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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 (SFBC) reported a net income of $2.2 million for Q1 2023, down from $2.9 million in Q4 2022, but an increase from $1.7 million in Q1 2022. Diluted earnings per share were $0.83, compared to $1.12 in Q4 2022. Total assets grew 2.9% to exceed $1 billion, driven by organic loan growth. The board declared a quarterly dividend of $0.19, up from $0.17. Total deposits increased by 4.1%, reaching $841.6 million, while non-performing assets decreased by 56.3%. Net interest income declined by 3.3% from the previous quarter but increased by 23% year-over-year. The current expected credit loss (CECL) adoption resulted in an adjustment to the allowance for credit losses. Despite challenges, the bank maintained well-capitalized status and improved loan performance metrics, reflecting strong management during industry turmoil.
Sound Financial Bancorp (NASDAQ: SFBC) has scheduled its annual shareholders' meeting for May 31, 2023. Shareholders eligible to vote must be on the record by March 31, 2023. The Company is headquartered in Seattle and operates Sound Community Bank, recognized as a Fannie Mae Approved Lender and Seller/Servicer. The bank has multiple branches in Washington, aiming to provide comprehensive banking services.
Sound Financial Bancorp (NASDAQ:SFBC) has extended its stock repurchase program from January 31, 2023, to July 31, 2023. The program has enabled the company to repurchase 49,700 shares at an aggregate cost of $1.9 million. Approximately $2.1 million remains available for future repurchases. The timing and quantity of repurchases will depend on market conditions and other factors. The program is flexible and may be modified or discontinued at any time, reflecting the company's strategic approach to enhancing shareholder value.
Sound Financial Bancorp (SFBC) reported a net income of $2.9 million for Q4 2022, equating to $1.12 diluted EPS, up from $2.5 million or $0.97 EPS in Q3 2022. Total assets decreased by 0.6% to $976.4 million, while loans held-for-portfolio rose 1.7% to $866.0 million, marking a 26.2% increase year-over-year. Total deposits fell 0.8% to $808.8 million. The Board declared a cash dividend of $0.17 per share, payable on February 23, 2023. Despite rising interest rates, loan growth continued for the eighth straight quarter. Nonperforming loans rose 19.0% to $3.0 million but decreased 46.7% from a year ago.
Sound Financial Bancorp (SFBC) reported a net income of $2.5 million for Q3 2022, translating to $0.97 diluted EPS, up from $1.6 million in Q2 2022. Total assets rose by $45.2 million (4.8%) to $982.2 million, driven by organic loan growth which increased average loan balance to $833 million. Net interest income grew 14.4% year-on-year to $9.6 million, with a net interest margin of 4.13%. The Board declared a cash dividend of $0.17 per share. Nonperforming loans decreased to $2.5 million, reflecting improved asset quality.
Sound Community Bank has achieved certification from the Cities for Financial Empowerment Fund for its Navigator Account, aligning with the Bank On National Account Standards. This certification ensures the account meets essential criteria for low-cost, effective banking services, emphasizing safety and accessibility. The Navigator Account features no monthly fees, no overdraft charges, and comes with federal deposit insurance. With this initiative, Sound Community Bank enhances banking access for consumers in the Seattle and Olympic Peninsula areas, contributing to over 46,000 branches in the national effort to support financial stability.
Sound Financial Bancorp (NASDAQ:SFBC) announced an increase in its stock repurchase program from $2.0 million to $4.0 million, effective immediately. The expiration date for the program has also been extended to January 31, 2023. Since the program's inception, 49,700 shares have been repurchased at a total cost of $1.9 million, with $2.1 million still available. The timing and amount of shares repurchased will depend on market conditions and other factors. This strategic move reflects the Company’s commitment to enhancing shareholder value.
Sound Financial Bancorp (SFBC) reported net income of $1.6 million for Q2 2022, down from $1.7 million in Q1 2022 and $2.3 million in Q2 2021. Diluted earnings per share were $0.61. Total assets decreased 2.3% sequentially to $937 million. Loans held-for-portfolio rose 13.6% to $806.1 million, while noninterest income fell 33.4%. A cash dividend of $0.17 per share was declared, payable on August 23, 2022. Credit quality remains strong, with a provision for loan losses of $600,000. The net interest margin improved to 3.83%, reflecting higher interest income.
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