Company: SFBC
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001541119-25-000023
Chunk: 101

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 8
Chunk 101
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recoveries$— $— Average loans outstanding$377,925 $313,139 Construction and land:— %— %Net (charge-offs)/recoveries$— $— Average loans outstanding$65,187 $125,643 Manufactured homes:(0.19)%(0.25)%Net (charge-offs)/recoveries$(19)$(23)Average loans outstanding$41,587 $36,716 Floating homes:— %— %Net (charge-offs)/recoveries$— $— Average loans outstanding$85,593 $78,797 Other consumer:(0.05)%(0.70)%Net (charge-offs)$(2)$(33)Average loans outstanding$17,633 $18,945 Commercial business:— %— %Net (charge-offs)/recoveries$— $— Average loans outstanding$15,269 $21,198 Total loans:(0.01)%(0.03)%Net (charge-offs)$(21)$(56)Average loans outstanding$897,736 $896,210 

Nonperforming Assets.  

Nonperforming assets (“NPAs”), which were comprised of nonperforming loans (nonaccrual loans and nonperforming modified loans), other real estate owned (“OREO”) and repossessed assets, increased $2.2 million, or 29.4%, to $9.7 million, or 0.91% of total assets, at March 31, 2025 from $7.5 million, or 0.75% of total assets, at December 31, 2024. 

The table below sets forth the amounts and categories of NPAs at the dates indicated (dollars in thousands):

 Nonperforming Assets March 31,2025December 31,2024AmountChangePercentChangeTotal nonperforming loans$9,653 $7,491 $2,162 28.9 OREO and repossessed assets41 — 41 — Total nonperforming assets$9,694 $7,491 $2,203 29.4 %

The increase in NPAs primarily was due to the addition of six loans totaling $2.4 million to nonaccrual status, including two commercial real estate loans of $1.1 million and $988 thousand. The increase also included $