Financial Performance - Total interest income for Q2 2024 was $14,039,000, an increase of 13.1% from $12,412,000 in Q2 2023[6] - Net income for Q2 2024 decreased to $795,000, down 72.5% from $2,892,000 in Q2 2023[6] - Basic earnings per share for Q2 2024 was $0.31, down from $1.12 in Q2 2023, representing a decline of 72.3%[6] - The company reported comprehensive income of $796,000 for Q2 2024, compared to $2,832,000 in Q2 2023[8] - Year-to-date net income for 2024 decreased by $3.5 million, or 69.1%, to $1.6 million, compared to $5.1 million in the same period of 2023[123] - Net interest income for the three months ended June 30, 2024, was $7.448 million, compared to $8.744 million for the same period in 2023[117] - Net interest income decreased by $3.2 million, or 17.7%, to $14.9 million for the six months ended June 30, 2024, from $18.1 million for the same period in 2023[128] Noninterest Income and Expenses - Noninterest income for the first half of 2024 was $2,258,000, a decrease of 21.0% compared to $2,858,000 in the same period of 2023[6] - Noninterest income decreased by $729 thousand, or 38.6%, to $1.2 million for the three months ended June 30, 2024, compared to $1.9 million for the same period in 2023[131] - Total noninterest expense for the first half of 2024 was $15,394,000, slightly up from $15,112,000 in the first half of 2023[6] - Total noninterest expense for the three months ended June 30, 2024, was $7,737,000, an increase of 3.2% from $7,497,000 in the same period last year[6] Dividends and Stockholder Equity - Cash dividends paid on common stock were $0.19 per share for Q2 2024, totaling $486,000[10] - Cash dividends paid on common stock for Q2 2024 were $972,000, compared to $936,000 in Q2 2023, reflecting a slight increase[14] - The total stockholders' equity increased to $101,347,000 as of June 30, 2024, up from $100,654,000 at the end of 2023[10] - Stockholders' equity increased to $101.3 million at June 30, 2024, from $100.7 million at December 31, 2023, supported by net income of $1.6 million[138] Loans and Credit Quality - Total loans held-for-portfolio amounted to $891,124 thousand, a decrease of 0.4% from $896,160 thousand on December 31, 2023[28] - The allowance for credit losses on loans was $8,493 thousand as of June 30, 2024, down from $8,760 thousand at the end of 2023, indicating a reduction of 3.0%[30] - The company reported three collateral dependent consumer mortgage loans in the process of foreclosure, totaling $457 thousand[29] - The company regularly reviews its loan portfolio to assess credit quality indicators and classify loans appropriately, with additional reporting on problem loans every three months[40] - There were no loans classified as doubtful or loss as of June 30, 2024, indicating strong credit quality management[41] Cash Flow and Financing Activities - Net cash provided by financing activities was $79,217,000 for the six months ended June 30, 2023, compared to $27,746,000 for the same period in 2022, showing a substantial increase of about 185%[14] - The company reported a net cash increase of $85,421,000 for the six months ended June 30, 2024, compared to $42,333,000 for the same period in 2023[14] - Cash and cash equivalents at the end of Q2 2024 stood at $135,111,000, up from $100,169,000 at the end of Q2 2023[14] Securities and Investments - The total fair value of the securities portfolio was $9.7 million, down from $10.1 million at December 31, 2023[26] - The amortized cost and fair value of available-for-sale (AFS) securities were $9.325 million and $7.996 million, respectively, with gross unrealized losses of $1.348 million[20] - The company did not recognize any provision for credit losses on investment securities during the six months ended June 30, 2024, as declines in fair value were not attributable to credit quality[26] Regulatory Compliance and Accounting Standards - The company is evaluating the impact of the adoption of ASU 2023-07 on the footnotes to its consolidated financial statements, effective for fiscal years beginning after December 15, 2023[18] - The company does not expect the adoption of ASU 2023-09 to have a material impact on the footnotes to its consolidated financial statements[19] - The Company implemented the CECL model starting January 1, 2023, and is phasing in the full effect of CECL on regulatory capital over a three-year transition period[143]

