Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 193

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 8
Chunk 193
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recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on sale, we adjust the transaction price and related gain or loss on sale if a significant financing component is present. The Company generated income/incurred expenses on OREO properties, net of (gains)/losses on sale of OREO, of $(31) thousand and $13 thousand for the years ended December 31, 2024 and 2023, respectively, included under noninterest expense on the Consolidated Statements of Income.

Note 21—Business Segments

The Company has evaluated its operations and identified that it has one reportable business segment: the Banking Segment. Loans and investments are the primary sources of revenues in the Banking Segment. Interest expense, provision for credit losses, and salaries and benefits are usually the most significant expenses in the Banking Segment. All operations are domestic.

The accounting policies of the Banking Segment are the same as those described in the significant accounting policies. The segment was determined based upon how the Company’s Chief Operating Decision Maker (“CODM”) reviews the Company’s performance. The Company’s CODM is the CEO. As a part of the CODM review, pre-tax net income is utilized to allocate resources. 

Note 22—Subsequent Events

On January 29, 2025, the Company’s Board of Directors declared on the Company’s common stock a quarterly cash dividend of $0.19 per share, payable on February 26, 2025 to stockholders of record at the close of business February 12, 2025. 

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