Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 191

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 8
Chunk 191
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ity in undistributed earnings of subsidiary1,537 5,771 Net income$4,643 $7,439 Statements of Cash FlowsYear Ended December 31, 20242023Cash flows from operating activities:  Net income$4,643 $7,439 Adjustments to reconcile net income to net cash provided by operating activities:Other, net(13)277 Expense allocation to holding company(217)(265)Equity in undistributed earnings of subsidiary(1,537)(5,771)Net cash provided by operating activities2,876 1,680 Cash flows from financing activities:Dividends paid(1,948)(1,913)Repurchase of stock(65)(2,137)Stock options exercised269 395 Net cash used in financing activities(1,744)(3,655)Net increase (decrease) in cash1,132 (1,975)Cash and cash equivalents at beginning of year177 2,152 Cash and cash equivalents at end of year$1,309 $177 

107

Note 20—Revenue from Contracts with Customers

All of the Company's revenue from contracts with customers within the scope of ASC 606—Revenue from Contracts with Customers ("ASC 606") is recognized in noninterest income on the Consolidated Income Statements with the exception of the net loss on OREO and repossessed assets, which is included in noninterest expense on the Consolidated Income Statements. The following table presents the Company's sources of noninterest income for the year ended December 31, 2024 and 2023 (in thousands). Items outside of the scope of ASC 606 are noted as such.Year Ended December 31, 20242023Noninterest income:  Service charges and fee incomeAccount maintenance fees$317 $280 Transaction-based and overdraft service charges482 511 Debit/ATM interchange fees1,380 1,388 Credit card interchange fees83 111 Loan fees (a)154 101 Other fees (a)204 136 Total service charges and fee income2,620 2,527 Earnings on cash surrender value of bank-owned life insurance (a)625 1,179 Mortgage servicing income (a)1,118 1,179 Fair value adjustment on MSRs (a)(4)(219)Net gain on sale of loans (a)258 340 Other income