Company: SFBC
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001541119-25-000009
Chunk: 134

Company: Sound Financial Bancorp, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 8
Chunk 134
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633 $995,221 LIABILITIESDepositsInterest-bearing$705,267 $699,813 Noninterest-bearing demand132,532 126,726 Total deposits837,799 826,539 Borrowings25,000 40,000 Accrued interest payable765 817 Operating lease liabilities4,013 4,821 Other liabilities9,371 9,563 Advance payments from borrowers for taxes and insurance1,260 1,110 Subordinated notes, net11,759 11,717 Total liabilities889,967 894,567 COMMITMENTS AND CONTINGENCIES (Notes 18)STOCKHOLDERS' EQUITYPreferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding— — Common stock, $0.01 par value, 40,000,000 shares authorized, 2,564,907 and 2,549,427 issued and outstanding at December 31, 2024 and 2023, respectively25 25 Additional paid-in capital28,413 27,990 Retained earnings76,272 73,627 Accumulated other comprehensive loss, net of tax(1,044)(988)Total stockholders' equity103,666 100,654 Total liabilities and stockholders' equity$993,633 $995,221 

See notes to consolidated financial statements

68

SOUND FINANCIAL BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Income

(In thousands, except share and per share amounts)

 Year Ended December 31, 20242023INTEREST INCOME  Loans, including fees$50,499 $46,470 Interest and dividends on investments, cash and cash equivalents6,875 4,139 Total interest income57,374 50,609 INTEREST EXPENSEDeposits24,076 14,136 Borrowings1,624 1,951 Subordinated notes672 672 Total interest expense26,372 16,759 Net interest income31,002 33,850 (RELEASE OF) PROVISION FOR CREDIT LOSSES(120)(273)Net interest income after (release of) provision for credit losses31,122 34,123 NONINTEREST INCOMEService charges and fee income2,620 2,