SFBCMEDIUM SIGNALFINANCIAL10-K

SFBC reported substantially higher net income alongside solid deposit growth while announcing strategic branch consolidation with the closure of its Tacoma location.

The company's profitability improved meaningfully year-over-year, suggesting effective management of the challenging interest rate environment that has pressured many regional banks. The planned Tacoma branch closure signals ongoing efforts to optimize the branch network and reduce operational costs, which should support future profitability.

Comparing 2026-03-18 vs 2025-03-18View on EDGAR →
FINANCIAL ANALYSIS

SFBC demonstrated solid financial performance with net income growing substantially from $4.6M to $7.2M year-over-year. Total deposits expanded notably by 13.3% to $948.9 million, while total liabilities increased by 10.4% to $982.8 million. The combination of strong deposit growth and improved profitability suggests the bank is successfully navigating the current operating environment while building scale.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+54.3%
$4.6M→$7.2M

Net income grew 54.3% — bottom-line growth signals improving overall business health.

Total Deposits
Balance Sheet
+13.3%
$837.8M→$948.9M

Deposits grew 13.3% — expanding customer base or increased trust in the institution.

Total Liabilities
Balance Sheet
+10.4%
$890.0M→$982.8M

Liabilities increased 10.4% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-03-18
PRIOR — 2025-03-18
ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 51 Item 7A.
AND SUBSIDIARY changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies, the Financial Accounting Standards Board, the U.S.
At December 31, 2025, the Company had total consolidated assets of $1.1 billion, including $905.5 million of loans held-for-portfolio, deposits of $948.9 million and stockholders' equity of $109.4 million.
We sell loans that conform to the underwriting standards of Fannie Mae ("conforming") but generally retain the servicing of the loan in order to maintain the direct customer relationship and to generate noninterest income.
We have provided notice that the Tacoma branch, located in the Seattle MSA (Pierce County), will close in April 2026 as part of ongoing strategic consolidation efforts.
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REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 49 Item 7A.
At December 31, 2024, the Company had total consolidated assets of $993.6 million, including $900.2 million of loans held-for-portfolio, deposits of $837.8 million and stockholders' equity of $103.7 million.
In Clallam and Jefferson Counties, we have approximately 16.35% and 5.86%, respectively, of the deposits in those markets.
The population has a skilled work force with a wide range of education levels and ethnic backgrounds.
have been negatively impacted by inflation and the rising interest rate environment, partially offset by the continued trend of low unemployment rates.
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