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October 2022
July 2022
July 2022
July 2022
June 2022
April 2022
April 2022
February 2022
January 2022
January 2022
● |
Loans held for portfolio increased 4.5% to $617.2 million at September 30, 2018, from $590.8 million at June 30, 2018, and increased 16.9% from $528.2 million at September 30, 2017;
|
● |
Total deposits increased 0.1% to $539.8 million at September 30, 2018, from $539.4 million at June 30, 2018, and increased 2.9% from $524.8 million at September 30, 2017. Non-interest bearing deposits totaled 18.5% of total deposits at September 30, 2018, compared to 15.7% at June 30, 2018 and 14.6% at September 30, 2017;
|
● |
Total assets increased 4.2% to $715.3 million at September 30, 2018, from $686.2 million at June 30, 2018 and increased 14.9% from $622.5 million at September 30, 2017;
|
● |
Net interest income remained stable, decreasing slightly by $44,000 or 0.6% to $6.9 million for the quarter ended September 30, 2018, compared to the quarter ended June 30, 2018, and increased 11.5% from $6.2 million for the quarter ended September 30, 2017;
|
● |
Net interest margin ("NIM") remained unchanged at 4.24% for both the quarters ended September 30, 2018 and June 30, 2018 and decreased from 4.35% for the quarter ended September 30, 2017;
|
● |
Nonperforming assets increased $468,000, or 17.7%, to $3.1 million at September 30, 2018, from $2.6 million at June 30, 2018 and decreased $1.4 million, or 31.4%, from $4.5 million at September 30, 2017; and
|
● |
Provision for loan losses was $250,000 for the quarter ended September 30, 2018, compared to $150,000 for the quarter ended June 30, 2018 and $250,000 for the quarter ended September 30, 2017.
|
September 30, 2018
|
June 30, 2018
|
September 30, 2017
|
||||||||||||||||||||||
Balance
|
% of Total
|
Balance
|
% of Total
|
Balance
|
% of Total
|
|||||||||||||||||||
Nonperforming Loans:
|
||||||||||||||||||||||||
One-to-four family
|
$
|
869
|
27.9
|
%
|
$
|
986
|
37.3
|
%
|
$
|
2,192
|
48.3
|
%
|
||||||||||||
Home equity loans
|
384
|
12.3
|
391
|
14.8
|
700
|
15.4
|
||||||||||||||||||
Commercial and multifamily
|
539
|
17.3
|
192
|
7.3
|
206
|
4.6
|
||||||||||||||||||
Construction and land
|
80
|
2.6
|
79
|
3.0
|
49
|
1.1
|
||||||||||||||||||
Manufactured homes
|
223
|
7.2
|
182
|
6.9
|
133
|
2.9
|
||||||||||||||||||
Commercial business
|
417
|
13.4
|
204
|
7.7
|
223
|
4.9
|
||||||||||||||||||
Total nonperforming loans
|
2,512
|
80.7
|
2,034
|
76.9
|
3,503
|
77.2
|
||||||||||||||||||
OREO and Other Repossessed Assets:
|
||||||||||||||||||||||||
One-to-four family
|
—
|
—
|
—
|
—
|
422
|
9.4
|
||||||||||||||||||
Commercial and multifamily
|
600
|
19.3
|
600
|
22.7
|
600
|
13.2
|
||||||||||||||||||
Manufactured homes
|
—
|
—
|
10
|
0.4
|
10
|
0.2
|
||||||||||||||||||
Total OREO and repossessed assets
|
600
|
19.3
|
610
|
23.1
|
1,032
|
22.8
|
||||||||||||||||||
Total nonperforming assets
|
$
|
3,112
|
100.0
|
%
|
$
|
2,644
|
100.0
|
%
|
$
|
4,535
|
100.0
|
%
|
For the Quarter Ended:
|
||||||||||||
September 30,
|
June 30,
|
September 30,
|
||||||||||
2018
|
2018
|
2017
|
||||||||||
Allowance for Loan Losses
