Sound Financial Bancorp Inc (SFBC) has reported a 28.03 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $1.56 million, or $0.60 a share in the quarter, compared with $1.22 million, or $0.48 a share for the same period last year. Revenue during the quarter grew 9.63 percent to $7.14 million from $6.51 million in the previous year period. Net interest income for the quarter rose 9.22 percent over the prior year period to $5.89 million. Non-interest income for the quarter rose 29.85 percent over the last year period to $1.45 million.
Sound Financial Bancorp Inc has made provision of $0.20 million for loan losses during the quarter, down 49 percent from $0.40 million in the same period last year.
Net interest margin contracted 1 basis points to 4.36 percent in the quarter from 4.37 percent in the last year period. Efficiency ratio for the quarter improved to 65.70 percent from 69.77 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“The Board of Directors and management are proud of another year of strong performance,” stated Sound Community Bank and Sound Financial Bancorp, Inc. president and chief executive officer Laurie Stewart. “Year over year earnings grew more than 12% and resulted in a return on average equity of 9.4%. We are pleased to share this success with our loyal shareholders by announcing a 33% increase in our quarterly dividend.”
Assets outpace liabilities growth
Total assets stood at $588.38 million as on Dec. 31, 2016, up 8.81 percent compared with $540.76 million on Dec. 31, 2015. On the other hand, total liabilities stood at $528.11 million as on Dec. 31, 2016, up 8.61 percent from $486.24 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $495.18 million as on Dec. 31, 2016, up 8.87 percent compared with $454.83 million on Dec. 31, 2015. Deposits stood at $467.73 million as on Dec. 31, 2016, up 6.30 percent compared with $440.02 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $63.74 million or 13.63 percent of total deposits on Dec. 31, 2016, compared with $50.87 million or 11.56 percent of total deposits on Dec. 31, 2015.
Investments were almost stable over the past one year at $6.60 million on Dec. 31, 2016. Shareholders equity stood at $60.28 million as on Dec. 31, 2016, up 10.56 percent or $5.75 million from year-ago.
Return on average assets moved up 15 basis points to 1.09 percent in the quarter from 0.94 percent in the last year period. At the same time, return on average equity increased 184 basis points to 10.92 percent in the quarter from 9.08 percent in the last year period.
Nonperforming assets moved up 55.95 percent or $1.62 million to $4.52 million on Dec. 31, 2016 from $2.90 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.77 percent in the quarter, up from 0.54 percent in the last year period.
Tier-1 leverage ratio stood at 9.99 percent for the quarter, down from 10.19 percent for the previous year quarter. Book value per share was $24.12 for the quarter, up 9.24 percent or $2.04 compared to $22.08 for the same period last year.
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