Yesterday, Sound Financial Inc. announced financial results for the first quarter ended March 31, 2010. Sound Financial Inc. is the holding company for Sound Community Bank. The Company reported a net profit of $57 thousand dollars for the quarter ended March 31, 2010, compared to a net loss of $462 thousand dollars in the fourth quarter of 2009.
“It appears we are starting to see some signs of stabilization in the economy at large, however local unemployment levels and real estate values may continue to restrain near term economic recovery in the Puget Sound area. We remain focused on credit quality, growing our margin and increasing efficiencies,” said Sound Financial Inc.’s President and Chief Executive Officer, Laurie Stewart.
For the Company’s first quarter highlights, Net Interest margin increased to 4.66 percent, while the Efficiency Ratio decreased to 69 percent. The Company’s Allowance for Loan Losses to loans outstanding increased to 1.36 percent. In addition, Sound Community Bank remains “Well Capitalized”, with Tier 1 Capital of 7.45 percent and Total Risk Based Capital of 11.43 percent.
Sound Financial Inc. has their headquarters in Seattle, Washington. Sound Community Bank is a full-service bank, providing personal and business banking services in communities across the greater Puget Sound region. They operate banking offices in King, Pierce, Snohomish, and Clallam Counties.
Sound Community Bank completed their reorganization to the mutual holding company structure by forming a mid-tier holding company, Sound Financial, Inc. in 2008. Sound Community Bank also set up a charitable foundation at that time. The Sound Community Foundation grants money to local charities and organizations to help make a difference in their communities.
The Bank selected the name Sound Community Bank based on the heritage of the financial institution and their credit union roots. They provide traditional banking and financial services in the areas that they serve.