|
||||||||||||
Balance at beginning of period
|
$
|
5,503
|
$
|
5,328
|
$
|
4,835
|
||||||
Provision for loan losses during the period
|
250
|
150
|
250
|
|||||||||
Net (charge-offs)/recoveries during the period
|
(5
|
)
|
25
|
(94
|
)
|
|||||||
Balance at end of period
|
$
|
5,748
|
$
|
5,503
|
$
|
4,991
|
||||||
Allowance for loan losses to total loans
|
0.93
|
%
|
0.93
|
%
|
0.94
|
%
|
||||||
Allowance for loan losses to total nonperforming loans
|
228.84
|
%
|
270.55
|
%
|
142.48
|
%
|
|
For the Quarter Ended:
|
|||||||||||||||||||
|
September 30,
2018
|
June 30,
2018
|
September 30,
2017
|
Sequential Quarter
Change
|
Year over Year
Change
|
|||||||||||||||
Annualized return on average assets
|
1.04
|
%
|
1.16
|
%
|
0.81
|
%
|
(10.24
|
)%
|
28.66
|
%
|
||||||||||
Annualized return on average equity
|
10.52
|
%
|
11.57
|
%
|
7.68
|
%
|
(9.07
|
)%
|
37.01
|
%
|
||||||||||
Annualized net interest margin
|
4.24
|
%
|
4.24
|
%
|
4.35
|
%
|
0.0
|
(5.23
|
)%
|
|||||||||||
Annualized efficiency ratio
|
69.92
|
%
|
67.28
|
%
|
70.39
|
%
|
3.93
|
%
|
(0.67
|
)%
|
At or For the Quarter Ended:
|
||||||||||||||||||||
September 30,
2018
|
June 30,
2018
|
September 30,
2017
|
Sequential Quarter
% Change
|
Year over Year
% Change
|
||||||||||||||||
Basic earnings per share
|
$
|
0.73
|
$
|
0.79
|
$
|
0.49
|
(7.6
|
)%
|
49.0
|
%
|
||||||||||
Diluted earnings per share
|
$
|
0.71
|
$
|
0.77
|
$
|
0.48
|
(7.8
|
)
|
47.9
|
|||||||||||
Weighted-average basic shares outstanding
|
2,503
|
2,489
|
2,507
|
0.5
|
(0.2
|
)
|
||||||||||||||
Weighted-average diluted shares outstanding
|
2,570
|
2,561
|
2,562
|
0.3
|
0.3
|
|||||||||||||||
Common shares outstanding at period-end
|
2,540
|
2,540
|
2,510
|
0.0
|
1.2
|
|||||||||||||||
Book value per share
|
$
|
27.61
|
$
|
26.96
|
$
|
25.24
|
2.4
|
%
|
9.4
|
%
|
For the Quarter Ended:
|
||||||||||||||||||||
September 30,
2018
|
June 30,
2018
|
September 30,
2017
|
Sequential Quarter
% Change
|
Year over Year
% Change
|
||||||||||||||||
Interest income
|
$
|
8,310
|
$
|
8,163
|
$
|
7,066
|
1.8
|
%
|
17.6
|
%
|
||||||||||
Interest expense
|
1,413
|
1,222
|
880
|
15.6
|
60.6
|
|||||||||||||||
Net interest income
|
6,897
|
6,941
|
6,186
|
(0.6
|
)
|
11.5
|
||||||||||||||
Provision for loan losses
|
250
|
150
|
250
|
66.7
|
—
|
|||||||||||||||
Net interest income after provision for loan losses
|
6,647
|
6,791
|
5,936
|
(2.1
|
)
|
12.0
|
||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Service charges and fee income
|
504
|
461
|
439
|
9.3
|
14.8
|
|||||||||||||||
Earnings on cash surrender value of bank-owned life insurance
|
149
|
80
|
82
|
86.7
|
82.1
|
|||||||||||||||
Mortgage servicing income
|
22
|
206
|
18
|
(89.3
|
)
|
22.2
|
||||||||||||||
Net gain on sale of loans
|
333
|
343
|
287
|
(2.8
|
)
|
16.1
|
||||||||||||||
Other income
|
490
|
—
|
—
|
nm
|
nm
|
|||||||||||||||
Total noninterest income
|
1,498
|
1,090
|
826
|
37.5
|
81.4
|
|||||||||||||||
Noninterest expense:
|
||||||||||||||||||||
Salaries and benefits
|
3,327
|
3,055
|
2,777
|
8.9
|
19.8
|
|||||||||||||||
Operations
|
1,280
|
1,198
|
1,002
|
6.8
|
27.7
|
|||||||||||||||
Regulatory assessments
|
136
