8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 26, 2026

FIVE STAR BANCORP

(Exact Name of Registrant as Specified in Charter)

California	001-40379	75-3100966
(State or Other Jurisdiction<br><br>of Incorporation)	(Commission<br><br>File Number)	(I.R.S. Employer<br><br>Identification No.)

3100 Zinfandel Drive, Suite 100, Rancho Cordova, California, 95670

(Address of Principal Executive Offices, and Zip Code)

(916) 626-5000

Registrant’s Telephone Number, Including Area Code

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value per share	FSBC	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition

On January 26, 2026, Five Star Bancorp (the “Company”) issued a press release announcing its results of operations and financial condition for the quarter and year ended December 31, 2025. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

This information (including Exhibit 99.1) is being furnished under Item 2.02 hereof and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01    Regulation FD Disclosure

The Company is conducting an earnings call on January 27, 2026 at 10:00 AM PT/1:00 PM ET to discuss its fourth quarter and year end 2025 financial results. A copy of the investor presentation to be used during the earnings call is attached to this Current Report on Form 8-K as Exhibit 99.2 and is incorporated herein by reference.

This information (including Exhibit 99.2) is being furnished under Item 7.01 hereof and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference into any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits

(d) Exhibits

Number	Description
99.1	Press Release dated January 26, 2026
99.2	Fourth Quarter and Year End 2025Investor Presentation, dated January 27, 2026
104	Cover Page Interactive Data File (embedded within the Inline XBRL)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FIVE STAR BANCORP
	By:	/s/ Heather C. Luck
		Name: Heather C. Luck
		Title: Executive Vice President and Chief Financial Officer
Date: January 26, 2026

Document

PRESS RELEASE	FOR IMMEDIATE RELEASE

Five Star Bancorp Announces Quarterly and Annual Results

RANCHO CORDOVA, CA January 26, 2026 (GLOBE NEWSWIRE) – Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), today reported net income of $17.6 million for the three months ended December 31, 2025, as compared to $16.3 million for the three months ended September 30, 2025 and $13.3 million for the three months ended December 31, 2024. Net income for the year ended December 31, 2025 was $61.6 million, as compared to $45.7 million for the year ended December 31, 2024.

Financial and Other Highlights

Performance highlights and other developments for the Company for the periods noted below included the following:

	Three months ended
(in thousands, except per share and share data)	December 31, 2025			September 30, 2025			December 31, 2024
Return on average assets (“ROAA”)	1.50		%	1.44		%	1.31		%
Return on average equity (“ROAE”)	15.97		%	15.35		%	13.48		%
Pre-tax income	$	23,008		$	22,234		$	19,367
Pre-tax, pre-provision income(1)	$	25,808		$	24,734		$	20,667
Net income	$	17,643		$	16,344		$	13,317
Basic earnings per common share	$	0.83		$	0.77		$	0.63
Diluted earnings per common share	$	0.83		$	0.77		$	0.63
Weighted average basic common shares outstanding	21,231,563			21,231,563			21,182,143
Weighted average diluted common shares outstanding	21,289,056			21,281,818			21,235,318
Shares outstanding at end of period	21,367,387			21,367,387			21,319,083					Year ended
---	---	---	---	---	---	---
(in thousands, except per share and share data)	December 31, 2025			December 31, 2024
ROAA	1.41		%	1.23		%
ROAE	14.74		%	12.72		%
Pre-tax income	$	83,732		$	64,721
Pre-tax, pre-provision income(1)	$	93,432		$	71,671
Net income	$	61,606		$	45,671
Basic earnings per common share	$	2.90		$	2.26
Diluted earnings per common share	$	2.90		$	2.26
Weighted average basic common shares outstanding	21,224,788			20,154,385
Weighted average diluted common shares outstanding	21,273,552			20,205,440
Shares outstanding at end of period	21,367,387			21,319,083

(1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

James E. Beckwith, President and Chief Executive Officer, commented:

“We proudly look back on 2025 as an outstanding year of achievement and are pleased to have experienced exceptional organic growth across all of the markets we serve, and consistent, strong financial performance. In 2025, Five Star Bank achieved year-over-year growth in total loans and total deposits. Total loans held for investment increased by $542.2 million, or 15%, and total deposits increased by $643.1 million, or 18%. Wholesale deposits decreased by $95.0 million, or 17%, while non-wholesale deposits increased by $738.1 million or 25%. Cost of funds decreased by 21 basis points from the third to the fourth quarter of 2025 and 17 basis points year-over-year. Our efficiency ratio decreased from 43.19% in 2024 to 41.03% in 2025, net income increased by 35%, or $15.9 million, in 2025, and earnings per share increased by $0.64 during 2025 to $2.90. We also experienced continued improvement in net interest margin expansion. We have provided a consistent shareholder dividend and, in recognition of our strong financial performance and commitment to returning value to our investors, we are pleased to announce an increase in the dividend this quarter. As we look ahead to 2026, we believe that managing expenses and executing on conservative underwriting practices will continue to be foundational to our success.

In 2025, we expanded our San Francisco Bay Area market presence with the opening of our Walnut Creek office. We also announced the expansion of our Agribusiness vertical. In 2026, we plan to continue to focus on building all of the verticals and markets we serve by providing high tech and high touch service to clients who appreciate our differentiated client experience. These efforts have helped us maintain a position of distinction and respect with our clients, employees, and community partners. In 2025, we were among Piper Sandler’s 2025 Sm-All Stars, and earned an IDC Superior rating and a Bauer Financial rating of 5 stars (out of five). We were also awarded the prestigious 2024 Raymond James Community Bankers Cup, were among S&P Global Market Intelligence’s 2024 Top 3 Best-Performing Community banks in the nation (with assets between $3 billion and $10 billion), and were ranked fourth on the 2025 Bank Director Magazine (RankingBanking) Best U.S. Banks with assets less than $5 billion.

In 2025, our senior leadership was recognized by the San Francisco Business Times with a placement on the Newsmaker 100 List and with a 40 Under 40 recognition. We were also recognized by the Sacramento Business Journal with a Champion for DE&I award, a Power 100 List placement, a Women Who Mean Business honor, and a C-Suite award. Senior leadership also received a Sacramento State Alumni Association Distinguished Alumni Award, a Sacramento Cultural Hub Media Foundation Exceptional Women of Color honor, a Commercial Real Estate Women Nancy Hotchkiss Woman of Impact award, a Sacramento Hispanic Chamber of Commerce Champion Latina Estrella award, and a Sacramento Metropolitan Chamber of Commerce Sacramentan of the Year award.

We are proud of Five Star Bank’s achievements in 2025 and are focused on continued success in the future.”

Financial highlights included the following:

•Total deposits increased by $97.6 million, or 2.38%, during the three months ended December 31, 2025, due to increases in non-wholesale deposits exceeding decreases in wholesale deposits. The Company defines wholesale deposits as brokered deposits and California Time Deposit Program deposits. For the three months ended December 31, 2025, non-wholesale deposits increased by $139.1 million, or 3.87%, while wholesale deposits decreased by $41.4 million, or 8.18%.

•The number of Business Development Officers increased from 40 at September 30, 2025 to 42 at December 31, 2025.

•Cash and cash equivalents were $506.9 million, representing 12.06% of total deposits at December 31, 2025, as compared to 14.15% at September 30, 2025.

•The Company had no short-term borrowings at December 31, 2025 or September 30, 2025.

•Consistent, disciplined management of expenses contributed to our efficiency ratio of 40.62% for the three months ended December 31, 2025, as compared to 40.13% for the three months ended September 30, 2025.

•For the three months ended December 31, 2025, net interest margin was 3.66%, as compared to 3.56% for the three months ended September 30, 2025 and 3.36% for the three months ended December 31, 2024. For the year ended December 31, 2025, net interest margin was 3.55%, as compared to 3.32% for the year ended December 31, 2024. The effective federal funds rate fell to 3.64% as of December 31, 2025 from 4.09% as of September 30, 2025 and 4.33% as of December 31, 2024.

•Other comprehensive income was $0.7 million during the three months ended December 31, 2025. Unrealized losses, net of tax effect, on available-for-sale securities were $9.1 million as of December 31, 2025. Total carrying value of held-to-maturity and available-for-sale securities represented 0.05% and 2.04% of total interest-earning assets, respectively, as of December 31, 2025.

•The Company’s common equity Tier 1 capital ratio was 10.58% and 10.77% as of December 31, 2025 and September 30, 2025, respectively. The Bank continues to meet all requirements to be considered “well-capitalized” under applicable regulatory guidelines.

•Loan and deposit growth in the three and twelve months ended December 31, 2025 was as follows:

(in thousands)	December 31, 2025		September 30, 2025		Change	% Change
Loans held for investment	$	4,074,929	$	3,887,259		4.83	%
Non-interest-bearing deposits	1,084,537		1,059,082		25,455	2.40	%
Interest-bearing deposits	3,116,547		3,044,356		72,191	2.37	%
(in thousands)	December 31, 2025		December 31, 2024		Change	% Change
Loans held for investment	$	4,074,929	$	3,532,686		15.35	%
Non-interest-bearing deposits	1,084,537		922,629		161,908	17.55	%
Interest-bearing deposits	3,116,547		2,635,365		481,182	18.26	%

All values are in US Dollars.

•The ratio of nonperforming loans to loans held for investment at period end increased from 0.05% at December 31, 2024 to 0.08% at December 31, 2025.

•The Company’s Board of Directors declared, and the Company subsequently paid, a cash dividend of $0.20 per share during the three months ended December 31, 2025. The Company’s Board of Directors declared an additional cash dividend of $0.25 per share on January 15, 2026, which the Company expects to pay on February 9, 2026 to shareholders of record as of February 2, 2026.

Summary Results

Three months ended December 31, 2025, as compared to three months ended September 30, 2025

The Company’s net income was $17.6 million for the three months ended December 31, 2025, as compared to $16.3 million for the three months ended September 30, 2025. Net interest income increased by $2.7 million, primarily due to an increase in interest income driven by a larger average balance of interest-earning assets, augmented by a decrease in interest expense due to a lower average cost of deposits, as compared to the prior quarter. The provision for credit losses increased by $0.3 million, reflecting increases in loan growth and an overall increase in loss rates related to deterioration in the unemployment rate forecast in the three months ended December 31, 2025, as compared to the three months ended September 30, 2025. Non-interest income decreased by $0.6 million, primarily due to an overall decline in earnings related to equity investments in venture-backed funds during the three months ended December 31, 2025, as compared to the prior quarter. Non-interest expense increased by $1.1 million, primarily due to increased salaries and employee benefits due to increased headcount.

Three months ended December 31, 2025, as compared to three months ended December 31, 2024

The Company’s net income was $17.6 million for the three months ended December 31, 2025, as compared to $13.3 million for the three months ended December 31, 2024. Net interest income increased by $8.6 million, primarily due to an increase in interest income driven by loan growth and an improvement in the average yield on loans, partially offset by an increase in interest expense due to deposit growth. The provision for credit losses increased by $1.5 million, mainly due to increases in loan growth and an overall increase in loss rates related to the annual current expected credit losses (“CECL”) model refresh during the three months ended December 31, 2025, as compared to the three months ended December 31, 2024. Non-interest income decreased by $0.3 million, primarily due to an overall decline in earnings related to equity investments in venture-backed funds during the three months ended December 31, 2025, as compared to the same quarter of the prior year. Non-interest expense increased by $3.2 million, primarily due to increased salaries and employee benefits due to increased headcount.

