Sound Banking Company


6107 Lake Grove Street Sw
Lakewood, WA 98499
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Notable Rates APY Vs.Others
Savings N.A. 1.02% →
1-Year CD N.A. 1.45% →
2-Year CD N.A. 2.86% →
5-Year CD N.A. 3.21% →
30-Year Mortgage N.A. 2.81% →
15-Year Mortgage N.A. 2.36% →
HELOC N.A. 2.79% →

2022 Overview

General Bank Information

Sound Banking Company is an FDIC insured institution located in Lakewood, WA. It was founded in 1990 and has approximately $0.1 billion in assets.

FDIC Insured Yes
FDIC Certificate # 33183
Date Established 1990
Assets $ 101.88 million
Loans $ 38.60 million
Deposits $ 96.44 million
Capital $ 5.37 million

For a more detailed analysis of Sound Banking Company's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - May 22, 2022

Your Current Location: Connecticut, CT 06828


Loan Rates - May 22, 2022

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Sound Banking Company

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:

Featured - Connecticut 30 Year Fixed Mortgage Rates 2022

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AmeriSave Mortgage Corporation
NMLS ID: 1168
6.340% 6.250%
0.88 points
$2,380 fees
$1,540 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2022

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Bethpage Federal Credit Union
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Intro APR 3.490 %
After Intro: 4.500 %
Intro Period: 12 months
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Financial Details

Sound Banking Company Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Sound Banking Company. The data is provided by the FDIC. All banks listed on are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Sound Banking Company U.S. Bank Average
0% 3.95%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of December 31, 2021, Sound Banking Company had $0 in non-current loans and $0 in owned real estate. To cover these potential losses it had $5,374,000 in equity and $634,000 in loans loss reserves. That gives it a Texas Ratio of 0%.

Return on Equity
Sound Banking Company U.S. Bank Average
17.43% 10.50%

Sound Banking Company has a Return on Equity of 17.43% versus the BestCashCow average of 10.50%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Sound Banking Company U.S. Bank Average
5.27% 11.55%

Sound Banking Company has a Capitalization of 5.27% versus the BestCashCow average of 11.55. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Sound Banking Company Balance Sheet Analysis

As of December 31, 2021, Sound Banking Company had assets of $101,877,000, loans of $38,598,000, and deposits of $96,443,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

December 31, 2021
Cash & Balances due from depository institutions $ 58.68 million
Interest-bearing balances $ 57.77 million
Total securities N.A.
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 38.60 million
Loan loss allowance $ 0.63 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles N.A.
All other assets $ 3.59 million
     Total Assets $ 96.50 million
Total deposits $ 96.44 million
      Interest-bearing deposits $ 44.45 million
      Deposits held in domestic offices $ 96.44 million
      % insured (estimated) 36.65%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities $ 0.06 million
      Total Liabilities $ 96.50 million
      Shareholders’ Equity $ 5.37 million

Summary Income Statement

December 31, 2021
Total Interest Income $ 2.56 million
Total Interest Expense $ 0.07 million
Net interest income $ 2.49 million
Provision for loan and lease losses N.A.
Total non interest income $ 0.23 million
Total non interest expense $ 1.79 million
Pre-tax Net Operating Income $ 0.93 million

Bank Loan Profile?

The top three loan types in Sound Banking Company’s loan portfolio are Commercial Real Estate, Small Business Loans, and 1-4 Family Residential Loans.

Compared to other banks in Washington, Sound Banking Company has a significantly higher percent of Small Business Loans, Construction and Development Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 26.09
Credit Card Loans 0.00
Consumer Auto Loans 0.08
Small Business Loans 28.16
Construction and Development Loans 19.48
Commercial Real Estate 28.16
Commercial and Industrial Loans 12.60
Farm Loans 0.48

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