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 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.
Sound Financial Bancorp (Nasdaq: SFBC) reported a net income of $3.5 million for Q4 2020, translating to $1.34 diluted earnings per share. This reflects an increase from $2.3 million or $0.90 per share in Q3 2020 and $1.9 million or $0.72 per share in Q4 2019. The Board of Directors declared a quarterly cash dividend of $0.17 per share and a special cash dividend of $0.10 per share, payable on February 24, 2021, to shareholders on record by February 10, 2021.
Sound Financial Bancorp reported a net income of $2.3 million for Q3 2020, reflecting an increase from $2.1 million in Q2 2020 and $1.5 million in Q3 2019. Diluted EPS rose to $0.90. The Board declared a $0.15 cash dividend per share, payable on November 24, 2020. Total assets decreased by 0.5% to $867.4 million, while deposits increased by 7.9% to $748.9 million. The company issued $12 million in subordinated debt, supporting capital levels categorized as "well-capitalized." Net interest income fell 3.4% to $6.7 million.
Sound Financial Bancorp (NASDAQ:SFBC) announced a stock repurchase program allowing up to $2 million in buybacks over six months, starting October 28, 2020. The decision reflects the Board's confidence in the company’s current stock price and strong capital position of its subsidiary, Sound Community Bank. A trading plan with Keefe, Bruyette & Woods will facilitate these repurchases. The number of shares bought will depend on market conditions and is not obligatory to a specific amount.
Sound Community Bank's Laurie Stewart has been recognized as one of the 2020 Most Powerful Women in Banking by American Banker, marking her sixth acknowledgment since 2011. Stewart, with over 30 years in banking, has led the bank's transformation from a credit union to a commercial bank with assets exceeding $871 million. This year’s honorees were celebrated for their leadership amid challenges in the industry. The full list of honorees is available on American Banker’s website, and a virtual event will showcase their insights and experiences.
On September 18, 2020, Sound Financial Bancorp (Nasdaq: SFBC) announced the completion of a $12.0 million private placement of 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030. The notes will initially bear interest at 5.25% until October 2025, then reset to a floating rate. The proceeds will be used for general corporate purposes and the notes qualify as Tier 2 capital for regulatory requirements. Egan-Jones rated the notes as investment grade (BBB). The issuance was facilitated by Keefe, Bruyette & Woods as the placement agent.
Sound Financial Bancorp (NASDAQ: SFBC) reported a net income of $2.1 million for the second quarter of 2020, equating to $0.82 diluted earnings per share, a significant increase from $1.0 million or $0.38 per share in the prior quarter. Year-over-year, the earnings improved from $1.8 million or $0.71 per share. The Board of Directors declared a cash dividend of $0.15 per share, payable on August 19, 2020, to stockholders of record by August 5, 2020.
Sound Community Bank has appointed Charles (Chuck) L. Turner as the new Senior Vice President and Chief Credit Officer. With 40 years of community banking experience, Turner has a strong background, including roles as a loan officer and branch manager. He previously served as Executive Vice President and Chief Credit Officer at Liberty Bank. Turner is a University of Washington graduate and has been active in community service organizations. Sound Community Bank operates in multiple counties in Washington and is a subsidiary of Sound Financial Bancorp (NASDAQ: SFBC).
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