|
91
|
80
|
49.5
|
70.0
|
|||||||||||||||
Occupancy
|
588
|
573
|
520
|
2.6
|
13.1
|
|||||||||||||||
Data processing
|
528
|
461
|
448
|
14.6
|
18.0
|
|||||||||||||||
Net loss and expenses on OREO and repossessed assets
|
11
|
25
|
109
|
(57.7
|
)
|
(90.3
|
)
|
|||||||||||||
Total noninterest expense
|
5,870
|
5,403
|
4,936
|
8.6
|
18.9
|
|||||||||||||||
Income before provision for income taxes
|
2,275
|
2,478
|
1,826
|
(8.2
|
)
|
24.6
|
||||||||||||||
Provision for income taxes
|
445
|
512
|
604
|
(13.1
|
)
|
(26.4
|
)
|
|||||||||||||
Net income
|
$
|
1,830
|
$
|
1,966
|
$
|
1,222
|
(6.9
|
)%
|
49.8
|
%
|
Nine Months Ended
|
||||||||||||
September 30,
2018
|
September 30,
2017
|
Year over Year
% Change
|
||||||||||
Interest income
|
$
|
23,965
|
$
|
20,174
|
18.8
|
%
|
||||||
Interest expense
|
3,658
|
2,437
|
50.1
|
|||||||||
Net interest income
|
20,307
|
17,737
|
14.5
|
|||||||||
Provision for loan losses
|
500
|
250
|
100.0
|
|||||||||
Net interest income after provision for loan losses
|
19,807
|
17,487
|
13.3
|
|||||||||
Noninterest income:
|
||||||||||||
Service charges and fee income
|
1,426
|
1,442
|
(1.1
|
)
|
||||||||
Increase in cash surrender value of life insurance
|
308
|
245
|
25.8
|
|||||||||
Mortgage servicing income
|
447
|
399
|
12.0
|
|||||||||
Gain on sale of loans
|
1,008
|
720
|
40.0
|
|||||||||
Other income
|
490
|
—
|
nm
|
|||||||||
Total noninterest income
|
3,679
|
2,806
|
31.1
|
|||||||||
Noninterest expense:
|
||||||||||||
Salaries and benefits
|
9,523
|
8,130
|
17.1
|
|||||||||
Operations
|
3,718
|
3,052
|
21.8
|
|||||||||
Regulatory assessments
|
328
|
340
|
(3.6
|
)
|
||||||||
Occupancy
|
1,636
|
1,415
|
15.6
|
|||||||||
Data processing
|
1,442
|
1,293
|
11.6
|
|||||||||
Net loss and expenses on OREO and repossessed assets
|
62
|
123
|
(49.4
|
)
|
||||||||
Total noninterest expense
|
16,709
|
14,353
|
16.4
|
|||||||||
Income before provision for income taxes
|
6,777
|
5,940
|
14.1
|
|||||||||
Provision for income taxes
|
1,380
|
2,001
|
(31.0
|
)
|
||||||||
Net income
|
$
|
5,397
|
$
|
3,939
|
37.0
|
%
|
September 30,
2018
|
June 30,
2018
|
September 30,
2017
|
Sequential Quarter
% Change
|
Year over Year
% Change
|
||||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
62,292
|
$
|
59,434
|
$
|
60,651
|
4.8
|
%
|
2.7
|
%
|
||||||||||
Available-for-sale securities, at fair value
|
5,011
|
5,118
|
5,688
|
(2.1
|
)
|
(11.9
|
)
|
|||||||||||||
Loans held-for-sale
|
695
|
721
|
296
|
(3.6
|
)
|
134.8
|
||||||||||||||
Loans held for portfolio
|
617,230
|
590,756
|
528,208
|
4.5
|
16.9
|
|||||||||||||||
Allowance for loan losses
|
(5,748
|
)
|
(5,503
|
)
|
(4,991
|
)
|
4.5
|
15.2
|
||||||||||||
Total loans held for portfolio, net
|
611,482
|
585,253
|
523,217
|
4.5
|
16.9
|
|||||||||||||||
Accrued interest receivable
|
2,204
|
2,224
|
1,943
|
(0.9
|
)
|
13.4
|
||||||||||||||
Bank-owned life insurance, net
|
13,304
|
13,155
|
12,602
|
1.1
|
5.6
|
|||||||||||||||
Other real estate owned ("OREO") and other repossessed assets, net
|
600
|
610
|
1,032
|
(1.6
|
)
|
(41.9
|
)
|
|||||||||||||
Mortgage servicing rights, at fair value
|
3,447
|
3,582
|
3,370
|
(3.8
|
)
|
2.3
|
