Sound Financial Bancorp, Inc (SFBC) has reported 27.85 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $1.41 million, or $0.54 a share in the quarter, compared with $1.11 million, or $0.43 a share for the same period last year. Revenue during the quarter grew 10.44 percent to $6.79 million from $6.15 million in the previous year period. Net interest income for the quarter rose 8.33 percent over the prior year period to $5.80 million. Non-interest income for the quarter rose 4.84 percent over the last year period to $1 million.
Net interest margin improved 1 basis points to 4.28 percent in the quarter from 4.27 percent in the last year period. Efficiency ratio for the quarter improved to 67.99 percent from 70.80 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“The first quarter is typically our slowest quarter for loan originations. Increased residential loan rates also had a dampening effect on mortgage originations in the first quarter. However, the continuing excellent credit environment again produced a net recovery in the quarter,” stated Sound Community Bank and Sound Financial Bancorp, Inc. President and Chief executive officer Laurie Stewart. “Deposit growth was also robust allowing us to reduce our reliance on borrowings. These factors contributed to results that were better than the first quarter of 2016 and are reflective of the strong local economy.” concluded Ms. Stewart.
Assets outpace liabilities growth
Total assets stood at $575.38 million as on Mar. 31, 2017, up 5.86 percent compared with $543.54 million on Mar. 31, 2016. On the other hand, total liabilities stood at $513.75 million as on Mar. 31, 2017, up 5.28 percent from $487.98 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $484.45 million as on Mar. 31, 2017, up 5.84 percent compared with $457.72 million on Mar. 31, 2016. Deposits stood at $480.82 million as on Mar. 31, 2017, up 7.30 percent compared with $448.12 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $67.86 million or 14.11 percent of total deposits on Mar. 31, 2017, compared with $51.36 million or 11.46 percent of total deposits on Mar. 31, 2016.
Investments were almost stable over the past one year at $6.36 million on Mar. 31, 2017. Shareholders equity stood at $61.63 million as on Mar. 31, 2017, up 10.93 percent or $6.07 million from year-ago.
Return on average assets moved up 15 basis points to 0.98 percent in the quarter from 0.83 percent in the last year period. At the same time, return on average equity increased 125 basis points to 9.23 percent in the quarter from 7.98 percent in the last year period.
Nonperforming assets moved up 46.65 percent or $1.38 million to $4.33 million on Mar. 31, 2017 from $2.95 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.75 percent in the quarter, up from 0.54 percent in the last year period.
Tier-1 leverage ratio stood at 10.71 percent for the quarter, up from 10.14 percent for the previous year quarter. Book value per share was $24.65 for the quarter, up 10.09 percent or $2.26 compared to $22.39 for the same period last year.
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