Business
Sound Financial Bancorp, Inc. Q3 2021 Results
SEATTLE, Oct. 26, 2021 (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, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Sound Financial Bancorp, Inc. (Nasdaq: SFBC), the holding company (the \"Company\") for Sound Community Bank (the \"Bank\"), today reported net income of $2.6 million for the quarter ended September 30, 2021, or $0.98 diluted earnings per share, as compared to net income of $2.3 million, or $0.85 diluted earnings per share for the quarter ended June 30, 2021, and $2.3 million, or $0.90 diluted earnings per share for the quarter ended September 30, 2020. 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 November 24, 2021 to stockholders of record as of the close of business on November 10, 2021. Comments from President and Chief Executive Officer “We are very pleased with our result for the quarter with net income increasing by 15.2% over the prior quarter driven by a 13.1% increase in net interest income. Loans held-for-portfolio increased $27.9 million offsetting continued PPP loan forgiveness by the SBA, reflecting our emphasis on organic portfolio growth. Although, deposits increased only modestly this quarter, we achieved continued growth in noninterest-bearing deposits which favorably impacted our cost of funds,” remarked Ms. Stewart, President, Chief Executive Officer. Q3 2021 Financial Performance Total assets increased $4.9 million or 0.5% to $928.1 million at September 30, 2021, from $923.2 million at June 30, 2021, and increased $60.7 million or 7.0% from $867.4 million at September 30, 2020. Net interest income increased 13.1% to $8.3 million for the quarter ended September 30, 2021, from $7.4 million for the quarter ended June 30, 2021, and increased 24.9% from $6.7 million for the quarter ended September 30, 2020. Net interest margin (\"NIM\") was 3.74% for the quarter ended September 30, 2021, compared to 3.36% for the quarter ended June 30, 2021 and 3.27% for the quarter ended September 30, 2020.Loans held-for-sale increased $210 thousand or 5.7% to $3.9 million at September 30, 2021, compared to $3.7 million at June 30, 2021 and decreased $12.2 million or 75.8% from $16.1 million at September 30, 2020. Provision for loan losses was $175 thousand for the quarter ended September 30, 2021, compared to a $250 thousand provision for loan losses for the quarter ended June 30, 2021, a...