Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 159

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 8
Chunk 159
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 for credit losses during the period(161)41 (120)564 (837)(273)Net charge-offs during the period(100)— (100)(163)— (163)Balance at end of period$8,499 $234 $8,733 $8,760 $193 $8,953 (1)    Represents the impact of adopting ASU 2016-13, Financial Instruments — Credit Losses on January 1, 2023.

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Accrued interest receivable on loans receivable totaled $3.4 million at both December 31, 2024 and December 31, 2023, in the accompanying Consolidated Balance Sheets.  Accrued interest receivable is excluded from the estimate of expected credit losses. The following tables summarize the activity in the ACL for the years ended December 31, 2024 and 2023 (in thousands):Year ended December 31, 2024BeginningAllowanceCharge-offsRecoveriesProvision (Release of)EndingAllowanceOne-to-four family$2,630 $— $— $395 $3,025 Home equity185 — — 122 307 Commercial and multifamily1,070 — — 148 1,218 Construction and land1,349 — — (357)992 Manufactured homes(1)971 (23)— 224 1,172 Floating homes2,022 — — (740)1,282 Other consumer(2)426 (99)22 52 401 Commercial business107 — — (5)102 Unallocated— — — — — $8,760 $(122)$22 $(161)$8,499 (1)During the year ended December 31, 2024, there was one manufactured housing loan originated in 2020 that was charged off. (2)During the year ended December 31, 2024, gross charge-offs related primarily to deposit overdrafts that were charged off.  Year ended December 31, 2023 BeginningAllowanceCharge-offsRecoveriesProvision (Release of)EndingAllowanceOne-to-four family$1,771 $— $— $504 $2,630 Home equity(1)132 (25)— 9 185 Commercial and multif