Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 133

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 8
Chunk 133
---
 the appropriateness of the methodology, including the application of the forecasted economic conditions and qualitative adjustments determined by management and used in the calculation.

•Testing the completeness and accuracy of the internal data and evaluating the relevance and reliability of the external data used in the calculation. 

•Obtaining management’s analysis and supporting documentation related to the forecasted economic conditions assumption, and evaluating whether the significant assumptions used in the forecast is reasonable and supportable based on the analysis provided

•Obtaining management’s analysis of internal and external qualitative adjustments and evaluating the reasonableness of the qualitative adjustments used in the calculation. 

/s/ Moss Adams LLP

Everett, Washington

March 18, 2025

We have served as the Company’s auditor since 2002.

67

SOUND FINANCIAL BANCORP, INC. AND SUBSIDIARY

Consolidated Balance Sheets

(In thousands, except share and per share amounts)

December 31,20242023ASSETSCash and cash equivalents$43,641 $49,690 Available-for-sale (“AFS”) securities, at fair value (amortized cost of $9,112 and $9,539 at December 31, 2024 and 2023, respectively)7,790 8,287 Held-to-maturity (“HTM”) securities, at amortized cost (fair value of $1,712 and $1,787 at December 31, 2024 and 2023, respectively)2,130 2,166 Loans held-for-sale487 603 Loans held-for-portfolio900,171 894,478 Allowance for credit losses (“ACL”) on loans(8,499)(8,760)Total loans held-for-portfolio, net891,672 885,718 Accrued interest receivable3,471 3,452 Bank-owned life insurance (“BOLI”), net22,490 21,860 Other real estate owned (“OREO”) and repossessed assets, net— 575 Mortgage servicing rights (“MSRs”), at fair value4,769 4,632 Federal Home Loan Bank ("FHLB") stock, at cost1,730 2,396 Premises and equipment, net4,697 5,240 Operating lease right of use assets, net3,725 4,496 Other assets7,031 6,106 Total assets$993,