Sound Financial Bancorp reports Q4 EPS 47c vs. $1.12 last year

Net interest margin, annualized, was 3.04% for the quarter ended December 31, 2023, compared to 3.38% for the quarter ended September 30, 2023 and 4.05% for the quarter ended December 31, 2022. “In the fourth quarter, we grew both total and average loan balances, demonstrating our ability to meet the diverse needs of our clients in the communities we serve. Strategically, we opted to decrease reciprocal deposit funding at year end; however, we continue to view this tool as a valuable instrument for effective management of liquidity and our balance sheet,” remarked Laurie Stewart, President and CEO. “Additionally, we restructured five positions within the Bank, aligning with our commitment to optimize production staff size and minimize operating expenses. This decision stems from the ongoing subdued demand in the mortgage banking sector and the operational efficiencies derived from our technological enhancements,” concluded Stewart.