Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
−Removed: The common stock of Sound Financial Bancorp is listed on The NASDAQ Capital Market under the symbol "SFBC." There were approximately 276 stockholders of record of our common stock as of March 10, 2020
+Added: The common stock of Sound Financial Bancorp is listed on The NASDAQ Capital Market under the symbol "SFBC." There were approximately 262 stockholders of record of our common stock at March 25, 2021.
Our cash dividend payout policy is reviewed regularly by management and the Board of Directors.
3 unchanged sentences
Equity Compensation Plan Information
−Removed: The equity compensation plan information presented in Part III, Item 12 of this Form 10-K is incorporated herein by reference.
+Added: The equity compensation plan information presented in "Part III.
+Added: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters" of this Form 10-K is incorporated herein by reference.
Issuer Purchases of Equity Securities
+Added: On October 27, 2020, the Company announced that its Board of Directors authorized a stock repurchase program.
+Added: Under this repurchase program, the Company may repurchase its outstanding shares in the open market in an amount up to $2.0 million, based on prevailing market prices, or in privately negotiated transactions, over a period beginning on October 28, 2020, continuing until the earlier of the completion of the repurchase or the next six months, depending upon market conditions.
+Added: The Company’s Board of Directors also authorized management to enter into a trading plan with a registered broker-dealer in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, to facilitate repurchases of its common stock pursuant to the above-mentioned stock repurchase program.
The following table sets forth information with respect to our repurchases of our outstanding common shares during the three months ended December 31, 2020 :
−Removed: Total Number of Shares Purchased
−Removed: Average Price Paid per Share
−Removed: Total number of shares purchased as part of publicly announced plans or programs
−Removed: Approximated dollar value of shares that may yet be purchased under the plans or programs (1)
+Added: Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximated Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1)
October 1, 2020 - October 31, 2020 — $ — — $ 2,000,000
1 unchanged sentence
December 1, 2020 - December 31, 2020 135 30.50 135 1,927,000
+Added: Total 2,477 $ 29.42 2,477 $ 1,927,000
(1) The Company may repurchase shares of its common stock from time-to-time in open market transactions.
The timing, volume and price of purchases are made at our discretion, and are contingent upon our overall financial condition, as well as general market conditions.
−Removed: In July 2019, the Company's Board of Directors extended the existing stock repurchase program until the earlier of the completion of the repurchase program or February 5, 2020.
−Removed: Under this repurchase program, the Company may repurchase its outstanding shares in the open market in an amount up to $1,750,000, based on prevailing market prices, or in privately negotiated transactions.
+Added: Table of Conten t s
Selected Financial Data
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The following table sets forth certain information concerning the Company's consolidated financial position and results of operations at and for the dates indicated and have been derived from the audited consolidated financial statements.
−Removed: The information below is qualified in its entirety by the detailed information included elsewhere herein and should be read along with Item 7., "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 8., "Financial Statements and Supplementary Data." (In thousands)
−Removed: As of December 31,
+Added: The information below is qualified in its entirety by the detailed information included elsewhere herein and should be read along with Item 7.
+Added: "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 8.
+Added: "Financial Statements and Supplementary Data." (In thousands)
+Added: December 31, 2020
+Added: 2020 2019 2018
Selected Financial Condition Data:
+Added: Total assets $ 861,402 $ 719,853 $ 716,735
Total loans held for portfolio, net 607,363 614,247 613,769
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Available-for-sale securities, at fair value 10,218 9,306 4,957
−Removed: Bank-owned life insurance, net
−Removed: Other real estate owned and repossessed assets, net
+Added: Bank-owned life insurance ("BOLI"), net 14,588 14,183 13,365
+Added: OREO and repossessed assets, net 594 575 575
FHLB stock, at cost 877 1,160 4,134
Total deposits 747,981 616,718 553,601
+Added: Borrowings — 7,500 84,000
+Added: Subordinated notes, net 11,592 — —
Stockholders' equity $ 85,484 $ 77,726 $ 71,627
Year Ended December 31,
+Added: 2020 2019 2018
Selected Operations Data:
2 unchanged sentences
Net interest income 27,486 26,964 27,807
−Removed: (Recapture) provision for loan losses
−Removed: Net interest income after (recapture) provision for loan losses
+Added: Provision (recapture) for loan losses 925 (125) 525
+Added: Net interest income after provision (recapture) for loan losses 26,561 27,089 27,282
Service charges and fee income 1,905 1,954 1,876
−Removed: Earnings on cash surrender value of Bank Owned Life Insurance
+Added: Earnings on cash surrender value of BOLI 348 381 320
Mortgage servicing income 1,027 1,002 1,075
−Removed: Fair value adjustment on mortgage servicing rights
+Added: Fair value adjustment on mortgage servicing rights ("MSRs") (1,857) (760) (513)
Net gain on sale of loans 6,022 1,449 1,038
+Added: Other income — — 490
Total noninterest income 7,445 4,026 4,286
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Provision for income taxes 2,391 1,651 1,706
+Added: Net income $ 8,937 $ 6,679 $ 7,039
+Added: Table of Conten t s
Year Ended December 31,
+Added: 2020 2019 2018
Selected Financial Ratios and Other Data:
7 unchanged sentences
Net interest margin (1)
+Added: 3.57 4.06 4.28
Noninterest income to total net revenue (2)
+Added: 21.31 12.99 13.35
Noninterest expense to average total assets 2.79 3.23 3.34
1 unchanged sentence
Efficiency ratio (3)
+Added: 64.90 73.52 71.12
Asset quality ratios :
11 unchanged sentences
(3) Noninterest expense divided by total revenue (net interest income and noninterest income).
+Added: Table of Conten t s
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.