Business
Sound Financial Bancorp, Inc. Q2 2023 Results
SEATTLE, July 25, 2023 (GLOBE NEWSWIRE) -- Sound Financial Bancorp, Inc. (the "Company") (Nasdaq: SFBC), the holding company for Sound Community Bank (the
About this update from Sound Financial Bancorp, Inc.
[{"type":"text","content":"SEATTLE, July 25, 2023 (GLOBE NEWSWIRE) -- Sound Financial Bancorp, Inc. (the \"Company\") (Nasdaq: SFBC), the holding company for Sound Community Bank (the \"Bank\"), today reported net income of $2.9 million for the quarter ended June 30, 2023, or $1.11 diluted earnings per share, as compared to net income of $2.2 million, or $0.83 diluted earnings per share, for the quarter ended March 31, 2023, and $1.6 million, or $0.61 diluted earnings per share, for the quarter ended June 30, 2022. The Company also announced today that its Board of Directors declared a cash dividend on Company common stock of $0.19 per share, payable on August 23, 2023 to stockholders of record as of the close of business on August 9, 2023. Comments from the President and Chief Executive Officer “Strong earnings for the quarter were fueled by both a recovery from credit losses and a non-recurring death benefit payment received from bank-owned life insurance. While both loans and deposits declined this quarter, the loan contraction was primarily the result of decreases in commercial construction loans based on successful completion of projects,” remarked Laurie Stewart, President and Chief Executive Officer. \"Deposit balances increased during the first quarter, but seasonal outflows for tax and business planning needs, primarily by our business clients in the second quarter, offset the earlier gains. As a result our loan-to-deposit ratio remained at 104%,\" concluded Ms. Stewart. Q2 2023 Financial PerformanceTotal assets increased $6.4 million or 0.6% to $1.01 billion at June 30, 2023, from $1.00 billion at March 31, 2023, and increased $73.8 million or 7.9% from $937.0 million at June 30, 2022. Net interest income decreased $627 thousand or 6.7% to $8.7 million for the quarter ended June 30, 2023, from $9.4 million for the quarter ended March 31, 2023, and increased $352 thousand or 4.2% from $8.4 million for the quarter ended June 30, 2022. Net interest margin (\"NIM\"), annualized, was 3.71% for the quarter ended June 30, 2023, compared to 4.01% for the quarter ended March 31, 2023 and 3.82% for the quarter ended June 30, 2022.Loans held-for-portfolio decreased $15.1 million or 1.7% to $855.4 million at June 30, 2023, compared to $870.5 million at March 31, 2023, and increased $49.4 million or 6.1% from $806.1 million at June 30, 2022. A $331 thousand ...