 18 more.
Speaker Change: Seasoned professionals during 2024 to support the expansion.
Speaker Change: We also continue to add new core deposit accounts and relationships across our full footprint.
Speaker Change: As seen in the growth of non wholesale deposits of 330.
Speaker Change: One 3 million during the year ended December 31 2024.
Speaker Change: In the fourth quarter, we maintained our ability to conservative.
Speaker Change: Underwrite as evidenced by our 49, 92% LTV on commercial real estate manage expenses with our 40, 121% efficiency ratio.
Speaker Change: And deliver value to shareholders with our <unk> 20 per share dividend for each quarter of 2024.
Speaker Change: Additionally, in the fourth quarter.
Speaker Change: We were able to maintain our net interest margin, which decreased by only one basis point and grow our total loans assets and deposits.
Speaker Change: Over prior periods.
Speaker Change: Loans held for investment increased.
Speaker Change: During the quarter by $72 1 million or two 8% from the prior quarter and increased 40.
Speaker Change: $451 million or $14, six 3% year over year.
Speaker Change: Average loan yields improved each quarter in both 2023 and 2024.
Speaker Change: Consumer and other concentrations over the loan portfolio increased most significantly year over year from one 2%.
Speaker Change: As of December 31, 2023 to seven 9% as of December 31, 2024.
Speaker Change: Due to purchased consumer loans.
Speaker Change: The commercial real estate concentration of the real estate portfolio decreased year over year from 80, 676% as of December 31, 2023 to 87, 5% as of December 31 2024.
Speaker Change: Our commercial real estate concentration is differentiated by diversification within the portfolio.
Speaker Change: And our ability to conservatively underwrite as evidenced by a 49, 92% LTV.
Speaker Change: Our pipeline continues to remain solid at the end of 2024 within the verticals in which we have historically operated.
Speaker Change: Loan originations during the quarter were $263 3 million, while payoffs and Paydowns.
Speaker Change: Were $72 5 million and $118 7 million respectively.
Speaker Change: During 2020 for loan originations were $1 1 billion and payoffs and Paydowns were $263 million and $423 million respectively.
Speaker Change: Asset quality continues to remain strong nonperforming loans remained at 0.0% to 5% of loans held for investment at period in <unk>.
Speaker Change: As compared to 0.05% at the end of the prior quarter.
Speaker Change: And 0.06% at the end of the prior year.
Speaker Change: As of December 31, 2020 for the allowance for credit losses totaled $37 8 million.
Speaker Change: We recorded a $1 3 million provision for credit losses during the fourth quarter.
Speaker Change: Primarily related to loan growth for a total provision for credit losses of $7 million for the year ended December 31 2024.
Speaker Change: The ratio of allowance for credit losses to total loans held for investment was one 7% at year end.
Speaker Change: Loans designated as sub standard or doubtful told it totaled 20, excuse me $2 6 million at the end of 2024, representing an increase of approximately $8 million from the prior quarter.
Speaker Change: And an increase of approximately $7 million from the previous year end.
Speaker Change: During the fourth quarter deposits increased by $158 million or $4 six 5%.
Speaker Change: During 2020 for deposits increased by $531 1 million or $17 five 5%.
Speaker Change: Year over year increase was largely driven by increases in money market time, and noninterest bearing demand deposits.
Speaker Change: Partially offset by decreases in interest bearing demand and savings deposits.
Speaker Change: Noninterest bearing deposits as a percent of total deposits decreased to 25, 93%.
Speaker Change: At the end of the fourth quarter from $26 six 7% at the end of the prior quarter and 27.46%.
Speaker Change: At the end of the prior year.
Speaker Change: As noted earlier.
Speaker Change: We are pleased that we had a net non wholesale deposit inflows for the year ended December 31 2024.
Speaker Change: Our ability to grow deposit accounts supports our differentiated customer centric model that our customers trust and value.
Speaker Change: As seen through the mix of high dollar accounts and the duration of certain customer relationships. We believe we have a reliable core deposit base.
Speaker Change: To offer more detail on our deposit composition I want to highlight that the deposit relationships totaled totaling greater than 5 million constituted 60, 113% of our total deposits.
Speaker Change: And the average age on these accounts was approximately $9 two eight years as of December 31 2024.