Year ended December 31, 2025, as compared to year ended December 31, 2024

The Company’s net income was $61.6 million for the year ended December 31, 2025, as compared to $45.7 million for the year ended December 31, 2024. Net interest income increased by $32.2 million, primarily due to an increase in interest income driven by loan growth and an improvement in the average yield on loans, partially offset by an increase in interest expense due to deposit growth. The provision for credit losses increased by $2.8 million, or 39.57%, mainly due to increases in loan growth and an overall increase in loss rates related to the annual CECL model refresh during the three months ended December 31, 2025, as compared to the year ended December 31, 2024. Non-interest income increased by $0.1 million, primarily due to growth across multiple sources of revenue.

This growth was substantially negated by a reduction in gain on sale of loans, attributable to the strategic reduction in origination of loans held for sale during the year ended December 31, 2025, as compared to the prior year. Non-interest expense increased by $10.5 million, primarily due to increased salaries and employee benefits due to increased headcount.

The following is a summary of the components of the Company’s operating results and performance ratios for the periods indicated:

	Three months ended
(in thousands, except per share data)	December 31, 2025			September 30, 2025			Change	% Change
Selected operating data:
Net interest income	$	42,065		$	39,348			6.91	%
Provision for credit losses	2,800			2,500			300	12.00	%
Non-interest income	1,400			1,966			(566)	(28.79)	%
Non-interest expense	17,657			16,580			1,077	6.50	%
Pre-tax income	23,008			22,234			774	3.48	%
Provision for income taxes	5,365			5,890			(525)	(8.91)	%
Net income	$	17,643		$	16,344			7.95	%
Earnings per common share:
Basic	$	0.83		$	0.77			7.79	%
Diluted	$	0.83		$	0.77			7.79	%
Performance and other financial ratios:
ROAA	1.50		%	1.44		%
ROAE	15.97		%	15.35		%
Net interest margin	3.66		%	3.56		%
Cost of funds	2.30		%	2.51		%
Efficiency ratio	40.62		%	40.13		%

All values are in US Dollars.

	Three months ended
(in thousands, except per share data)	December 31, 2025			December 31, 2024			Change	% Change
Selected operating data:
Net interest income	$	42,065		$	33,489			25.61	%
Provision for credit losses	2,800			1,300			1,500	115.38	%
Non-interest income	1,400			1,666			(266)	(15.97)	%
Non-interest expense	17,657			14,488			3,169	21.87	%
Pre-tax income	23,008			19,367			3,641	18.80	%
Provision for income taxes	5,365			6,050			(685)	(11.32)	%
Net income	$	17,643		$	13,317			32.48	%
Earnings per common share:
Basic	$	0.83		$	0.63			31.75	%
Diluted	$	0.83		$	0.63			31.75	%
Performance and other financial ratios:
ROAA	1.50		%	1.31		%
ROAE	15.97		%	13.48		%
Net interest margin	3.66		%	3.36		%
Cost of funds	2.30		%	2.65		%
Efficiency ratio	40.62		%	41.21		%
	Year ended
(in thousands, except per share data)	December 31, 2025			December 31, 2024			Change	% Change
Selected operating data:
Net interest income	$	151,905		$	119,711			26.89	%
Provision for credit losses	9,700			6,950			2,750	39.57	%
Non-interest income	6,535			6,453			82	1.27	%
Non-interest expense	65,008			54,493			10,515	19.30	%
Pre-tax income	83,732			64,721			19,011	29.37	%
Provision for income taxes	22,126			19,050			3,076	16.15	%
Net income	$	61,606		$	45,671			34.89	%
Earnings per common share:
Basic	$	2.90		$	2.26			28.32	%
Diluted	$	2.90		$	2.26			28.32	%
Performance and other financial ratios:
ROAA	1.41		%	1.23		%
ROAE	14.74		%	12.72		%
Net interest margin	3.55		%	3.32		%
Cost of funds	2.47		%	2.64		%
Efficiency ratio	41.03		%	43.19		%

All values are in US Dollars.

Balance Sheet Summary

(in thousands)	December 31, 2025		September 30, 2025		Change	% Change
Selected financial condition data:
Total assets	$	4,754,861	$	4,641,770		2.44	%
Cash and cash equivalents	506,851		580,447		(73,596)	(12.68)	%
Total loans held for investment	4,074,929		3,887,259		187,670	4.83	%
Total investments	96,889		97,825		(936)	(0.96)	%
Total liabilities	4,309,029		4,210,462		98,567	2.34	%
Total deposits	4,201,084		4,103,438		97,646	2.38	%
Subordinated notes, net	74,041		74,004		37	0.05	%
Total shareholders’ equity	445,832		431,308		14,524	3.37	%

All values are in US Dollars.

•Insured and collateralized deposits were approximately $2.8 billion, representing 66.20% of total deposits as of December 31, 2025, as compared to 65.25% as of September 30, 2025. Net uninsured and uncollateralized deposits were approximately $1.4 billion as of December 31, 2025, remaining constant from September 30, 2025.

•Non-wholesale deposit accounts constituted 88.93% of total deposits as of December 31, 2025, as compared to 87.66% at September 30, 2025. Deposit relationships of greater than $5 million represented 60.90% of total deposits as of December 31, 2025, as compared to 60.14% of total deposits as of September 30, 2025, and had an average age of approximately 7.67 years as of December 31, 2025, as compared to 7.98 years as of September 30, 2025.

•Total deposits as of December 31, 2025 were $4.2 billion, an increase of $97.6 million, or 2.38%, from September 30, 2025, comprised of increases in both interest-bearing and non-interest-bearing deposits.

•Cash and cash equivalents as of December 31, 2025 were $506.9 million, representing 12.06% of total deposits at December 31, 2025, as compared to 14.15% at September 30, 2025.

•Total liquidity (consisting of cash and cash equivalents as well as unused and immediately available borrowing capacity as set forth below) was approximately $2.3 billion as of December 31, 2025, remaining constant from September 30, 2025.

	December 31, 2025
(in thousands)	Line of Credit		Letters of Credit Issued		Borrowings		Available
Federal Home Loan Bank of San Francisco (“FHLB”) advances	$	1,518,680	$	887,500	$	—	$	631,180
Federal Reserve Discount Window	957,362		—		—		957,362
Correspondent bank lines of credit	185,000		—		—		185,000
Cash and cash equivalents	—		—		—		506,851
Total	$	2,661,042	$	887,500	$	—	$	2,280,393
(in thousands)	December 31, 2025		December 31, 2024		Change	% Change
---	---	---	---	---	---	---	---
Selected financial condition data:
Total assets	$	4,754,861	$	4,053,278		17.31	%
Cash and cash equivalents	506,851		352,343		154,508	43.85	%
Total loans held for investment	4,074,929		3,532,686		542,243	15.35	%
Total investments	96,889		100,914		(4,025)	(3.99)	%
Total liabilities	4,309,029		3,656,654		652,375	17.84	%
Total deposits	4,201,084		3,557,994		643,090	18.07	%
Subordinated notes, net	74,041		73,895		146	0.20	%
Total shareholders’ equity	445,832		396,624		49,208	12.41	%

All values are in US Dollars.

The increase in total assets from December 31, 2024 to December 31, 2025 was primarily due to a $542.2 million increase in total loans held for investment and a $154.5 million increase in cash and cash equivalents. The $542.2 million increase in total loans held for investment between December 31, 2024 and December 31, 2025 was the result of $1.4 billion in loan originations and advances, partially offset by $338.5 million and $502.6 million in loan payoffs and paydowns, respectively. The $542.2 million increase in total loans held for investment included $92.1 million in purchased loans within the consumer concentration of the loan portfolio. The $154.5 million increase in cash and cash equivalents primarily resulted from the net increase in cash inflows from growth in total deposits of $643.1 million and cash outflows from growth in total loans held for investment of $542.2 million.

The increase in total liabilities from December 31, 2024 to December 31, 2025 was primarily attributable to an increase in deposits of $643.1 million. The $643.1 million increase in deposits was largely due to increases in money market, non-interest-bearing demand, interest-bearing transaction, and savings deposits of $553.3 million, $161.9 million, $29.0 million, and $14.5 million, respectively. These increases were partially offset by decreases in time deposits of $115.5 million, largely driven by a $95.0 million decrease in wholesale deposits.

The increase in total shareholders’ equity from December 31, 2024 to December 31, 2025 was primarily a result of $61.6 million recognized as net income, partially offset by $17.1 million in cash dividends paid during the period.

Net Interest Income and Net Interest Margin

The following is a summary of the components of net interest income for the periods indicated:

	Three months ended
(in thousands)	December 31, 2025			September 30, 2025			Change	% Change
Interest and fee income	$	66,421		$	64,845			2.43	%
Interest expense	24,356			25,497			(1,141)	(4.48)	%
Net interest income	$	42,065		$	39,348			6.91	%
Net interest margin	3.66		%	3.56		%
	Three months ended
(in thousands)	December 31, 2025			December 31, 2024			Change	% Change
Interest and fee income	$	66,421		$	57,745			15.02	%
Interest expense	24,356			24,256			100	0.41	%
Net interest income	$	42,065		$	33,489			25.61	%
Net interest margin	3.66		%	3.36		%
	Year ended
(in thousands)	December 31, 2025			December 31, 2024			Change	% Change
Interest and fee income	$	248,933		$	206,951			20.29	%
Interest expense	97,028			87,240			9,788	11.22	%
Net interest income	$	151,905		$	119,711			26.89	%
Net interest margin	3.55		%	3.32		%

All values are in US Dollars.