||||||||||||||
Federal Home Loan Bank ("FHLB") stock, at cost
|
4,634
|
3,614
|
1,825
|
28.2
|
153.9
|
|||||||||||||||
Premises and equipment, net
|
7,255
|
7,474
|
7,338
|
(2.9
|
)
|
(1.1
|
)
|
|||||||||||||
Other assets
|
4,399
|
5,038
|
4,574
|
(12.7
|
)
|
(3.8
|
)
|
|||||||||||||
TOTAL ASSETS
|
$
|
715,323
|
$
|
686,223
|
$
|
622,536
|
4.2
|
14.9
|
||||||||||||
LIABILITIES
|
||||||||||||||||||||
Interest-bearing deposits
|
$
|
439,923
|
$
|
454,703
|
$
|
448,291
|
(3.2
|
)
|
(1.8
|
)
|
||||||||||
Noninterest-bearing deposits
|
99,909
|
84,713
|
76,526
|
17.7
|
30.3
|
|||||||||||||||
Total deposits
|
539,832
|
539,416
|
524,817
|
0.1
|
2.9
|
|||||||||||||||
Borrowings
|
96,500
|
71,000
|
28,000
|
35.9
|
244.6
|
|||||||||||||||
Accrued interest payable
|
93
|
82
|
68
|
13.4
|
36.8
|
|||||||||||||||
Other liabilities
|
7,636
|
6,766
|
5,241
|
12.9
|
45.7
|
|||||||||||||||
Advance payments from borrowers for taxes and insurance
|
1,132
|
476
|
1,066
|
137.8
|
6.2
|
|||||||||||||||
TOTAL LIABILITIES
|
645,193
|
617,740
|
559,192
|
4.4
|
15.4
|
|||||||||||||||
STOCKHOLDERS' EQUITY:
|
||||||||||||||||||||
Common stock
|
—
|
25
|
25
|
0.0
|
0.0
|
|||||||||||||||
Additional paid-in capital
|
25,548
|
25,371
|
24,297
|
0.7
|
5.2
|
|||||||||||||||
Unearned shares – Employee Stock Ownership Plan ("ESOP")
|
(369
|
)
|
(397
|
)
|
(683
|
)
|
(7.1
|
)
|
(46.0
|
)
|
||||||||||
Retained earnings
|
44,879
|
43,405
|
39,558
|
3.4
|
13.5
|
|||||||||||||||
Accumulated other comprehensive income, net of tax
|
72
|
79
|
147
|
(8.5
|
)
|
(50.8
|
)
|
|||||||||||||
TOTAL STOCKHOLDERS' EQUITY
|
70,130
|
68,483
|
63,344
|
2.4
|
10.7
|
|||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
715,323
|
$
|
686,223
|
$
|
622,536
|
4.2
|
%
|
14.9
|
%
|
September 30,
2018
|
June 30,
2018
|
September 30,
2017
|
Sequential Quarter
% Change
|
Year over Year
% Change
|
||||||||||||||||
Real estate loans:
|
||||||||||||||||||||
One-to-four family
|
$
|
170,509
|
$
|
166,390
|
$
|
156,871
|
2.5
|
%
|
8.7
|
%
|
||||||||||
Home equity
|
28,525
|
25,954
|
29,129
|
9.9
|
(2.1
|
)
|
||||||||||||||
Commercial and multifamily
|
254,051
|
236,915
|
201,411
|
7.2
|
26.1
|
|||||||||||||||
Construction and land
|
60,877
|
62,704
|
54,921
|
(2.9
|
)
|
10.8
|
||||||||||||||
Total real estate loans
|
513,962
|
491,963
|
442,332
|
4.5
|
16.2
|
|||||||||||||||
Consumer Loans:
|
||||||||||||||||||||
Manufactured homes
|
19,448
|
18,295
|
16,864
|
6.3
|
15.3
|
|||||||||||||||
Floating homes
|
41,377
|
33,643
|
26,699
|
23.0
|
55.0
|
|||||||||||||||
Other consumer
|
5,025
|
5,642
|
5,032
|
(10.9
|
)
|
(0.1
|
)
|
|||||||||||||
Total consumer loans
|
65,850
|
57,580
|
48,595
|
14.4
|
35.5
|
|||||||||||||||
Commercial business loans
|
39,681
|
43,119
|
39,158
|
(8.0
|
)
|
1.3
|
||||||||||||||
Total loans
|
619,493
|
592,662
|
530,085
|
4.5
|
16.9
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Deferred fees
|
(2,263
|
)
|
(1,906
|
)
|
(1,877
|
)
|
18.7
|
20.6
|
||||||||||||
Allowance for loan losses
|
(5,748
|
)
|
(5,503
|
)
|
(4,991
|
)
|
4.5
|
15.2
|
||||||||||||
Total loans held for portfolio, net
|
$
|
611,482
|
$
|
585,253
|
$
|
523,217
|
4.5
|
%
|
