Company: FSBC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001275168-25-000106
Chunk: 117

Company: FIVE STAR BANCORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 117
---
 issuance costs incurred in conjunction with the notes were $1.5 million, of which $0.4 million has been amortized as of March 31, 2025. The Company reflects debt issuance costs as a direct deduction from the face of the note. The debt issuance costs are amortized into interest expense through the maturity period. At March 31, 2025 and December 31, 2024, the carrying value of the Company’s subordinated notes outstanding was $73.9 million.Other borrowings: The Company entered into an agreement with the FHLB which granted the FHLB a blanket lien on certain loans receivable as collateral for a borrowing line. The Company’s total financing availability is based on the dollar volume of qualifying loan collateral. The Company’s total financing availability with the FHLB is decreased by outstanding borrowings and letters of credit (“LCs”) issued on behalf of the Company, as shown in Table 6.1.Table 6.1: Financing Availability with the FHLB(in thousands)March 31, 2025December 31, 2024Total financing ability from the FHLB$1,276,072 $1,212,209 Less: outstanding borrowings— — Less: LCs pledged to secure State of California deposits311,500 281,500 Less: LCs pledged to secure local agency deposits420,000 420,000 Total LCs issued731,500 701,500 Available borrowing capacity with the FHLB$544,572 $510,709 At March 31, 2025 and December 31, 2024, the Company had the ability to borrow from the Federal Reserve Discount Window. The borrowings were available at an interest rate of 4.50% as of March 31, 2025. At March 31, 2025 and December 31, 2024, the borrowing capacity under this arrangement was $856.4 million and $862.1 million, respectively. There were no amounts outstanding at March 31, 2025 or December 31, 2024. The borrowing line is secured by certain liens on the Company’s loans and certain available-for-sale securities. At March 31, 2025 and December 31, 2024, the Company had five unsecured federal funds lines of credit totaling $175.0 million with five of its correspondent banks. The borrowings were available at interest rates ranging from