The following table shows the components of net interest income and net interest margin for the quarterly periods indicated:

	Three months ended
	December 31, 2025						September 30, 2025						December 31, 2024
(in thousands)	Average Balance		Interest Income/Expense		Yield/Rate		Average Balance		Interest Income/Expense		Yield/Rate		Average Balance		Interest Income/Expense		Yield/Rate
Assets
Interest-earning deposits in banks	$	487,339	$	4,850	3.95	%	$	451,534	$	5,009	4.40	%	$	363,828	$	4,335	4.74	%
Investment securities	97,848		561		2.27	%	96,806		579		2.38	%	103,930		607		2.33	%
Loans held for investment and sale	3,972,184		61,010		6.09	%	3,831,851		59,257		6.14	%	3,498,109		52,803		6.01	%
Total interest-earning assets	4,557,371		66,421		5.78	%	4,380,191		64,845		5.87	%	3,965,867		57,745		5.79	%
Interest receivable and other assets, net	117,496						110,118						91,736
Total assets	$	4,674,867					$	4,490,309					$	4,057,603
Liabilities and shareholders’ equity
Interest-bearing transaction accounts	$	339,774	$	1,180	1.38	%	$	300,642	$	1,194	1.58	%	$	298,518	$	1,249	1.66	%
Savings accounts	143,818		895		2.47	%	130,973		895		2.71	%	127,298		887		2.77	%
Money market accounts	1,999,734		15,271		3.03	%	1,874,089		15,348		3.25	%	1,596,116		13,520		3.37	%
Time accounts	574,718		5,848		4.04	%	639,434		6,899		4.28	%	617,596		7,438		4.79	%
Subordinated notes and other borrowings	74,036		1,162		6.22	%	73,981		1,161		6.23	%	73,872		1,162		6.25	%
Total interest-bearing liabilities	3,132,080		24,356		3.09	%	3,019,119		25,497		3.35	%	2,713,400		24,256		3.56	%
Demand accounts	1,067,215						1,016,560						921,881
Interest payable and other liabilities	37,287						32,210						29,234
Shareholders’ equity	438,285						422,420						393,088
Total liabilities & shareholders’ equity	$	4,674,867					$	4,490,309					$	4,057,603
Net interest spread					2.69	%					2.52	%					2.23	%
Net interest income/margin			$	42,065	3.66	%			$	39,348	3.56	%			$	33,489	3.36	%

Net interest income during the three months ended December 31, 2025 increased $2.7 million, or 6.91%, to $42.1 million, as compared to $39.3 million during the three months ended September 30, 2025. Net interest margin totaled 3.66% for the three months ended December 31, 2025, an increase of ten basis points compared to the prior quarter. The increase in net interest income is primarily attributable to an additional $1.8 million in loan interest income due to a $140.3 million, or 3.66%, increase in the average balance of loans, partially offset by a five basis point decrease in the average yield on loans during the three months ended December 31, 2025, as compared to the prior quarter. The increase in interest income was augmented by a $1.1 million decrease in interest expense due to a 21 basis point decrease in the average cost of deposits during the three months ended December 31, 2025 compared to the prior quarter, driven primarily by two rate cuts occurring during the three months ended December 31, 2025. The average balance of deposits increased by $163.6 million, or 4.13%, during the three months ended December 31, 2025, but the substantial decrease in the cost associated with deposits led to a net reduction in total interest expense.

As compared to the three months ended December 31, 2024, net interest income increased $8.6 million, or 25.61%, to $42.1 million from $33.5 million. Net interest margin totaled 3.66% for the three months ended December 31, 2025, an increase of 30 basis points compared to the same quarter of the prior year. The increase in net interest income is primarily attributable to an additional $8.2 million in loan interest income due to a $474.1 million, or 13.55%, increase in the average balance of loans and an eight basis point improvement in the average yield on loans during the three months ended December 31, 2025, as compared to the same quarter of the prior year. The increase in interest income was partially offset by a $0.1 million increase in deposit interest expense due to a $563.9 million, or 15.83%, increase in the average balance of deposits during the three months ended December 31, 2025. The average cost of deposits during the three months ended December 31, 2025 was 2.23%, a decrease of 35 basis points compared to the same quarter of the prior year, which helped to moderate the increase in interest expense related to deposits.

The following table shows the components of net interest income and net interest margin for the annual periods indicated:

	Year ended
	December 31, 2025						December 31, 2024
(in thousands)	Average Balance		Interest Income/Expense		Yield/Rate		Average Balance		Interest Income/Expense		Yield/Rate
Assets
Interest-earning deposits in banks	$	407,884	$	17,421	4.27	%	$	218,156	$	11,080	5.08	%
Investment securities	98,242		2,298		2.34	%	106,289		2,530		2.38	%
Loans held for investment and sale	3,767,199		229,214		6.08	%	3,283,874		193,341		5.89	%
Total interest-earning assets	4,273,325		248,933		5.83	%	3,608,319		206,951		5.74	%
Interest receivable and other assets, net	105,775						90,061
Total assets	$	4,379,100					$	3,698,380
Liabilities and shareholders’ equity
Interest-bearing transaction accounts	$	306,983	$	4,529	1.48	%	$	298,137	$	4,716	1.58	%
Savings accounts	130,079		3,363		2.59	%	124,208		3,584		2.89	%
Money market accounts	1,767,137		56,323		3.19	%	1,533,405		53,750		3.51	%
Time accounts	661,321		28,167		4.26	%	412,007		20,348		4.94	%
Subordinated notes and other borrowings	73,974		4,646		6.28	%	77,335		4,842		6.26	%
Total interest-bearing liabilities	2,939,494		97,028		3.30	%	2,445,092		87,240		3.57	%
Demand accounts	988,447						858,789
Interest payable and other liabilities	33,090						35,331
Shareholders’ equity	418,069						359,168
Total liabilities & shareholders’ equity	$	4,379,100					$	3,698,380
Net interest spread					2.53	%					2.17	%
Net interest income/margin			$	151,905	3.55	%			$	119,711	3.32	%

Net interest income during the year ended December 31, 2025 increased $32.2 million, or 26.89%, to $151.9 million, as compared to $119.7 million during the year ended December 31, 2024. Net interest margin totaled 3.55% for the year ended December 31, 2025, an increase of 23 basis points compared to the prior year. The increase in net interest income is primarily attributable to an additional $35.9 million in loan interest income due to a $483.3 million, or 14.72% increase in the average balance of loans and a 19 basis point improvement in the average yield on loans as compared to the prior year. The increase in interest income was partially offset by an additional $10.0 million in deposit interest expense due to a $627.4 million, or 19.45% increase in the average balance of deposits during the year. The average cost of deposits was 2.40% for the year ended December 31, 2025, a decrease of 16 basis points compared to the prior year which helped to moderate the increase in interest expense related to deposits.

Loans by Type

The following table provides loan balances, excluding deferred loan fees, by type as of the dates shown:

(in thousands)	December 31, 2025		September 30, 2025
Real estate:
Commercial	$	3,305,713	$	3,144,303
Commercial land and development	1,352		934
Commercial construction	96,760		136,988
Residential construction	8,389		5,976
Residential	37,566		35,739
Farmland	59,606		57,572
Commercial:
Secured	251,736		191,170
Unsecured	40,422		38,658
Consumer and other	275,475		278,209
Net deferred loan fees	(2,090)		(2,290)
Total loans held for investment	$	4,074,929	$	3,887,259

Interest-bearing Deposits

The following table provides interest-bearing deposit balances by type as of the dates shown:

(in thousands)	December 31, 2025		September 30, 2025
Interest-bearing transaction accounts	$	344,200	$	309,118
Money market accounts	2,078,567		1,972,158
Savings accounts	139,169		137,500
Time accounts	554,611		625,580
Total interest-bearing deposits	$	3,116,547	$	3,044,356

Asset Quality

Allowance for Credit Losses

At December 31, 2025, the Company’s allowance for credit losses was $44.4 million, as compared to $37.8 million at December 31, 2024. The $6.6 million increase in the allowance is due to a $9.8 million provision for credit losses recorded during the twelve months ended December 31, 2025, partially offset by net charge-offs of $3.1 million, mainly attributable to commercial and industrial loans, during the same period.

The Company’s ratio of nonperforming loans to loans held for investment increased from 0.05% at December 31, 2024 to 0.08% at December 31, 2025. The increase resulted mainly from the occurrence of two separate faith-based real estate loans entering nonperforming status. Loans designated as watch decreased from $123.4 million to $101.9 million between December 31, 2024 and December 31, 2025. Consequently, loans designated as substandard increased from $2.6 million to $22.3 million between December 31, 2024 and December 31, 2025, primarily attributable to the downgrade of one borrower experiencing financial difficulty with a special purpose commercial real estate loan and a commercial line of credit. There were no loans with doubtful risk grades at December 31, 2025 or December 31, 2024.

A summary of the allowance for credit losses by loan class is as follows:

	December 31, 2025				December 31, 2024
(in thousands)	Amount		% of Total		Amount		% of Total
Real estate:
Commercial	$	25,219	56.77	%	$	25,864	68.44	%
Commercial land and development	56		0.13	%	78		0.21	%
Commercial construction	4,050		9.12	%	2,268		6.00	%
Residential construction	213		0.48	%	64		0.17	%
Residential	362		0.82	%	270		0.71	%
Farmland	467		1.05	%	607		1.61	%
	30,367		68.37	%	29,151		77.14	%
Commercial:
Secured	11,204		25.23	%	5,866		15.52	%
Unsecured	482		1.09	%	278		0.74	%
	11,686		26.32	%	6,144		16.26	%
Consumer and other	2,356		5.31	%	2,496		6.60	%
Total allowance for credit losses	$	44,409	100.00	%	$	37,791	100.00	%

The ratio of allowance for credit losses to loans held for investment was 1.09% at December 31, 2025, as compared to 1.07% at December 31, 2024.

Non-interest Income

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	December 31, 2025		September 30, 2025		Change	% Change
Service charges on deposit accounts	$	159	$	185		(14.05)	%
Loan-related fees	557		683		(126)	(18.45)	%
FHLB stock dividends	332		329		3	0.91	%
Earnings on bank-owned life insurance	234		209		25	11.96	%
Other income	118		560		(442)	(78.93)	%
Total non-interest income	$	1,400	$	1,966		(28.79)	%

All values are in US Dollars.

Loan-related fees. The decrease related primarily to a $0.2 million decrease in fees from swap referrals, rate locks, and good faith deposits, partially offset by a $0.1 million increase in fees from Small Business Administration (“SBA”) 7(a) loans and credit card activity during the three months ended December 31, 2025, as compared to the three months ended December 31, 2024.

Other income. The decrease related primarily to an overall decline in earnings related to equity investments in venture-backed funds during the three months ended December 31, 2025 compared to the three months ended September 30, 2025.

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	December 31, 2025		December 31, 2024		Change	% Change
Service charges on deposit accounts	$	159	$	179		(11.17)	%
Gain on sale of loans	—		150		(150)	(100.00)	%
Loan-related fees	557		400		157	39.25	%
FHLB stock dividends	332		332		—	—	%
Earnings on bank-owned life insurance	234		182		52	28.57	%
Other income	118		423		(305)	(72.10)	%
Total non-interest income	$	1,400	$	1,666		(15.97)	%

All values are in US Dollars.

Gain on sale of loans. The decrease related to an overall decline in the volume of loans sold due to a strategic, intentional reduction in originations of loans held for sale. During the three months ended December 31, 2025, no loans were sold, as compared to approximately $2.0 million of loans sold with an effective yield of 7.60% during the three months ended December 31, 2024.

Loan-related fees. The increase related to $0.2 million higher swap referral fees and $0.1 million higher income from credit card activity, partially offset by $0.1 million lower fees from SBA 7(a) loans during the three months ended December 31, 2025 than the three months ended December 31, 2024.

Other income. The decrease related primarily to an overall decline in earnings related to equity investments in venture-backed funds during the three months ended December 31, 2025 compared to the three months ended December 31, 2024.

The following table presents the key components of non-interest income for the periods indicated:

	Year ended
(in thousands)	December 31, 2025		December 31, 2024		Change	% Change
Service charges on deposit accounts	$	755	$	721		4.72	%
Gain on sale of loans	244		1,274		(1,030)	(80.85)	%
Loan-related fees	2,156		1,605		551	34.33	%
FHLB stock dividends	1,317		1,320		(3)	(0.23)	%
Earnings on bank-owned life insurance	824		644		180	27.95	%
Other income	1,239		889		350	39.37	%
Total non-interest income	$	6,535	$	6,453		1.27	%

All values are in US Dollars.

