Company: SFBC
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001541119-25-000023
Chunk: 103

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 8
Chunk 103
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 Savings63,533 0.10 61,252 0.10 Money market287,058 3.07 206,067 3.60 Time deposits289,474 4.18 295,822 4.57 Escrow (1)4,710 — 2,437 — Total deposits$910,347 2.36 %$837,799 2.63 %

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

Scheduled maturities of time deposits at March 31, 2025, are as follows (in thousands):

Year Ending December 31,Amount2025$219,367 202646,314 202710,184 202811,783 2029356 Thereafter1,470  $289,474 

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

The aggregate amount of time deposits in denominations of more than $250,000 at March 31, 2025 and December 31, 2024, totaled $96.4 million and $90.9 million, respectively. Deposit amounts in excess of $250,000 are not federally insured. As of March 31, 2025, uninsured deposits totaled $182.9 million, which represented 20.1% of total deposits, as compared to uninsured deposits of $167.3 million, or 20.0% of total deposits as of December 31, 2024. The uninsured amounts are estimates based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements. The increase in uninsured deposits primarily related to jumbo tier pricing offered on some of our deposit products, as well as normal fluctuations within deposit accounts.

Borrowings, comprised of FHLB advances, were $25.0 million at both March 31, 2025 and December 31, 2024. FHLB advances are primarily used to support organic loan growth and to maintain liquidity ratios in line with our asset/liability objectives. FHLB advances outstanding at March 31, 2025 had maturities ranging from early 2026 through early 2028. Subordinated notes, net totaled $11.8 million at both March 31, 2025 and December 31, 2024. 

33

Stockholders’ Equity