Financial Performance - Net income for Q2 2024 was $795 thousand, or $0.31 diluted earnings per share, compared to $770 thousand, or $0.30 diluted earnings per share in Q1 2024, and $2.9 million, or $1.11 diluted earnings per share in Q2 2023[2]. - Noninterest income increased by $66 thousand or 6.0% to $1.2 million for the quarter ended June 30, 2024, from $1.1 million for the quarter ended March 31, 2024, but decreased by $729 thousand or 38.6% from $1.9 million for the quarter ended June 30, 2023[26]. - The annualized return on average assets was 0.30% for the quarter, slightly up from 0.29% in the previous quarter[57]. Interest Income and Expenses - Net interest income decreased by $12 thousand, or 0.2%, to $7.4 million in Q2 2024, down from $7.5 million in Q1 2024 and down $1.3 million, or 14.8%, from $8.7 million in Q2 2023[4]. - Interest income on loans increased by $87 thousand, or 0.7%, to $12.3 million in Q2 2024, compared to $12.2 million in Q1 2024, and increased by $769 thousand, or 6.7%, from $11.6 million in Q2 2023[5]. - Interest expense increased by $291 thousand, or 4.6%, to $6.6 million in Q2 2024, compared to $6.3 million in Q1 2024, and increased by $2.9 million, or 79.7%, from $3.7 million in Q2 2023[6]. - The net interest margin (NIM) was 2.92% for the quarter ended June 30, 2024, down from 2.95% for the quarter ended March 31, 2024, and 3.71% for the quarter ended June 30, 2023[29]. Assets and Liabilities - Total assets decreased by $11.8 million or 1.1% to $1.07 billion at June 30, 2024, compared to $1.09 billion at March 31, 2024, and increased by $64.1 million or 6.3% from $1.01 billion at June 30, 2023[26]. - Cash and cash equivalents decreased by $2.9 million, or 2.1%, to $135.1 million at June 30, 2024, compared to $138.0 million at March 31, 2024, but increased by $34.9 million, or 34.9%, from $100.2 million at June 30, 2023[10]. - Loans held-for-portfolio were $889.3 million at June 30, 2024, down from $897.9 million at March 31, 2024, but up from $855.4 million at June 30, 2023[11]. - Total deposits decreased by $10.1 million, or 1.1%, to $906.8 million at June 30, 2024, from $916.9 million at March 31, 2024, but increased by $84.5 million, or 10.3%, from $822.3 million at June 30, 2023[14]. Equity and Capital - Stockholders' equity totaled $101.3 million at June 30, 2024, an increase of $355 thousand, or 0.4%, from $101.0 million at March 31, 2024, and an increase of $1.4 million, or 1.4%, from $99.9 million at June 30, 2023[15]. - The Bank maintained capital levels in excess of regulatory requirements and was categorized as "well-capitalized" at June 30, 2024[26]. Nonperforming Assets - Nonperforming assets to total assets were 0.84% at June 30, 2024, compared to 0.90% at March 31, 2024, and 0.21% at June 30, 2023[12]. - Total nonperforming loans decreased by $144 thousand or 1.6% to $8.9 million at June 30, 2024, from $9.1 million at March 31, 2024, but increased by $7.4 million or 489.6% from $1.5 million at June 30, 2023[26]. - Nonperforming assets decreased by $719 thousand, or 7.4%, to $9.0 million at June 30, 2024, from $9.7 million at March 31, 2024, but increased by $6.9 million, or 332.6%, from $2.1 million at June 30, 2023[35]. Loan and Deposit Ratios - The loans-to-deposits ratio was 98% at both June 30, 2024, and March 31, 2024, compared to 104% at June 30, 2023[26]. - Total loans to total deposits ratio was 98.27% as of June 30, 2024, compared to 98.11% in the previous quarter[64].