Speaker Change: Local agency deposits accounted for 23% of deposits as of December 31, 2024.
Speaker Change: Overall deposit balances have increased when compared to the prior quarter wholesale deposits, which we defined as broker deposits and public time deposits increased by $150 million or 30, 659% quarter over quarter.
Speaker Change: Non wholesale deposits increased by $8 million or two 7% driven by a $15 7 million increase in noninterest bearing deposits, partially offset by a $7 $7 million decrease in non wholesale interest bearing deposits compared to the prior quarter.
Speaker Change: Cost of total deposits was 258 basis points during the fourth quarter of 2024.
Speaker Change: And 255 basis points.
Speaker Change: For the year.
Speaker Change: We continue to be well capitalized with all capital ratios well above regulatory thresholds for the quarter and the year.
Speaker Change: Our common equity tier one ratio increased from 10, 93% to 11, 2% between September 32024, and December 31 2024.
Speaker Change: On January 16th 2025, our board declared a cash dividend of <unk> 20 per share on the company's common voting stock expected to be paid on February 10, 2025 to shareholders of record as of February 3rd 2025.
Speaker Change: On that note I will hand, it over to Heather to discuss the results of operations Heather.
Heather: Thank you James and Hello, everyone.
Heather: Net income for the quarter was $13 3 million.
Return on average assets was 131%.
Heather: Our return on average equity was 13 four 8%.
Heather: Net income for the year was $45 7 million return on average assets was 123% and return on average equity was 12, 72%.
Heather: Average loan yield for the quarter was six 1% representing an increase of three basis points over the prior quarter.
Heather: Average yield on loans for 2024 was $5 eight 9%, representing an increase of 37 basis points over 2023.
Heather: Our net interest margin was 336% for the quarter, while net interest margin for the prior quarter was $3 three 7%.
Heather: Our net interest margin was 332% for the year, while net interest margin for the prior year with $3 four 2%.
Heather: As a result of changes in interest rates and other factors.
Heather: Our other comprehensive loss was $2 6 million during the three months ended December 31, 2024, as unrealized losses net of tax effect increase on available for sale debt securities from $9 7 million as of September 32024 to $12 4 million as of December 31.
Heather: 2024.
Heather: Noninterest income increased to $1 7 million in the fourth quarter from $1 4 million in the previous quarter.
Heather: Do you primarily to income received on equity investments in venture backed funds. During the three months ended December 31 2024.
Heather: And with a loss from equity investments in venture backed funds during the three months ended September 32024.
Heather: Noninterest income decreased to $6 5 million in 2024 from $7 5 million in 2023 due to primarily to lower income received on equity investments and venture backed funding during the year.
Heather: Non interest expense increased to $14 5 million in the fourth quarter from $13 8 million in the previous quarter due primarily to increased commissions related to higher loan production and increased advertising and promotional expenses.
Noninterest expense increased from $47 8 million in 2023 to $54 5 million in 2024, due primarily to an increase in salaries and employee benefits related to our expansion in the San Francisco Bay area.
James: Now that we've discussed the overall results of operations I will hand, it back to James to provide some closing remarks.
James: Thank you Heather I want to thank everyone for joining us as we discuss fourth quarter and year end results.
James: Five Star Bank has built a reputation on trust speed to serve and certainty of execution, which support our client success. Our financial performance is the result of a truly differentiated customer experience, which continues to power the demand for five star banks relationship based services.
James: We are very proud to have earned the trust of those we serve including our shareholders.
James: Looking to 2025, we are confident in the company's resilience in any environment and remain focused on the future and our long term strategy.
James: We will continue to execute on our organic growth and disciplined business practices, which we believe will benefit our customers employees community and shareholders. We appreciate your time today. This concludes today's presentation now.
James: Now Heather and I will be happy to take any questions that you may have.
James: Ladies and gentlemen, we will now begin the question and answer session to ask a question those dialed in May press star and one on <unk>.
James: Telephone keypads.
James: We are using a speaker phone, we do ask that you. Please pick up the handset prior to pressing the keys to ensure the best sound quality.
James: To withdraw your questions you May press star into <unk>.
James: Questions will be taken in the order in which they are received.