Gain on sale of loans. The decrease related primarily to an overall decline in the volume of loans sold due to a strategic, intentional reduction in originations of loans held for sale during the second half of the year ended December 31, 2025. During the year ended December 31, 2025, approximately $3.3 million of loans were sold with an effective yield of 7.41%, as compared to approximately $18.3 million of loans sold with an effective yield of 6.96% during the year ended December 31, 2024.

Loan-related fees. The increase was primarily a result of a $0.5 million increase in fees from swap referrals and a $0.2 million increase in income from credit card activity, partially offset by a $0.1 million decrease in fees from SBA 7(a) loans.

Earnings on bank-owned life insurance. The increase was primarily due to additional policies purchased between December 31, 2024 and December 31, 2025.

Other income. The increase related primarily to an overall improvement in earnings related to equity investments in venture-backed funds during the year ended December 31, 2025 compared to the year ended December 31, 2024.

Non-interest Expense

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	December 31, 2025		September 30, 2025		Change	% Change
Salaries and employee benefits	$	10,125	$	9,716		4.21	%
Occupancy and equipment	788		700		88	12.57	%
Data processing and software	1,597		1,559		38	2.44	%
Federal Deposit Insurance Corporation (“FDIC”) insurance	525		500		25	5.00	%
Professional services	960		932		28	3.00	%
Advertising and promotional	988		803		185	23.04	%
Loan-related expenses	364		317		47	14.83	%
Other operating expenses	2,310		2,053		257	12.52	%
Total non-interest expense	$	17,657	$	16,580		6.50	%

All values are in US Dollars.

Salaries and employee benefits. The increase was primarily a result of: (i) a $0.3 million increase in salaries, benefits, and bonus expense; and (ii) a $0.4 million increase in commissions expense due to higher loan production. These increases were partially offset by a $0.3 million increase in deferred loan origination costs due to higher loan production period-over-period.

Advertising and promotional. The increase was primarily due to an additional $0.1 million in donations made during the three months ended December 31, 2025 compared to the three months ended September 30, 2025, combined with $0.1 million of additional expenses incurred to support the expansion of the Bank’s business development teams, specifically related to client and prospective client development expenses.

Other operating expenses. The increase was due to: (i) a $0.1 million increase related to a strategic planning event held during the three months ended December 31, 2025 that did not occur during the three months ended September 30, 2025; (ii) a $0.1 million increase related to employee expenses such as travel, professional association memberships, and trainings; and (iii) a $0.1 million increase related to armored car and courier services. These increases were partially offset by a $0.1 million decrease in operational losses.

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	December 31, 2025		December 31, 2024		Change	% Change
Salaries and employee benefits	$	10,125	$	8,360		21.11	%
Occupancy and equipment	788		649		139	21.42	%
Data processing and software	1,597		1,369		228	16.65	%
FDIC insurance	525		440		85	19.32	%
Professional services	960		774		186	24.03	%
Advertising and promotional	988		752		236	31.38	%
Loan-related expenses	364		321		43	13.40	%
Other operating expenses	2,310		1,823		487	26.71	%
Total non-interest expense	$	17,657	$	14,488		21.87	%

All values are in US Dollars.

Salaries and employee benefits. The increase was primarily a result of: (i) a $1.9 million increase in salaries, benefits, and bonus expense, related to the 13.66% increase in headcount between December 31, 2024 and December 31, 2025; and (ii) a $0.5 million increase in commissions expense due to higher loan production. These increases were partially offset by a $0.6 million increase in deferred loan origination costs due to higher loan production period-over-period.

Occupancy and equipment. The increase was primarily due to rent expense for the Walnut Creek branch office and expansion of the San Francisco branch office during the three months ended December 31, 2025, which did not exist for the three months ended December 31, 2024.

Data processing and software. The increase was primarily due to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

Professional services. The increase was primarily due to a $0.1 million increase in expenses related to business development consulting services and a $0.1 million increase in legal fees.

Advertising and promotional. The increase was primarily due to an additional $0.1 million in donations made during the three months ended December 31, 2025 compared to the three months ended December 31, 2024, combined with $0.1 million of additional expenses incurred to support the expansion of the Bank’s business development teams, specifically related to client and prospective client development expenses.

Other operating expenses. The increase was primarily due to: (i) a $0.2 million increase in employee-related expenses such as travel and professional association memberships; (ii) a $0.1 million increase in armored car and courier expenses; (iii) a $0.1 million increase in IntraFi Network fees resulting from an overall increase in balances carried in the network; and (iv) a $0.1 million increase in administrative charges, including subscription services and bank charges.

The following table presents the key components of non-interest expense for the periods indicated:

	Year ended
(in thousands)	December 31, 2025		December 31, 2024		Change	% Change
Salaries and employee benefits	$	37,885	$	31,709		19.48	%
Occupancy and equipment	2,782		2,547		235	9.23	%
Data processing and software	6,121		5,088		1,033	20.30	%
FDIC insurance	1,950		1,635		315	19.27	%
Professional services	3,723		3,078		645	20.96	%
Advertising and promotional	3,178		2,411		767	31.81	%
Loan-related expenses	1,423		1,207		216	17.90	%
Other operating expenses	7,946		6,818		1,128	16.54	%
Total non-interest expense	$	65,008	$	54,493		19.30	%

All values are in US Dollars.

Salaries and employee benefits. The increase was the result of: (i) a $6.5 million increase in salaries, benefits, and bonus expense, related to the 13.66% increase in headcount between December 31, 2024 and December 31, 2025; and (ii) a $1.2 million increase in commissions expense due to higher loan production. The increase was partially offset by a $1.5 million increase in deferred loan origination costs due to higher loan production period-over-period.

Occupancy and equipment. The increase was primarily due to higher expenses for the Walnut Creek and San Francisco branch offices period-over-period.

Data processing and software. The increase related to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

FDIC Insurance. The increase was primarily due to a $571.8 million increase in the assessment base period-over-period.

Professional services. The increase was due to: (i) $0.1 million in fees paid for compensation consulting services that did not occur during 2024; (ii) a $0.2 million increase in expenses related to business development consulting services; (iii) a $0.1 million increase in legal expenses; and (iv) a $0.1 million increase in recruiter fees related to the 13.66% increase in headcount between December 31, 2024 and December 31, 2025.

Advertising and promotional. The increase was primarily due to an additional $0.2 million in donations and $0.2 million related to sponsored events and partnerships, combined with $0.4 million of additional expenses incurred to support the expansion of the Bank’s business development teams, specifically related to client and prospective client development expenses.

Loan-related expenses. The increase was due to an increase of $0.1 million in inspection fees and an increase of $0.1 million in loan-related legal expenses, both due to loan growth between December 31, 2024 and December 31, 2025.

Other operating expenses. The increase was due to: (i) a $0.4 million increase in employee-related expenses, such as travel, conferences, training, and professional association memberships; (ii) a $0.2 million increase in armored car and courier expenses; (iii) a $0.2 million increase in administrative charges, including subscription services and bank charges; (iv) a $0.1 million increase in IntraFi Network fees resulting from an overall increase in balances carried in the network; (v) a $0.1 million increase in office expenses, such as check printing and supplies; and (vi) a $0.1 million increase in regulatory assessment fees.

Provision for Income Taxes

On July 4, 2025, the President signed H.R. 1, the “One Big Beautiful Bill Act,” into law. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic R&D expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. The Act also made certain changes to the deductibility of the cost of meals and charitable contributions that are effective for tax years beginning after December 31, 2025. These changes were not reflected in the income tax provision for the period ended December 31, 2025. The Company evaluated the impact on future periods and the legislation is not expected to have a significant impact on the Company’s consolidated financial statements.

Three months ended December 31, 2025, as compared to the three months ended September 30, 2025

Provision for income taxes for the quarter ended December 31, 2025 decreased by $0.5 million, or 8.91%, to $5.4 million, as compared to $5.9 million for the quarter ended September 30, 2025, which was primarily due to a $0.9 million benefit recorded during the quarter ended December 31, 2025 related to the purchase of transferable tax credits. This was partially offset by: (i) an increase in pre-tax income recognized during the three months ended December 31, 2025; and (ii) a $0.3 million adjustment recorded during the three months ended December 31, 2025 related primarily to a true-up of amortization expense related to low income housing tax credits, which did not occur during the three months ended September 30, 2025. The effective tax rate was 23.32% and 26.49% for the three months ended December 31, 2025 and September 30, 2025, respectively.

Three months ended December 31, 2025, as compared to the three months ended December 31, 2024

Provision for income taxes decreased by $0.7 million, or 11.32%, to $5.4 million for the three months ended December 31, 2025, as compared to $6.1 million for the three months ended December 31, 2024. This decrease is primarily due to a $0.9 million benefit recorded during the quarter ended December 31, 2025 related to the purchase of transferable tax credits. This was partially offset by a $0.3 million adjustment recorded during the three months ended December 31, 2025 related primarily to a true-up of amortization expense related to low income housing tax credits, which did not occur during the three months ended December 31, 2024. The effective tax rate was 23.32% and 31.24% for the three months ended December 31, 2025 and December 31, 2024, respectively.

Year ended December 31, 2025, as compared to the year ended December 31, 2024

Provision for income taxes increased by $3.1 million, or 16.15%, to $22.1 million for the year ended December 31, 2025, as compared to $19.1 million for the year ended December 31, 2024. This increase is primarily due to a 29.37% increase in pre-tax income recognized during the year ended December 31, 2025. This was partially offset by: (i) a $0.9 million benefit recorded during the quarter ended December 31, 2025 related to the purchase of transferable tax credits; and (ii) a net $0.2 million reduction to the provision recorded during the quarter ended June 30, 2025. This adjustment related to a tax law change for the state of California effective as of June 30, 2025, which requires a transition from a three-factor apportionment formula to a single-sales-factor formula for determining state income tax. As such, the Company recorded a net benefit of approximately $0.9 million relating to the current year provision, which was partially offset by a $0.7 million expense relating to the remeasuring of the deferred tax assets and liabilities as of June 30, 2025. The effective tax rate was 26.42% and 29.43% for the years ended December 31, 2025 and December 31, 2024, respectively.

Webcast Details

Five Star Bancorp will host a live webcast for analysts and investors on Tuesday, January 27, 2026, at 1:00 PM ET (10:00 AM PT), to discuss its fourth quarter and annual financial results. To view the live webcast, visit the “News & Events” section of the Company’s website under “Events” at https://investors.fivestarbank.com/news-events/events. The webcast will be archived on the Company’s website for a period of 90 days.

