Sound Financial Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 25, 2018
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Sound Financial Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported interest income of $7,275,000 against $6,653,000 a year ago. Net interest income was $6,344,000 against $5,890,000 a year ago. Income before income taxes was $2,253,000 against $2,284,000 a year ago. Net income was $1,186,000 against $1,562,000 a year ago. Return on average assets was 0.77% against 1.09% a year ago. Return on average equity was 7.36% against 10.92% a year ago. Diluted earnings per share were $0.46 against $0.60 a year ago. Book value per share was $25.95 against $24.12 a year ago. The decrease in net income compared to the same quarter last year was mainly due to a revaluation adjustment of deferred tax assets as a result of the passage of the Tax Cuts and Jobs Act.
For the year, the company reported interest income of $27,449,000 against $25,050,000 a year ago. Net interest income was $24,081,000 against $22,131,000 a year ago. The increase was primarily a result of increased interest income on loans, due to both higher average balances and loan yields, partially offset by increased interest expense. Income before income taxes was $8,193,000 against $8,073,000 a year ago. Net income was $5,125,000 against $5,378,000 a year ago. Return on average assets was 0.87% against 0.97% a year ago. Return on average equity was 8.13% against 9.37% a year ago. Diluted earnings per share were $2.00 against $2.08 a year ago. Book value per share was $25.95 against $24.12 a year ago.
Sound Financial Bancorp, Inc. is a bank holding company. The Company's business is substantially conducted through Sound Community Bank (the Bank), a Washington state-chartered commercial bank. Its principal business consists of attracting retail and commercial deposits from the general public and investing those funds, along with borrowed funds, in loans secured by first and second mortgages on one-to-four family residences, commercial and multifamily real estate, construction and land, consumer and commercial business loans. Its commercial business loans include unsecured lines of credit and secured term loans and lines of credit secured by inventory, equipment and accounts receivable. It offers a variety of secured and unsecured consumer loan products, including manufactured home loans, floating home loans and recreational vehicle loans. It also sells insurance products and services to consumers through Sound Community Insurance Agency, Inc., a wholly owned subsidiary of the Bank.