On August 4, 2010, Sound Financial Inc., the holding company for Sound Community Bank, announced financial results for the quarter ended June 30, 2010. Sound Community Bank remains “Well Capitalized” with Tier 1 Capital of 7.40 percent and Total Risk Based Capital of 11.08 percent at June 30, 2010.
The Company’s President and CEO, Laurie Stewart, said, “Despite the economic environment, we achieved positive results in our core business lines during the second quarter. We remain focused on improving credit quality, maintaining our net interest margin and increasing business efficiencies. With signs of stabilizing employment levels and real estate prices in the Puget Sound area, we are guardedly optimistic that we are experiencing the early stages of a recovery.”
Sound Financial Inc. reported a net profit of $278,000 or $0.10 per share for the quarter ended June 30, 2010. This is in comparison to net income of $57,000 or $0.02 per share in the first quarter of 2010 and a net loss of $303,000 or $0.11 per share for the quarter ended June 30, 2009.
Financial highlights include Net Interest Margin increased to 4.77 percent for the quarter ended June 30, 2010. Cost of Deposits decreased to 1.36 percent for the quarter ended June 30, 2010. Furthermore, Allowance for Loan Losses was 1.29 percent of total loans outstanding at June 30, 2010.
Sound Financial Inc.’s Sound Community Bank is a full-service bank. They provide personal and business banking services in communities across the greater Puget Sound region. The Company operates five full-service banking offices in King, Pierce, Snohomish and Clallam Counties, and is on the web at www.soundcb.com. They began in a single office as the Associated Grocers Employee Credit Union in 1953, and have now grown into a regional community bank, with their base in Seattle, Washington.
Sound Community Bank offers various deposit accounts, and their loan portfolio comprises loans secured by first and second mortgages on one- to four-family residences, including home equity loans and lines of credit. Their loan portfolio also comprises commercial real estate loans, consumer and commercial business loans, and construction and development loans. It also includes secured and unsecured consumer loan products, such as manufactured home loans, automobile loans, boat loans, and recreational vehicle loans. In addition, they offer on-line banking and automated teller machine services.
For more information visit: www.soundcb.com
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