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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

The weighted average yield on the loan portfolio was 5.66% for the second quarter of 2013, compared to 5.89% for the same period in 2012, and 5.37% for the first quarter of 2013.

Nonperforming assets ("NPAs"), which include non-accrual loans, accruing loans 90 days and more delinquent, and foreclosed assets, totaled $3.2 million, or 0.78% of total assets, at June 30, 2013, compared to $9.5 million, or 2.71% of total assets, a year ago. NPAs were $6.4 million, or 1.68% of total assets at December 31, 2012.

The following table summarizes our NPAs at June 30, 2013 and December 31, 2012:

  June 30, 2013 December 31, 2012
  Balance % of Total Balance % of Total
Nonperforming loans:        
One- to four- family $ 858 26.9% $ 1,143 17.8%
Home equity loans 718 22.5% 717 11.2%
Commercial and multifamily 396 12.4% 1,347 21.0%
Construction and land loans -- NM 471 7.3%
Manufactured 24 0.8% 29 0.5%
Other consumer -- NM 8 0.1%
Commercial business -- NM 197 3.1%
Total nonperforming loans $ 1 996 37.4% $ 3,912 61.0%
OREO and repossessed assets:        
One- to four- family $ 1,131 35.5% 1,318 20.5%
Commercial and multifamily -- NM 1,073 16.7%
Manufactured 59 1.9% 112 1.7%
Total OREO and repossessed assets 1,190 37.4% 2,503 39.0%
Total nonperforming assets $ 3,186 100.0% $6,415 100.0%
         

The following table summarizes the allowance for loan losses:

  For the Quarter Ended:
  June 30, March 31, June 30,
  2013 2013 2012
ALLOWANCE FOR LOAN LOSSES      
(in $000's, unaudited)      
Balance at beginning of quarter $ 4,046 $ 4,248 $ 4,350
Provision for loan losses during the quarter 450 250 1,100
Net charge-offs during the quarter (367) (452) (1,001)
Balance at end of quarter $ 4,129 $ 4,046 $ 4,449
       
Total loans $358,659 $ 338,866 $ 306,394
Total nonperforming loans $ 1,996 $ 2,295 $ 6,777
       
Allowance for loan losses to total loans 1.15% 1.19% 1.45%
Allowance for loan losses to total nonperforming loans 206.86% 176.30% 65.65%

The decrease in the allowance for loan losses at June 30, 2013, compared to June 30, 2012, was primarily due to improved credit metrics of our loan portfolio, as well as a decrease in net charge-offs.  Net charge-offs totaled $379,000 for the second quarter of 2013, compared to net charge-offs of $1.0 million for the second quarter of 2012, and net charge-offs of $452,000 for the first quarter of 2013.

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