Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 172

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 8
Chunk 172
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 the FHLB as of the dates indicated (dollars in thousands):  December 31, 20242023FHLB advances:Short-term advances— 15,000 Long-term advances25,000 25,000 Total$25,000 $40,000 December 31, 2024December 31, 2023Fixed Rate:Outstanding balance$25,000 $40,000 Interest rates ranging from4.06 %4.06 %Interest rates ranging to4.27 %4.35 %Weighted average interest rate4.16 %4.25 %The following table presents the maturity of our FHLB advances (dollars in thousands):December 31,20242025$— 202615,000 2027— 202810,000 $25,000 FHLB Des Moines Borrowing CapacityThe Company has a loan agreement with the FHLB of Des Moines. The terms of the agreement call for a blanket pledge of a portion of the Company’s one-to-four family mortgage loan and commercial and multifamily loan portfolios based on the outstanding balance under the Company’s loan agreement with the FHLB of Des Moines. Additionally, the Company had outstanding letters of credit from the FHLB of Des Moines to secure public deposits. The following table presents the borrowing capacity from the FHLB as of the dates indicated (dollars in thousands):December 31, 2024December 31, 2023Amount available to borrow under credit facility(1)$385,366 $463,541 Loans pledged as collateral for borrowings333,613 344,572 Advance equivalent of collateral:One-to-four family mortgage loans175,907 196,547 Commercial and multifamily mortgage loans29,180 34,464 Home equity loans241 348 Notional amount of letters of credit outstanding8,000 10,000 Remaining FHLB borrowing capacity(2)$172,327 $181,360 (1)Subject to eligible pledged collateral.(2)Amount remaining from the advance equivalent of collateral, less letters of credit outstanding and FHLB advances.

94

As a member of the FHLB, the Company is required to maintain a minimum level of investment in FHLB of Des Moines stock based on specific percentages of its outstanding FHLB advances. At December 31, 2024 and 2023, the Company had