Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 190

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 8
Chunk 190
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 2023, the maximum amount of these guarantees totaled $425.8 million and $448.9 million, respectively. These amounts represent the unpaid principal balances of the Company's loans serviced for others' portfolios. There were no loans repurchased during the year ended December 31, 2024, and one loan for $448 thousand was repurchased during the year ended December 31, 2023.The Company pays certain medical, dental, prescription, and vision claims for its employees on a self-insured basis. To mitigate risk, the Company has purchased stop-loss insurance to cover claims that exceed stated limits and has recorded estimated reserves for the ultimate costs for both reported claims and claims incurred but not reported, which were not considered significant at December 31, 2024. The Company recorded $402 thousand in stop-loss medical insurance claims exceeding stated coverage limits during the year ended December 31, 2024, and $364 thousand for the year ended December 31, 2023. At various times, the Company may be the defendant in various legal proceedings arising in connection with its business. It is the opinion of management that the financial position and the results of operations of the Company will not be materially adversely affected by the outcome of any currently pending legal proceedings and that adequate provision has been made in the accompanying Consolidated Balance Sheets.

106

Note 19—Parent Company Financial Information

The Balance Sheets, Statements of Income, and Statements of Cash Flows for Sound Financial Bancorp (Parent Only) are presented below (dollars in thousands):Balance sheetsDecember 31, 20242023Assets  Cash and cash equivalents$1,310 $177 Investment in Sound Community Bank114,534 112,668 Other assets64 139 Total assets$115,908 $112,984 Liabilities and Stockholders' EquitySubordinated notes, net$11,759 $11,717 Other liabilities483 613 Total liabilities12,242 12,330 Stockholders' equity103,666 100,654 Total liabilities and stockholders' equity$115,908 $112,984 Statements of IncomeYear Ended December 31, 20242023Dividend from subsidiary$4,250 $2,771 Interest expense on subordinated notes(672)(672)Other expenses(776)(719)Income before income tax benefit and equity in undistributed net income of subsidiary2,802 1,381 Income tax benefit304 287 Equ