Sound Financial Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 30, 2013 at 05:06 pm
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Sound Financial Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company's total interest income was $4,472,000 compared to $4,556,000 a year ago. Net interest income was $3,896,000 compared to $3,891,000 a year ago. Net interest income after provision for loan losses was $3,046,000 compared to $2,641,000 a year ago. Income before provision for income taxes was $1,319,000 compared to $605,000 a year ago. Net income was $888,000 or $0.34 per diluted share compared to $420,000 or $0.16 per diluted share a year ago. Return on average assets was 0.95% compared to 0.49% a year ago. Return on average equity was 8.26% compared to 5.84% a year ago.
For the year, the company's total interest income was $18,175,000 compared to $18,519,000 a year ago. Net interest income was $15,815,000 compared to $15,738,000 a year ago. Net interest income after provision for loan losses was $11,290,000 compared to $11,138,000 a year ago. Income before provision for income taxes was $3,871,000 compared to $2,199,000 a year ago. Net income was $2,640,000 or $1.01 per diluted share compared to $1,551,000 or $0.59 per diluted share a year ago. Return on average assets was 0.74% compared to 0.46% a year ago. Return on average equity was 7.64% compared to 5.50% 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.