Speaker Change: Our first question today comes from will Jones from <unk>. Please go ahead with your question.
Yeah, Hey, thanks for the questions, that's helping them for what he later this afternoon.
Speaker Change: I just wanted to start on deposits and another quarter of really strong growth do I know it was really.
Speaker Change: Kind of a larger wholesale one quarter, just hoping you could give us a little bit of a flavor for kind of the deposits that you brought on.
Speaker Change: And the duration or cost of the incremental deposits this quarter.
Speaker Change: Sure.
Speaker Change: As we pointed out and as you referenced.
Speaker Change: For the most part of our deposit growth was on the wholesale side and what we've chosen to do is to remain.
Speaker Change: Pretty short on those those certificates of deposits and we've kind of set up a.
Well if you.
Speaker Change: If you can imagine this kind of a rolling every three months.
Speaker Change: Repricing of those deposits they come due so their very short term Cds.
Speaker Change: And so we think with that structure.
Speaker Change: With our wholesale deposits, which are Cds, Oliver Mercedes or the right way.
Speaker Change: That will be able to take advantage of any rate cuts that may occur in 2025.
Speaker Change: Just like we did in the fourth quarter. So that's really kind of how they are set up well in the cost.
Speaker Change: Of those deposits are probably sitting right on top of treasuries. When we did them. Yes. So right now the weighted average rate for that portfolio and there's about $560 million and there is $4 five 9%.
Speaker Change: That will reprice as James noted on a three month basis right.
Speaker Change: Okay, Great that is all very helpful.
Speaker Change: And then as you just kind of look into 2025, and then you kind of think about your growth plans.
Speaker Change: How are you thinking about that.
Speaker Change: The ability to generate organic core deposits.
Speaker Change: This floating narrative out there.
The industry as a whole kind of reignite itself into a state of growth.
Speaker Change: The competition for deposits is only going to.
Speaker Change: Increase into the year. So maybe if you could just give me any commentary on how maybe your kind of view the competitive landscape unfolding in 2025, and then what is the ultimate outlook or the ability to grow core deposits.
Speaker Change: Thank you sure.
Speaker Change: Yes.
Speaker Change: This business is always very competitive so we're not necessarily seeing any great changes.
Speaker Change: We fight it day in and day out in all the markets in the verticals in which we serve.
Speaker Change: Theres nothing Thats easy.
Speaker Change: In terms of attraction of core deposits and it's.
Speaker Change: It is the most challenging aspect of being in commercial banking right now so as we look to.
Speaker Change: And as we look to 'twenty.
Speaker Change: <unk> 2025 in terms of our growth, we're targeting targeting about 8%.
Speaker Change: Annual growth rate that might be.
Speaker Change: Kind of chunky.
Speaker Change: But we think that that's probably the.
Speaker Change: The best our best sense of what it might be.
Speaker Change: Yes, Okay, that's great.
Speaker Change: And then just lastly from me I just wanted to touch on expenses.
Speaker Change: I know you guys kind of bear one of the best efficiency ratios.
Speaker Change: Banking and thank you for noticing.
Speaker Change: Well, thank you for now.
Speaker Change: Hard to Miss it.
Speaker Change: But at the same time you guys are a growth company and then operating leverage has been a little bit more challenging to come by.
Speaker Change: As you go through this investment period, but.
Speaker Change: As you look to 'twenty, five and maybe the margin has more and more of an upward slope.
Speaker Change: And you kind of look behind that and see that lions share of the investment in San Francisco has kind of been made and is behind you is did you feel like operating leverage could be on the table for 2025.
Speaker Change: Sure we do see some.
Speaker Change: We do see some slight margin expansion in our future.
Speaker Change: And.
Speaker Change: So that's I think that will really drop most of that will drop to the bottom line.
Speaker Change: We have invested.
Speaker Change: To your point and personnel costs and acquisition of personnel costs, which we may not see that to the same degree in 2025.
Speaker Change: So we do expect that group of people of which number 2008 people right now to really help us drive growth, but we're excited about growth across our entire platform as I. Previously mentioned, we think that we can grow 8% on deposits. We also think we can grow loans by 8%.
Speaker Change: So that's kind of what we're targeting so we do see we do see some.
Speaker Change: Operating leverage for us.
