Company: SFBC
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001541119-25-000023
Chunk: 91

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 8
Chunk 91
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 Bank (“PCBB”). The line has a one year term maturing on June 30, 2025 and is renewable annually. As of March 31, 2025, the amount available under this line of credit was $20.0 million. There was no balance on this line of credit as of March 31, 2025 and December 31, 2024.Subordinated Debt

In September 2020, the Company issued $12.0 million of fixed to floating rate subordinated notes that mature in 2030. The subordinated notes have an initial fixed interest rate of 5.25% to, but excluding, October 1, 2025, payable semi-annually in arrears. From, and including, October 1, 2025, the interest rate on the subordinated notes will reset quarterly to a floating rate per annum equal to a benchmark rate, which is expected to be the then-current 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