Business
Sound Financial Bancorp, Inc. Q2 2022 Results
SEATTLE, July 26, 2022 (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, July 26, 2022 (GLOBE NEWSWIRE) -- Sound Financial Bancorp, Inc. (Nasdaq: SFBC), the holding company (the \"Company\") for Sound Community Bank (the \"Bank\"), today reported net income of $1.6 million for the quarter ended June 30, 2022, or $0.61 diluted earnings per share, as compared to net income of $1.7 million, or $0.65 diluted earnings per share for the quarter ended March 31, 2022, and $2.3 million, or $0.85 diluted earnings per share for the quarter ended June 30, 2021. The Company also announced today that the Board of Directors has declared a cash dividend on Company common stock of $0.17 per share, payable on August 23, 2022 to stockholders of record as of the close of business on August 9, 2022.Comments from the President and Chief Executive Officer“Our quarterly loan growth of $96.6 million, or 13.6% over the prior quarter, was funded with our excess liquidity and returned our balance sheet composition and loan to deposit ratios to pre-pandemic levels,” remarked Ms. Stewart, President and Chief Executive Officer. \"The result was a significant increase in net interest income quarter over quarter and an improved net interest margin. While economic headwinds appear on the horizon, our credit quality remains sound and we repositioned staff to originate and manage our portfolio loan growth,\" concluded Stewart.Q2 2022 Financial PerformanceTotal assets decreased $21.9 million or 2.3% to $937.0 million at June 30, 2022, from $958.9 million at March 31, 2022, and increased $13.8 million or 1.5% from $923.2 million at June 30, 2021. Net interest income increased $774 thousand or 10.2% to $8.4 million for the quarter ended June 30, 2022, from $7.6 million for the quarter ended March 31, 2022, and increased $1.0 million or 14.2% from $7.4 million for the quarter ended June 30, 2021. Net interest margin (\"NIM\"), annualized, was 3.83% for the quarter ended June 30, 2022, compared to 3.49% for the quarter ended March 31, 2022 and 3.36% for the quarter ended June 30, 2021.Loans held-for-sale decreased $1.2 million or 92.3% to $100 thousand at June 30, 2022, compared to $1.3 million at March 31, 2022 and decreased $3.6 million or 97.3% from $3.7 million at June 30, 2021. A $600 thousand provision for loan losses was recorded for the quarter ended June 30, 2022, compared to $125 thousand provision for loan losses for the...