About Five Star Bancorp

Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has nine branches in Northern California.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Reports on Form 10-Q for the three months ended March 31, 2025, June 30, 2025, and September 30, 2025, in each case under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

Condensed Financial Data (Unaudited)

	Three months ended
(in thousands, except per share and share data)	December 31, 2025		September 30, 2025		December 31, 2024
Revenue and Expense Data
Interest and fee income	$	66,421	$	64,845	$	57,745
Interest expense	24,356		25,497		24,256
Net interest income	42,065		39,348		33,489
Provision for credit losses	2,800		2,500		1,300
Net interest income after provision	39,265		36,848		32,189
Non-interest income:
Service charges on deposit accounts	159		185		179
Gain on sale of loans	—		—		150
Loan-related fees	557		683		400
FHLB stock dividends	332		329		332
Earnings on bank-owned life insurance	234		209		182
Other income	118		560		423
Total non-interest income	1,400		1,966		1,666
Non-interest expense:
Salaries and employee benefits	10,125		9,716		8,360
Occupancy and equipment	788		700		649
Data processing and software	1,597		1,559		1,369
FDIC insurance	525		500		440
Professional services	960		932		774
Advertising and promotional	988		803		752
Loan-related expenses	364		317		321
Other operating expenses	2,310		2,053		1,823
Total non-interest expense	17,657		16,580		14,488
Income before provision for income taxes	23,008		22,234		19,367
Provision for income taxes	5,365		5,890		6,050
Net income	$	17,643	$	16,344	$	13,317
Comprehensive Income
Net income	$	17,643	$	16,344	$	13,317
Net unrealized holding gain (loss) on securities available-for-sale during the period	1,004		2,843		(3,747)
Less: Income tax expense (benefit) related to other comprehensive income (loss)	269		763		(1,108)
Other comprehensive income (loss)	735		2,080		(2,639)
Total comprehensive income	$	18,378	$	18,424	$	10,678
	Three months ended
---	---	---	---	---	---	---	---	---	---
(in thousands, except per share and share data)	December 31, 2025			September 30, 2025			December 31, 2024
Share and Per Share Data
Earnings per common share:
Basic	$	0.83		$	0.77		$	0.63
Diluted	$	0.83		$	0.77		$	0.63
Book value per share	$	20.87		$	20.19		$	18.60
Tangible book value per share(1)	$	20.87		$	20.19		$	18.60
Weighted average basic common shares outstanding	21,231,563			21,231,563			21,182,143
Weighted average diluted common shares outstanding	21,289,056			21,281,818			21,235,318
Shares outstanding at end of period	21,367,387			21,367,387			21,319,083
Selected Financial Ratios
ROAA	1.50		%	1.44		%	1.31		%
ROAE	15.97		%	15.35		%	13.48		%
Net interest margin	3.66		%	3.56		%	3.36		%
Loan to deposit(2)	97.00		%	94.73		%	99.38		%

(1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

(2) Loan balance in loan to deposit ratio is total loans held for investment and sale at period end. Deposit balance in loan to deposit ratio is total deposits at period end.

	Year ended
(in thousands, except per share and share data)	December 31, 2025		December 31, 2024
Revenue and Expense Data
Interest and fee income	$	248,933	$	206,951
Interest expense	97,028		87,240
Net interest income	151,905		119,711
Provision for credit losses	9,700		6,950
Net interest income after provision	142,205		112,761
Non-interest income:
Service charges on deposit accounts	755		721
Gain on sale of loans	244		1,274
Loan-related fees	2,156		1,605
FHLB stock dividends	1,317		1,320
Earnings on bank-owned life insurance	824		644
Other income	1,239		889
Total non-interest income	6,535		6,453
Non-interest expense:
Salaries and employee benefits	37,885		31,709
Occupancy and equipment	2,782		2,547
Data processing and software	6,121		5,088
FDIC insurance	1,950		1,635
Professional services	3,723		3,078
Advertising and promotional	3,178		2,411
Loan-related expenses	1,423		1,207
Other operating expenses	7,946		6,818
Total non-interest expense	65,008		54,493
Income before provision for income taxes	83,732		64,721
Provision for income taxes	22,126		19,050
Net income	$	61,606	$	45,671
Comprehensive Income
Net income	$	61,606	$	45,671
Net unrealized holding gain (loss) on securities available-for-sale during the period	5,067		(858)
Less: Income tax expense (benefit) related to other comprehensive income (loss)	1,839		(254)
Other comprehensive income (loss)	3,228		(604)
Total comprehensive income	$	64,834	$	45,067
Share and Per Share Data
Earnings per common share:
Basic	$	2.90	$	2.26
Diluted	$	2.90	$	2.26
Book value per share	$	20.87	$	18.60
Tangible book value per share(1)	$	20.87	$	18.60
Weighted average basic common shares outstanding	21,224,788		20,154,385
Weighted average diluted common shares outstanding	21,273,552		20,205,440
Shares outstanding at end of period	21,367,387		21,319,083
	Year ended
---	---	---	---	---
(in thousands, except per share and share data)	December 31, 2025		December 31, 2024
Selected Financial Ratios
ROAA	1.41	%	1.23	%
ROAE	14.74	%	12.72	%
Net interest margin	3.55	%	3.32	%
Loan to deposit(2)	97.00	%	99.38	%

(1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

(2) Loan balance in loan to deposit ratio is total loans held for investment and sale at period end. Deposit balance in loan to deposit ratio is total deposits at period end.

(in thousands)	December 31, 2025			September 30, 2025			December 31, 2024
Balance Sheet Data
Cash and due from financial institutions	$	33,978		$	44,147		$	33,882
Interest-bearing deposits in banks	472,873			536,300			318,461
Time deposits in banks	100			100			4,121
Securities - available-for-sale, at fair value	94,699			95,635			98,194
Securities - held-to-maturity, at amortized cost	2,190			2,190			2,720
Loans held for sale	—			—			3,247
Loans held for investment	4,074,929			3,887,259			3,532,686
Allowance for credit losses	(44,409)			(42,061)			(37,791)
Loans held for investment, net of allowance for credit losses	4,030,520			3,845,198			3,494,895
FHLB stock	15,000			15,000			15,000
Operating leases, right-of-use asset	10,802			9,751			6,245
Premises and equipment, net	2,109			1,656			1,584
Bank-owned life insurance	23,910			23,676			19,375
Interest receivable and other assets	68,680			68,117			55,554
Total assets	$	4,754,861		$	4,641,770		$	4,053,278
Non-interest-bearing deposits	$	1,084,537		$	1,059,082		$	922,629
Interest-bearing deposits	3,116,547			3,044,356			2,635,365
Total deposits	4,201,084			4,103,438			3,557,994
Subordinated notes, net	74,041			74,004			73,895
Other borrowings	—			—			—
Operating lease liability	11,872			10,431			6,857
Interest payable and other liabilities	22,032			22,589			17,908
Total liabilities	4,309,029			4,210,462			3,656,654
Common stock	303,990			303,571			302,531
Retained earnings	150,985			137,615			106,464
Accumulated other comprehensive loss, net of taxes	(9,143)			(9,878)			(12,371)
Total shareholders’ equity	445,832			431,308			396,624
Total liabilities and shareholders’ equity	$	4,754,861		$	4,641,770		$	4,053,278
Quarterly Average Balance Data
Average loans held for investment and sale	$	3,972,184		$	3,831,851		$	3,498,109
Average interest-earning assets	4,557,371			4,380,191			3,965,867
Average total assets	4,674,867			4,490,309			4,057,603
Average deposits	4,125,259			3,961,698			3,561,409
Average total equity	438,285			422,420			393,088
Credit Quality
Allowance for credit losses to nonperforming loans	1,434.40		%	1,975.62		%	2,101.78		%
Nonperforming loans to loans held for investment	0.08		%	0.05		%	0.05		%
Nonperforming assets to total assets	0.07		%	0.05		%	0.05		%
Nonperforming loans plus performing loan modifications to loans held for investment	0.08		%	0.05		%	0.05		%
(in thousands)	December 31, 2025		September 30, 2025		December 31, 2024
---	---	---	---	---	---	---
Capital Ratios
Total shareholders’ equity to total assets	9.38	%	9.29	%	9.79	%
Tangible shareholders’ equity to tangible assets(1)	9.38	%	9.29	%	9.79	%
Total capital (to risk-weighted assets)	13.33	%	13.59	%	13.99	%
Tier 1 capital (to risk-weighted assets)	10.58	%	10.77	%	11.02	%
Common equity Tier 1 capital (to risk-weighted assets)	10.58	%	10.77	%	11.02	%
Tier 1 leverage ratio	9.70	%	9.78	%	10.05	%

(1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

Non-GAAP Reconciliation (Unaudited)

The Company uses financial information in its analysis of the Company’s performance that is not in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations, and cash flows computed in accordance with GAAP. However, the Company acknowledges that its non-GAAP financial measures have a number of limitations. As such, investors should not view these disclosures as a substitute for results determined in accordance with GAAP. Additionally, these non-GAAP measures are not necessarily comparable to non-GAAP financial measures that other banking companies use. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons.

Tangible shareholders’ equity to tangible assets is defined as total equity less goodwill and other intangible assets, divided by total assets less goodwill and other intangible assets. The most directly comparable GAAP financial measure is total shareholders’ equity to total assets. Management believes that tangible shareholders’ equity to tangible assets is a useful financial measure because it enables management, investors, and others to assess the Company’s financial health based on tangible capital. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible shareholders’ equity to tangible assets is the same as total shareholders’ equity to total assets at the end of each of the periods indicated.

Tangible book value per share is defined as total shareholders’ equity less goodwill and other intangible assets, divided by the outstanding number of common shares at the end of the period. The most directly comparable GAAP financial measure is book value per share. Management believes that tangible book value per share is a useful financial measure because it enables management, investors, and others to assess the Company’s value and use of equity. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible book value per share is the same as book value per share at the end of each of the periods indicated.

Pre-tax, pre-provision income is defined as pre-tax income plus provision for credit losses. The most directly comparable GAAP financial measure is pre-tax income. Management believes that pre-tax, pre-provision income is a useful financial measure because it enables management, investors, and others to assess the Company’s ability to generate operating profit and capital.

The following reconciliation tables provide a more detailed analysis of this non-GAAP financial measure:

	Three months ended
(in thousands)	December 31, 2025		September 30, 2025		December 31, 2024
Pre-tax, pre-provision income
Pre-tax income	$	23,008	$	22,234	$	19,367
Add: provision for credit losses	2,800		2,500		1,300
Pre-tax, pre-provision income	$	25,808	$	24,734	$	20,667			Year ended
---	---	---	---	---
(in thousands)	December 31, 2025		December 31, 2024
Pre-tax, pre-provision income
Pre-tax income	$	83,732	$	64,721
Add: provision for credit losses	9,700		6,950
Pre-tax, pre-provision income	$	93,432	$	71,671

Investor Contact: Heather C. Luck, Chief Financial Officer Five Star Bancorp (916) 626-5008 hluck@fivestarbank.com

Media Contact:

Shelley R. Wetton, Chief Marketing Officer Five Star Bancorp (916) 284-7827 swetton@fivestarbank.com

