Sound Financial Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Sound Financial Bancorp, Inc. has submitted its 2023 10-K report detailing its financial performance and position.</b>

AI Summary

Sound Financial Bancorp, Inc. (SFBC) filed a Annual Report (10-K) with the SEC on March 22, 2024. Sound Financial Bancorp, Inc. filed its 2023 Form 10-K on March 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is as a federally chartered savings institution. The filing includes financial data for the fiscal years 2021, 2022, and 2023. Key financial statement elements like Common Stock, Additional Paid-In Capital, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for these periods.

Why It Matters

For investors and stakeholders tracking Sound Financial Bancorp, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Sound Financial Bancorp's financial health and operational activities for the fiscal year 2023, crucial for investors assessing its performance and future prospects. The detailed financial data, including balance sheet and income statement components, allows stakeholders to analyze trends, profitability, and capital structure, aiding in investment decisions.

Risk Assessment

Risk Level: low — Sound Financial Bancorp, Inc. shows low risk based on this filing. The filing is a standard 10-K report for a publicly traded company, indicating routine disclosure rather than immediate financial distress or significant new risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Sound Financial Bancorp's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-22 — Filing Date (Date the 10-K was filed)
• 2023 — Reporting Year (Fiscal year covered by the report)
• 2022 — Prior Year (Previous fiscal year for comparison)
• 2021 — Earlier Year (Fiscal year prior to 2022 for comparison)

Key Players & Entities

• Sound Financial Bancorp, Inc. (company) — Filer name
• SFBC (company) — Ticker symbol
• 2023 (date) — Fiscal year end
• 2024-03-22 (date) — Filing date
• 2023-12-31 (date) — Period of report
• SEATTLE (location) — Business address city
• WA (location) — Business address state
• MD (location) — State of incorporation

FAQ

Industry Context

Sound Financial Bancorp, Inc. operates as a federally chartered savings institution, a segment of the financial services industry focused on deposit-taking and lending activities.

Regulatory Implications

As a federally chartered savings institution, the company is subject to regulations from federal banking authorities, ensuring compliance with financial stability and consumer protection laws.

What Investors Should Do

1. Analyze the balance sheet and income statement data for fiscal years 2021-2023 to identify financial trends.
2. Examine any disclosed risk factors or management discussion and analysis sections for potential business challenges.
3. Compare key financial metrics against industry benchmarks if available in the full filing.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 2023 10-K.
• 2024-03-22: 10-K Filing Date — Date Sound Financial Bancorp, Inc. officially submitted its annual report.

Year-Over-Year Comparison

This is the initial extraction of data from the 2023 10-K filing; direct comparison to a prior filing's specific data points is not possible without that prior filing's data.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share SFBC The NASDAQ Stock Market
• $995.2 m — ancorp had total consolidated assets of $995.2 million, including $894.5 million of loan
• $894.5 million — ted assets of $995.2 million, including $894.5 million of loans held-for-portfolio, deposits o
• $826.5 million — f loans held-for-portfolio, deposits of $826.5 million and stockholders' equity of $100.7 mill
• $100.7 million — 6.5 million and stockholders' equity of $100.7 million. The common stock of Sound Financial Ba
• $116 thousand — edian household income of approximately $116 thousand. Based on information from the Northwes
• $795 — ice in King County in December 2023 was $795 thousand, a 2% decrease from December 2
• $815 thousand — ember 2022's median home sales price of $815 thousand. Pierce County has approximately 919 t
• $93 thousand — edian household income of approximately $93 thousand. Based on information from the MLS, the
• $525 — e in Pierce County in December 2023 was $525 thousand, a 4% decrease from December 2
• $545 thousand — ember 2022's median home sales price of $545 thousand. Snohomish County has approximately 82
• $101 thousand — edian household income of approximately $101 thousand. Based on information from the MLS, the
• $700 — n Snohomish County at December 2023 was $700 thousand, a 4% decrease from December 2
• $730 thousand — ember 2022's median home sales price of $730 thousand. Clallam County, with a population of
• $67 thousand — edian household income of approximately $67 thousand. The economy of Clallam County is prima

Filing Documents

• sfbc-20231231.htm (10-K) — 3324KB
• exhibit23123123.htm (EX-23) — 2KB
• ex-311q42023.htm (EX-31.1) — 10KB
• ex-312q42023.htm (EX-31.2) — 10KB
• ex-32q42023.htm (EX-32) — 8KB
• ex97compensationclawbackre.htm (EX-97) — 55KB
• image_0a.jpg (GRAPHIC) — 8KB
• 0001541119-24-000012.txt (&nbsp;) — 17222KB
• sfbc-20231231.xsd (EX-101.SCH) — 81KB
• sfbc-20231231_cal.xml (EX-101.CAL) — 169KB
• sfbc-20231231_def.xml (EX-101.DEF) — 546KB
• sfbc-20231231_lab.xml (EX-101.LAB) — 1176KB
• sfbc-20231231_pre.xml (EX-101.PRE) — 908KB
• sfbc-20231231_htm.xml (XML) — 3297KB

Risk Factors 37

Item 1A. Risk Factors 37

Unresolved Staff Comments 46

Item 1B. Unresolved Staff Comments 46 Item 1C. Cybersecurity 47

Properties 48

Item 2. Properties 48

Legal Proceedings 49

Item 3. Legal Proceedings 49

Mine Safety Disclosures 49

Item 4. Mine Safety Disclosures 49 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 49

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 49

Management's Discussion and Analysis of Financial Condition and Results of Operations 51

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 51

Quantitative and Qualitative Disclosures About Market Risk 66

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 66

Financial Statements and Supplementary Data 68

Item 8. Financial Statements and Supplementary Data 68

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 112

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 112

Controls and Procedures 112

Item 9A. Controls and Procedures 112

Other Information 113

Item 9B. Other Information 113

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 113

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 113 PART III

Directors, Executive Officers and Corporate Governance 113

Item 10. Directors, Executive Officers and Corporate Governance 113

Executive Compensation 114

Item 11. Executive Compensation 114

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 114

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 114

Certain Relationships and Related Transactions, and Director Independence 114

Item 13. Certain Relationships and Related Transactions, and Director Independence 114

Principal Accountant Fees and Services 114

Item 14. Principal Accountant Fees and Services 114 PART IV

Exhibits and Financial Statement Schedules 115

Item 15. Exhibits and Financial Statement Schedules 115

Form 10-K Summary 116

Item 16. Form 10-K Summary 116 3 Table of Contents PART I

Business

Item 1. Business Special Note Regarding Forward-Looking Statements Certain matters discussed in this Form 10-K constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. Forward-looking statements are not statements of historical fact but are based on certain assumptions and are generally identified by use of the words "believes," "expects," "anticipates," "estimates," "forecasts," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions, or future or conditional verbs such as "may," "will," "should," "would" and "could." Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about, among other things, expectations of the business environment in which we operate, projections of future performance or financial items, perceived opportunities in the market, potential future credit experience, and statements regarding our mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: potential adverse impacts to economic conditions in the Company's local market areas, other markets where the Company has lending relationships, or other aspects of the Company's business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation or deflation, a potential recession or slowed economic growth; changes in the interest rate environment, including the recent increases in the

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View this 10-K filing on SEC EDGAR