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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Sound Financial Bancorp, Inc.    SFBC

SOUND FINANCIAL BANCORP, INC.

(SFBC)
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Sound Financial Bancorp, Inc. Completes Private Placement of $12.0 Million of Subordinated Notes

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09/18/2020 | 07:31pm EDT

SEATTLE, Sept. 18, 2020 (GLOBE NEWSWIRE) -- Sound Financial Bancorp, Inc. (Nasdaq: SFBC) (the “Company”), the parent company of Sound Community Bank (the “Bank”), today announced the completion of a private placement of $12.0 million in aggregate principal amount of 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”). The Company intends to use the proceeds of the private placement for general corporate purposes.

The Notes will initially bear interest at a fixed rate of 5.25% per annum from September 18, 2020 to October 1, 2025, with interest during this period payable semiannually in arrears. From October 1, 2025 to the stated maturity date or early redemption date, the interest rate will reset quarterly to an annual floating interest rate equal to Three-Month Term Secured Overnight Financing Rate plus 513 basis points, with interest during this period payable quarterly in arrears. The Notes are redeemable by the Company, in whole or in part, on or after October 1, 2025, and at any time upon the occurrence of certain events. The Notes have been structured to qualify as Tier 2 capital for the Company for regulatory capital purposes.

In connection with the issuance of the Notes, the Company recently obtained a rating from Egan-Jones Ratings Company (“Egan-Jones”), a nationally recognized statistical rating organization. Egan-Jones assigned the Notes an investment grade rating of BBB.

Keefe, Bruyette & Woods, A Stifel Company acted as the sole placement agent for the Notes offering. Silver, Freedman, Taff & Tiernan LLP served as legal counsel to the Company and Squire Patton Boggs (US) LLP served as legal counsel to the placement agent.

The Notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy any security, nor shall there be any sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.

About the Company

Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, and is headquartered in Seattle, Washington with full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one Loan Production Office located in the Madison Park neighborhood of Seattle, Washington. For more information, please visit www.soundcb.com.

Forward-Looking Statements

When used in filings by the Company with the Securities and Exchange Commission (the "SEC"), in the Company's press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "intends" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events, and may turn out to be inaccurate because of inaccurate assumptions we might make, because of the factors illustrated below or because of other important factors that we cannot foresee that could cause our actual results to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements.

Factors which could cause actual results to differ materially, include, but are not limited to: the effect of the COVID-19 pandemic, including on the Company’s credit quality and business operations, as well as its impact on general economic and financial market conditions and other uncertainties resulting from the COVID-19 pandemic, such as the extent and duration of the impact on public health, the U.S. and global economies, and consumer and corporate customers, including economic activity, employment levels and market liquidity; legislative changes; changes in policies by regulatory agencies; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; the Company's ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company's market area; secondary market conditions for loans; results of examinations of the Company or its wholly owned bank subsidiary by their regulators; competition; changes in management's business strategies; changes in the regulatory and tax environments in which the Company operates; and other factors described in the Company's latest annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission – which are available at www.soundcb.com and on the SEC's website at www.sec.gov.

The Company does not undertake - and specifically declines any obligation - to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact Information

Laurie Stewart
President/CEO
(206) 448-0884 x306

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© GlobeNewswire 2020

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Financials (USD)
Sales 2019 31,1 M - -
Net income 2019 6,68 M - -
Net cash 2019 27,9 M - -
P/E ratio 2019 13,9x
Yield 2019 1,56%
Capitalization 74,5 M 74,5 M -
EV / Sales 2018 3,68x
EV / Sales 2019 2,03x
Nbr of Employees 125
Free-Float 84,8%
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Managers
NameTitle
Laura Lee Stewart President, Chief Executive Officer & Director
Tyler K. Myers Chairman
Heidi J. Sexton Chief Operating Officer & Executive Vice President
Daphne D. Kelley CFO, Principal Accounting Officer & Executive VP
Debra L. Jones Independent Director
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