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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) announced an extension of its stock repurchase program, allowing the repurchase of up to $2.0 million of common stock through October 29, 2022. This follows a prior plan that repurchased approximately $352,000 or 8,668 shares by April 25, 2022. The repurchase will be executed based on market conditions and does not mandate specific share buybacks. This move is aimed at enhancing shareholder value.
Sound Financial Bancorp (SFBC) reported a net income of $1.7 million for Q1 2022, down from $1.9 million in Q4 2021 and $2.5 million in Q1 2021. This equates to $0.65 diluted earnings per share. The company declared a dividend of $0.17 per share, payable on May 24, 2022. Total assets rose 4.3% to $958.9 million. Although net interest income decreased 1.3% quarter-over-quarter, the net interest margin improved to 3.49%, a 40 basis point increase year-over-year.
Sound Financial Bancorp (NASDAQ: SFBC) announced its annual shareholder meeting will take place on May 31, 2022, with a record date of March 31, 2022, for eligible voting shareholders. The company, headquartered in Seattle, operates Sound Community Bank with full-service branches across various locations. It is a Fannie Mae Approved Lender and Seller/Servicer, also having a Loan Production Office in Seattle. The press release includes forward-looking statements regarding potential risks such as COVID-19 impacts and economic fluctuations.
Sound Financial Bancorp (NASDAQ: SFBC) announced a regular quarterly cash dividend of $0.17 per share, along with a special cash dividend of $0.10 per share. Both dividends will be payable on February 24, 2022, for stockholders of record as of February 10, 2022. President and CEO Laurie Stewart emphasized the company's strong capital position, allowing for these dividends while supporting growth.
Sound Financial Bancorp (SFBC) reported a net income of $1.9 million for Q4 2021, marking a decline from $2.6 million in Q3 2021 and $3.5 million in Q4 2020. For the full year, net income rose to $9.2 million, slightly up from $8.9 million in 2020. The bank experienced organic loan growth of $18.8 million and a net interest margin of 3.53%. Total assets decreased 0.9% to $919.7 million, and total deposits fell 1.2% to $798.3 million. Nonperforming assets increased significantly by 66.6% from the previous quarter.
Sound Financial Bancorp (NASDAQ:SFBC) announced a new stock repurchase program effective October 29, 2021, following the expiration of its previous program. The new initiative allows for repurchases of up to $2.0 million of outstanding shares over a period of six months, depending on market conditions. The company plans to utilize a Rule 10b5-1 trading plan with Keefe, Bruyette & Woods to facilitate share repurchases during restricted periods. This program aims to enhance shareholder value by potentially increasing earnings per share (EPS) through reduced share count.
Sound Financial Bancorp reported a net income of $2.6 million for Q3 2021, marking a 15.2% increase from the previous quarter. Earnings per share rose to $0.98, up from $0.85 in Q2 2021. The net interest income increased by 13.1% to $8.3 million, driven by organic portfolio growth. Total assets reached $928.1 million, a 0.5% increase from the previous quarter. A cash dividend of $0.17 per share was declared, payable on November 24, 2021. The bank's capital levels remain strong, categorized as "well-capitalized."
Sound Community Bank's President and CEO, Laurie Stewart, has been recognized as one of the 2021 Most Powerful Women in Banking by American Banker. This accolade highlights her commitment to diversity, equity, and inclusion in financial services while showcasing her leadership throughout a challenging economic landscape. Under her guidance, the bank transitioned from a $38 million credit union to a nearly $1 billion commercial bank, marking over 30 years of industry impact. Stewart's numerous accolades include previous recognitions by American Banker and leadership roles in prominent banking associations.
Sound Financial Bancorp (SFBC) reported a net income of $2.3 million for Q2 2021, with diluted earnings per share at $0.85. This is a slight decrease from $2.5 million in Q1 2021 but an increase from $2.1 million in Q2 2020. The Company declared a cash dividend of $0.17 per share, payable on August 24, 2021. Total assets were $923.2 million, down 1.4% from the previous quarter. Loans increased by 4.1% to $639.6 million. However, total deposits decreased by 1.5% to $804.7 million. The net interest income grew by 12.5% to $7.4 million.
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