Investment Securities (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Debt Securities Held- to-Maturity

A summary of the amortized cost and fair value related to securities held-to-maturity as of June 30, 2025 and December 31, 2024 is presented in Table 3.1. Securities held-to-maturity, at amortized cost, had a $20.0 thousand allowance for credit losses as of June 30, 2025 and December 31, 2024.


Table 3.1: Securities Held-to-Maturity
(in thousands)	Amortized Cost		Gross Unrealized				Fair Value
			Gains		(Losses)
June 30, 2025
Obligations of states and political subdivisions	$	2,585	$	—	$	(315)	$	2,270
Total held-to-maturity	$	2,585	$	—	$	(315)	$	2,270
December 31, 2024
Obligations of states and political subdivisions	$	2,720	$	—	$	(367)	$	2,353
Total held-to-maturity	$	2,720	$	—	$	(367)	$	2,353

Summary of Debt Securities Available-for-Sale

A summary of the amortized cost and fair value related to securities available-for-sale as of June 30, 2025 and December 31, 2024 is presented in Table 3.2. Securities available-for-sale did not have an allowance for credit losses as of June 30, 2025 or December 31, 2024.


Table 3.2: Securities Available-for-Sale
(in thousands)	Amortized Cost		Gross Unrealized				Fair Value
			Gains		(Losses)
June 30, 2025
U.S. government agency securities	$	6,909	$	154	$	(61)	$	7,002
Mortgage-backed securities	59,650		15		(10,447)		49,218
Obligations of states and political subdivisions	42,498		1		(5,911)		36,588
Collateralized mortgage obligations	275		—		(19)		256
Corporate bonds	2,000		—		(74)		1,926
Total available-for-sale	$	111,332	$	170	$	(16,512)	$	94,990
December 31, 2024
U.S. government agency securities	$	8,293	$	152	$	(100)	$	8,345
Mortgage-backed securities	62,397		6		(11,833)		50,570
Obligations of states and political subdivisions	42,762		1		(5,626)		37,137
Collateralized mortgage obligations	305		—		(26)		279
Corporate bonds	2,000		—		(137)		1,863
Total available-for-sale	$	115,757	$	159	$	(17,722)	$	98,194

Summary of Investment Debt Securities by Contractual Maturity

The amortized cost and fair value of investment securities by contractual maturity at June 30, 2025 and December 31, 2024 are shown in Table 3.3. Expected maturities may differ from contractual maturities if the issuers of the securities have the right to call or prepay obligations with or without call or prepayment penalties.


Table 3.3: Contractual Maturities - Investment Securities
(in thousands)	June 30, 2025								December 31, 2024
	Held-to-Maturity				Available-for-Sale				Held-to-Maturity				Available-for-Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	195	$	171	$	—	$	—	$	210	$	182	$	—	$	—
After one but within five years	905		795		1,267		1,181		945		818		798		737
After five years through ten years	1,315		1,155		10,863		9,582		1,380		1,193		9,221		8,108
After ten years	170		149		30,368		25,825		185		160		32,743		28,292

Investment securities not due at a single maturity date:
U.S. government agency securities	—		—		6,909		7,002		—		—		8,293		8,345
Mortgage-backed securities	—		—		59,650		49,218		—		—		62,397		50,570
Collateralized mortgage obligations	—		—		275		256		—		—		305		279
Corporate bonds	—		—		2,000		1,926		—		—		2,000		1,863
Total	$	2,585	$	2,270	$	111,332	$	94,990	$	2,720	$	2,353	$	115,757	$	98,194

Summary of Pledged Investment Securities


Table 3.4: Pledged Investment Securities
(in thousands)	June 30, 2025		December 31, 2024
Pledged to:
The State of California, securing deposits of public funds and borrowings	$	48,127	$	49,477
The Federal Reserve Discount Window, increasing borrowing capacity	42,930		45,576
Total pledged investment securities	$	91,057	$	95,053

Summary of Unrealized Losses and Fair Value of Available-for-Sale Securities

Table 3.5 details the gross unrealized losses and fair values aggregated by investment category and length of time that individual available-for-sale securities have been in a continuous unrealized loss position at June 30, 2025 and December 31, 2024.


Table 3.5: Securities Available-for-Sale in Continuous Unrealized Loss Positions
(in thousands)	Less than 12 months				12 months or more				Total securities in a loss position
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
June 30, 2025
U.S. government agency securities	$	935	$	(8)	$	1,918	$	(53)	$	2,853	$	(61)
Mortgage-backed securities	—		—		48,126		(10,447)		48,126		(10,447)
Obligations of states and political subdivisions	347		(36)		34,738		(5,875)		35,085		(5,911)
Collateralized mortgage obligations	—		—		256		(19)		256		(19)
Corporate bonds	—		—		1,926		(74)		1,926		(74)
Total temporarily impaired securities	$	1,282	$	(44)	$	86,964	$	(16,468)	$	88,246	$	(16,512)

December 31, 2024
U.S. government agency securities	$	2,316	$	(11)	$	4,082	$	(89)	$	6,398	$	(100)
Mortgage-backed securities	—		—		49,476		(11,833)		49,476		(11,833)
Obligations of states and political subdivisions	—		—		35,630		(5,626)		35,630		(5,626)
Collateralized mortgage obligations	—		—		279		(26)		279		(26)
Corporate bonds	—		—		1,863		(137)		1,863		(137)
Total temporarily impaired securities	$	2,316	$	(11)	$	91,330	$	(17,711)	$	93,646	$	(17,722)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

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FIVE STAR BANCORP 10-Q