Noninterest income was $10.5 million for the third quarter of 2023, a decrease of $980 thousand from the second quarter of 2023 and a decrease of $2.2 million from the third quarter of 2022. “Our continued focus on deposit gathering resulted in strong growth during third quarter of 5.6%, with our retail, commercial and Banking-as-a-Service, or BaaS, lines of business all contributing to nonpublic deposit growth,” said President and Chief Executive Officer Martin K. Birmingham. “BaaS deposits totaled approximately $77 million at September 30, 2023, as we continue to gain momentum with fintech clients and their end customers. We also welcomed hundreds of new customers to Five Star Bank as a result of a new marketing campaign launched during the third quarter, supporting our near-term focus on deposit growth as well as our ongoing efforts to gain market share in Upstate New York metros like Buffalo and Rochester. As expected, loan growth was softer in the third quarter, with commercial mortgage demand slowing as a result of economic conditions and higher pricing hurdles. Our asset quality metrics remain strong, reflective of our long-term commitment to credit disciplined loan growth.”
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