Speaker Change: Some of the investments that we made last year.
Speaker Change: I think they're beginning to pay off we did invest in some some new technology, which we're very excited about it coming to fruition this year.
Speaker Change: So.
Speaker Change: Yes, I think your point's well taken we do expected.
Speaker Change: To have.
Speaker Change: Slightly increased margins in with growth.
Speaker Change: Given where those earning assets will be put on in terms of the yield we're excited about our future.
Speaker Change: Okay, that's great well nice to hear you guys. Thank you for the time.
Speaker Change: Thanks, so much.
Speaker Change: Our next question comes from David Feaster from Raymond James. Please go ahead with your question.
David Feaster: Hi, good morning, everybody.
Speaker Change: Hey, good morning, David how are you doing great doing great.
Speaker Change: Just wanted to follow up on on kind of that loan growth commentary a bit look the increase in.
Speaker Change: Originations is very encouraging I was hoping you could maybe just.
Speaker Change: How much do you think the increase in originations as a function of improving demand versus market share gains and then on the other side of coin payoffs and pay downs increased too I'm curious some of the trends you're seeing there is that asset sales.
Speaker Change: Competitive dynamics.
Speaker Change: Others might be.
Speaker Change: Refinancing.
Speaker Change: That elsewhere, just kind of curious some of the dynamics that youre seeing underlying that loan growth.
Yes, let's let's just talk about origination side and then we've got some commentary on the payoffs and whatnot. So on the origination side.
Speaker Change: Where rates are right now it's not the most favorable environment.
Speaker Change: That.
Speaker Change: The five year and the 10 year have been kind of ticked up over the last part of the year and then right now they are there.
Speaker Change: In terms of one.
Speaker Change: One of our businesses, which are in our mobile home Park business, David there's not it's not the greatest environment, but I will say there is still activity happening and so we're excited about that.
Speaker Change: I think our loan growth well I don't think our our loan growth is really driven by let me use a fishing analogy how many lines of the walk how many lines, we have and the water. We've got a lot of people that are working there.
Speaker Change: They are in business development right now we've got 31 of them.
Speaker Change: And.
Speaker Change: Given that.
Speaker Change: Cadre of professionals that are constantly looking for.
Speaker Change: New relationships and strong relationships, while taking care of their existing relationships.
Speaker Change: We think we have a competitive advantage in terms of growth.
Speaker Change: So.
Speaker Change: I think it's really a function of how active we are how many feet we have on the street.
Speaker Change: The environment for growth itself.
Speaker Change: Given the interest rate environment I mean, it's okay. Obviously people are excited about what's going on.
Speaker Change: In terms of what our president is doing in his administration. So there may be some aspect of.
What do we call it Heather animal spirits.
Speaker Change: That's happening but.
Speaker Change: But on.
Speaker Change: All in all aspects, it's positive now on the payoff side.
David Feaster: David part of our business.
As.
David Feaster: What happens in a lot of our businesses is that folks will take their debt structures. They have on their commercial real estate.
David Feaster: And taken to agency or life companies or.
David Feaster: <unk>.
David Feaster: Or some see MBS market.
That's okay, I mean, that's kind of a planned.
David Feaster: Pay off and so we saw a fair amount of that in the fourth quarter, we will probably see a little bit about <unk>.
David Feaster: First quarter here, but that's a natural progression.
David Feaster: In terms of how our commercial real estate portfolio works.
David Feaster: And so.
David Feaster: That just means we have to run a little harder.
David Feaster: It can be more active in order to stay ahead of the game, but we do expect those things to happen year in and year out.
David Feaster: Okay.
David Feaster: That's great color and maybe following up on your commentary like looking at the breakdown Youre point on on manufactured housing maybe not the greatest environment right now.
David Feaster: Yes.
David Feaster: Where are you where do you expect growth to be driven from.
David Feaster: It was very diversified this quarter.
David Feaster: Do you expect maybe more diversified CRE production going forward just again as you have more.
David Feaster: Lines in the water to use your analogy.
David Feaster: Yes, I think thats a good point.
David Feaster: Because of the fact that we've got.
David Feaster: Well a lot of people down in the Bay area looking for deals right now and we expect that to be very active.
David Feaster: And so year over year or two years ago same time.
