Company: FSBC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001275168-25-000106
Chunk: 63

Company: FIVE STAR BANCORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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 for the three months ended March 31, 2025March 31, 2024(dollars in thousands)Activity% of Average Loans Held for InvestmentActivity% of Average Loans Held for InvestmentAverage loans held for investment $3,565,830 $3,069,466 Allowance for credit losses$37,791 $34,431 Net (charge-offs) recoveries:Commercial:Secured(681)(0.02)%(816)(0.03)%Unsecured— — %(34)— %Consumer and other(36)— %22 — %Net charge-offs(717)(0.02)%(828)(0.03)%Provision for credit losses2,150 1,050 Allowance for credit losses$39,224 $34,653 Loans held for investment$3,621,819 $3,104,130 Allowance for credit losses to loans held for investment1.08 %1.12 %

The ratio of the allowance for credit losses to loans held for investment decreased from 1.12% as of March 31, 2024 to 1.08% as of March 31, 2025. Net charge-offs as a percent of average loans held for investment decreased from 0.03% to 0.02% for the three months ended March 31, 2024 and March 31, 2025, respectively.

Liabilities

During the first three months of 2025, total liabilities increased by $182.0 million from $3.7 billion as of December 31, 2024 to $3.8 billion as of March 31, 2025. This increase was primarily due to an increase in total deposits of $178.4 million, comprised of an increase of $167.3 million in interest-bearing deposits and an increase of $11.0 million in non-interest-bearing deposits. The increase in interest-bearing deposits was largely due to increases in time and money market deposits of $131.2 million and $52.2 million, respectively.

Deposits

Representing 97.34% of our total liabilities as of March 31, 2025, deposits are our primary source of funding for our business operations.

Total deposits increased by $178.4 million, or 5.01%, to $3.7 billion at March 31, 2025 from $3.6