Company: FSBC
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001275168-25-000038
Chunk: 140

Company: FIVE STAR BANCORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 140
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, or approximately 8.43% of total deposits as of December 31, 2024. At December 31, 2023, our largest single deposit relationship related to a government agency and had a balance of $260.0 million, or 8.59% of total deposits as of December 31, 2023. As our demand deposits fluctuate, we have purchased brokered deposits as needed to supplement liquidity. We do not consider brokered deposits as core deposits, but as another deposit funding source for our loan growth.

Table 19 sets forth the maturity of time deposits as of December 31, 2024.

Table 19: Scheduled Maturities of Time Deposits(dollars in thousands)$250,000 or GreaterLess than $250,000TotalUninsured PortionRemaining maturity:Three months or less$299,572 $306,005 $605,577 $293,361 Over three through six months27,338 16,164 43,502 23,838 Over six through twelve months14,814 2,982 17,796 10,313 Over twelve months2,405 874 3,279 1,156 Total$344,129 $326,025 $670,154 $328,668 

64

FHLB Advances and Other Borrowings

From time to time, we utilize short-term collateralized FHLB borrowings to maintain adequate liquidity. There were no borrowings outstanding as of December 31, 2024 and borrowings of $170.0 million outstanding from the FHLB as of December 31, 2023.

In 2022, we issued subordinated notes of $75.0 million. This debt was issued to investors in private placement transactions. See Note 9, Long Term Debt and Other Borrowings, in the notes to our audited consolidated financial statements included in this Annual Report on Form 10-K for additional information regarding these subordinated notes. The proceeds of the notes qualify as Tier 2 capital for the Company under the regulatory capital rules of the federal banking agencies.

Table 20 is a summary of our outstanding subordinated notes as of December 31, 2024.

Table 20: Subordinated Notes Outstanding(dollars in thousands)Issuance DateAmount of NotesPrepayment RightMaturity DateSubordinated notesAugust 2022$75,000 August 17, 2027