Financial Position - Total assets increased by $91.5 million, or 9.2%, to $1.09 billion at March 31, 2024, from $995.2 million at December 31, 2023[115] - Cash and cash equivalents rose by $88.3 million, or 177.7%, to $138.0 million at March 31, 2024, compared to $49.7 million at December 31, 2023[116] - Total deposits increased by $90.3 million, or 10.9%, to $916.9 million at March 31, 2024, compared to $826.5 million at December 31, 2023[129] - Total stockholders' equity increased by $338 thousand, or 0.3%, to $101.0 million at March 31, 2024, from $100.7 million at December 31, 2023[134] - Stockholders' equity totaled $101.0 million at March 31, 2024, up from $100.7 million at December 31, 2023, driven by net income of $770 thousand and $26 thousand from stock option exercises[159] Loan Portfolio - Loans held-for-portfolio, net, increased by $3.6 million, or 0.4%, to $889.3 million at March 31, 2024, from $885.7 million at December 31, 2023[118] - Commercial and multifamily real estate loans accounted for 36.1% of total loans at March 31, 2024[120] - Home equity loans increased by $1.3 million, or 5.7%, to $24.4 million at March 31, 2024[118] - Floating home loans increased by $9.1 million, or 12.2%, to $84.2 million at March 31, 2024[118] - Construction and land loans decreased by $15.0 million, or 11.9%, to $111.7 million at March 31, 2024[118] - Total loans held-for-sale decreased to $351 thousand at March 31, 2024, from $603 thousand at December 31, 2023[121] - Total loan commitments increased to $74.779 million as of March 31, 2024, compared to $72.654 million at December 31, 2023[172] Credit Quality - The allowance for credit losses on loans decreased by $162 thousand, or 1.8%, to $8.6 million at March 31, 2024[118] - The allowance for credit losses as a percentage of total loans outstanding was 0.99% at March 31, 2024, compared to 1.00% at December 31, 2023[124] - Nonperforming assets increased by $5.6 million, or 135.9%, to $9.7 million at March 31, 2024, from $4.1 million at December 31, 2023[126] - The ratio of nonaccrual loans to total loans was 1.01% at March 31, 2024, compared to 0.40% at December 31, 2023[127] - The total nonaccrual loans increased to $9.1 million at March 31, 2024, from $3.6 million at December 31, 2023, reflecting a significant rise in credit risk[127] Income Statement - Net income for Q1 2024 decreased by $1.4 million, or 64.5%, to $770 thousand, compared to $2.2 million in Q1 2023[141] - Interest income increased by $1.6 million, or 13.0%, to $13.8 million in Q1 2024, driven by higher average balances of loans and interest-bearing cash[142] - Interest income on loans rose by $852 thousand, or 7.5%, to $12.2 million in Q1 2024, with an average yield of 5.49%[143] - Interest expense surged by $3.5 million, or 124.8%, to $6.3 million in Q1 2024, primarily due to increased average balances in savings and money market accounts[147] - Net interest income fell by $1.9 million, or 20.4%, to $7.5 million in Q1 2024, with a net interest margin of 2.95%[149] - Noninterest income increased by $127 thousand, or 13.1%, to $1.1 million for the three months ended March 31, 2024, compared to $1.0 million for the same period in 2023[154] - Noninterest expense rose by $41 thousand, or 0.5%, to $7.7 million during the three months ended March 31, 2024, compared to $7.6 million for the same period in 2023[155] - The efficiency ratio for the quarter ended March 31, 2024, was 89.48%, compared to 73.65% for the same quarter in 2023, indicating a deterioration primarily due to lower net interest income[156] Regulatory and Capital - The Community Bank Leverage Ratio (CBLR) for the Bank was 10.55% as of March 31, 2024, exceeding the minimum requirement of 9%[175] - The company has approximately $1.5 million of common stock available for repurchase under its existing stock repurchase program as of March 31, 2024[162] - The Company has provided additional information related to regulatory capital in its 2023 Form 10-K[177] - There have been no material changes in the Company's market risk since the 2023 Form 10-K[178] Dividends and Tax - A quarterly dividend of $0.19 per common share was paid during the three months ended March 31, 2024, compared to $0.17 per share in the same period in 2023, resulting in a dividend payout ratio of 63.12%[160] - The provision for income taxes was $163 thousand for the three months ended March 31, 2024, with an effective tax rate of 17.47%, down from 20.15% in the same period in 2023[157] Interest Rates - The average cost of total deposits increased to 2.57% in Q1 2024, up from 1.05% in Q1 2023, reflecting higher rates on interest-bearing liabilities[147] - The weighted average cost of total deposits increased to 2.54% at March 31, 2024, from 1.64% at December 31, 2023[130] - The Federal Reserve increased the target range for the federal funds rate by 100 basis points to 5.25% to 5.50% as of March 31, 2024[150]

