Welcome to our dedicated page for Sound Financial Bancorp news (Ticker: SFBC), a resource for investors and traders seeking the latest updates and insights on Sound Financial Bancorp stock.
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 Community Bank has appointed Jennifer L. Mallon as the new Chief Accounting Officer, effective July 27, 2021. With over 15 years of experience in financial services and community banking, Mallon has previously served as Senior Vice President of Financial Reporting at Banc of California. She specializes in streamlining accounting processes and enhancing efficiency through automation. Mallon holds degrees from California Polytechnic State University and University of Southern California, along with a CPA license. Sound Community Bank operates primarily in the Seattle area.
Sound Community Bank has appointed Jon Kacirk as Senior Vice President and Director of Banking Operations. Kacirk, who has a rich banking background starting from a teller, is responsible for overseeing Retail Branch, Deposit, and Payment Operations. Previously, he served as Vice President and Operations Manager at a large commercial bank. Kacirk holds a degree from Pacific Coast Banking School and an Executive Leadership certificate from the University of Washington. Sound Community Bank operates in several counties in Washington and is a subsidiary of Sound Financial Bancorp (NASDAQ: SFBC).
Sound Community Bank has appointed Brandon Lance as Vice President and Senior Credit Officer and Jay Dogan as Commercial Loan Officer. Lance, with over 17 years in banking, specializes in commercial lending and credit risk management. Dogan brings 20 years of experience in real estate lending. Sound Community Bank operates throughout the Puget Sound region, offering personal and business banking services, and is a subsidiary of Sound Financial Bancorp (NASDAQ: SFBC).
Sound Financial Bancorp, the parent company of Sound Community Bank, announced its ranking as 197th on American Banker's list of Top 200 Publicly Traded Community Banks. This ranking is determined by a three-year average return on equity as of December 31, 2020. CEO Laurie Stewart highlights the challenges and opportunities faced in 2020, praising the Bank's resilience and commitment to clients and communities. As of March 31, 2021, the Bank reported total assets of $936.7 million.
Sound Community Bank has been recognized as the top corporate philanthropist among small-sized companies by the Puget Sound Business Journal. This honor acknowledges the bank's significant contributions of both time and money to local non-profit organizations. The awards were presented at the annual Corporate Citizenship Awards on May 20, 2021. Sound Community Bank operates across the greater Puget Sound region, providing personal and business banking services.
Sound Community Bank has appointed four new Residential Loan Officers: Shanna Frazer, Ken Wenglewski, Casey Hendrickson, and Saundra Gregory. Frazer and Wenglewski will serve at the University Place Branch, with Frazer bringing over 8 years and Wenglewski over 20 years of experience in the financial industry. Hendrickson and Gregory join the Madison Park Home Loan Office in Seattle, with Hendrickson having over 10 years of sales management experience and Gregory over 20 years in finance. Sound Community Bank operates throughout the greater Puget Sound region and is a subsidiary of Sound Financial Bancorp (NASDAQ: SFBC).
Sound Financial Bancorp (Nasdaq: SFBC) reported a net income of $2.5 million for Q1 2021, equating to $0.93 diluted earnings per share. This marks a decrease from $3.5 million ($1.34 per share) in Q4 2020 and an increase from $1.0 million ($0.38 per share) in Q1 2020. The Board declared a cash dividend of $0.17 per share, payable on May 24, 2021, to stockholders of record by May 10, 2021. The financial results highlight both the current performance and the company’s commitment to returning value to shareholders through dividends.
Sound Financial Bancorp (NASDAQ:SFBC) announced a new stock repurchase program effective April 29, 2021, allowing for the repurchase of up to $2.0 million of its outstanding shares. This follows the expiration of the previous program and is set to last up to six months or until completion. The Board authorized management to enter a Rule 10b5-1 trading plan with Keefe, Bruyette & Woods to facilitate this process, enabling trades even during blackouts. The timing and number of shares repurchased will depend on market conditions and other factors.
Sound Community Bank has appointed Amy Row as a Commercial Loan Officer, bringing over 30 years of extensive banking experience. Her expertise spans retail to commercial banking, with a focus on commercial real estate and commercial & industrial (C&I) sectors. Row possesses multiple certifications in areas including commercial lending and compliance. Sound Community Bank operates throughout the greater Puget Sound region and is a subsidiary of Sound Financial Bancorp (NASDAQ: SFBC).
Sound Financial Bancorp, Inc. (Nasdaq: SFBC) has declared a regular quarterly cash dividend of $0.17 per share and a special cash dividend of $0.10 per share. These dividends are set to be paid on February 24, 2021 to stockholders of record as of February 10, 2021. The company's strong capital position supports this decision, reflecting confidence in their financial performance despite ongoing challenges.
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