Company: SFBC
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001541119-25-000023
Chunk: 50

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 50
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mortgage servicing income on the Condensed Consolidated Statements of Income and totaled $269 thousand and $282 thousand for the three months ended March 31, 2025 and 2024, respectively. 

Note 7 – Commitments and Contingencies

In the normal course of operations, the Company engages in a variety of financial transactions that are not recorded in our financial statements. These transactions involve varying degrees of off-balance sheet credit, interest rate and liquidity risks.  

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These transactions are used primarily to manage clients’ requests for funding and take the form of loan commitments and lines of credit.

Note 8 – Borrowings, FHLB Stock and Subordinated Notes

FHLB AdvancesThe following tables present advances from the FHLB as of the dates indicated (dollars in thousands):  March 31, 2025December 31, 2024FHLB advances:Short-term advances$15,000 $— Long-term advances10,000 25,000 Total$25,000 $25,000 March 31, 2025December 31, 2024Fixed Rate:Outstanding balance$25,000 $25,000 Interest rates ranging from4.06 %4.06 %Interest rates ranging to4.27 %4.27 %Weighted average interest rate4.16 %4.16 %The following table presents the maturity of our FHLB advances (dollars in thousands):March 31,2025Remainder of 2025$— 202615,000 2027— 202810,000 2029— Thereafter— $25,000 FHLB Des Moines Borrowing CapacityThe Company has a loan agreement with the FHLB of Des Moines. The terms of the agreement call for a blanket pledge of a portion of the Company’s mortgage and commercial and multifamily loan portfolio based on the Company’s outstanding borrowing balance. Additionally, the Company had outstanding letters of credit from the FHLB of Des Moines to secure public deposits. The following table presents the Company’s borrowing capacity from the FHLB as of the dates indicated:March 31, 2025December 31, 2024Amount available to borrow under credit facility(1)$347,813 $385,366 Advance equivalent of collateral:One-to-four family loans176,342 175,907 Commercial and multif