Five Star Bancorp falls after about $114 mln equity raise
FSBC•Use of proceeds and recent results
The company said it intends to use expected net offering proceeds of $113.6 million for general purposes, to support growth, and for working capital.
FSBC had about 21.4 million shares outstanding before the offering.
KBW was sole bookrunner.
After the bell Wednesday, the company said its Q2 net interest income rose by $2.6 million quarter over quarter to $46.1 million, primarily due to an increase in interest income driven by loan growth and higher interest-earning deposits in banks; net interest margin dipped 7 basis points to 3.63% from Q1.
Through Wednesday, FSBC stock was up 35% year to date. It hit a record intraday high of $50.26 on July 16.
Of 5 analysts, 3 rate the stock "buy" and 2 "hold"; median price target is $47, per LSEG data.
Shares fall after follow-on pricing
Regional bank Five Star Bancorp's FSBC.O shares were down 7% to $45 premarket on Thursday after the overnight follow-on priced.
