Business
Sound Financial Bancorp, Inc. Q4 and Year End 2021 Results
SEATTLE, Jan. 28, 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, Jan. 28, 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 $1.9 million for the quarter ended December 31, 2021, or $0.70 diluted earnings per share, as compared to net income of $2.6 million, or $0.98 diluted earnings per share for the quarter ended September 30, 2021, and $3.5 million, or $1.34 diluted earnings per share for the quarter ended December 31, 2020. Net income totaled $9.2 million for the year ended December 31, 2021, or $3.46 diluted earnings per share, as compared to net income of $8.9 million, or $3.42 diluted earnings per share for the prior year. Comments from the President and Chief Executive Officer“Despite the uncertainty related to the significant increase in COVID-19 cases, our team remains focused on the business of banking in the communities we serve. For the second consecutive quarter we achieved organic loan portfolio growth, with loans held-for-portfolio increasing $18.8 million this quarter. In addition, our year over year net interest margin improved primarily due to the continued decline in the cost of deposits. We expect continued pressure on our margins going into 2022 due to the low interest rate environment, however we anticipate higher interest rates this year which should benefit both our net interest margin and earnings,” remarked Ms. Stewart, President and Chief Executive Officer.Q4 2021 Financial PerformanceTotal assets decreased $8.4 million or 0.9% to $919.7 million at December 31, 2021, from $928.1 million at September 30, 2021, and increased $58.3 million or 6.8% from $861.4 million at December 31, 2020. Net interest income decreased $601 thousand or 7.2% to $7.7 million for the quarter ended December 31, 2021, from $8.3 million for the quarter ended September 30, 2021, and increased $515 thousand or 7.2% from $7.2 million for the quarter ended December 31, 2020. Net interest margin (\"NIM\"), annualized, was 3.53% for the quarter ended December 31, 2021, compared to 3.74% for the quarter ended September 30, 2021 and 3.47% for the quarter ended December 31, 2020.Loans held-for-sale decreased $790 thousand or 20.3% to $3.1 million at December 31, 2021, compared to $3.9 million at September 30, 2021 and decreased $8.5 million or 73.3% from $11.6 milli...