Sound Finl Bancorp Inc Stock Price, News & Analysis

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.

Sound Financial Bancorp (NASDAQ:SFBC) announced an increase in its stock repurchase program from $2.0 million to $4.0 million, effective immediately. The expiration date for the program has also been extended to January 31, 2023. Since the program's inception, 49,700 shares have been repurchased at a total cost of $1.9 million, with $2.1 million still available. The timing and amount of shares repurchased will depend on market conditions and other factors. This strategic move reflects the Company’s commitment to enhancing shareholder value.

Sound Financial Bancorp (SFBC) reported net income of $1.6 million for Q2 2022, down from $1.7 million in Q1 2022 and $2.3 million in Q2 2021. Diluted earnings per share were $0.61. Total assets decreased 2.3% sequentially to $937 million. Loans held-for-portfolio rose 13.6% to $806.1 million, while noninterest income fell 33.4%. A cash dividend of $0.17 per share was declared, payable on August 23, 2022. Credit quality remains strong, with a provision for loan losses of $600,000. The net interest margin improved to 3.83%, reflecting higher interest income.

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.