SFBC Sound Financial Bancorp
Filed: 27 Oct 20, 8:00pm
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 27, 2020
|SOUND FINANCIAL BANCORP, INC.|
|(Exact name of registrant as specified in its charter)|
|(State or other jurisdiction of incorporation)||(Commission File No.)||(IRS Employer Identification No.)|
|2400 3rd Avenue, Suite 150, Seattle, Washington||98121|
|(Address of principal executive offices)||(Zip Code)|
Registrant's telephone number, including area code: (206) 448-0884
|(Former name or former address, if changed since last report)|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|☐||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|☐||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
Securities registered pursuant to Section 12(b) of the Act:
|Title of each class||Trading Symbol(s)||Name of each exchange on which registered|
|Common Stock, $0.01 par value||SFBC||The NASDAQ Stock Market LLC|
Indicated by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
Items to be Included in this Report
Item 2.02. Results of Operations and Financial Condition.
On October 27, 2020, Sound Financial Bancorp, Inc., the parent company of Sound Community Bank, issued its earnings press release announcing financial results for the third quarter ended September 30, 2020, and that its Board of Directors (the “Board”) declared a cash dividend on the Company's common stock of $0.15 per share, payable on November 24, 2020 to stockholders of record as of the close of business on November 10, 2020. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 8.01. Other Events.
On October 27, 2020, the Company also issued a press release announcing that its Board authorized a stock repurchase program for an amount up to $2.0 million of the Company’s common stock. Under the stock repurchase program, which will expire on April, 27, 2021 unless completed sooner, the Company intends to repurchase shares through open market purchases, privately-negotiated transactions, or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The repurchase program does not obligate the Company to purchase any particular number of shares.
The Board also authorized management to enter into a trading plan with Keefe, Bruyette & Woods, Inc. in accordance with Rule 10b5-1 of the Exchange Act, to facilitate repurchases of its common stock pursuant to the above-mentioned stock repurchase program (the “Rule 10b5-1 plan”).
The Company cannot predict when or if it will repurchase any shares of common stock as such stock repurchase program will depend on a number of factors, including constraints specified in the Rule 10b5-1 plan, price, general business and market conditions, and alternative investment opportunities. Information regarding share repurchases will be available in the Company’s periodic reports on Form 10-Q and Form 10-K filed with the Securities and Exchange Commission as required by the applicable rules of the Exchange Act.
This report contains forward-looking information, as that term is defined under the Exchange Act, including information regarding purchases by the Company of its common stock pursuant to any Rule 10b5-1 trading plans or otherwise. By their nature, forward-looking information and statements are subject to risks, uncertainties, and contingencies, including changes in price and volume and the volatility of the Company’s common stock; adverse developments affecting either or both of prices and trading of exchange-traded securities, including securities listed on the Nasdaq Stock Market; and unexpected or otherwise unplanned or alternative requirements with respect to the capital investments of the Company. The Company does not undertake to update any forward-looking statements or information, including those contained in this report.
A copy of the press release in filed with this report and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
The following exhibit is being furnished herewith and this list shall constitute the exhibit index:
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
|SOUND FINANCIAL BANCORP, INC.|
|Date: October 27, 2020||By:||/s/ Laura Lee Stewart|
|Laura Lee Stewart|
|President and CEO|