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Sound Financial Bancorp, Inc. Q2 2021 Results


SEATTLE, July 28, 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 $2.3 million for the quarter ended June 30, 2021, or $0.85 diluted earnings per share, as compared to net income of $2.5 million, or $0.93 diluted earnings per share for the quarter ended March 31, 2021, and $2.1 million, or $0.82 diluted earnings per share for the quarter ended June 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 August 24, 2021 to stockholders of record as of the close of business on August 10, 2021.

Comments from President and Chief Executive Officer
 
“Despite slowing real estate refinance activity and robust PPP loan forgiveness, we were able to increase total loans this quarter. This loan growth, coupled with an improvement in our net interest margin which resulted from both the acceleration of fees earned on PPP loans and a lower cost of funds, resulted in another strong quarterly performance,” remarked Ms. Stewart, President, Chief Executive Officer and Interim Chief Financial Officer.
 
Q2 2021 Financial Performance
 
Total assets decreased $13.5 million or 1.4% to $923.2 million at June 30, 2021, from $936.7 million at March 31, 2021, and increased $51.5 million or 5.9% from $871.7 million at June 30, 2020.

Loans held-for-sale decreased $7.0 million or 65.7% to $3.7 million at June 30, 2021, compared to $10.7 million at March 31, 2021 and decreased $3.7 million or 50.1% from $7.4 million at June 30, 2020.

Loans held-for-portfolio increased $25.3 million or 4.1% to $639.6 million at June 30, 2021, compared to $614.4 million at March 31, 2021, and decreased $51.1 million or 7.4% from $690.7 million at June 30, 2020. Paycheck Protection Program (“PPP”) loans totaled $36.0 million at June 30, 2021, compared to $61.2 million at March 31, 2021 and $73.1 million at June 30, 2020. 

Total deposits decreased $12.0 million or 1.5%, to $804.7 million at June 30, 2021, from $816.7 million at March 31, 2021, and increased $110.4 million from $694.3 million at June 30, 2020. Noninterest-bearing deposits decreased $6.8 million or 3.6% to $181.8 million at June 30, 2021 compared to $188.7 million at March 31, 2021, and increased $39.4 million or 27.6% compared to $142.5 million at June 30, 2020.

    Net interest income increased 12.5% to $7.4 million for the quarter ended June 30, 2021, from $6.5 million for the quarter ended March 31, 2021, and increased 6.6% from $6.9 million for the quarter ended June 30, 2020.

Net interest margin (“NIM”) was 3.36% for the quarter ended June 30, 2021, compared to 3.09% for the quarter ended March 31, 2021 and 3.69% for the quarter ended June 30, 2020.  

Provision for loan losses was $250 thousand for the quarter ended June 30, 2021, compared to no provision for loan losses for the quarter ended March 31, 2021, and a $400 thousand provision for loan losses for the quarter ended June 30, 2020. The allowance for loan losses to total nonperforming loans was 412.67% and to total loans was 0.96% at June 30, 2021.

Net gain on sale of loans was $1.1 million for the quarter ended June 30, 2021, compared to $2.1 million for the quarter ended March 31, 2021 and $1.3 million for the quarter ended June 30, 2020.

The Bank continued to maintain capital levels in excess of regulatory requirements and was categorized as “well-capitalized” at June 30, 2021.  

Operating Results

Net interest income increased $815 thousand, or 12.5%, to $7.4 million for the quarter ended June 30, 2021, compared to $6.5 million for the quarter ended March 31, 2021 and increased $455 thousand, or 6.6%, from $6.9 million for the quarter ended June 30, 2020. The increase from the prior quarter was primarily the result of higher interest income earned on loans and lower interest…



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