Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 37

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 1
Chunk 37
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Total certificates of deposit295,822 35.3 307,962 37.3 Total deposits$837,799 100.0 %$826,539 100.0 %

(1)Noninterest-bearing

The following table sets forth, for the periods indicated, the average amount of and the average rate paid on deposit categories in excess of 10 percent of average total deposits.

Year Ended December 31,20242023Average Balance OutstandingWeighted Average RateAverage Balance OutstandingWeighted Average Rate(Dollars in thousands)Demand deposits:Non-interest bearing$131,141 — %$154,448 — %Interest bearing151,528 0.37 204,922 0.36 Savings63,737 0.10 80,673 0.07 Money market255,578 3.55 114,137 2.04 Certificate accounts309,441 4.64 280,238 3.79 Total deposits$911,424 2.64 %$834,418 1.69 %

Total deposits increased $11.3 million to $837.8 million at December 31, 2024, compared to the prior year-end. The increase in total deposits primarily was the result of a $52.0 million, or 33.8% increase in money market accounts. Management attributes this increase primarily to interest rate sensitive clients moving a portion of their non-operating deposit balances from lower interest-bearing demand and savings accounts into higher interest-bearing money market accounts. Interest-bearing demand and saving accounts decreased $26.2 million, or 15.6%, and $8.2 million, or 11.8%, respectively, from December 31, 2023 to December 31, 2024. Certificate accounts decreased $12.1 million, or 3.9% to $295.8 million at December 31, 2024, compared to the 2023 year-end, primarily due to a strategic decision to pay higher rates on money market accounts as opposed to certificate accounts. Noninterest-bearing demand accounts (excluding escrow accounts) increased $6.0 million, or 4.8%, in 2024, compared to 2023. 

We are a public funds depository and at December 31, 2024, we had $15.9 million in public fund deposits compared to $17.5 million at December 31, 2023