Sound Financial Bancorp, Inc. Announces Increase and Extension of Stock Repurchase Program

Rhea-AI Summary

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.

Positive

• Extension of stock repurchase program indicates commitment to shareholder value.
• Approximately $2.1 million remaining for future stock repurchases enhances EPS potential.
• Past repurchases of 49,700 shares affirm a proactive stock management strategy.

Negative

• None.

SEATTLE, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Sound Financial Bancorp, Inc. (NASDAQ:SFBC) (the “Company”), the parent holding company of Sound Community Bank, today announced that its Board of Directors extended the Company’s current stock repurchase program, scheduled to expire on January 31, 2023, to July 31, 2023. Since the program’s inception, the Company has repurchased 49,700 shares of common stock at an aggregate cost of $1.9 million, leaving approximately $2.1 million available for future stock repurchases.

The timing, number and price of shares repurchased under the stock repurchase program will depend on a number of factors, including the terms of any Rule 10b5-1 trading plan adopted by the Company, general business and market conditions, and alternative investment opportunities. The repurchase program does not obligate the Company to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time.

About the Company

Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, and is headquartered in Seattle, Washington with full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one Loan Production Office located in the Madison Park neighborhood of Seattle, Washington. For more information, please visit www.soundcb.com.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those regarding the Company’s potential repurchases of its common stock. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this release. These risks include significant changes in the price and availability of the Company’s stock, general economic conditions, as well as those within our industry, and numerous other factors identified in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission, which are available at www.soundcb.com and on the SEC's website at www.sec.gov.

The Company does not undertake - and specifically declines any obligation - to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

For additional information contact:

For additional information contact:
Laurie Stewart, President, CEO 206.436.1495

FAQ

What is the updated stock repurchase program for SFBC?

The stock repurchase program for Sound Financial Bancorp has been extended to July 31, 2023, with approximately $2.1 million available for future buybacks.

How many shares has SFBC repurchased so far?

Sound Financial Bancorp has repurchased 49,700 shares at an aggregate cost of $1.9 million.

What factors influence SFBC's stock repurchase decisions?

The timing, quantity, and price of shares repurchased depend on market conditions, alternative investment opportunities, and any Rule 10b5-1 trading plans.

What does the extension of the stock buyback program mean for SFBC investors?

The extension of the stock buyback program signals the company's intention to enhance shareholder value, potentially leading to an increase in earnings per share.