26

q42025investorpresentati

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Safe Harbor Statement and Disclaimer Forward-Looking Statements In this presentation, “we,” “our,” “us,” “Five Star," or “the Company” refers to Five Star Bancorp, a California corporation, and our consolidated subsidiaries, including Five Star Bank, a California state- chartered bank, unless the context indicates that we refer only to the parent company, Five Star Bancorp. This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this presentation. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025, in each case under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law. Industry Information This presentation includes statistical and other industry and market data that we obtained from government reports and other third-party sources. Our internal data, estimates, and forecasts are based on information obtained from government reports, trade, and business organizations and other contacts in the markets in which we operate and our management’s understanding of industry conditions. Although we believe that this information (including the industry publications and third-party research, surveys, and studies) is accurate and reliable, we have not independently verified such information. In addition, estimates, forecasts, and assumptions are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. Finally, forward-looking information obtained from these sources is subject to the same qualifications and the additional uncertainties regarding the other forward-looking statements in this presentation. Unaudited Financial Data Numbers contained in this presentation for the quarter ended December 31, 2025 and for other quarterly periods are unaudited. Additionally, numbers contained in this presentation for the full fiscal year ended December 31, 2025 are unaudited. As a result, subsequent information may cause a change in certain accounting estimates and other financial information, including the Company’s allowance for credit losses, fair values, and income taxes. Non-GAAP Financial Measures The Company uses financial information in its analysis of the Company’s performance that is not in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations, and cash flows computed in accordance with GAAP. However, the Company acknowledges that its non-GAAP financial measures have a number of limitations. See the appendix to this presentation for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures. Fourth Quarter 2025 Investor Presentation | 2

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Agenda Fourth Quarter 2025 Investor Presentation | 3 •Company Overview •Financial Highlights •Loans and Credit Quality •Deposit and Capital Overview •Financial Results

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Company Overview Fourth Quarter 2025 Investor Presentation | 4

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Executive Team Fourth Quarter 2025 Investor Presentation | 5 James Beckwith President and Chief Executive Officer Five Star since 2003 John Dalton Senior Vice President and Chief Credit Officer Five Star since 2011 Mike Lee Senior Vice President and Chief Regulatory Officer Five Star since 2005 Michael Rizzo Executive Vice President and Chief Banking Officer Five Star since 2005 Brett Wait Senior Vice President and Chief Information Officer Five Star since 2011 Lydia Ramirez Executive Vice President and Chief Operating Officer Five Star since 2017 Heather Luck Executive Vice President and Chief Financial Officer Five Star since 2018 Shelley Wetton Senior Vice President and Chief Marketing Officer Five Star since 2015 DJ Kurtze Executive Vice President and San Francisco Bay Area President Five Star since 2023

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Company Overview Nasdaq: Headquarters: Asset Size: Loans HFI: Deposits: Bank Branches: Fourth Quarter 2025 Investor Presentation | 6 FSBC Rancho Cordova, CA $4.8 billion $4.1 billion $4.2 billion 9 Note: Balances are as of December 31, 2025. Five Star is a community business bank that was founded to serve the commercial real estate industry. Today, the markets we serve have expanded to meet customer demand and now include manufactured housing and storage, faith- based, government, nonprofits, and more.

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HISPANIC CHAMBER OF COMMERCE SACRAMENTO METRO CHAMBER OF COMMERCE 2025 Awards and Rankings Fourth Quarter 2025 Investor Presentation | 7 BANK EXECUTIVE AND EMPLOYEE AWARDS 40 Under 40 Newsmaker 100 List 2024 | TOP 3 BEST-PERFORMING COMMUNITY BANKS IN THE NATION (Banks with $3B - $10B in Assets) (Ranked in Top 10% of Community Banks in the Nation) Power 100 List C-Suite Award Champions for DE&I Women Who Mean Business Fastest Growing Banks by Deposits 2024 | RAYMOND JAMES COMMUNITY BANKERS CUP FIVE STAR BANK AWARDS AND RANKINGS SACRAMENTO BUSINESS JOURNAL SAN FRANCISCO BUSINESS TIMES S&P Global Market Intelligence RANKED 4TH ON THE LIST OF THE BEST U.S. BANKS (Banks with Assets Less Than $5B) Bank Director Magazine (RankingBanking) RANKED 13TH ON THE LIST OF TOP 25 U.S. BANKS Bank Director Magazine (RankingBanking) Sacramentan of the Year Award Champion Latina Estrella Award 2025 SM-ALL STARS Piper Sandler’s COMMERCIAL REAL ESTATE WOMEN SACRAMENTO Women of Impact Award SACRAMENTO STATE ALUMNI ASSOCIATION Distinguished Alumni Award

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Financial Highlights Fourth Quarter 2025 Investor Presentation | 8

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Financial Highlights Fourth Quarter 2025 Investor Presentation | 9 (dollars in thousands, except per share data) For the three months ended For the year ended 12/31/2025 9/30/2025 12/31/2024 12/31/2025 12/31/2024 Profitability Net income $ 17,643 $ 16,344 $ 13,317 $ 61,606 $ 45,671 Return on average assets ("ROAA") 1.50 % 1.44 % 1.31 % 1.41 % 1.23 % Return on average equity ("ROAE") 15.97 % 15.35 % 13.48 % 14.74 % 12.72 % Earnings per share (basic and diluted) $ 0.83 $ 0.77 $ 0.63 $ 2.90 $ 2.26 Net Interest Margin Net interest margin 3.66 % 3.56 % 3.36 % 3.55 % 3.32 % Average loan yield 6.09 % 6.14 % 6.01 % 6.08 % 5.89 % Average cost of interest-bearing deposits 3.01 % 3.28 % 3.48 % 3.22 % 3.48 % Average cost of total deposits 2.23 % 2.44 % 2.58 % 2.40 % 2.56 % Total cost of funds 2.30 % 2.51 % 2.65 % 2.47 % 2.64 % 12/31/2025 12/31/2024 Deposits and Securities Non-interest-bearing deposits $ 1,084,537 $ 922,629 Interest-bearing deposits 3,116,547 2,635,365 Total deposits 4,201,084 3,557,994 Total securities 96,889 100,914 Total securities to interest-earning assets 2.09 % 2.55 % Asset Quality Nonperforming loans to loans held for investment 0.08 % 0.05 % Allowance for credit losses to loans held for investment 1.09 % 1.07 % Note: Yields are based on average balance and annualized quarterly interest income. Costs are based on average balance and annualized quarterly interest expense.

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Financial Highlights - December 31, 2025 Fourth Quarter 2025 Investor Presentation | 10 Growth • Continued balance sheet growth with increases in loans held for investment of $542.2 million and increases in non-wholesale(1) deposits of $738.1 million since December 31, 2024. Funding • Non-interest-bearing deposits comprised 25.82% of total deposits, compared to 25.81% as of September 30, 2025 and 25.93% as of December 31, 2024. • Deposits comprised 97.49% of total liabilities, as compared to 97.46% of total liabilities as of September 30, 2025 and 97.30% of total liabilities as of December 31, 2024. Liquidity • Insured and collateralized deposits were approximately $2.8 billion, representing 66.20% of total deposits, compared to 65.25% as of September 30, 2025. • Cash and cash equivalents were $506.9 million, representing 12.06% of total deposits, compared to 14.15% as of September 30, 2025 and 9.90% as of December 31, 2024. Capital • All capital ratios were above well-capitalized regulatory thresholds. • On October 16, 2025 and January 15, 2026, the Company declared cash dividends of $0.20 and $0.25 per share, respectively, for the three months ended September 30, 2025 and December 31, 2025, respectively. 1. The Company defines wholesale deposits as brokered deposits and California Time Deposit Program deposits.

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$811 $840 $973 $1,272 $1,480 $1,954 $2,557 $3,227 $3,593 $4,053 $4,755 $1,806 $2,535 $148 $22 Total Assets Excluding PPP Loans PPP Loans 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Consistent and Organic Asset Growth Fourth Quarter 2025 Investor Presentation | 11 Note: Dollars are in millions. Balances are end of period. References to PPP are the Paycheck Protection Program. 1. CAGR is based upon balances as of December 31, 2025. 2. A reconciliation of this non-GAAP measure is set forth in the appendix. (2) CAGR (1) 5 years 10 years Total Assets 19.47% 19.34%

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Pre-tax, pre-provision income Pre-tax income EPS (basic and diluted) Earnings Track Record Fourth Quarter 2025 Investor Presentation | 12 Ea rn in gs (i n M ill io ns ) Q uarterly Earnings per Share $15.9M $17.2M $18.0M $20.7M $20.3M $22.6M $24.7M $25.8M $0.62 $0.51 $0.52 $0.63 $0.62 $0.68 $0.77 $0.83 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $0.0M $5.0M $10.0M $15.0M $20.0M $25.0M $30.0M $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 1. A reconciliation of this non-GAAP measure is set forth in the appendix. Ea rn in gs (i n M ill io ns ) A nnual Earnings per Share $70.6M $71.7M $93.4M $66.6M $64.7M $83.7M $2.78 $2.26 $2.90 2023 2024 2025 $0.0M $20.0M $40.0M $60.0M $80.0M $100.0M $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 (1) Quarterly Trend of Pre-Tax, Pre-Provision Income(1) Annual Trend

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Operating Metrics Fourth Quarter 2025 Investor Presentation | 13 Efficiency RatioNet Interest Margin 3.42% 3.32% 3.55% 2023 2024 2025 40.35% 43.19% 41.03% 2023 2024 2025 Note: All 2025 figures are through December 31, 2025. Total Income Before Taxes $66.6M $64.7M $83.7M 2023 2024 2025

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Non-interest Income and Expense Comparison Fourth Quarter 2025 Investor Presentation | 14 (dollars in thousands) For the three months ended For the year ended 12/31/2025 9/30/2025 12/31/2024 12/31/2025 12/31/2024 Non-interest Income Service charges on deposit accounts $ 159 $ 185 $ 179 $ 755 $ 721 Gain on sale of loans — — 150 244 1,274 Loan-related fees 557 683 400 2,156 1,605 FHLB stock dividends 332 329 332 1,317 1,320 Earnings on bank-owned life insurance 234 209 182 824 644 Other income 118 560 423 1,239 889 Total non-interest income $ 1,400 $ 1,966 $ 1,666 $ 6,535 $ 6,453 Non-interest Expense Salaries and employee benefits $ 10,125 $ 9,716 $ 8,360 $ 37,885 $ 31,709 Occupancy and equipment 788 700 649 2,782 2,547 Data processing and software 1,597 1,559 1,369 6,121 5,088 Federal Deposit Insurance Corporation insurance 525 500 440 1,950 1,635 Professional services 960 932 774 3,723 3,078 Advertising and promotional 988 803 752 3,178 2,411 Loan-related expenses 364 317 321 1,423 1,207 Other operating expenses 2,310 2,053 1,823 7,946 6,818 Total non-interest expense $ 17,657 $ 16,580 $ 14,488 $ 65,008 $ 54,493

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Shareholder Returns Fourth Quarter 2025 Investor Presentation | 15 ROAA ROAE Cash Dividend Payout Ratio on Common Stock(1) Value per Share (book and tangible book(2)) Note: All 2025 figures are through December 31, 2025. 1. Cash dividend payout ratio on common stock is calculated as dividends paid on common shares divided by basic earnings per common share. 2. A reconciliation of this non-GAAP measure is set forth in the appendix. 1.44% 1.23% 1.41% 2023 2024 2025 17.85% 12.72% 14.74% 2023 2024 2025 26.98% 35.45% 27.59% 2023 2024 2025 $16.56 $18.60 $20.87 2023 2024 2025

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Loans and Credit Quality Fourth Quarter 2025 Investor Presentation | 16

