This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Sound Financial Bancorp Reports Improved First Quarter Results And Asset Quality

Stocks in this article: SFBC

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

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs