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Sound Financial Bancorp Reports Improved First Quarter Results And Asset Quality

SEATTLE, April 30, 2013 (GLOBE NEWSWIRE) -- Sound Financial Bancorp, Inc. (the "Company") (Nasdaq:SFBC), holding company for Sound Community Bank (the "Bank"), today reported net income for the quarter ended March 31, 2013 of $798,000, or $0.30 per diluted share, compared to net income of $546,000, or $0.21 per diluted share, for the quarter ended March 31, 2012. Annualized return on average assets was 0.81% for the quarter ended March 31, 2013 compared to 0.64% for the quarter ended March 31, 2012. Total assets increased to $390.7 million as of March 31, 2013 compared to $381.0 million as of December 31, 2012 as net loans increased by $12.3 million or 3.8% to $334.8 million.

This is the thirteenth consecutive quarter of positive earnings for the Company.

Highlights as of and for the quarter ended March 31, 2013 include:

- The Bank opened a loan production office in the Madison Park neighborhood of Seattle to originate Fannie Mae conforming and jumbo portfolio residential real estate loans

- Provision for loan losses decreased to $250,000 for the quarter ended March 31, 2013 from $1.5 million for the quarter ended March 31, 2012

- Losses and expenses related to other real estate owned increased to $674,000 for the quarter ended March 31, 2013 from $469,000 for the quarter ended March 31, 2012

- Non-performing loans to total loans declined to 0.63% as of March 31, 2013 compared to 1.20% as of December 31, 2012 as total non-performing loans decreased by $1.8 million or 45.7% to $2.1 million at March 31, 2013 from $3.9 million at December 31, 2012

- Non-performing assets to total assets decreased to 1.17% as of March 31, 2013 compared to 1.68% as of December 31, 2012 as non-performing assets decreased by $1.8 million or 28.6% to $4.6 million at March 31, 2013 from $6.4 million at December 31, 2012

Stock quotes in this article: SFBC 

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