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$148 $22 4.93% 5.28% 5.45% 4.96% 4.71% 6.09%Non-PPP Loans PPP Loans Average Loan Yield Average Loan Yield Excluding PPP Loans Consistent Loan Growth To ta l L oa ns H el d fo r I nv es tm en t ( M ill io ns ) $3,104 $3,266 $3,461 $3,533 $3,622 $3,758 $3,887 $4,075 5.71% 5.83% 5.98% 6.01% 6.02% 6.09% 6.14% 6.09% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Fourth Quarter 2025 Investor Presentation | 17 Note: Loan balances are end of period loans held for investment. Yields are based on average balance and annualized quarterly interest income. 1. CAGR is based upon balances as of December 31, 2025. 2. A reconciliation of this non-GAAP measure is set forth in the appendix. (2) Quarterly Trend To ta l L oa ns H el d fo r I nv es tm en t ( M ill io ns ) $1,355 $1,912 $2,791 $3,082 $3,533 $4,075 $148 $22 4.96% 4.82% 4.75% 5.52% 5.89% 6.08% 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Annual Trend CAGR (1) 5 years Total Loans 22.07%

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Loan Portfolio Composition Fourth Quarter 2025 Investor Presentation | 18 Commercial real estate, 81.08% Commercial construction, 2.37% Residential construction, 0.21% Residential, 0.92% Farmland, 1.46% Commercial land and development, 0.03% Commercial Secured, 6.17% Commercial Unsecured, 0.99% PPP, 0.00% Consumer and other, 6.77% Types of collateral securing commercial real estate ("CRE") loans Loan Balance ($000s) # of Loans % of CRE Manufactured home community $ 1,025,386 464 31.02 % RV Park 412,955 130 12.49 % Retail 317,536 99 9.61 % Multifamily 286,064 119 8.65 % Industrial 247,368 149 7.48 % Faith-based 193,362 110 5.85 % Mini storage 190,252 52 5.76 % Office 175,767 101 5.32 % All other types (1) 457,023 183 13.82 % Total $ 3,305,713 1,407 100.00 % Note: Balances are net book value as of December 31, 2025, before allowance for credit losses and deferred loan fees, and exclude loans held for sale. 1. Types of collateral in “all other types” are those that individually make up less than 5% CRE concentration.

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$1,025M $413M $318M $286M $247M $193M $190M $176M $457M $1,821M $742M $668M $619M $564M $513M $382M $405M $966M 60.19% 59.28% 54.51% 53.41% 51.74% 47.10% 55.84% 52.21% 54.81% Loan Balance Collateral Value Weighted Average Loan-to-Value Manufactured home community RV Park Retail Multifamily Industrial Faith-based Mini storage Office All other types $0M $250M $500M $750M $1,000M $1,250M $1,500M $1,750M $2,000M $2,250M CRE Collateral Values Fourth Quarter 2025 Investor Presentation | 19 (1) Note: Balances are net book value as of December 31, 2025, before allowance for credit losses and deferred loan fees, and exclude loans held for sale. LTV refers to loan-to-value 1. Types of collateral in “all other types” are those that individually make up less than 5% CRE concentration. Total CRE Weighted Average LTV 49.49%

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Loan Portfolio Diversification Our core business centers on commercial lending, with an emphasis on commercial real estate. We provide a comprehensive suite of loan products tailored to the needs of small and medium-sized businesses, professionals, and individuals — including commercial real estate, commercial land and construction, and farmland loans. Additionally, we offer residential real estate, construction, and consumer loans, further supporting a broad range of client needs. Fourth Quarter 2025 Investor Presentation | 20Note: Balances are net book value as of December 31, 2025, before allowance for credit losses and deferred loan fees, and exclude loans held for sale. Loans by Type Loans by Purpose Real Estate Loans by Geography CML Term CRE NOO, 34.3% CML Term Multifamily, 31.9% CML Term CRE OO, 14.2% CSM Unsecured, 6.6% CML Secured, 4.5% CML Const CRE, 2.4% CML Term Ag RE, 1.5% Others, 4.6% CA, 56.9% TX, 7.3% NC, 3.1% FL, 2.8% OR, 2.6% AZ, 2.3% NV, 2.0%TN, 1.9%GA, 1.8%WA, 1.5% PA, 1.2% NY, 1.1% MO, 1.1% CO, 1.1% WI, 1.1% Other, 12.2% CRE Manufactured Home, 25.2% CRE Other, 11.2% CRE RV Park, 10.1% CRE Retail, 7.8% CRE Multifamily, 7.0% Consumer Unsecured, 6.6% CRE Industrial, 6.1% Commercial Other, 5.3% CRE Faith-based, 4.7% CRE Mini Storage, 4.7% CRE Office, 4.3% Commercial Construction, 2.4% Commercial LOC, 1.6% Others, 3.0%

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Loan Rollforward Fourth Quarter 2025 Investor Presentation | 21Note: Dollars are in millions. Beginning and ending balances are as of period end, before allowance for credit losses, including deferred loan fees, and excluding loans held for sale. $150 $390 $334 $263 $259 $319 $353 $452 $(51) $(155) $(99) $(119) $(105) $(119) $(134) $(145)$(77) $(73) $(41) $(72) $(66) $(65) $(89) $(119) Originations & Advances Paydowns Payoffs Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Beginning Balance $ 3,082 $ 3,104 $ 3,266 $ 3,461 $ 3,533 $ 3,622 $ 3,758 $ 3,887 Ending Balance $ 3,104 $ 3,266 $ 3,461 $ 3,533 $ 3,622 $ 3,758 $ 3,887 $ 4,075 Loans Held for Investment

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Loan Yield Composition $235M $636M $661M $369M $462M $666M 7.54% 5.39% 5.06% 6.64% 6.86% 6.54% Floating Rate Loans Adjustable Rate Loans Weighted Average Rate Monthly (Floating) 2026 2027 2028 2029 After 2029 Fixed, 25.7% Adjustable, 68.5% Floating, 5.8% $2.8 billion, or 68.5%, of total loans held for investment as of December 31, 2025 are adjustable rate loans. $636 million in adjustable rate loans, with a weighted average rate of 5.39%, are scheduled to reprice in 2026. Note: Dollars are in millions. Balances are net book value as of December 31, 2025, before allowance for credit losses and deferred loan fees. Weighted average rates are as of December 31, 2025 and based upon outstanding principal. Fourth Quarter 2025 Investor Presentation | 22 Floating or Adjustable, 74.3%

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Asset Quality Fourth Quarter 2025 Investor Presentation | 23 Nonperforming Loan Trend Allowance for Credit Losses and Net Charge-off Trend Note: References to loans HFI are loans held for investment, which are the equivalent of total loans outstanding at each period end. References to average loans HFI are average loans held for investment during the period. $0.5M $0.6M $0.4M $2.0M $1.8M $1.8M $2.3M $2.1M $3.1M 0.03% 0.03% 0.01% 0.06% 0.05% 0.05% 0.06% 0.05% 0.08% Nonperforming Loans Nonperforming Loans to Loans HFI 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1.48% 1.20% 1.02% 1.12% 1.07% 1.08% 1.07% 1.08% 1.09% 0.12% 0.04% 0.07% 0.11% 0.12% 0.02% 0.04% 0.02% 0.01% Allowance for Credit Losses to Loans HFI Net Charge-offs to Average Loans HFI 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Our primary objective is to maintain a high level of asset quality in our loan portfolio. Therefore, we: – Place emphasis on our commercial portfolio, where we reevaluate risk assessments as a result of reviewing commercial property operating statements and borrower financials – Monitor payment performance, delinquencies, tax compliance, and property insurance compliance of our borrowers – Design our practices to facilitate the early detection and remediation of problems within our loan portfolio – Employ the use of an outside, independent consulting firm to evaluate our underwriting and risk assessment process

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Allocation of Allowance for Credit Losses Fourth Quarter 2025 Investor Presentation | 24 (dollars in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Allowance for Credit Losses Amount % of Total % of Loans to Total Loans Amount % of Total % of Loans to Total Loans Amount % of Total % of Loans to Total Loans Amount % of Total % of Loans to Total Loans Amount % of Total % of Loans to Total Loans Real estate: Commercial $ 25,864 68.44 % 80.75 % $ 27,027 68.91 % 81.11 % $ 27,792 69.19 % 81.54 % $ 23,473 55.81 % 80.86 % $ 25,219 56.77 % 81.08 % Commercial land & development 78 0.21 % 0.11 % 70 0.18 % 0.10 % 33 0.08 % 0.04 % 30 0.07 % 0.02 % 56 0.13 % 0.03 % Commercial construction 2,268 6.00 % 3.15 % 2,227 5.68 % 3.12 % 2,575 6.41 % 2.99 % 4,355 10.35 % 3.52 % 4,050 9.12 % 2.37 % Residential construction 64 0.17 % 0.13 % 78 0.20 % 0.16 % 75 0.19 % 0.15 % 108 0.26 % 0.15 % 213 0.48 % 0.21 % Residential 270 0.71 % 0.93 % 279 0.71 % 0.94 % 334 0.83 % 0.88 % 351 0.83 % 0.92 % 362 0.82 % 0.92 % Farmland 607 1.61 % 1.34 % 598 1.52 % 1.20 % 723 1.80 % 1.37 % 425 1.01 % 1.48 % 467 1.05 % 1.46 % Total real estate loans 29,151 77.14 % 86.41 % 30,279 77.20 % 86.63 % 31,532 78.50 % 86.97 % 28,742 68.33 % 86.95 % 30,367 68.37 % 86.07 % Commercial: Secured 5,866 15.52 % 4.91 % 5,905 15.05 % 4.77 % 5,623 14.00 % 4.63 % 10,400 24.73 % 4.91 % 11,204 25.23 % 6.17 % Unsecured 278 0.74 % 0.78 % 403 1.03 % 0.96 % 417 1.04 % 1.00 % 438 1.04 % 0.99 % 482 1.09 % 0.99 % Total commercial loans 6,144 16.26 % 5.69 % 6,308 16.08 % 5.73 % 6,040 15.04 % 5.63 % 10,838 25.77 % 5.90 % 11,686 26.32 % 7.16 % Consumer and other 2,496 6.60 % 7.90 % 2,637 6.72 % 7.64 % 2,595 6.46 % 7.40 % 2,481 5.90 % 7.15 % 2,356 5.31 % 6.77 % Total allowance for credit losses $ 37,791 100.00 % 100.00 % $ 39,224 100.00 % 100.00 % $ 40,167 100.00 % 100.00 % $ 42,061 100.00 % 100.00 % $ 44,409 100.00 % 100.00 %

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Risk Grade Migration Fourth Quarter 2025 Investor Presentation | 25 Classified Loans (Loans Rated Substandard or Doubtful) (dollars in thousands) 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Real estate: Commercial $ 2,587 $ 3,653 $ 4,170 $ 18,446 $ 21,372 Commercial land and development — — — — — Commercial construction — — — — — Residential construction — — — — — Residential — — — — — Farmland — — — — — Commercial: Secured 48 43 37 104 953 Unsecured — — — — — Consumer and other 9 8 7 6 6 Total $ 2,644 $ 3,704 $ 4,214 $ 18,556 $ 22,331 % of Loan Portfolio Outstanding by Risk Grade: Pass 96.44 % 96.81 % 97.06 % 97.14 % 96.95 % Watch 3.49 % 3.09 % 2.83 % 2.38 % 2.50 % Substandard 0.07 % 0.10 % 0.11 % 0.48 % 0.55 % Note: Loan portfolio outstanding is the total balance of loans outstanding at period end, before deferred loan fees and allowance for loan losses, and excluding loans held for sale.

