Sound Financial Bancorp, Inc., the holding company for Sound Community Bank, which has a branch in Mountlake Terrace, Wednesday reported net income of $1.1 million for the second quarter of 2013, or $0.43 per diluted common share.
The increase was primarily a result of a $650,000 decrease in the provision for loan losses as a result of a significant reduction in nonperforming loans and higher net interest income. By comparison, net income for the second quarter of 2012 was $593,000, or $0.20 per average diluted common share.
“We are pleased to report another strong quarter in terms of earnings as well as continued improvement on asset quality,” said President and CEO Laurie Stewart. “We are working diligently to increase revenues and improve efficiency. We accomplished both of these goals this quarter and we are developing quality relationships in all of our markets to foster additional business every day.”
Sound Community Bank’s MLT branch is located at 22807 44th Ave. W.