Company: SFBC
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001541119-25-000034
Chunk: 10

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 2
Chunk 10
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 deposits in the first quarter of 2025 contributed significantly to the overall growth. In contrast, noninterest-bearing deposits decreased $8.3 million, or 6.3%, to $124.2 million at June 30, 2025, compared to $132.5 million at December 31, 2024. This decline was primarily the result of normal daily fluctuations in customer account balances, reflecting routine activity rather than significant changes in overall deposit levels. Noninterest-bearing deposits represented 13.8% of total deposits at June 30, 2025, compared to 15.8% at December 31, 2024. 

A summary of deposit accounts with the corresponding weighted-average cost of funds at the dates indicated is presented below (dollars in thousands):

 June 30, 2025December 31, 2024 AmountWtd. Avg. RateAmountWtd. Avg. RateNoninterest-bearing demand$120,979 — %$130,095 — %Interest-bearing demand137,222 0.28 142,126 0.34 Savings61,813 0.10 61,252 0.10 Money market282,346 3.14 206,067 3.60 Time deposits293,881 4.05 295,822 4.57 Escrow (1)3,218 — 2,437 — Total deposits$899,459 2.34 %$837,799 2.63 %

(1) Escrow balances shown in noninterest-bearing deposits on the Condensed Consolidated Balance Sheets. 

Scheduled maturities of time deposits at June 30, 2025, are as follows (in thousands):

Year Ending December 31,Amount2025$184,673 202684,302 202710,766 202811,899 2029440 Thereafter1,801  $293,881 

Savings, demand, and money market accounts have no contractual maturity. Certificates of deposit have maturities of five years or less.

The aggregate amount of time deposits in denominations of more than $250,000 at June 30, 2025 and December 31, 2024, totaled $104.5 million and $90.9 million, respectively. Deposit amounts in excess of $250,000 are not federally insured. As of June 30, 2025