Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 113

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 7
Chunk 113
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 (excluding escrow accounts) increased $6.0 million, or 4.8%, in 2024, compared to 2023. 

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A summary of deposit accounts with the corresponding weighted-average cost at December 31, 2024 and 2023 is presented below (dollars in thousands):

December 31, 2024December 31, 2023AmountWtd. Avg. RateAmountWtd. Avg. RateNoninterest-bearing demand$130,095 — %$124,134 — %Interest-bearing demand142,126 0.34 168,346 0.75 Savings61,252 0.10 69,461 0.07 Money market206,067 3.60 154,044 1.39 Certificates of deposit295,822 4.57 307,962 3.45 Escrow(1)2,437 — 2,592 — Total$837,799 2.63 %$826,539 1.64 %

(1)Escrow balances shown in noninterest-bearing deposits on the Consolidated Balance Sheets.

Scheduled maturities of time deposits at December 31, 2024, are as follows (in thousands):

Year Ending December 31,Amount2025$274,317 202618,496 20271,379 20281,109 2029521 Thereafter—  $295,822 

Savings, demand, and money market accounts have no contractual maturity. Certificates of deposit have maturities of five or less.

Deposit amounts in excess of $250,000 are not federally insured. As of December 31, 2024, uninsured deposits totaled $167.3 million, which represented 20.0% of total deposits, as compared to uninsured deposits of $140.1 million, or 17.0% of total deposits as of December 31, 2023. The aggregate amount of time deposits in denominations of more than $250,000 at December 31, 2024 and December 31, 2023, totaled $90.9 million and $88.3 million, respectively. The uninsured amounts are estimates based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements. 

Borrowings.  FHLB advances totaled $25.0 million at December 31, 2024, compared to $40.0