S
Sound Financial Bancorp, Inc.
SFBCCIK 0001541119NasdaqNon-AcceleratedSmaller ReportingSavings Institution, Federally CharteredMarylandFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$7.16M
Total Assets
$1.09B
Equity
$109.40M
Shares Out
2.57M
Op. Cash Flow
$7.16M
Business
Sound Financial Bancorp is a bank holding company that conducts substantially all of its business through Sound Community Bank, offering traditional commercial banking services. It provides deposit accounts, borrowings and a range of lending products including residential mortgages, home equity, commercial and multifamily real estate, construction and consumer loans, and sells insurance products through a subsidiary. Key business components include the Bank and its insurance subsidiary, mortgage origination and servicing, and lending and investment activities. The company serves markets in the Puget Sound region and North Olympic Peninsula through branch offices, a loan production office and digital channels.
Summary from filing dated 2025-03-18
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Loans, including fees | 53 | 50 | 46 | 38 | 33 | |
| Interest and dividends on investments, cash and cash equivalents | 5 | 7 | 4 | 2 | 485,000 | |
| Total interest income | 58 | 57 | 51 | 40 | 34 | |
| Deposits | 21 | 24 | 14 | 3 | 3 | |
| Borrowings | 1 | 2 | 2 | 878,000 | 0 | |
| Subordinated notes | 701,000 | 672,000 | 672,000 | 672,000 | 672,000 | |
| Total interest expense | 23 | 26 | 17 | — | — | |
| Net interest income | 35 | 31 | 34 | 35 | 30 | |
| PROVISION FOR (RELEASE OF) CREDIT LOSSES | 127,000 | −120,000 | −273,000 | 1 | 425,000 | |
| Net interest income after provision for (release of) credit losses | 35 | 31 | 34 | 34 | 29 | |
| Service charges and fee income | 3 | 3 | 3 | 2 | 2 | |
| Earnings on BOLI | 837,000 | 625,000 | 1 | 219,000 | 416,000 | |
| Mortgage servicing income | 1 | 1 | 1 | 1 | 1 | |
| Fair value adjustment on MSRs | −711,000 | −4,000 | −219,000 | 207,000 | −808,000 | |
| Net gain on sale of loans | 260,000 | 258,000 | 340,000 | 546,000 | 4 | |
| Other income | −137,000 | 38,000 | 0 | — | — | |
| Total noninterest income | 4 | 5 | 5 | 5 | 7 | |
| Salaries and benefits | 17 | 18 | 17 | 16 | 14 | |
| Operations | 6 | 6 | 6 | 6 | 6 | |
| Regulatory assessments | 610,000 | 787,000 | 688,000 | 452,000 | 379,000 | |
| Occupancy | 2 | 2 | 2 | 2 | 2 | |
| Data processing | 5 | 4 | 4 | 3 | 3 | |
| Net loss (gain) and expenses on OREO and repossessed assets | 37,000 | −31,000 | 13,000 | 0 | −16,000 | |
| Total noninterest expense | 30 | 30 | 30 | 28 | 25 | |
| Income before provision for income taxes | 9 | 6 | 9 | 11 | 11 | |
| Provision for income taxes | 2 | 1 | 2 | 2 | 2 | |
| Net income | 7 | 5 | 7 | 9 | 9 | |
| Basic (in dollars per share) | 2.79 | 1.81 | 2.88 | 3.39 | 3.52 | |
| Diluted (in dollars per share) | 2.77 | 1.8 | 2.86 | 3.35 | 3.46 | |
| Basic (in shares) | 3 | 3 | 3 | 3 | 3 | |
| Diluted (in shares) | 3 | 3 | 3 | 3 | 3 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 138 | 44 | 50 | 58 | 184 | |
| Available-for-sale (AFS) securities, at fair value (amortized cost of $8,770 and $9,112 at December 31, 2025 and 2024, respectively) | 8 | 8 | 8 | 10 | 8 | |
| Held-to-maturity (HTM) securities, at amortized cost (fair value of $1,578 and $1,712 at December 31, 2025 and 2024, respectively) | 2 | 2 | 2 | 2 | 0 | |
| Loans held-for-sale | 542,000 | 487,000 | 603,000 | 0 | 3 | |
| Loans held-for-portfolio | 906 | 900 | 894 | 866 | 686 | |
| Allowance for credit losses (ACL) on loans | −9 | −8 | −9 | −8 | −6 | |
| Total loans held-for-portfolio, net | 897 | 892 | 886 | 858 | 680 | |
| Accrued interest receivable | 4 | 3 | 3 | 3 | 2 | |
| Bank-owned life insurance (BOLI), net | 23 | 22 | 22 | 21 | 21 | |
| Other real estate owned (OREO) and repossessed assets, net | 344,000 | 0 | 575,000 | 659,000 | 659,000 | |
| Mortgage servicing rights (MSRs), at fair value | 4 | 5 | 5 | 5 | 4 | |
| "Federal Home Loan Bank (""FHLB"") stock, at cost" | 1 | 2 | 2 | 3 | 1 | |
| Premises and equipment, net | 4 | 5 | 5 | 6 | 6 | |
| Lease right of use assets, net | 3 | 4 | — | — | — | |
| Other assets | 6 | 7 | 6 | 5 | 4 | |
| Total assets | 1,092 | 994 | 995 | 976 | 920 | |
| Interest-bearing | 816 | 705 | 700 | 636 | 608 | |
| Noninterest-bearing demand | 133 | 133 | 127 | 173 | 190 | |
| Total deposits | 949 | 838 | 827 | 809 | 798 | |
| Borrowings | 10 | 25 | 40 | 43 | 0 | |
| Accrued interest payable | 674,000 | 765,000 | 817,000 | 395,000 | 200,000 | |
| Lease liabilities | 4 | 4 | — | — | — | |
