Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 167

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 8
Chunk 167
---
125,940 125,940 Manufactured homes295 49 189 — 533 35,552 36,085 Floating homes— 3,226 — — 3,226 71,507 74,733 Other consumer34 31 — — 65 19,550 19,615 Commercial business66 — 2,128 — 2,194 18,551 20,745 Total$5,024 $5,211 $3,064 $— $13,299 $881,153 $894,452 

89

Loan Modifications to Borrowers Experiencing Financial Difficulty. The Company has granted modifications which can generally be described in the following categories:Principal Forgiveness:  A modification in which the principal is reduced.Rate Modification:  A modification in which the interest rate is changed.Term Modification:  A modification in which the maturity date, timing of payments or frequency of payments is changed.Payment Modification:  A modification in which the dollar amount of the payment is changed.  Interest only modifications in which a loan is converted to interest only payments for a period of time are included in this category.Combination Modification:  Any other type of modification, including the use of multiple categories above.At December 31, 2024, the Company had no commitments to extend additional credit to borrowers owing loan receivables with modified terms. There were no loans modified during the year ended December 31, 2024. During the year ended December 31, 2023, there was one modified one-to-four family loan to a borrower experiencing financial difficulty. This loan received a term extension for 90 days, with an amortized cost basis of $90 thousand representing 0.03% of the total class of loans. We have no modified loan receivables that have subsequently defaulted at December 31, 2024.Troubled debt restructurings. Prior to the adoption of ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, the Company had granted a variety of concessions to borrowers in the form of loan modifications that were considered TDRs. Loans classified as legacy TDRs totaled $1.3 million and $1.7 million at December 31, 2024 and 2023, respectively.Collateral Dependent Loans.