Company: SFBC
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001541119-25-000023
Chunk: 72

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 8
Chunk 72
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255)Total held-to-maturity securities$— $— $1,712 $(418)$1,712 $(418)

There was no allowance for credit losses on securities at March 31, 2025 or December 31, 2024. At both March 31, 2025 and December 31, 2024, the total securities portfolio consisted of 11 agency mortgage-backed securities and 11 municipal bonds, with a total portfolio fair value of $9.4 million and $9.5 million, respectively. At both March 31, 2025 and December 31, 2024, there was one security in an unrealized loss position for less than 12 months and 15 securities in an unrealized loss position for more than 12 months. The unrealized losses were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities, and not related to the underlying credit of the issuers or the underlying collateral. It is expected that these securities will not be settled at a price less than the amortized cost of each investment. There was no provision for credit losses recognized for investment securities during the three months ended March 31, 2025 and 2024, because the declines in fair value were not attributable to credit quality and because we do not intend, and it is not likely that we will be required, to sell these securities before recovery of their amortized cost basis. 

10

Note 4 – Loans

Loans-held-for portfolio (which excludes loans held-for-sale) at the dates indicated were as follows (in thousands): March 31,2025December 31,2024Real estate loans:  One-to-four family$262,457 $269,684 Home equity28,112 26,686 Commercial and multifamily392,798 371,516 Construction and land42,492 73,077 Total real estate loans725,859 740,963 Consumer loans:Manufactured homes42,448 41,128 Floating homes86,626 86,411 Other consumer18,224 17,720 Total consumer loans147,298 145,259 Commercial business loans14,690 15,605 Total loans held-for-portfolio887,847 901,827 Premiums for purchased loans(1)688 718 Deferred fees, net(2,309)(2,374)Total loans held