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Sound Financial Bancorp, Inc. Earns $1.1 Million For The Second Quarter Of 2013, Posting Its Fourteenth Consecutive Quarter Of Profitability

SEATTLE, July 30, 2013 (GLOBE NEWSWIRE) -- Sound Financial Bancorp, Inc. (Nasdaq:SFBC), the holding company (the "Company") for Sound Community Bank (the "Bank"), today reported net income of $1.1 million for the second quarter of 2013, or $0.43 per diluted common share. The increase was primarily a result of a $650,000 decrease in the provision for loan losses as a result of a significant reduction in nonperforming loans and higher net interest income. By comparison, net income for the second quarter of 2012 was $593,000, or $0.23 per average diluted common share.

"We are pleased to report another strong quarter in terms of earnings as well as continued improvement on asset quality," said, President and CEO, Laurie Stewart. "We are working diligently to increase revenues and improve efficiency. We accomplished both of these goals this quarter and we are developing quality relationships in all of our markets to foster additional business every day."

Second Quarter 2013 Highlights

  • Net income increased 91% to $1.1 million for the second quarter of 2013, from $593,000 a year ago and $797,000 for the first quarter of 2013.
  • Net interest income increased 8.3% to $4.3 million for the second quarter of 2013, from $4.0 million a year ago and $4.1 million for the first quarter of 2013.
  • Deposits increased 1.8% at June 30, 2013, compared to June 30, 2012, and increased 2.4% from December 31, 2012.
  • The cost of deposits declined seven basis points to 0.62% for the second quarter of 2013, compared to 0.69% for the second quarter of 2012, and declined two basis point from 0.64% for the first quarter of 2013.
  • Loans (excluding loans-held-for-sale) increased 17.1% to $358.7 million at June 30, 2013, compared to $306.4 million at June 30, 2012, and increased 9.8% from $326.7 million at December 31, 2012.
  • Nonperforming assets decreased 66.9% and 50.3% to $3.2 million at June 30, 2013, compared to $9.6 million at June 30, 2012 and $6.4 million at December 31, 2012, respectively.
  • Net charge-offs totaled $367,000 for the second quarter of 2013, compared to net charge-offs of $1.0 million for the second quarter of 2012, and $452,000 for the first quarter of 2013.
  • The provision for loan losses was $450,000 for the second quarter of 2013, compared to a $1.1 million provision for loan losses for the second quarter of 2012, and $250,000 for the first quarter of 2013.
  • The allowance for loan losses ("ALLL") declined 7.2% to $4.1 million at June 30, 2013, from $4.4 million at June 30, 2012, and declined 2.8% from $4.2 million at December 31, 2012. The ALLL was 1.15% of total loans at June 30, 2013, compared to 1.45% at June 30, 2012, and 1.30% at December 31, 2012.

Capital ratios exceeded regulatory requirements for a well-capitalized financial institution on a holding company and bank level at June 30, 2013.

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