Business
Sound Financial Bancorp, Inc. Q4 2023 Results
SEATTLE, Jan. 26, 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, Jan. 26, 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 $1.2 million for the quarter ended December 31, 2023, or $0.47 diluted earnings per share, as compared to net income of $1.2 million, or $0.45 diluted earnings per share, for the quarter ended September 30, 2023, and $2.9 million, or $1.12 diluted earnings per share, for the quarter ended December 31, 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 February 21, 2024 to stockholders of record as of the close of business on February 7, 2024. Comments from the President and Chief Executive Officer “In the fourth quarter, we grew both total and average loan balances, demonstrating our ability to meet the diverse needs of our clients in the communities we serve. Strategically, we opted to decrease reciprocal deposit funding at year end; however, we continue to view this tool as a valuable instrument for effective management of liquidity and our balance sheet,” remarked Laurie Stewart, President and Chief Executive Officer. \"Additionally, we restructured five positions within the Bank, aligning with our commitment to optimize production staff size and minimize operating expenses. This decision stems from the ongoing subdued demand in the mortgage banking sector and the operational efficiencies derived from our technological enhancements,\" concluded Ms. Stewart. Q4 2023 Financial PerformanceTotal assets decreased $35.0 million or 3.4% to $995.2 million at December 31, 2023, from $1.03 billion at September 30, 2023, and increased $18.9 million or 1.9% from $976.4 million at December 31, 2022. Net interest income decreased $601 thousand or 7.4% to $7.6 million for the quarter ended December 31, 2023, from $8.2 million for the quarter ended September 30, 2023, and decreased $2.1 million or 21.9% from $9.7 million for the quarter ended December 31, 2022. Net interest margin (\"NIM\"), annualized, was 3.04% for the quarter ended December 31, 2023, compared to 3.38% for the quarter ended September 30, 2023 and 4.05% for the quarter ended December 31, 2022.Loans held-for-portfolio increased $19.0 million or 2.2% to $894.5 million at December 31, 2023...