Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 4

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 1
Chunk 4
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% in King County, 0.51% in Pierce County and 0.40% in Snohomish County. In Clallam and Jefferson Counties, we have approximately 16.35% and 5.86%, respectively, of the deposits in those markets. See “—Competition.” 

Our market area includes a diverse population of management, professional and sales personnel, office employees, health care workers, software and technology workers, manufacturing and transportation workers, service industry workers and government employees, as well as retired and self-employed individuals. The population has a skilled work force with a wide range of education levels and ethnic backgrounds. Major employment sectors in our market area include information and communications technology, financial services, aerospace, military, manufacturing, maritime, biotechnology, education, health and social services, retail trades, transportation and professional services. Significant employers headquartered in our market area include Microsoft, Amazon, Starbucks, University of Washington, Providence Health, Costco, Boeing, Nordstrom,  Alaska Air Group, Weyerhaeuser and the U.S. Joint Base Lewis-McChord.

Economic conditions in our markets and the broader U.S. have been negatively impacted by inflation and the rising interest rate environment, partially offset by the continued trend of low unemployment rates. Recent trends in housing prices in our market areas reflect the impact high interest rates and the limited housing supply have had on housing prices. For December 2024, the preliminary Seattle MSA reported an unemployment rate of 3.5%, compared to the national average of 4.1%, according to the latest available information from the Bureau of Labor Statistics. Home prices in our markets increased over the past year. Based on information from Case-Shiller, the average home price in the Seattle MSA increased 5.9% in 2024. 

King County has the largest population of any county in the state of Washington, with approximately 2.3 million residents and a median household income of approximately $121 thousand. Based on information from the Northwest Multiple Listing Service (“MLS”), the median home sales price in King County in December 2024 was $851 thousand, a 7% increase from December 2023's median home sales price of $795 thousand.

Pierce County has approximately 931 thousand residents and a median household income of approximately $97 thousand. Based on information from the MLS, the median home sales price in Pierce County in December 2024 was $555 thousand, a