Sound Financial Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 25, 2023 at 07:15 am IST
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Sound Financial Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 8.17 million compared to USD 9.6 million a year ago. Net income was USD 1.17 million compared to USD 2.55 million a year ago.
For the nine months, net interest income was USD 26.28 million compared to USD 25.61 million a year ago. Net income was USD 6.23 million compared to USD 5.88 million 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.