| Other liabilities | 10 | 9 | 10 | 8 | 9 | |
| Advance payments from borrowers for taxes and insurance | 1 | 1 | 1 | 1 | 1 | |
| Subordinated notes, net | 8 | 12 | 12 | 12 | 12 | |
| Total liabilities | 983 | 890 | 895 | 879 | 826 | |
| COMMITMENTS AND CONTINGENCIES (Note 18) | — | — | — | — | — | |
| Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding | 0 | 0 | 0 | 0 | 0 | |
| Common stock, $0.01 par value, 40,000,000 shares authorized, 2,567,953 and 2,564,907 issued and outstanding at December 31, 2025 and 2024, respectively | 25,000 | 25,000 | 25,000 | 26,000 | 26,000 | |
| Additional paid-in capital | 29 | 28 | 28 | 28 | 28 | |
| Retained earnings | 81 | 76 | 74 | 71 | 65 | |
| Accumulated other comprehensive loss, net of tax | −846,000 | −1 | −988,000 | −1 | 139,000 | |
| Total stockholders' equity | 109 | 104 | 101 | 98 | 93 | |
| Total liabilities and stockholders' equity | 1,092 | 994 | 995 | 976 | 920 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Amortization of net discounts on investments | 84,000 | 84,000 | 81,000 | 73,000 | 134,000 | |
| Depreciation and amortization | 491,000 | 619,000 | 717,000 | 704,000 | 676,000 | |
| Compensation expense related to share based compensation | 303,000 | 390,000 | 450,000 | 475,000 | 360,000 | |
| Right of use assets amortization | 1 | 960,000 | 935,000 | 895,000 | 911,000 | |
| Increase in cash surrender value of BOLI | −837,000 | −625,000 | −612,000 | −219,000 | −416,000 | |
| Deferred income tax | 70,000 | −273,000 | −467,000 | −149,000 | −43,000 | |
| Net loss (gain) on disposal of premises and equipment, net | 137,000 | −38,000 | 0 | — | — | |
| Proceeds from sale of loans held-for-sale | 15 | 14 | 19 | 21 | 150 | |
| Originations of loans held-for-sale | −17 | −15 | −20 | −20 | −139 | |
| Net loss on sale of OREO and repossessed assets | 0 | −37,000 | 13,000 | 0 | −16,000 | |
| Accrued interest receivable | −300,000 | −19,000 | −369,000 | −866,000 | 37,000 | |
| Other assets | 596,000 | −637,000 | −688,000 | −478,000 | −202,000 | |
| Lease liabilities | −1 | −997,000 | −956,000 | −980,000 | −892,000 | |
| Advances from borrowers for taxes and insurance | 127,000 | 150,000 | 64,000 | −320,000 | 198,000 | |
| Accrued interest payable | −91,000 | −52,000 | 422,000 | 195,000 | −169,000 | |
| Other liabilities | 1 | −233,000 | 1 | −184,000 | 897,000 | |
| Net cash provided by operating activities | 7 | 3 | 7 | 10 | 19 | |
| Proceeds from principal payments and maturities of AFS securities | 300,000 | 385,000 | 2 | 972,000 | 4 | |
| Proceeds from principal payments, maturities and sales of HTM securities | 238,000 | 35,000 | 33,000 | 27,000 | 0 | |
| Net increase in loans | −4 | −5 | −29 | −178 | −73 | |
| FHLB Stock redeemed | 670,000 | 0 | — | — | — | |
| Purchases of BOLI | 0 | −5,000 | 633,000 | 0 | −6 | |
| Purchases of premises and equipment, net | −170,000 | −76,000 | −444,000 | −398,000 | −225,000 | |
| Proceeds from disposal of premises and equipment, net | 0 | 38,000 | — | — | — | |
| Proceeds from sale of OREO and other repossessed assets | 0 | 727,000 | 71,000 | 0 | 35,000 | |
| Net cash used in investing activities | −2 | −4 | −26 | −184 | −78 | |
| Net increase in deposits | 111 | 11 | 18 | 10 | 50 | |
| Repayment of borrowings | −15 | −15 | −43 | 0 | 0 | |
| FHLB Stock redeemed | 0 | 666,000 | 436,000 | −2 | — | |
| Repayment of subordinated notes, net | −4 | 0 | — | — | — | |
| Common stock repurchases | 0 | −65,000 | −2 | −2 | −152,000 | |
| Dividends paid on common stock | −2 | −2 | −2 | −2 | −2 | |
| Surrender of stock to pay tax liability | −130,000 | −218,000 | −265,000 | −134,000 | 0 | |
| Proceeds from common stock option exercises | 151,000 | 269,000 | 395,000 | 223,000 | 182,000 | |
| Net cash provided by financing activities | 90 | −5 | 11 | 48 | 49 | |
| Net change in cash and cash equivalents | 95 | −6 | −8 | −126 | −10 | |
| Cash paid for income taxes | 2 | 831,000 | 2 | 2 | — | |
| Interest paid on deposits, borrowings and subordinated debt | 23 | 26 | 16 | 4 | 4 | |
| Loans transferred from loans held-for-portfolio to OREO and repossessed assets | 344,000 | 115,000 | — | — | — | |
| Loans transferred from loans held-for-sale to loans held-for-portfolio | 2 | 859,000 | 0 | 0 | 84,000 | |
| ROU assets obtained in exchange for new operating lease liabilities | 583,000 | 189,000 | 329,000 | 186,000 | 0 | |
| ROU assets obtained in exchange for new finance lease liabilities | 130,000 | 0 | — | — | — |
Filings
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