16.9
|
%
|
September 30,
2018
|
June 30,
2018
|
September 30,
2017
|
Sequential Quarter
% Change
|
Year over Year
% Change
|
||||||||||||||||
Noninterest-bearing
|
$
|
99,909
|
$
|
84,713
|
$
|
75,535
|
18.1
|
%
|
32.4
|
%
|
||||||||||
Interest-bearing
|
167,158
|
186,691
|
179,459
|
(10.5
|
)
|
(6.9
|
)
|
|||||||||||||
Savings
|
51,829
|
51,031
|
47,117
|
1.6
|
10.0
|
|||||||||||||||
Money market
|
47,694
|
49,378
|
59,090
|
(3.4
|
)
|
(19.3
|
)
|
|||||||||||||
Certificates
|
173,141
|
167,603
|
163,616
|
3.3
|
5.8
|
|||||||||||||||
Total deposits
|
$
|
539,832
|
$
|
539,416
|
$
|
524,817
|
0.1
|
%
|
2.9
|
%
|
|
At or For the Quarter Ended:
|
|||||||||||||||||||
September 30,
2018
|
June 30,
2018
|
September 30,
2017
|
Sequential Quarter
% Change
|
Year over Year
% Change
|
||||||||||||||||
Nonaccrual loans
|
$
|
2,384
|
$
|
1,882
|
$
|
2,100
|
26.7
|
%
|
13.5
|
%
|
||||||||||
Nonperforming TDRs
|
128
|
152
|
1,403
|
(15.8
|
)
|
(90.9
|
)
|
|||||||||||||
Total nonperforming loans
|
2,512
|
2,034
|
3,503
|
23.5
|
(28.3
|
)
|
||||||||||||||
OREO and other repossessed assets
|
600
|
610
|
1,032
|
(1.6
|
)
|
(41.9
|
)
|
|||||||||||||
Total nonperforming assets
|
$
|
3,112
|
$
|
2,644
|
$
|
4,535
|
17.7
|
(31.4
|
)
|
|||||||||||
Performing TDRs on accrual
|
$
|
3,525
|
$
|
3,325
|
$
|
2,226
|
6.0
|
58.4
|
||||||||||||
Net (charge-offs)/recoveries during the quarter
|
(5
|
)
|
25
|
(94
|
)
|
80.0
|
(94.7
|
)
|
||||||||||||
Provision for loan losses during the quarter
|
250
|
150
|
250
|
66.7
|
0.0
|
|||||||||||||||
Allowance for loan losses
|
5,748
|
5,503
|
4,991
|
4.5
|
15.2
|
|||||||||||||||
Allowance for loan losses to total loans
|
0.93
|
%
|
0.93
|
%
|
0.94
|
%
|
0.0
|
(1.4
|
)
|
|||||||||||
Allowance for loan losses to total nonperforming loans
|
228.84
|
%
|
270.55
|
%
|
142.48
|
%
|
(15.4
|
)
|
60.6
|
|||||||||||
Nonperforming loans to total loans
|
0.41
|
%
|
0.34
|
%
|
0.66
|
%
|
18.2
|
(38.6
|
)
|
|||||||||||
Nonperforming assets to total assets
|
0.44
|
%
|
0.39
|
%
|
0.73
|
%
|
12.9
|
%
|
(40.3
|
)%
|
September 30,
2018
|
June 30,
2018
|
September 30,
2017
|
Sequential Quarter
Change
|
Year over Year
Change
|
||||||||||||||||
Sound Community Bank:
|
||||||||||||||||||||
Loan to deposit ratio
|
114.47
|
%
|
109.65
|
%
|
100.70
|
%
|
4.4
|
%
|
13.7
|
%
|
||||||||||
Noninterest-bearing deposits / total deposits
|
18.47
|
%
|
15.70
|
%
|
14.58
|
%
|
17.6
|
%
|
26.7
|
%
|
||||||||||
Sound Financial Bancorp, Inc.:
|
||||||||||||||||||||
Average total assets for the quarter
|
$
|
700,889
|
$
|
670,053
|
$
|
602,095
|
43.4
|
%
|
16.4
|
%
|
||||||||||
Average total equity for the quarter
|
$
|
69,562
|
$
|
67,945
|
$
|
63,634
|
2.4
|
%
|
9.3
|
%
|
Media:
|
Financial:
|
||
Laurie Stewart
|
Daphne Kelley
|
||
President/CEO
|
SVP/CFO
|
||
(206) 448-0884 x306
|
(206) 448-0884 x305
|
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Ticker: SFBCEvents:
CIK: 1541119
Form Type: 8-K Corporate News
Accession Number: 0001541119-18-000008
Submitted to the SEC: Fri Oct 26 2018 4:52:38 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Friday, October 26, 2018
Industry: Savings Institution Federally Chartered