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Deposit and Capital Overview Fourth Quarter 2025 Investor Presentation | 26

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$1.8B $2.3B $2.8B $3.0B $3.6B $3.7B $3.9B $4.1B $4.2B $889M $1,001M $1,228M $1,409M $1,650M $1,706M $1,826M $2,110M $2,218M $701M $902M $971M $831M $923M $934M $1,004M $1,059M $1,085M $146M $279M $240M $320M $315M $296M $292M $309M $344M $104M $343M $467M $670M $801M $772M $626M $555M 7,124 8,162 9,832 11,855 13,500 14,041 14,562 14,970 15,494 Money Market & Savings Non-Interest-Bearing Demand Interest-Bearing Demand Time Deposits Total Number of Accounts 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Strong Deposit Growth Fourth Quarter 2025 Investor Presentation | 27 Note: Balances are end of period. Cost of total deposits is based on total average balance of interest-bearing and non- interest-bearing deposits and annualized quarterly deposit interest expense. 1. CAGR is based upon balances as of December 31, 2025. 2. As of quarter- or year-end, as applicable Cost of Total Deposits 0.44% 0.11% 0.43% 1.97% 2.56% 2.48% 2.46% 2.44% 2.23% CAGR (1) 5 years Total Deposits 18.68% (2)

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Money Market, 48.2% Non-Interest- Bearing Demand, 25.2% Time Deposits, 12.9% Interest-Bearing Transaction, 8.0% Savings, 3.2% Borrowings & Subordinated Debt, 1.7% Other Liabilities, 0.8% Diversified Funding Fourth Quarter 2025 Investor Presentation | 28 Total Deposits(1) = $4.2 billion 97.5% of Total Liabilities Liability Mix(1) 1. Balances are as of December 31, 2025. 2. Loan balance in loan to deposit ratio is total loans held for investment and sale at period end. Loan(2) to Deposit Ratio Non-Interest-Bearing Deposits to Total Deposits 84.5% 85.1% 100.7% 102.2% 99.4% 97.0% 96.5% 94.7% 97.0% 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 39.3% 39.5% 34.9% 27.5% 25.9% 25.0% 25.8% 25.8% 25.8% 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

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Government, 23.49% Commercial Real Estate & Construction, 16.22% Other, 14.92% Small to Medium Sized Business, 8.97% Professional Service Practice, 8.23% Non-profit, 7.91% Healthcare & Practice, 6.81% Manufactured Home Community, 6.30% Agriculture & Ag Tech, 2.92%Faith-based, 2.17% Venture Banking, 1.55% RV Park, 0.51% Local Agency Depositors, 23.51% All Other Depositors, 76.49% Deposit Composition Fourth Quarter 2025 Investor Presentation | 29 Note: Balances are as of December 31, 2025 and include time and wholesale deposits. 1. Types of accounts in “Other” are brokered deposits, which comprise 4.17% of total deposits, as well as individuals, trusts, estates, and market verticals that individually make up less than 0.40% of all deposits. 2. Government and Local Agency Depositors includes State of California, which comprises 6.90% of total deposits. Total Deposits by Relationship Size Local Agency BreakoutTotal Deposits by Market Vertical Relationships > $5 million, 60.90% Relationships ≤ $5 million, 39.10% 7.67 Years Average Age of Relationships > $5 million $272,000 Average Deposit Account Balance (1) (2) (2)

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Capital Ratios Fourth Quarter 2025 Investor Presentation | 30 Tier 1 Leverage Ratio Tier 1 Capital to RWA Total Capital to RWA Common Equity Tier 1 to RWA Note: References to RWA are risk-weighted assets. 6.58% 9.47% 8.60% 8.73% 10.05% 9.70% 2020 2021 2022 2023 2024 2025 8.98% 11.44% 8.99% 9.07% 11.02% 10.58% 2020 2021 2022 2023 2024 2025 8.98% 11.44% 8.99% 9.07% 11.02% 10.58% 2020 2021 2022 2023 2024 2025 12.18% 13.98% 12.46% 12.30% 13.99% 13.33% 2020 2021 2022 2023 2024 2025

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We strive to become the top business bank in all markets we serve through exceptional service, deep connectivity, and customer empathy. We are dedicated to serving real estate, agricultural, faith-based, and small to medium-sized enterprises. We aim to consistently deliver value that meets or exceeds the expectations of our shareholders, customers, employees, business partners, and community. “ Five Star Bank has been a trusted partner in Breathe California Sacramento Region’s life- saving work for over a decade. Five Star has been a rock, proactively seeking ways to help us streamline and access resources. With this solid foundation of support and trust, we look forward to many more productive years in the Greater Sacramento Region with Five Star Bank by our side. “ Five Star Bank customer, Visit Sacramento, ensures our region is a leading destination for meetings, conventions, travel trade and leisure, which support the vitality of our regional economy by driving almost $200 million in visitor spending annually. Their vision is for every person in the world to say, “I want to visit Sacramento!” David Eadie, Chief Sports & Entertainment Officer Sonya Bradley, Chief DEI & Community Relations Officer Mariles Krock, Chief Convention Sales & Services Officer Kari Miskit, Chief Operating Officer & Media Relations Mike Testa, President & CEO Elizabeth Savin, Air Quality Programs Director Jennifer Finton, CEO Micaela Adesanya, Asthma Program Manager “ Five Star Bank customer, Cristo Rey High School Sacramento, is a Catholic, fully-accredited college preparatory high school. They offer a focused curriculum designed to support students not only in being accepted to college, but in graduating from college. Their goal is to educate the “whole person,” that is the mind, body and spirit of each student. They offer a challenging academic curriculum, as well as opportunities for co-curricular, spiritual and religious formation. Dave Lucchetti, Five Star Bancorp Retired Board Chair Father Christopher Calderon, President Cristo Rey Students

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Appendix: Non-GAAP Reconciliation (Unaudited) Fourth Quarter 2025 Investor Presentation | 32 The Company uses financial information in its analysis of the Company's performance that is not in conformity with GAAP. The Company believes that these non- GAAP financial measures provide useful information to management and investors that is supplementary to the Company's financial condition, results of operations, and cash flows computed in accordance with GAAP. However, the Company acknowledges that its non-GAAP financial measures have a number of limitations. As such, investors should not view these disclosures as a substitute for results determined in accordance with GAAP. Additionally, these non-GAAP measures are not necessarily comparable to non-GAAP financial measures that other banking companies use. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons. Average loan yield, excluding PPP loans, is defined as the daily average loan yield, excluding PPP loans, and includes both performing and nonperforming loans. The most directly comparable GAAP financial measure is average loan yield. Management believes that average loan yield, excluding PPP loans, is a useful financial measure because it enables management, investors, and others to assess the Company's ability to manage yield on core loans. We had no PPP loans nor interest and fee income on PPP loans for the periods shown in this presentation other than the years ended December 31, 2020, 2021, and 2022. As a result, average loan yield, excluding PPP loans, is the same as daily average loan yield for all periods presented other than the years ended December 31, 2020, 2021, and 2022. Reconciliations for such periods are provided below. Total assets, excluding PPP loans, is defined as total assets less PPP loans. The most directly comparable GAAP financial measure is total assets. Management believes that total assets, excluding PPP loans, is a useful financial measure because it enables management, investors, and others to assess the Company's ability to manage core assets. We had no PPP loans as of the period ends shown in this presentation other than as of December 31, 2020 and 2021. As a result, total assets, excluding PPP loans, is the same as total assets for all periods presented, other than as of December 31, 2020 and 2021. Reconciliations for such periods are provided below. Pre-tax, pre-provision income is defined as pre-tax income plus provision for credit losses. The most directly comparable GAAP financial measure is pre-tax income. Management believes that pre-tax, pre-provision income is a useful financial measure because it enables management, investors, and others to assess the Company's ability to generate operating profit and capital. Tangible book value per share is defined as total shareholders’ equity less goodwill and other intangible assets, divided by the outstanding number of common shares at the end of the period. The most directly comparable GAAP financial measure is book value per share. Management believes that tangible book value per share is a useful financial measure because it enables management, investors, and others to assess the Company's value and use of equity. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible book value per share is the same as book value per share at the end of each of the periods indicated.

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Appendix: Non-GAAP Reconciliation (Unaudited) Fourth Quarter 2025 Investor Presentation | 33 (dollars in millions) As of Total assets, excluding PPP loans 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Total assets $ 1,954 $ 2,557 $ 3,227 $ 3,593 $ 4,053 $ 4,755 Less: PPP loans 148 22 — — — — Total assets, excluding PPP loans $ 1,806 $ 2,535 $ 3,227 $ 3,593 $ 4,053 $ 4,755 (dollars in thousands) Three months ended Year ended Pre-tax, pre-provision income 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 12/31/23 12/31/24 12/31/25 Pre-tax income $ 14,961 $ 15,152 $ 15,241 $ 19,367 $ 18,391 $ 20,099 $ 22,234 $ 23,008 $ 66,616 $ 64,721 $ 83,732 Add: provision for credit losses 900 2,000 2,750 1,300 1,900 2,500 2,500 2,800 4,000 6,950 9,700 Pre-tax, pre-provision income $ 15,861 $ 17,152 $ 17,991 $ 20,667 $ 20,291 $ 22,599 $ 24,734 $ 25,808 $ 70,616 $ 71,671 $ 93,432 (dollars in thousands) Three months ended Year ended Average loan yield, excluding PPP loans 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Interest and fee income on loans $ 43,786 $ 46,362 $ 50,390 $ 52,803 $ 52,931 $ 56,016 $ 59,257 $ 61,010 $ 71,405 $ 78,894 $ 111,795 $ 162,713 $ 193,341 $ 229,214 Less: interest and fee income on PPP loans — — — — — — — — 6,535 7,417 635 — — — Interest and fee income on loans, excluding PPP loans 43,786 46,362 50,390 52,803 52,931 56,016 59,257 61,010 64,870 71,477 111,160 162,713 193,341 229,214 Annualized interest and fee income on loans, excluding PPP loans (numerator) 176,106 186,467 200,465 210,064 214,665 224,680 235,096 242,051 64,870 71,477 111,160 162,713 193,341 229,214 Average loans held for investment and sale 3,082,290 3,197,921 3,354,050 3,498,109 3,567,992 3,691,616 3,831,851 3,972,184 1,439,380 1,637,280 2,353,148 2,947,603 3,283,874 3,767,199 Less: average PPP loans — — — — — — — — 165,414 116,652 2,297 — — — Average loans held for investment and sale, excluding PPP loans (denominator) 3,082,290 3,197,921 3,354,050 3,498,109 3,567,992 3,691,616 3,831,851 3,972,184 1,273,966 1,520,628 2,350,851 2,947,603 3,283,874 3,767,199 Average loan yield, excluding PPP loans 5.71 % 5.83 % 5.98 % 6.01 % 6.02 % 6.09 % 6.14 % 6.09 % 5.09 % 4.70 % 4.73 % 5.52 % 5.89 % 6.08 %

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