Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 108

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 7
Chunk 108
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, net891,672 885,718 Loans held-for-sale487 603 AFS securities, at fair value7,790 8,287 HTM securities, at amortized cost2,130 2,166 Bank-owned life insurance (“BOLI”), net22,490 21,860 OREO and repossessed assets, net— 575 FHLB stock, at cost1,730 2,396 Total deposits837,799 826,539 Borrowings25,000 40,000 Subordinated notes, net11,759 11,717 Stockholders' equity103,666 100,654 

General.  Total assets decreased by $1.6 million, or 0.2%, to $993.6 million at December 31, 2024, from $995.2 million at December 31, 2023. This decrease was primarily a result of lower balances of cash and cash equivalents and investment securities, offset by an increase in loans held-for-portfolio.

Cash and Securities.  Cash, cash equivalents, AFS securities and HTM securities decreased by $6.6 million, or 10.9%, to $53.6 million at December 31, 2024 compared to the prior year-end. Cash and cash equivalents decreased $6.0 million, or 12.2%, to $43.6 million at December 31, 2024 compared to the prior year-end due to the increase in loans held-for-portfolio and the payoff of  FHLB advances, partially offset by an increase in deposits. AFS securities decreased $497 thousand, or 6.0%, to $7.8 million at December 31, 2024 from the 2023 year end, primarily due to regularly scheduled payments and maturities, and net unrealized losses resulting from the increases in market interest rates during the past 12 months. HTM securities totaled $2.1 million at December 31, 2024 and 2023, and consisted of municipal bonds and agency mortgage-backed securities. 

Loans.  Loans held-for-portfolio increased $5.7 million, or 0.6%, to $901.8 million at December 31, 2024 from $896.2 million at December 31, 2023. Loans held-for-sale decreased to $487 thousand at December 31, 2024