Financial Performance - Net income for Q1 2024 was $770 thousand, or $0.30 diluted earnings per share, down from $1.2 million, or $0.47 diluted earnings per share in Q4 2023, and $2.2 million, or $0.83 diluted earnings per share in Q1 2023[1]. - Basic earnings per share for Q1 2024 was $0.30, down from $0.47 in Q4 2023, indicating a decrease of 36.2%[36]. - Annualized return on average assets decreased to 0.29% for Q1 2024, down from 0.46% in Q4 2023[34]. - The annualized efficiency ratio for Q1 2024 was 89.48%, higher than 84.63% in Q4 2023, indicating increased operational costs relative to revenue[34]. Assets and Liabilities - Total assets increased by $91.5 million, or 9.2%, to $1.09 billion at March 31, 2024, compared to $995.2 million at December 31, 2023[5]. - Total liabilities increased to $985,693,000 as of March 31, 2024, compared to $894,567,000 at December 31, 2023, marking an increase of 10.2%[33]. - Total assets at March 31, 2024, totaled $1.09 billion, up from $995.2 million at December 31, 2023, and up from $1.00 billion at March 31, 2023[15]. Deposits - Total deposits increased by $90.3 million, or 10.9%, to $916.9 million at March 31, 2024, compared to $826.5 million at December 31, 2023[5]. - Noninterest-bearing deposits represented 14.0% of total deposits at March 31, 2024, down from 20.6% a year ago[24]. - Total deposits reached $916,883,000, an increase of 10.9% from $826,539,000 at December 31, 2023[33]. Loans and Credit Quality - Nonperforming loans increased by $5.5 million, or 154.6%, to $9.1 million at March 31, 2024, from $3.6 million at December 31, 2023[5]. - Nonperforming loans increased to $9,053 thousand, with a nonperforming loans to total loans ratio of 1.01% as of March 31, 2024[44]. - The allowance for credit losses on loans was $8,598 thousand, representing 0.96% of total loans[44]. - The allowance for credit losses on loans to total loans outstanding was 0.96% at March 31, 2024, compared to 0.98% at December 31, 2023[20]. Interest Income and Expenses - Net interest income decreased by $107 thousand, or 1.4%, to $7.5 million for Q1 2024, down from $7.6 million in Q4 2023 and $9.4 million in Q1 2023[6]. - Interest income on loans increased by $200 thousand, or 1.7%, to $12.2 million for Q1 2024, compared to $12.0 million in Q4 2023[8]. - Interest expense increased by $530 thousand, or 9.2%, to $6.3 million for Q1 2024, up from $5.8 million in Q4 2023[10]. - The average cost of deposits was 2.57% for Q1 2024, up from 2.38% in Q4 2023 and 1.05% in Q1 2023[10]. Noninterest Income and Expenses - Noninterest income increased by $30 thousand, or 2.8%, to $1.1 million for Q1 2024, compared to $1.1 million in Q4 2023[13]. - Noninterest expense increased by $350 thousand, or 4.8%, to $7.7 million for the quarter ended March 31, 2024, compared to $7.3 million for the quarter ended December 31, 2023[14]. - Noninterest income totaled $1.10 million for the quarter ended March 31, 2024, compared to $1.07 million in the previous quarter[32]. Strategic Decisions and Future Outlook - The increase in cash and cash equivalents was primarily due to the strategic decision to sell reciprocal deposits at the end of 2023, which returned to the balance sheet in the first quarter of 2024[16]. - The company anticipates potential impacts from economic conditions, interest rate changes, and regulatory environments on future performance[29].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ COMMISSION FILE NUMBER 001-35633 Sound Financial Bancorp, Inc. (Exact name of registrant as specified in its charter) | Maryland | | 45-5188530 | | --- | - ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35633 Sound Financial Bancorp, Inc. (Exact name of registrant as specified in its charter) | Maryland | 45-5188530 | | --- ...

FORM 10-Q (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) | Maryland | 45-5188530 | | --- | --- | | (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | | 2400 3rd Avenue, Suite 150, Seattle, Washington | 98121 | | (Address of principal executive offices) | (Zip Code) | | Registra ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35633 Sound Financial Bancorp, Inc. (Exact name of registrant as specified in its charter) | Maryland | 45-5188530 | | --- | -- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ COMMISSION FILE NUMBER 001-35633 Sound Financial Bancorp, Inc. (Exact name of registrant as specified in its charter) | Maryland | | 45-5188530 | | --- | - ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER 001-35633 Sound Financial Bancorp, Inc. (Exact Name of Registrant as Specified in its Charter) | Maryland | 45-5188530 | | --- | --- | | (S ...