Sound Financial Bancorp, Inc. Q1 2025 Results

Core Viewpoint - Sound Financial Bancorp, Inc. reported a net income of $1.2 million for Q1 2025, a decrease from$ 1.9 million in Q4 2024, but an increase from $770 thousand in Q1 2024, alongside a cash dividend declaration of$ 0.19 per share [1][2][40] Financial Performance - Total assets increased by $75.6 million or 7.6% to$ 1.07 billion at March 31, 2025, compared to $993.6 million at December 31, 2024, but decreased by$ 17.5 million or 1.6% from $1.09 billion at March 31, 2024 [6] - Loans held-for-portfolio decreased by$ 13.9 million or 1.5% to $886.2 million at March 31, 2025, compared to$ 900.2 million at December 31, 2024, and decreased by $11.7 million or 1.3% from$ 897.9 million at March 31, 2024 [6][33] - Total deposits increased by $72.5 million or 8.7% to$ 910.3 million at March 31, 2025, from $837.8 million at December 31, 2024, but decreased by$ 6.5 million or 0.7% from $916.9 million at March 31, 2024 [7] Income and Expenses - Net interest income decreased by$ 149 thousand or 1.8% to $8.1 million for Q1 2025, compared to$ 8.2 million for Q4 2024, but increased by $611 thousand or 8.2% from$ 7.5 million for Q1 2024 [9] - Total noninterest income decreased by $62 thousand or 5.3% to$ 1.1 million for Q1 2025, compared to Q4 2024, and was virtually unchanged compared to Q1 2024 [11][24] - Total noninterest expense increased by $856 thousand or 12.1% to$ 7.9 million for Q1 2025, compared to Q4 2024, and increased by $258 thousand or 3.4% compared to Q1 2024 [11][25] Credit Quality - Total nonperforming loans increased by$ 2.2 million or 28.9% to $9.7 million at March 31, 2025, from$ 7.5 million at December 31, 2024, and increased by $600 thousand or 6.6% from$ 9.1 million at March 31, 2024 [8] - The allowance for credit losses on loans to total loans outstanding was 0.95% at March 31, 2025, compared to 0.94% at December 31, 2024, and 0.96% at March 31, 2024 [10][35] Capital Management - Stockholders' equity totaled $104.4 million at March 31, 2025, an increase of$ 765 thousand or 0.7% from $103.7 million at December 31, 2024, and an increase of$ 3.4 million or 3.4% from $101.0 million at March 31, 2024 [40]