David Feaster: We expect our originations to be a lot more diversified to your point.
David Feaster: So.
It's not that the mobile home park in RV Park.
David Feaster: Activity is is that in fact, it's not it still represents a big piece of our pipeline is this that we brought on some folks that are really will add to the diversification of originations, which was which is all by design.
David Feaster: That's great.
David Feaster: And then you just touched on the Bay area I was hoping to get a sense kind of on the pulse there you've been extremely active making some market share gains continuing to hire already brought on a new person in 2025.
David Feaster: Could you just talk about the pulse of that market whats youre seeing there your ability to continue to gain share and just kind of the plans you have for continued expansion there.
David Feaster: Sure.
David Feaster: First of all it's a great market and there's still an aspect of.
David Feaster: Im going to say turmoil in and certainly repairing given what happened with Silicon Valley Bank and first Republic Bank and some of the mergers that have happened and what happened even signature bank.
David Feaster: So we're still very excited about that we're providing a great platform for experienced bankers to come join us.
David Feaster: So our next.
David Feaster: Expansion efforts will from a physical perspective will probably be in the east Bay, probably most likely in Walnut Creek.
As we continue to grow and we're always looking to add talented folks and I think.
David Feaster: What's important to note is that success breeds success.
David Feaster: Word of mouth, because bankers do like to talk.
David Feaster: We've created something down there.
David Feaster: That is really has its own momentum right now.
David Feaster: In terms of business attraction and also talent attraction. So that's kind of where we're headed from a geographic perspective, David down there.
David Feaster: But we are interested in the entire bay area the bay area's a diverse place.
David Feaster: You've got the North Bay, you've got San Francisco property that the Peninsula you get this offer you got Silicon Valley, You've got East Bay, Oakland Alameda, You've got Walnut Creek conquered all of these places are different they are all their own economic nodes and in order to play in that space and do it effectively.
David Feaster: Got to get people, who are very experienced and know their markets and know the customers and know the industries that are there and so that's what we're trying to accomplish down there.
David Feaster: And it's exciting and it's not we're not doing this to diminish what we're doing are certainly up in the capital region or all the way up into the North State. In fact, we've added a couple of people up in Chico that we're excited about.
David Feaster: So we continue to grow and develop and we're always looking for talent David.
David Feaster: Never stopped doing that.
Speaker Change: That's great that's great. Good point thank you.
David Feaster: Okay.
Speaker Change: Once again, if he would like to ask a question. Please press star and one our next question comes from Andrew <unk> from Stephens. Please go ahead with your question.
Andrew: Hey, good morning, James Good morning, Heather.
Heather: Hey, good morning, Andrew.
Speaker Change: Just a few questions here.
Heather: Anything James.
Heather: Seasonally impacted the non wholesale deposits, we saw this quarter up up a little bit less than than maybe I was expecting just wondering if there was any kind of seasonal impact that we should be aware of for the fourth quarter.
Heather: In terms of deposit flows, yes deposit flows not wholesale.
Heather: Yes.
Heather: I think that.
Heather: We saw some good reason Alaska.
Heather: Weak.
Heather: It probably would have dramatically different results I think we saw a lot of distributions being made by our commercial customers.
Heather: Coming out of the last two weeks of December and the flows where it really quite significant well over 50 million Bucks and I think that's normal people are paying out bonuses.
Heather: Why do people like to get that done prior to the end of the year for staff, maybe some of the executives here a little bit later.
Heather: But.
Heather: That's something that we really picked up on notice.
Heather: No relationships went away, it's rather just people distributed their cash.
Heather: <unk>.
Heather: And.
Heather: So that's what we saw was very noticeable.
Heather: Got it okay. Thank you.
Heather: I appreciate that.
Heather: And then when I think about.
Heather: The parameters are putting around kind of loan and deposit growth next year. I think you said both expected around that 8% just within those two figures would you assume any.
Heather: Any runoff of the wholesale deposits.
Heather: Yeah, essentially implying that kind of non wholesale deposit can be better than 8%.
Heather: Within the loan growth should we expect any.
Heather: <unk> purchases throughout 2025 and were there any in this quarter.
Heather: So there were some in this quarter and so big picture what were trying to maintain as about a $300 million book with BHG.
