UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported) March
27, 2012
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SOUND FINANCIAL, INC. |
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(Exact name of Registrant as specified in its Charter) |
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United States |
000-52889 |
26-0776123 |
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(State or other jurisdiction of incorporation) |
(Commission File No.) |
(IRS Employer Identification |
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2005 5th Avenue, Second Floor, Seattle, Washington |
98121 |
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(Address of principal executive offices) |
(Zip Code) |
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Registrant's telephone number, including area code: (206) 448-0884 |
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Not Applicable |
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(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)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On March 27, 2012, Sound Financial, Inc.(the “Company”) issued a press release revising its previously reported financial results for the year ending December 31, 2011. The Company also announced that the Office of the Comptroller of the Currency terminated its Memorandum of Understanding with its wholly-owned subsidiary, Sound Community Bank. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(c) The following exhibit is filed as part of this report.
Exhibit 99.1 Press Release from Sound Financial Inc. dated March 27, 2012.
SIGNATURES
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.
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SOUND FINANCIAL, INC. |
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| Date: |
March 27, 2012 |
By: |
/s/ |
Laura Lee Stewart |
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Laura Lee Stewart |
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President and Chief Executive Officer |
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EXHIBIT INDEX
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Exhibit Number |
Description |
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| 99.1 |
Press Release, dated March 27, 2012 |
Exhibit 99.1
Sound Financial Increases Provision for Loan Losses for Year Ended December 31, 2011
Sound Community Bank Memorandum of Understanding terminated
SEATTLE--(BUSINESS WIRE)--March 27, 2012--Sound Financial, Inc. (the “Company”) (OTCBB:SNFL), holding company for Sound Community Bank, today announced revised earnings for the year ended December 31, 2011. In connection with its annual audit, the provision for loan losses was increased by $400,000 ($264,000, net of tax), to $4.6 million from $4.2 million, for the year, which decreased net income to $1.6 million from $1.8 million, as was previously reported. Details can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 filed today with the U.S. Securities and Exchange Commission.
The Company was also informed by the Office of the Comptroller of the Currency that the Memorandum of Understanding (“MOU”) dated July 8, 2010 with Sound Community Bank was terminated effective March 14, 2012.
Sound Financial, Inc. is the holding company for Sound Community Bank, a full-service bank, providing personal and business banking services in communities in the Puget Sound region. The Seattle-based company operates five full-service banking offices in King, Pierce, Snohomish and Clallam Counties, and is on the web at www.soundcb.com.
Forward-Looking Statements
This report contains statements that are not historical or current fact and constitute forward-looking statements. In some cases, you can identify these statements by words such as "may", "might", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", or "continue", the negative of these terms and other comparable terminology. 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 there are or may be important factors 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. Unless required by law, we undertake no obligation to publicly update or revise any forward-looking statement to reflect circumstances or events after the date of this press release.
Results of operations and business are subject to various factors which could cause actual results to differ materially from these estimates and most other statements that are not historical in nature. These factors include, but are not limited to, general and local economic conditions, changes in interest rates, deposit flows, demand for mortgage, consumer and other loans, real estate values, competition, changes in accounting principles, policies or guidelines, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting our operations, pricing, products and services.
CONTACT:
Media:
Laurie Stewart, 206-448-0884 x-306
or
Financial:
Matt
Deines, 206-448-0884 x-305