Company: SFBC
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001541119-25-000023
Chunk: 83

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 8
Chunk 83
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 totaled $1.3 million at both March 31, 2025 and December 31, 2024.

Collateral Dependent Loans. Loans that have been classified as collateral dependent are loans where substantially all repayment of the loan is expected to come from the operation of or eventual liquidation of the collateral. Collateral dependent loans are evaluated individually for purposes of determining the ACL, which is determined based on the estimated fair value of the collateral. Estimates for costs to sell are included in the determination of the ACL when liquidation of the collateral is anticipated. In cases where the loan is well secured and the estimated fair value of the collateral exceeds the amortized cost of the loan, no ACL is recorded.

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The following tables summarize collateral dependent loans by collateral type as of the dates indicated (in thousands):March 31, 2025Commercial Real EstateResidential Real EstateLandOther ResidentialRVs/AutomobilesBusiness Assets TotalReal estate loans:One- to four- family$— $305 $— $594 $— $— $899 Home equity— 368 — — — — 368 Commercial and multifamily4,561 — — — — 1,065 5,626 Construction and land— — 22 — — — 22 Total real estate loans4,561 673 22 594 — 1,065 6,915 Consumer loans:Manufactured homes— — — 501 — — 501 Floating homes— — — 2,363 — — 2,363 Other consumer— — — — 9 — 9 Total consumer loans— — — 2,864 9 — 2,873 Commercial business loans— — — — — — — Total loans$4,561 $673 $22 $3,458 $9 $1,065 $9,789 December 31, 2024Commercial Real EstateResidential Real EstateLandOther ResidentialRVs/AutomobilesBusiness AssetsTotalReal estate loans:One- to four- family$— $311 $— $364 $— $— $675 Home equity— 298 — — — — 298 Commercial and multifamily3,734 — — —