Sound Financial Bancorp, Inc. Reports Modest Increase in Net Income for Q2 2024

Sound Financial Bancorp, Inc., the holding company for Sound Community Bank, reported a net income of $795 thousand for the quarter ended June 30, 2024. This represents a modest increase compared to the previous quarter and the same quarter last year. The company also declared a cash dividend on its common stock of $0.19 per share.

President and CEO, Laurie Stewart, highlighted the company’s focus on key initiatives, credit quality performance, and maintaining strong capital levels. The company’s total assets decreased slightly to $1.07 billion, while net interest income decreased slightly to $7.4 million for the quarter.

The loans held-for-portfolio decreased slightly to $889.3 million, while total deposits also decreased to $906.8 million. Noninterest income increased slightly to $1.2 million for the quarter.

The company’s nonperforming assets decreased slightly to $9.0 million, with nonperforming loans to total loans at 1.00%. The allowance for credit losses on loans remained steady at 0.96%.

Overall, Sound Financial Bancorp, Inc. maintained a strong financial position with a focus on supporting its communities through lending to consumers and businesses. The company’s President and CEO expressed confidence in the company’s ability to continue its growth and support its customers.