Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 185

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 8
Chunk 185
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31, 202417,143 39.93 $52.65 Expected to vest assuming a 0% forfeiture rate over the vesting term17,143 $39.93 $52.65 At December 31, 2024, there was $406 thousand of unrecognized compensation cost related to non-vested restricted stock awards. The cost is expected to be recognized over the weighted-average vesting period of 1.9 years. The total fair value of shares vested for the years ended December 31, 2024 and 2023 was $262 thousand and $372 thousand, respectively. The weighted average grant date fair value per share for the years ended December 31, 2024 and 2023 was $39.89 and $40.13, respectively.Employee Stock Ownership PlanThe funds to purchase shares in the ESOP come from contributions the Bank makes to the plan. For the years ended December 31, 2024 and 2023, the ESOP trustee purchased 15,535 shares and 18,573 shares of the Company's common stock for inclusion in the ESOP. The number of allocated shares under the ESOP was 178,031 and 169,647 at December 31, 2024 and 2023, respectively. The fair value of the 178,031 shares held by the ESOP was $9.4 million at December 31, 2024. ESOP compensation expense included in salaries and benefits was $750 thousand and $691 thousand for the years ended December 31, 2024 and 2023, respectively.

Note 15—Income Taxes

The provision for income taxes at December 31, 2024 and 2023 was as follows (in thousands): December 31, 20242023Current$1,279 $2,028 Deferred(273)(467)Total tax expense$1,006 $1,561 

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A reconciliation of the provision for income taxes for the years ended December 31, 2024 and 2023, with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes, is as follows (dollars in thousands): Year Ended December 31, 20242023Provision at statutory rate$1,186 $1,894 Tax-exempt income(125)(126)BOLI(131)(248)Other76 41  $1,006 $