Company: SFBC
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001541119-25-000023
Chunk: 33

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 33
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 of the issuers or the underlying collateral. It is expected that these securities will not be settled at a price less than the amortized cost of each investment. There was no provision for credit losses recognized for investment securities during the three months ended March 31, 2025 and 2024, because the declines in fair value were not attributable to credit quality and because we do not intend, and it is not likely that we will be required, to sell these securities before recovery of their amortized cost basis. 

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Note 4 – Loans

Loans-held-for portfolio (which excludes loans held-for-sale) at the dates indicated were as follows (in thousands): March 31,2025December 31,2024Real estate loans:  One-to-four family$262,457 $269,684 Home equity28,112 26,686 Commercial and multifamily392,798 371,516 Construction and land42,492 73,077 Total real estate loans725,859 740,963 Consumer loans:Manufactured homes42,448 41,128 Floating homes86,626 86,411 Other consumer18,224 17,720 Total consumer loans147,298 145,259 Commercial business loans14,690 15,605 Total loans held-for-portfolio887,847 901,827 Premiums for purchased loans(1)688 718 Deferred fees, net(2,309)(2,374)Total loans held-for-portfolio, gross886,226 900,171 Allowance for credit losses — loans(8,393)(8,499)Total loans held-for-portfolio, net$877,833 $891,672 (1)Includes premiums resulting from purchased loans of $386 thousand related to one-to-four family loans, $236 thousand related to commercial and multifamily loans, and $66 thousand related to commercial business loans as of March 31, 2025. Includes premiums resulting from purchased loans of $404 thousand related to one-to-four family loans, $244 thousand related to commercial and multifamily loans, and $70 thousand related to commercial business loans as of December 31, 2024.

As of March 31, 2025, there was one collateral dependent consumer mortgage loan, totaling $260 thousand, that was in process of foreclosure.

The following table presents a summary of activity in the ACL on loans and the reserve for unfunded loan