Sound Financial Bancorp, Inc. Files 10-Q for Period Ending March 31, 2024

Ticker: SFBC · Form: 10-Q · Filed: May 14, 2024 · CIK: 1541119

Sentiment: neutral

Topics: 10-Q, Sound Financial Bancorp, SFBC, Quarterly Report, Financials

TL;DR

<b>Sound Financial Bancorp, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

Sound Financial Bancorp, Inc. (SFBC) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Sound Financial Bancorp, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's Central Index Key is 0001541119. The filing was submitted on May 14, 2024. The company is incorporated in Maryland (MD).

Why It Matters

For investors and stakeholders tracking Sound Financial Bancorp, Inc., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance and operational details of Sound Financial Bancorp, Inc. for the first quarter of 2024. The detailed financial information within the report is crucial for understanding the company's current financial health, strategic direction, and potential risks and opportunities.

Risk Assessment

Risk Level: low — Sound Financial Bancorp, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain immediate, significant negative news.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess the company's performance and outlook.

Key Numbers

Key Players & Entities

FAQ

When did Sound Financial Bancorp, Inc. file this 10-Q?

Sound Financial Bancorp, Inc. filed this Quarterly Report (10-Q) with the SEC on May 14, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Sound Financial Bancorp, Inc. (SFBC).

Where can I read the original 10-Q filing from Sound Financial Bancorp, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Sound Financial Bancorp, Inc..

What are the key takeaways from Sound Financial Bancorp, Inc.'s 10-Q?

Sound Financial Bancorp, Inc. filed this 10-Q on May 14, 2024. Key takeaways: Sound Financial Bancorp, Inc. filed a 10-Q report for the period ending March 31, 2024.. The filing covers the first quarter of fiscal year 2024.. The company's Central Index Key is 0001541119..

Is Sound Financial Bancorp, Inc. a risky investment based on this filing?

Based on this 10-Q, Sound Financial Bancorp, Inc. presents a relatively low-risk profile. The filing is a standard 10-Q, which is a routine quarterly report and does not contain immediate, significant negative news.

What should investors do after reading Sound Financial Bancorp, Inc.'s 10-Q?

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess the company's performance and outlook. The overall sentiment from this filing is neutral.

How does Sound Financial Bancorp, Inc. compare to its industry peers?

Sound Financial Bancorp, Inc. operates as a savings institution, federally chartered, within the financial services sector.

Are there regulatory concerns for Sound Financial Bancorp, Inc.?

The company is subject to regulations governing savings institutions and financial reporting as mandated by the SEC.

Industry Context

Sound Financial Bancorp, Inc. operates as a savings institution, federally chartered, within the financial services sector.

Regulatory Implications

The company is subject to regulations governing savings institutions and financial reporting as mandated by the SEC.

What Investors Should Do

  1. Analyze the balance sheet and income statement for Q1 2024.
  2. Review any disclosures regarding loan portfolios and investment securities.
  3. Examine management's discussion and analysis for insights into business strategy and outlook.

Key Dates

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 10-K annual report.

Filing Stats: 4,831 words · 19 min read · ~16 pages · Grade level 19.6 · Accepted 2024-05-13 20:03:21

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 45

Controls and Procedures

Item 4. Controls and Procedures 45

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 46

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 46

Other Information

Item 5. Other Information 46

Exhibits

Item 6. Exhibits 48

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SOUND FINANCIAL BANCORP, INC. AND SUBSIDIARY Condensed Consolidated Balance Sheets (unaudited) (In thousands, except share and per share amounts) March 31, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 137,977 $ 49,690 Available-for-sale ("AFS") securities, at fair value (amortized cost of $ 9,445 and $ 9,539 as of March 31, 2024 and December 31, 2023, respectively) 8,115 8,287 Held-to-maturity ("HTM") securities, at amortized cost (fair value of $ 1,730 and $ 1,787 at March 31, 2024 and December 31, 2023, respectively) 2,157 2,166 Loans held-for-sale 351 603 Loans held-for-portfolio 897,877 894,478 Allowance for credit losses ("ACL") on loans ( 8,598 ) ( 8,760 ) Total loans held-for-portfolio, net 889,279 885,718 Accrued interest receivable 3,617 3,452 Bank-owned life insurance ("BOLI"), net 22,037 21,860 Other real estate owned ("OREO") and repossessed assets, net 690 575 Mortgage servicing rights ("MSRs"), at fair value 4,612 4,632 Federal Home Loan Bank ("FHLB") stock, at cost 2,406 2,396 Premises and equipment, net 6,685 5,240 Right of use assets 4,259 4,496 Other assets 4,500 6,106 Total assets $ 1,086,685 $ 995,221 LIABILITIES Deposits Interest-bearing $ 788,217 $ 699,813 Noninterest-bearing demand 128,666 126,726 Total deposits 916,883 826,539 Borrowings 40,000 40,000 Accrued interest payable 719 817 Lease liabilities 4,576 4,821 Other liabilities 9,578 9,563 Advance payments from borrowers for taxes and insurance 2,209 1,110 Subordinated notes, net 11,728 11,717 Total liabilities 985,693 894,567 COMMITMENTS AND CONTINGENCIES (NOTE 7) — — STOCKHOLDERS' EQUITY Preferred stock, $ 0.01 par value, 10,000,000 shares authorized, none issued or outstanding — — Common stock, $ 0.01 par value, 40,000,000 shares authorized, 2,558,546 and 2,549,427 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 25 25 Additional paid-in capital 28,110 27,990

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