Company: SFBC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001541119-25-000041
Chunk: 10

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 2
Chunk 10
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 increased $61.1 million, or 7.3%, to $898.9 million at September 30, 2025 from $837.8 million at December 31, 2024. This increase was primarily due to the return of reciprocal deposits that were temporarily moved off-balance sheet at year-end for liquidity and balance sheet management purposes. The reintroduction of these deposits in the first quarter of 2025 contributed significantly to the overall growth. In contrast, noninterest-bearing deposits decreased $1.1 million, or 0.9%, to $131.4 million at September 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 14.6% of total deposits at September 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):

 September 30, 2025December 31, 2024 AmountWtd. Avg. RateAmountWtd. Avg. RateNoninterest-bearing demand$126,708 — %$130,095 — %Interest-bearing demand129,570 0.28 142,126 0.34 Savings60,106 0.10 61,252 0.10 Money market286,827 3.18 206,067 3.60 Time deposits291,052 3.95 295,822 4.57 Escrow (1)4,680 — 2,437 — Total deposits$898,943 2.33 %$837,799 2.63 %

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

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

Year Ending December 31,Amount2025$96,600 2026168,410 202711,943 202811,895 2029442 Thereafter1,762  $291,052 

Savings, demand, and money market accounts have no contractual maturity. Certificates of deposit have matur