Heather: Which means we have to be active very quarter every quarter to kind of fill up what gets paid off its very rapid amortization. So we plan to keep the BHG balances around $300 million. We also plan to keep our wholesale book pretty consistent throughout the whole year. So.
Heather: The strategy there is just a rule.
Heather: Keep rolling those Cds and just to put some context around that.
Heather: James networking to stay within that 300 million concentration. So for comparison purposes. In Q4, we only purchased $17 million of BHG loans.
Heather: For our total as of year end at $2 70, as compared to 109 million purchased in Q3. So you can kind of see the level of activity now that we're almost of that that level of kind of typical activity that will do.
Heather: So no diminishment of our wholesale deposit book.
Got it Okay I appreciate it and then maybe just one more just going back on I think as well as point around the efficiency.
Heather: If I look at the expense growth this past year was 14% versus 2023 levels.
Heather: Should we be thinking about just overall level of expense growth in 2025.
Heather: Yeah as Jamie mentioned earlier, we have been investing in not only the bay area, but also Sacramento in the valley and in the North face and also in back office support to help support all of the new activity and new customers coming in so I would I expect to have for the first half of the year.
Heather: Or to use Q4 as expenses as your proxy I think that Thats, a good new baseline for where we expect to be.
Heather: For the first half of this year.
Heather: Got it okay. It's pretty similar for can you enter the first half and then maybe we'll reassess them depending on kind of hiring in future investments.
Heather: Correct correct.
Heather: Okay.
Heather: Glad you brought that question up because we were just talking about that in terms of.
Heather: We are off that opportunistic Andrew.
Heather: The team becomes available.
Heather: We're going to jump on it.
Heather: And so these folks aren't cheap as you know.
Heather: Yes.
Heather: Well you guys have done a great job in remaining opportunistic so I appreciate it.
Heather: Thank you. Thank you.
Speaker Change: And ladies and gentlemen at this time, we're going to conclude today's question and answer session I would like to turn the floor back over to management for closing remarks.
Speaker Change: Great. Thank you Flagstar Bancorp is on a continued path of growth as we execute on strategic initiatives, which include growing our verticals and geographies, while attracting and retaining talent our people technology operating efficiencies conservative underwriting practices and expense <unk>.
Speaker Change: Managing management have also contributed to the successes, we share with our employees and shareholders.
Speaker Change: These successes include numerous ratings and awards.
Speaker Change: Five star Bank consistently execute on client and community focused initiatives in 2024 was no exception.
Speaker Change: We received a super Premier rating from Finley reports and IDC superior rating.
Speaker Change: And a bauer financial rating of five stars.
Speaker Change: We were also awarded the prestigious 2023, Raymond James Community Bankers Cup, where among S&P global market intelligence.
Speaker Change: 'twenty three top 20, best performing community banks in the nation.
And we are ranked fifth in the 2024 Bank Director magazine best use banks with assets less than $5 billion.
Speaker Change: We also received the greater Sacramento economic Counsels Sustainability award recognizing a company that has supported industry growth in the greater Sacramento region.
Speaker Change: In 2020 for our senior leadership was recognized by the sacramental business Journal with the C Suite Award.
Speaker Change: A woman, who mean business owner.
Speaker Change: Under 40 recognition.
Speaker Change: And placement on the power 100 list.
Speaker Change: Our senior leadership was also recognized in the San Francisco business Times, Newsmaker 100 list.
Speaker Change: As part of the independent community bankers.
Speaker Change: 40 under 40.
Speaker Change: Emerging or emerging community bankers among.
Speaker Change: The Association of Latino professionals for Americas Top 50, most powerful Latinos.
Speaker Change: And with the National Association of women business owners Sacramental Valley Outstanding Women leaders Executive Women Award.
Speaker Change: Being recognized as community leaders insurers five star Bank remains top of mind in the markets. We serve as we continue to build out our market presence.
Speaker Change: I'm humbled and proud of our team's accomplishment and look forward to the future.
Speaker Change: We look forward to speaking with you again in April discuss earnings for the first quarter of 2025 have a great day and thank you for listening.
Speaker Change: Ladies and gentlemen, the conference has now concluded we thank you for attending today's presentation. You may now disconnect your lines.
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