Business
Sound Financial Bancorp, Inc. Announces 2019 Fourth Quarter and Year End Financial Results
SEATTLE, Jan. 28, 2020 (GLOBE NEWSWIRE) -- Sound Financial Bancorp, Inc. (Nasdaq: SFBC), the holding company (the "Company") for Sound Community Bank (the
About this update from Sound Financial Bancorp, Inc.
[{"type":"text","content":"SEATTLE, Jan. 28, 2020 (GLOBE NEWSWIRE) -- Sound Financial Bancorp, Inc. (Nasdaq: SFBC), the holding company (the \"Company\") for Sound Community Bank (the \"Bank\"), today reported net income of $6.7 million for the year ended December 31, 2019, or diluted earnings per share of $2.58, as compared to net income of $7.0 million for the year ended December 31, 2018, or diluted earnings per share of $2.74. Net income for the fourth quarter of 2019 was $1.9 million, or $0.72 diluted earnings per share, as compared to net income of $1.6 million, or $0.64 diluted earnings per share for the quarter ended December 31, 2018.\n \"Our financial performance year over year was consistent. We continued to achieve solid growth in our construction and land, commercial and multifamily, and consumer loan portfolios, including floating home loans,\" said Laurie Stewart, President and CEO of the Company and the Bank. \"We also achieved significant deposit growth during the year and stabilized our cost of funds. This had a positive impact on our loan to deposit ratio,\" concluded Ms. Stewart. Full Year 2019 Performance Highlights: Loans held-for-portfolio totaled $619.9 million at December 31, 2019, compared to $619.5 million at December 31, 2018; Growth in commercial and multifamily real estate loans and construction and land loans totaling $19.1 million or 6.0% and in consumer loans totaling $5.1 million or 7.6% was offset by a $24.2 million or 12.3% decline in one- to four-family and home equity loans, which included the sale of $16.2 million of residential loan during the first quarter of 2019.Total deposits increased 11.4% to $616.7 million at December 31, 2019, from $553.6 million at December 31, 2018, including $8.0 million brokered deposits.Total borrowings decreased $76.5 million, or 91.1%, to $7.5 million at December 31, 2019, from $84.0 million at December 31, 2018.Net interest income decreased 3.5% to $26.5 million for the year ended December 31, 2019, from $27.4 million for the year ended December 31, 2018.Net interest margin (\"NIM\") decreased to 3.98% for the year ended December 31, 2019, compared to 4.22% for the year ended December 31, 2018.Allowance for loan losses to total loans remained relatively unchanged at 0.91% at December 31, 2019, compared to 0.93% at December 31, 2018, while the allowance to loans losses to total nonper...