Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 116

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 7
Chunk 116
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 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).

 Year Ended December 31,2024 vs. 2023 Increase (Decrease) due toTotalIncrease (Decrease) VolumeRateInterest-earning assets:   Loans$1,490 $2,539 $4,029 Investments(49)39 (10)Interest-bearing cash2,539 207 2,746 Total interest-earning assets3,980 2,785 6,765 Interest-bearing liabilities:Savings and Money Market accounts3,566 2,796 $6,362 Demand and NOW accounts(200)32 (168)Certificate accounts1,355 2,391 3,746 Subordinated notes2 (2)— Borrowings(274)(53)(327)Total interest-bearing liabilities$4,449 $5,164 $9,613 Change in net interest income$(2,848)

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Comparison of Results of Operation for the Years Ended December 31, 2024 and 2023 

Year Ended December 31,20242023Selected Operations Data:Total interest income$57,374 $50,609 Total interest expense26,372 16,759 Net interest income31,002 33,850 (Release of) provision for credit losses(120)(273)Net interest income after provision for loan losses31,122 34,123 Service charges and fee income2,620 2,527 Earnings on cash surrender value of BOLI625 1,179 Mortgage servicing income1,118 1,179 Fair value adjustment on mortgage servicing rights ("MSRs")(4)(219)Net gain on sale of loans258 340 Other income38 — Total noninterest income4,655 5,006 Salaries and benefits17,590