Sound Financial Posts Ninth Consecutive Lucrative Quarter – OTC:SNFL

Sound Financial, Inc. (OTC:SNFL), holding firm for Sound Community Bank, recently announced net income for the quarter closed March 31, 2012, of $546,000, or $0.18 a diluted share, against consolidated net income of $496,000, or $0.17 a diluted share, for the quarter closed March 31, 2011.

Return on Average Assets came in at 0.64% for the quarter closed March 31, 2012, as compared to 0.60% for the quarter closed March 31, 2011. Overall consolidated assets rose to $348.7 million as of March 31, 2012, as compared to $339.7 million as of December 31, 2011. This is the ninth successive quarter of optimistic earnings for the Company.

Net Interest Margin enhanced 5 basis points to 5.23% for the quarter closed March 31, 2012, from 5.18% for the quarter closed March 31, 2011.

Efficiency Ratio dropped to 47.91% for the quarter closed March 31, 2012, as compared to 63.23% for the quarter closed March 31, 2011.

Deposit Cost of Funds came in at 0.73% for the quarter closed March 31, 2012, as compared to 0.94% for the quarter closed March 31, 2011.

Provision for Loan losses rose to $1.5 million for the quarter closed March 31, 2012, from $825,000 for the quarter closed March 31, 2011.

Non-Performing Loans to Gross Loans came in at 2.57% as of March 31, 2012, as compared to 2.06% as of March 31, 2011.

Non-Performing Assets to Total Assets came in at 2.81% as of March 31, 2012, as compared to 2.82% as of March 31, 2011.

Its shares traded flat at $7.80 with the total traded volume of 202.00 shares having the average volume of 80.00.

Its shares were trading within the range of $7.80-$7.80 while its opening price was $7.80. Its market capitalization is $23.00 million. Its stock price 52 weeks low was $6.25 and 52 weeks high price was $8.00.

Sound Financial, Inc. is the holding company for Sound Community Bank, a full-service bank, providing personal and business banking services in communities across the greater Puget Sound region. The Seattle-based company operates five full-service banking offices in King, Pierce, Snohomish and Clallam Counties, and is on the web at www.soundcb.com.

 

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