Here are 1-2 brief analogies for Five Star Bancorp (FSBC):

• Wells Fargo, but for Northern California's small businesses and real estate.
• A localized U.S. Bank serving individuals and businesses in Northern California.

• Checking Accounts: Offers various accounts, including noninterest-bearing and interest-bearing, for daily transactions.
• Savings Accounts: Provides accounts for customers to save funds and earn interest.
• Money Market Accounts: Offers a type of interest-bearing deposit account with features similar to savings accounts.
• Time Deposits: Provides accounts where funds are held for a fixed duration at a predetermined interest rate.
• Real Estate Loans: Includes financing for commercial, residential, commercial land, and farmland properties.
• Construction Loans: Offers financing specifically for both commercial and residential building projects.
• Commercial Loans: Provides general loans to businesses for operational and growth requirements.
• Consumer Loans: Offers loans directly to individuals for personal financial needs.
• Debit Cards: Provides cards for convenient access to funds and making purchases.
• Digital Banking Services: Encompasses remote deposit capture, online banking, and mobile banking for convenient account management.
• Direct Deposit Services: Facilitates the automatic deposit of various income sources into customer accounts.

The major customers of Five Star Bancorp (FSBC) are categorized as follows:

• Small and medium-sized businesses
• Professionals
• Individuals

• Jack Henry & Associates, Inc. (JKHY)

James Beckwith, President and Chief Executive Officer

Mr. Beckwith has served as President and Chief Executive Officer of Five Star Bancorp since 2003 and is a member of the Company's board of directors. He joined Five Star Bank in 2003 after serving as Chief Financial Officer and Chief Operating Officer at National Bank of the Redwoods in Santa Rosa, California. Mr. Beckwith is described as entrepreneurial and was a driving force behind the creation of the "FIVE PILLAR PROGRAM" (later "RISE Program"), an economic development initiative focused on reinvestment of public funds in the local economy. He holds a Bachelor of Science in Business Administration with a concentration in Accounting from San Francisco State University and is a graduate of Pacific Coast Banking School at the University of Washington.

Heather Luck, Executive Vice President and Chief Financial Officer

Ms. Luck has served as Executive Vice President and Chief Financial Officer since January 2025. She joined Five Star Bancorp in October 2018 as Vice President and Director of Finance, and later served as Senior Vice President and Chief Financial Officer from 2021 to 2025. Prior to joining Five Star Bancorp, Ms. Luck was a 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. Before Oracle, she was a Manager in Assurance Services for Ernst & Young, LLP from 2010 through 2017. Ms. Luck is a licensed Certified Public Accountant in California and earned a Bachelor of Science degree in Marketing from the University of Utah and a Master of Science degree in Accounting and Finance from the University of Maryland Global Campus. She is also a graduate of Pacific Coast Banking School at the University of Washington.

Michael Lee, Senior Vice President and Chief Regulatory Officer

Mr. Lee has served as Senior Vice President and Chief Regulatory Officer of Five Star Bancorp since 2010. He joined the Company in 2005 as Chief Financial Officer, and then transitioned to Chief Credit Officer in 2007, serving in that role until 2010. Before joining Five Star Bancorp, Mr. Lee served over 14 years with the FDIC (Federal Deposit Insurance Corporation) as a Supervisory Examiner. He holds a Bachelor's degree in Business Administration with a concentration in Economics from Midwestern State University in Texas and is a graduate with honors from the Pacific Coast Banking School at the University of Washington.

Maria Ramirez, Executive Vice President and Chief Operating Officer

Ms. Ramirez has served as Executive Vice President and Chief Operating Officer since January 2025. Prior to this role, she served as Senior Vice President and Chief Operations Officer and Chief DE&I Officer from 2021 to 2025, Senior Vice President and Director of Operations from 2018 to 2021, and Senior Vice President and Director of Branch Administration from 2017 to 2018. Ms. Ramirez has over 16 years of experience in senior level banking.

David Kurtze, Executive Vice President and San Francisco Bay Area President

Mr. Kurtze has served as Executive Vice President and San Francisco Bay Area President since January 2025. He previously held the title of Senior Vice President and San Francisco Bay Area President from 2023 to 2025. Before joining Five Star Bancorp, Mr. Kurtze was a Senior Vice President, Group Director at Signature Bank. He graduated from Fresno Pacific University with a Bachelor of Arts in Business Management.

