From GlobeNewswire:

Sound Financial Bancorp, Inc. reported a net income of $1.2 million for Q4 2023, representing a $0.47 diluted earnings per share, compared to $1.2 million and $0.45 diluted earnings per share for Q3 2023. The company’s Board of Directors declared a cash dividend on Company common stock of $0.19 per share, payable on February 21, 2024. Total assets decreased by 3.4% to $995.2 million, net interest income decreased by 7.4% to $7.6 million, and nonperforming loans increased by 101.8% to $3.6 million. Sound Financial Bancorp, Inc. maintained capital levels in excess of regulatory requirements and was categorized as “well-capitalized.”

The Bank’s president and CEO, Laurie Stewart, expressed optimism despite certain challenging trends in their latest financial report. During Q4 2023, the company managed to grow both total and average loan balances. However, total assets decreased by 3.4% to $995.2 million, and net interest income fell by 7.4% to $7.6 million. The bank also restructured five positions to optimize production staff size and minimize operating expenses due to subdued demand in the mortgage banking sector. Despite these challenges, Sound Financial Bancorp, Inc. maintained capital levels in excess of regulatory requirements, demonstrating their commitment to financial stability and resilience amid challenging market trends.



Read more: Sound Financial Bancorp, Inc. Q4 2023 Results