Company: SFBC
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001541119-25-000023
Chunk: 12

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 2
Chunk 12
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$892,499 $5,205 2.37 %$892,150 $5,703 2.57 %Total funding(2)$929,265 $5,635 2.46 %$943,874 $6,300 2.68 %

(1) Calculated net of deferred loan fees, loan discounts and loans in process.

(2)  Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by total funding.

34

Rate/Volume Analysis

The following table presents, for the periods indicated, the dollar amount of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities. It distinguishes between changes related to outstanding balances and changes due to interest rates. For each category of interest-earning assets and interest-bearing liabilities, information is provided on changes attributable to (i) changes in volume (i.e., changes in volume multiplied by old rate) and (ii) changes in rate (i.e., changes in rate multiplied by old volume). For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately to the change due to volume and the change due to rate (dollars in thousands). 

 Three Months Ended March 31, 2025 vs. 2024 Increase (Decrease) due toTotalIncrease (Decrease) VolumeRateInterest-earning assets:   Loans receivable$20 $335 $355 Investments(9)6 (3)Cash and cash equivalents(120)(286)(406)Total interest-earning assets(109)55 (54)Interest-bearing liabilities:Savings and Money Market accounts313 (121)192 Demand and NOW accounts(14)(19)(33)Certificate accounts(268)(389)(657)Subordinated notes1 (1)— Borrowings(157)(10)(167)Total interest-bearing liabilities$(125)$(540)$(665)Change in net interest income$611 

Comparison of Results of Operation for the Three Months Ended March 31, 2025 and 2024

General.  

Net income increased $397 thousand, or 51.6%, to $1.2 million, or $0.45 per diluted common share, for the three months ended March 31, 2025, from