Business
Sound Financial Bancorp, Inc. Reports Net income of $1.0 million for First Quarter 2020
Board Declares Quarterly Cash Dividend of $0.15 per share SEATTLE, April 27, 2020 (GLOBE NEWSWIRE) -- Sound Financial Bancorp, Inc. (Nasdaq: SFBC), the
About this update from Sound Financial Bancorp, Inc.
[{"type":"text","content":"Board Declares Quarterly Cash Dividend of $0.15 per share\nSEATTLE, April 27, 2020 (GLOBE NEWSWIRE) -- Sound Financial Bancorp, Inc. (Nasdaq: SFBC), the holding company (the \"Company\") for Sound Community Bank (the \"Bank\"), today reported net income of $1.0 million for the quarter ended March 31, 2020, or $0.38 diluted earnings per share, as compared to net income of $1.9 million, or $0.72 diluted earnings per share for the quarter ended December 31, 2019 and $1.4 million, or $0.56 diluted earnings per share for the quarter ended March 31, 2019.\n The Company also announced today that the Board of Directors has declared a cash dividend on Company common stock of $0.15 per share, payable on May 22, 2020 to stockholders of record as of the close of business on May 8, 2020. \"I wish to thank our employees across the Company for their unyielding dedication during this difficult time. The economic impacts of the COVID-19 pandemic cause financial hardship for many in this country. During the first quarter, Sound Community Bank actively engaged in response to the COVID-19 pandemic. All branches remain open to serve clients and communities with reduced lobby hours, and extended drive-up hours in select markets. Clients also significantly increased use of electronic services with an Online Banking sign-in increase of 20% and an online deposit increase of 12% compared to the first quarter of last year. The initiatives we implemented for our community, clients and employees are summarized below. We manage this company with long-term success in mind, supported by our strong balance sheet, diverse book of businesses, and culture. I have no doubt we will emerge stronger on the other side of the pandemic, remaining a reliable partner to clients in helping them achieve their financial goals.\" Laurie Stewart, President and CEO, Sound Community Bancorp, Inc. & Sound Community Bank. Q1 2020 | COVID-19 Response SpotlightCommunity Businesses Consumers EmployeesAffirmed Q1 philanthropic commitments during pandemic & continued funding sponsorship & donation requests from the nonprofit community Made 32 commercial loans Q1 2020 totaling $46MM supporting local businesses Branches remained open during COVID-19 pandemic, with reduced lobby hours and social distancing queues in place; some drive up hours extended All back-office, non-frontline staff w...