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Sound Financial Bancorp, Inc. Q2 2024 Results
SEATTLE, July 29, 2024 (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 29, 2024 (GLOBE NEWSWIRE) -- Sound Financial Bancorp, Inc. (the \"Company\") (Nasdaq: SFBC), the holding company for Sound Community Bank (the \"Bank\"), today reported net income of $795 thousand for the quarter ended June 30, 2024, or $0.31 diluted earnings per share, as compared to net income of $770 thousand, or $0.30 diluted earnings per share, for the quarter ended March 31, 2024, and $2.9 million, or $1.11 diluted earnings per share, for the quarter ended June 30, 2023. 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, 2024 to stockholders of record as of the close of business on August 9, 2024. Comments from the President and Chief Executive Officer “Modest increases in net income and earnings per share, coupled with a reduction in nonperforming assets and a minimal quarter-over-quarter expense increase of only $81 thousand, indicate that we have maintained our focus on key initiatives during this period of narrow net interest margins,” remarked Laurie Stewart, President and Chief Executive Officer. \"Our credit quality performance ratios remain strong, and our allowance for credit losses reserve ratio remained steady over the past five quarters,\" continued Ms. Stewart. \"Further, our current loan-to-deposit ratio positions us to continue supporting our communities by extending credit to both consumers and businesses,\" concluded Ms. Stewart. Q2 2024 Financial PerformanceTotal assets decreased $11.8 million or 1.1% to $1.07 billion at June 30, 2024, from $1.09 billion at March 31, 2024, and increased $64.1 million or 6.3% from $1.01 billion at June 30, 2023. Net interest income decreased $12 thousand or 0.2% to $7.4 million for the quarter ended June 30, 2024, from $7.5 million for the quarter ended March 31, 2024, and decreased $1.3 million or 14.8% from $8.7 million for the quarter ended June 30, 2023. Net interest margin (\"NIM\"), annualized, was 2.92% for the quarter ended June 30, 2024, compared to 2.95% for the quarter ended March 31, 2024 and 3.71% for the quarter ended June 30, 2023.Loans held-for-portfolio decreased $8.6 million or 1.0% to $889.3 million at June 30, 2024, compared to $897.9 million at March 31, 2024, and increased $33.8 million or 4.0% from $855.4 million at June 30, 2023. A $109...