Company: SFBC
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001541119-25-000023
Chunk: 52

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 52
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 three-month term Secured Overnight Financing Rate, or SOFR, plus 513 basis points, payable quarterly in arrears. The subordinated notes mature on May 15, 2030, and may be redeemed by the Company, in whole or in part, on October 1, 2025, or on any subsequent interest payment date.  Prior to October 1, 2025, the Company may redeem these notes, in whole but not in part, only under certain limited circumstances set forth in the terms of the subordinated notes. The balance of the subordinated notes was $11.8 million as of both March 31, 2025 and December 31, 2024. 

Note 9 – Earnings Per Common Share

The following table summarizes the calculation of earnings per share for the periods indicated (in thousands, except per share data): Three Months Ended 20252024Net income$1,167 $770 LESS:  Participating dividends - Unvested Restricted Stock Awards (“RSAs”)(2)(3)LESS: Income allocated to participating securities - Unvested RSAs(3)(2)Net income available to common stockholders - basic1,162 765 ADD BACK: Income allocated to participating securities - Unvested RSAs3 2 LESS: Income reallocated to participating securities - Unvested RSAs(3)(2)Net income available to common stockholders - diluted$1,162 $765 Weighted average number of shares outstanding, basic2,554,265 2,539,213 Effect of potentially dilutive common shares24,344 17,745 Weighted average number of shares outstanding, diluted2,578,609 2,556,958 Earnings per share, basic$0.45 $0.30 Earnings per share, diluted$0.45 $0.30 There were no anti-dilutive securities during the three months ended March 31, 2025 and 7,596 anti-dilutive securities during the three months ended March 31, 2024.

Note 10 – Leases

We currently have operating leases for branch locations, a loan production office and our corporate office and in the past, we also had operating leases for certain equipment. The term for our leases begins on the date we become legally obligated for the 

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rent payments or we take possession of the building premises, whichever is earlier. Our real estate leases