Other Information
−Removed: Nothing to report.
+Added: In June 2020, the accounting firm Fruci & Associates, PS (“Plaintiff”) sued Sound Community Bank, along with ten other financial institutions, in United States District Court for the Western District of Washington.
+Added: Plaintiff alleges that it served as an agent on behalf of borrowers in connection with Small Business Administration (“SBA”) loans under the Paycheck Protection Program (“PPP”), and that the federal CARES Act entitles it to fees, payable out of the PPP loan processing fees lenders receive from the SBA.
+Added: Plaintiff seeks treble damages on behalf of a putative class of all agents who purportedly are entitled to an agent fee, and seeks unspecified compensatory damages and treble damages.
+Added: Sound Community Bank believes the complaint lacks merit and moved to dismiss the complaint on July 2, 2020, challenging the Plaintiff’s claimed entitlement to agent fees.
+Added: The motion is scheduled to be fully briefed on August 7, 2020, and Sound Community Bank expects a ruling in the near future.
+Added: At this time, it is not possible to predict the outcome of the lawsuit or the impact on the Bank.
Articles of Incorporation of Sound Financial Bancorp, Inc.
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101 The following financial statements from the Sound Financial Bancorp, Inc.
−Removed: Quarterly Report on Form 10-Q for the three months ended March 31, 2020, formatted in Extensive Business Reporting Language (XBRL):
+Added: Quarterly Report on Form 10-Q for the three months ended June 30, 2020, formatted in Extensive Business Reporting Language (XBRL):
(i) condensed consolidated balance sheets, (ii) condensed consolidated statements of income, (iii) condensed consolidated statements of comprehensive income, (iv) condensed consolidated statements of equity (v) condensed consolidated statements of cash flows and (vi) the notes to condensed consolidated financial statements
1 unchanged sentence
Sound Financial Bancorp, Inc.
+Added: August 7, 2020 By:
/s/ Laura Lee Stewart
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Sound Financial Bancorp, Inc.
+Added: August 7, 2020 By:
/s/ Daphne D.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.