Company: SFBC
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001541119-25-000023
Chunk: 106

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 8
Chunk 106
---
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 $770 thousand for the three months ended March 31, 2024. The increase was primarily the result of a $611 thousand increase in net interest income and a $170 thousand increase in the release of provision for credit losses, partially offset by a $258 thousand increase in noninterest expense and a $128 thousand increase in the provision for income taxes. Noninterest income remained relatively unchanged between periods. 

Interest Income  

Three Months Ended March 31,AmountChangePercent   Change20252024Loans, including fees$12,588 $12,233 $355 2.9 %Interest and dividends on investments, cash and cash equivalents1,118 1,527 (409)(26.8)  Total interest Income$13,706 $13,760 $(54)(0.4)%

Interest income decreased $54 thousand, or 0.4%, to $13.7 million for the three months ended March 31, 2025, from $13.8 million for the three months ended March 31, 2024, primarily due to lower average balances of interest-bearing cash and investments and a 103 basis point decline in the average yield on interest-bearing cash, partially offset by a 20 basis point increase in the average yield on loans.

35

Interest income on loans increased $355 thousand, or 2.9%, to $12.6 million for the three months ended March 31, 2025, from $12.2 million for the three months ended March 31, 2024. The average yield on total loans rose to 5.69% for the three months ended March 31, 2025, from 5.49% for the three months ended March 31, 202