Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 158

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 8
Chunk 158
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 recovery of their amortized cost basis. 

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Note 5—Loans

The composition of the loan portfolio, excluding loans held-for-sale, at December 31, 2024 and 2023 is as follows (in thousands):December 31,20242023Real estate loans:One-to-four family$269,684 $279,448 Home equity26,686 23,073 Commercial and multifamily371,516 315,280 Construction and land73,077 126,758 Total real estate loans740,963 744,559 Consumer loans:Manufactured homes41,128 36,193 Floating homes86,411 75,108 Other consumer17,720 19,612 Total consumer loans145,259 130,913 Commercial business loans15,605 20,688 Total loans901,827 896,160 Premiums for purchased loans(1)718 829 Deferred fees, net(2,374)(2,511)Total loans, gross900,171 894,478 Allowance for credit losses - loans(8,499)(8,760)Total loans, net$891,672 $885,718 (1)Premiums resulting from purchased loans totaled $404 thousand on one-to-four family loans, $244 thousand on commercial and multifamily loans, and $70 thousand on commercial business loans as of December 31, 2024. Premiums resulting from purchased loans totaled $465 thousand on one-to-four family loans, $280 thousand on commercial and multifamily loans, and $84 thousand on commercial business loans as of December 31, 2023.The Company purchased $2.0 million of loans during the year ended December 31, 2024 and zero loans during the year ended December 31, 2023. The following table presents a summary of activity in the ACL on loans and unfunded commitments for the periods indicated (in thousands):Year Ended December 31,20242023ACL - LoansACL -  Unfunded Loan CommitmentsACLAllowance for loan lossesReserve for Unfunded Loan CommitmentsTotal Allowance for Loan LossesBalance at beginning of period$8,760 $193 $8,953 $7,599 $335 $7,934 Adoption of ASU 2016-13(1)— — — 760 695 1,455 (Release of) provision