Here are the key risks to Five Star Bancorp (symbol: FSBC):

1. Concentration in Commercial Real Estate (CRE) Loans: Five Star Bancorp has a substantial concentration in commercial real estate loans, which represented 81.08% of its total loans as of December 31, 2025, with total real estate-related loans being 86.07% of the portfolio. As of the first quarter of 2024, the company's investor CRE concentration was approximately 574% of risk-based capital. This elevated exposure makes the bank particularly vulnerable to adverse developments in the commercial property market, such as rising interest rates, increasing vacancies, and falling property values, which have put pressure on California banks.
2. Interest Rate Risk and Net Interest Margin Volatility: The company is identified as a "spread-reliant company," meaning a significant portion of its earnings comes from the difference between interest earned on loans and interest paid on deposits. Interest rate volatility presents a key risk, as fluctuations can directly impact net interest margins and deposit costs. While Five Star Bank has demonstrated effective management of these pressures, achieving a net interest margin of 3.53% in Q2 2025, continued shifts in interest rates could affect profitability. Rising interest rates can also lead to a decrease in the value of long-term assets and encourage depositors to seek higher-yielding alternatives.
3. Geographic Concentration in Northern California and Regional Economic Sensitivity: Five Star Bancorp primarily operates through seven branch offices and two loan production offices in Northern California, with its deposit franchise largely concentrated in Sacramento. This geographic concentration exposes the bank to regional economic downturns or specific industry challenges within Northern California, such as those impacting the commercial real estate market or the technology sector. Any significant localized economic slowdown or adverse regulatory changes within this region could disproportionately affect the bank's loan portfolio quality, deposit base, and overall financial performance.

Clear emerging threats for Five Star Bancorp (FSBC) include:

• The rise of digital-only banks (neobanks) that operate with significantly lower overhead, offering more competitive rates and a streamlined mobile-first user experience. These disrupt the traditional branch-based banking model for deposits and some lending services, posing a direct threat to Five Star Bancorp's regional physical footprint and customer base.
• Specialized fintech lenders that leverage advanced technology and data analytics to offer faster, more convenient, and often more tailored loan products (e.g., small business loans, specific real estate financing). This erodes market share from traditional banks like Five Star Bancorp in key lending categories by providing alternative and often more agile financing solutions.

Five Star Bancorp (symbol: FSBC) operates within the Northern California region, offering a range of banking products and services. While specific market sizes for Northern California for each product are not consistently available, the addressable markets for its main products and services can be estimated based on available data for California.

• Deposits: The total deposits held at community bank branches in California amounted to approximately $314.75 billion as of December 2024. This figure represents the addressable market for deposits for community banks across California.
• Real Estate Loans (Commercial and Residential): The Real Estate Loans & Collateralized Debt industry in California is projected to have a market size of $62.3 billion in 2026. This market size covers various real estate loan products, including commercial and residential real estate loans, as well as construction loans, across the state of California.
• Commercial Loans: The total principal amount of commercial loans originated by finance lenders in California reached $214.2 billion in 2021. This represents a significant portion of the addressable market for commercial loans in California, encompassing general commercial, commercial land, and farmland loans.
• Consumer Loans: Californians held approximately $30 billion in personal loan debt by late 2024. This figure indicates the addressable market for consumer loans, such as personal loans, within California.

1. Expansion into the San Francisco Bay Area Market: Five Star Bancorp has demonstrated a commitment to expanding its presence in the San Francisco Bay Area, evidenced by increased employee headcount in the region and the opening of new offices, including a full-service office in San Francisco's Financial District and a Walnut Creek branch in 2025. This strategic expansion is expected to fuel continued deposit and loan growth.
2. Sustained Loan Growth: The company anticipates continued growth in its loan portfolio, with management projecting low double-digit loan growth for 2026 and beyond. This growth is broad-based, encompassing commercial and residential real estate loans, commercial loans, commercial land loans, farmland loans, commercial and residential construction loans, and consumer and other loans, with a strong emphasis on commercial real estate.
3. Growth in Non-Wholesale Deposits: Five Star Bancorp is actively working to increase its deposit base, with a particular focus on growing less costly, non-wholesale deposits. The company projects deposit growth for 2024 and achieved significant increases in non-wholesale deposits in 2025, driven by successful customer acquisition strategies and a reduction in reliance on wholesale deposits. This growth in core deposits provides a stable funding source for lending activities.
4. Net Interest Margin Expansion: Management expects continued improvement and expansion of its net interest margin (NIM), driven by factors such as new loan production at higher rates and a declining cost of deposits. Analysts also anticipate net interest margin upside to contribute to significant net interest income growth in the coming years.
5. Expansion into New Business Lines: Five Star Bancorp has highlighted its expansion into new business sectors, notably the agribusiness sector. This diversification of services to new customer segments is expected to open additional avenues for revenue generation and broaden the company's market reach within Northern California.

Share Issuance

• Five Star Bancorp completed its Initial Public Offering (IPO) in May 2021, transitioning from a Subchapter S corporation to a taxable C Corporation.
• The number of shares outstanding increased, reaching 21,376,153 as of February 24, 2026, up from 21,319,083 at December 31, 2024, and 21,182,143 at December 31, 2025.

Capital Expenditures

• Net occupancy and equipment expense, which can include capital expenditures, increased from $5.15 million in 2022 to $6.23 million in 2023 and $7.64 million in 2024.
• The company expanded its physical presence by opening a Walnut Creek branch in 2025, contributing to its operational growth.
• Non-interest expense increased by $10.5 million for the full year 2025, primarily driven by higher salaries and benefits due to an increase in headcount, which can be associated with expansion-related capital outlays.