Sound Finl Bancorp Inc Stock Price, News & Analysis

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.