Business Context and Reporting Period
This Form 8-K Current Report was filed by Five Star Bancorp on March 17, 2022. The registrant is a California corporation listed on The Nasdaq Stock Market LLC under the symbol FSBC. The filing addresses a specific corporate action approved by the Board of Directors regarding a shareholder distribution.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics. The only specific financial figure disclosed is the amount of a special distribution.
- Special Distribution: $0.45 per share.
- Payment Date: March 18, 2022.
- Record Date: May 3, 2021 (the day prior to the Company's conversion to a C corporation).
Material Changes
The material event reported is the Board's approval to pay the remaining balance of the Company's federal accumulated adjustments account. This distribution relates to the Company's prior status before its initial public offering and conversion to a C corporation. No other material changes to operations or financial condition are detailed in this specific filing.
Guidance, Outlook, and Risks
The filing contains standard forward-looking statements regarding future events, business plans, and operating results. Management cautions that actual results may differ materially from expectations due to known and unknown risks. Specific risk factors are referenced in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The filing explicitly states that the information provided under Item 7.01 is not deemed "filed" for purposes of Section 18 of the Exchange Act.
Investor Verification Checklist
- Verify shareholder eligibility based on the May 3, 2021 record date.
- Confirm the receipt of the $0.45 per share distribution payment.
- Review the Form 10-K for the year ended December 31, 2021, for detailed risk factors and comprehensive financial data not included in this 8-K.
- Understand that this distribution represents the final payment of the federal accumulated adjustments account from the pre-IPO era.