Sound Financial Bancorp, Inc., incorporated on March 9, 2012, is a bank holding company for its subsidiary, Sound Community Bank. The Company's business is conducted through Sound Community Bank, a Washington state-chartered commercial bank. The Company's business consists of attracting retail and commercial deposits from the general public and investing those funds, along with borrowed funds, in loans secured by first and second mortgages on one- to four-family residences, including home equity loans and lines of credit, commercial and multifamily loans, consumer and commercial business loans, and construction and land loans. The Company offers a range of secured and unsecured consumer loan products, including manufactured home loans, floating homes, automobile loans, boat loans and recreational vehicle loans.
The Company focuses on residential mortgage loan originations. The Company sells these loans with servicing retained to maintain the direct customer relationship and to continue providing strong customer service to its borrowers. The Company originates and retains an amount of commercial real estate loans, including those secured by owner-occupied and non-owner-occupied commercial real estate, multifamily property, manufactured home parks and construction and land development loans.
Lending Activities
The Company's primary lending activities include the origination of loans secured by first mortgages on one- to four-family residences. The Company originates both fixed-rate and adjustable-rate loans. The Company also originates home equity loans that consist of fixed-rate loans and variable-rate lines of credit. The Company offers a range of commercial and multifamily loans, which are secured by commercial income producing properties, including retail centers, multifamily apartment buildings, warehouses and office buildings located in its market area. It originates construction loans secured by single-family residences and commercial and multifamily real estate and also land and lot loans, which are secured by raw land or developed lots on which the borrower intends to build a residence, and land acquisition and development loans. The Company offers a range of secured and unsecured consumer loans, including new and used manufactured homes, floating homes, automobiles, boats and recreational vehicle loans, and loans secured by deposit accounts. It also offers unsecured consumer loans and originates its consumer loans primarily in its market area. The Company has loan portfolio, excluding loans held-for-sale, totaling approximately $455 million.
Investment Activities
The Company invests in various types of liquid assets, including United States Treasury obligations, securities of various federal agencies, including callable agency securities, certain certificates of deposit of insured banks and savings institutions, certain bankers' acceptances, repurchase agreements and federal funds. The Company holds interest in approximately $2.2 million in Federal Home Loan Bank of Seattle stock. Available-for-sale securities consist primarily of agency mortgage-backed securities. The Company has investment securities totaling approximately $8.6 million.
Sources of Funds
The Company's sources of funds are deposits, including deposits from public entities, borrowings, payments of principal and interest on loans and investments and funds provided from operations. The Company offers a range of deposit accounts to both consumers and businesses having a range of interest rates and terms, which include savings accounts, money market deposit accounts, negotiable order of withdrawal (NOW) accounts, demand accounts and certificates of deposit. The Company has deposits totaling approximately $440 million. Borrowings consist of advances from the Federal Home Loan Bank (FHLB).
The Company competes with US Bank, JP Morgan Chase, Wells Fargo, Bank of America and Key Bank.
2005 5th Ave Fl 2
The company trades on NASDAQ exchange. The company headquarter is located in Washington, WA. The company was established in the 2008.| Ticker | SFBC |
| Long Name | Sound Financial Bancorp, Inc. |
| Short Name | Sound Financial Bancorp |