Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 36

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 1
Chunk 36
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 the state of Washington. At December 31, 2024, core deposits, which we define as our non-time deposit accounts and time deposit accounts less than $250 thousand (excluding brokered deposits and public funds), represented approximately 87.3% of total deposits, compared to 86.6% at December 31, 2023. We had no brokered deposits at December 31, 2024, compared to $5.0 million of brokered money market accounts at December 31, 2023. We primarily rely on competitive pricing policies, marketing and client service to attract and retain deposits, and we expect to continue these practices in the future.

The flow of deposits is influenced significantly by general economic conditions, changes in money market and prevailing interest rates and competition. The variety of deposit accounts we offer has allowed us to be competitive in obtaining funds and to respond with flexibility to changes in consumer demand. We manage the pricing of our deposits in keeping with our asset/liability management, liquidity and profitability objectives, subject to competitive factors. Based on our experience, we believe 

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that our deposits are relatively stable sources of funds. Despite this stability, our ability to attract and maintain these deposits and the rates paid on them is and will continue to be significantly affected by market conditions.

The following table sets forth the dollar amount of deposits in the various types of deposit programs offered by us at the dates indicated (dollars in thousands):

 December 31, 20242023 AmountPercent of totalAmountPercent of totalNoninterest-bearing demand$130,095 15.5 %$124,134 15.0 %Interest-bearing demand142,126 17.0 168,346 20.4 Savings61,252 7.3 69,461 8.4 Money market206,067 24.6 154,044 18.6 Escrow(1)2,437 0.3 2,592 0.3 Total non-maturity deposits541,977 64.7 518,577 62.7 Certificates of deposit:1.99% or below3,350 0.4 8,517 1.0 2.00 — 3.99%68,573 8.2 34,340 4.2 4.00 — 5.99%223,899 26.7 265,105 32.1