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Sound Financial Bancorp, Inc. (Nasdaq: SFBC) is the holding company for Sound Community Bank, a state-chartered commercial bank headquartered in Seattle, Washington. The bank offers a comprehensive range of banking services tailored to meet the needs of both consumers and small businesses. This includes a variety of loan products like mortgage loans, commercial and consumer loans, as well as home equity loans and lines of credit. In addition, they provide deposit products such as checking, savings, money market accounts, and certificates of deposit.
Sound Community Bank is committed to community-focused banking, attracting retail and commercial deposits which are then invested along with borrowed funds into various loan products. These include first and second mortgages on one-to-four-family residences, commercial and multifamily real estate, construction and land loans, as well as consumer and commercial business loans. They also offer secured and unsecured consumer loans including manufactured home loans, floating home loans, automobile loans, boat loans, and recreational vehicle loans.
In recent financial updates, Sound Financial Bancorp reported a net income of $1.2 million for the quarter ended December 31, 2023. This was consistent with the previous quarter's net income of $1.2 million but showed a decrease compared to $2.9 million for the same quarter in the previous year. The company maintained its dividend payout, with a cash dividend of $0.19 per share.
The bank's performance has been influenced by several factors including a challenging rate environment and competitive deposit market, yet they have managed to grow their loan portfolio and maintain strong credit quality. While deposits saw a decline primarily due to strategic movement of reciprocal deposits, the loan-to-deposit ratio remains strong. The bank's nonperforming assets have increased, but proactive measures and strategic decisions have helped in maintaining overall asset quality.
Sound Financial Bancorp continues to focus on expanding its client base and deepening relationships through its relationship banking strategy. This includes offering robust financial products and services while maintaining a focus on community banking values.
Sound Financial Bancorp (NASDAQ: SFBC) has announced its upcoming annual shareholders meeting, scheduled for Tuesday, May 27, 2025. The company has set March 31, 2025 as the record date for determining shareholders eligible to vote at the meeting.
Sound Financial Bancorp (SFBC) reported Q4 2024 net income of $1.9 million ($0.74 diluted EPS), compared to $1.2 million ($0.45 EPS) in Q3 2024 and $1.2 million ($0.47 EPS) in Q4 2023. The Board declared a $0.19 per share cash dividend, payable February 26, 2025.
Key Q4 2024 highlights include:
- Net interest margin increased 15 basis points to 3.13%
- Total assets decreased 9.7% to $993.6 million
- Net interest income rose 4.4% to $8.2 million
- Nonperforming loans decreased 11.8% to $7.5 million
- Total deposits decreased 9.9% to $837.8 million
- Loans-to-deposits ratio was 108%
The Bank maintained well-capitalized status and reduced deposit costs by 16 basis points. Management highlighted their successful balance sheet strategy to keep assets below $1 billion for operational flexibility and cost savings in 2025.
Sound Financial Bancorp (NASDAQ: SFBC) reported Q3 2024 net income of $1.2 million, or $0.45 diluted EPS, up from $795,000 ($0.31 EPS) in Q2 2024. The company declared a $0.19 per share cash dividend. Total assets increased 2.4% to $1.10 billion, with loans surpassing $900 million for the first time. Net interest margin improved to 2.98% from 2.92% in Q2. Total deposits grew 2.6% to $930.2 million. Nonperforming loans decreased 4.7% to $8.5 million, though up significantly from $1.8 million year-over-year.
Laurie Stewart, President and CEO of Sound Community Bank, has been named one of American Banker's Most Powerful Women to Watch in 2024. This recognition is part of the 22nd anniversary of American Banker's The Most Powerful Women in Banking™ program, which honors exceptional leadership, business performance, and commitment to diversity, equity, and inclusion in financial services.
Stewart, who recently celebrated 34 years with Sound Community Bank, led the organization's transformation from a $38 million credit union to a $1 billion publicly traded commercial bank. Her extensive industry involvement includes serving on the FDIC Community Bank Advisory Board, chairing the WBA and ABA's Governmental Affairs Committee, and becoming the third woman to chair the American Bankers Association Board of Directors in nearly 150 years.
The honorees will be recognized at THE MOST POWERFUL WOMEN IN BANKING Gala on October 24, 2024, in New York City.
Sound Financial Bancorp, holding company for Sound Community Bank, reported Q2 2024 net income of $795 thousand or $0.31 per diluted share, a slight increase from Q1 2024's $770 thousand or $0.30 per share, but a significant drop from Q2 2023's $2.9 million or $1.11 per share. The board declared a $0.19 per share dividend, payable on August 23, 2024. Total assets decreased by $11.8 million to $1.07 billion. Net interest income fell to $7.4 million, down 14.8% from the previous year. Noninterest income increased by 6.0% to $1.2 million quarter-over-quarter but dropped by 38.6% year-over-year. Total deposits decreased by $10.1 million to $906.8 million. Nonperforming loans fell slightly from $9.1 million to $8.9 million. The allowance for credit losses on loans was steady at 0.96%. The company's net interest margin decreased to 2.92% from 3.71% a year ago.
Sound Financial Bancorp, Inc. reported Q1 2024 net income of $770 thousand, with a diluted EPS of $0.30. Total assets increased to $1.09 billion, while net interest income decreased. The company declared a cash dividend of $0.19 per share. Nonperforming assets increased, but the Bank maintained capital levels above regulatory requirements.
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