Company: SFBC
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001541119-25-000023
Chunk: 90

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 8
Chunk 90
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):March 31,2025Remainder of 2025$— 202615,000 2027— 202810,000 2029— Thereafter— $25,000 FHLB Des Moines Borrowing CapacityThe Company has a loan agreement with the FHLB of Des Moines. The terms of the agreement call for a blanket pledge of a portion of the Company’s mortgage and commercial and multifamily loan portfolio based on the Company’s outstanding borrowing balance. Additionally, the Company had outstanding letters of credit from the FHLB of Des Moines to secure public deposits. The following table presents the Company’s borrowing capacity from the FHLB as of the dates indicated:March 31, 2025December 31, 2024Amount available to borrow under credit facility(1)$347,813 $385,366 Advance equivalent of collateral:One-to-four family loans176,342 175,907 Commercial and multifamily loans28,951 29,180 Home equity loans237 241 Notional amount of letters of credit outstanding13,000 8,000 Remaining FHLB borrowing capacity(2)$167,529 $172,327 (1)Subject to eligible pledged collateral.(2)Amount remaining from the advance equivalent of collateral less letters of credit outstanding and FHLB advances.

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As a member of the FHLB, the Company is required to maintain a minimum level of investment in FHLB of Des Moines stock based on specific percentages of its outstanding FHLB advances. At both March 31, 2025 and December 31, 2024, the Company had an investment of $1.7 million in FHLB of Des Moines stock.Federal Reserve Bank of San Francisco (“FRB SF”) BorrowingsThe Company has a borrowing agreement with the FRB SF. The terms of the agreement call for a blanket pledge of a portion of the Company’s consumer and commercial business loans based on the Company’s outstanding borrowing balance. At March 31, 2025 and December 31, 2024, the amount available to borrow under this credit facility was $20.3 million and $20.8 million, respectively, subject to eligible pledged collateral. The Company had no outstanding borrowings under this arrangement at March 31, 2025 and December 31, 2024. Other BorrowingsThe Company has access to an unsecured Fed Funds line of credit from Pacific Coast Banker’s