Company: SFBC
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001541119-25-000023
Chunk: 24

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 24
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Item 1.   Financial Statements

SOUND FINANCIAL BANCORP, INC. AND SUBSIDIARY

Condensed Consolidated Balance Sheets (unaudited)

(In thousands, except share and per share amounts)

 March 31,2025December 31,2024ASSETS  Cash and cash equivalents$131,494 $43,641 Available-for-sale (“AFS”) securities, at fair value (amortized cost of $9,032 and $9,112 as of March 31, 2025 and December 31, 2024, respectively)7,689 7,790 Held-to-maturity (“HTM”) securities, at amortized cost (fair value of $1,711 and $1,712 at March 31, 2025 and December 31, 2024, respectively)2,121 2,130 Loans held-for-sale2,267 487 Loans held-for-portfolio886,226 900,171 Allowance for credit losses (“ACL”) on loans(8,393)(8,499)Total loans held-for-portfolio, net877,833 891,672 Accrued interest receivable3,540 3,471 Bank-owned life insurance (“BOLI”), net22,685 22,490 Other real estate owned (“OREO”) and repossessed assets, net41 — Mortgage servicing rights (“MSRs”), at fair value4,688 4,769 Federal Home Loan Bank ("FHLB") stock, at cost1,734 1,730 Premises and equipment, net4,591 4,697 Right of use assets3,546 3,725 Other assets6,957 7,031 Total assets$1,069,186 $993,633 LIABILITIESDepositsInterest-bearing$783,660 $705,267 Noninterest-bearing demand126,687 132,532 Total deposits910,347 837,799 Borrowings25,000 25,000 Accrued interest payable586 765 Lease liabilities3,828 4,013 Other liabilities10,774 9,371 Advance payments from borrowers for taxes and insurance2,450 1,260 Subordinated notes, net11,770 11,759 Total liabilities964,755 889,967 COMMIT