Sound Financial Bancorp Q3 net income rises on reduced funding costs
SFBC•Sound Financial Bancorp reported Q3 net income of $2.32 million and EPS of $0.90, both up year over year but down sequentially. Net interest margin rose to 3.76%, from 3.74% in Q2 and 3.48% a year earlier.
1. Quarterly results
Sound Financial Bancorp said reduced funding costs helped lift net interest margin to 3.76% in Q3, compared with 3.74% in Q2 and 3.48% a year earlier. Net income was $2.32 million and EPS was $0.90; both increased year over year but declined sequentially.
2. Loan demand and outlook
The company cited economic uncertainty and rising rates as weighing on business and consumer loan demand. Lower commercial construction loan balances were offset by growth in home equity, residential construction and floating home loans. Sound Financial Bancorp expects to maintain strong liquidity and capital while improving its earnings profile, but gave no specific future-quarter or full-year financial guidance.
