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Overview / Commentary
206-448-0884
2001 5th Ave.
Seattle, WA 98121

Sound Community Bank is headquartered in Seattle and is the 22nd largest bank in the state of Washington. It is also the 1,438th largest bank in the nation. It was established in 1953 and as of June of 2014, it had grown to 78 employees at 5 locations. Sound Community Bank's savings rates are 94% higher than the national average, and it boasts a A+ health rating.

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Health

Data for Q2 2014

Institution Health

A+

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of June 30, 2014 Sound Community Bank had $1.03 million in non-current loans and owned real-estate with $51.33 million in equity and loan loss allowances on hand to cover it. This gives Sound Community Bank a Texas Ratio of 2.02% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A+

The Texas Ratio for Sound Community Bank decreased dramatically from 5.78% as of June 30, 2013 to 2.02% as of June 30, 2014, resulting in a positive change of 65.11%.This indicates that the balance sheet and financial strength for Sound Community Bank has improved dramatically in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Sound Community Bank has increased its total deposits by $50.87 million, resulting in 15.62% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Sound Community Bank has shown is excellent.

Capitalization

GRADE:
B+

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Sound Community Bank has $468.74 million in assets with $51.33 million in equity, resulting in a capitalization level of 10.95%, which is above average.

Institution Statistics

Overall
FDIC Certificate #57451
Year Established1953
Employees78
Primary RegulatorFDIC
Assets and Liabilities
Assets$468.74 million
Loans$401.67 million
Deposits$376.53 million
Equity Capital$47.14 million
Loan Loss Allowance$4.19 million
Unbacked Noncurrent Loans$803,000
Real Estate Owned$232,000
Historic Data - June 2013
Assets$409.80 million
Equity Capital$41.05 million
Loan Loss Allowance$4.13 million
Unbacked Noncurrent Loans$803,000
Real Estate Owned$1.13 million
Profit Margin - Quarterly
Return on Assets1%
Return on Equity9.91%
Interest Income$10.98 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Sound Community Bank, we are a rate comparison website and can not provide official rates or promotions.

Sound Community Bank Savings Account Rates

DetailsAPYMINMAXPRODUCT
1.01%-$15kSimply Rewards - Saver - Qualifying
0.05%--Regular Savings
0.05%--Business Savings
0.05%--Educational Savings
0.05%--IRA Savings
0.05%--Youth Savings
0.05%--Health Savings Account
0.05%--Roth IRA Savings
0.05%--Simply Rewards - Saver - Non Qualifying

Sound Community Bank Money Market Rates

DetailsAPYMINMAXPRODUCT
0.57%$100k-eMoney Maker Account
0.57%$100k-Business eMoney Maker Account
0.25%$50k-Money Market Account
0.25%$50k-Business Money Market Account

Sound Community Bank Checking Account Rates

DetailsAPYMINMAXPRODUCT
2.01%-$10kSimply Rewards Checking - Cash - Qualifying
0.05%--Simply Rewards Checking - Cash - Non Qualifying

Sound Community Bank CD Rates

DetailsAPYMINMAXPRODUCT
1.41%$1k-60+ Month CD w/Checking
1.31%$1k-60+ Month CD
1.15%$1k-48 Month CD w/Checking
1.04%$1k-48 Month CD
0.95%$1k-36 Month CD w/Checking
0.90%$1k-24 Month CD w/Checking
0.85%$1k-36 Month CD
0.80%$1k-24 Month CD
0.50%$1k-18 Month CD w/Checking
0.40%$1k-18 Month CD
0.35%$1k-12 Month CD w/Checking
0.30%$1k-6 Month CD w/Checking
0.25%$1k-12 Month CD
0.20%$1k-6 Month CD

Sound Community Bank IRA Rates

DetailsAPYMINMAXPRODUCT
1.41%$500-60+ Month IRA w/Checking
1.31%$500-60+ Month IRA
1.15%$500-48 Month IRA w/Checking
1.04%$500-48 Month IRA
0.95%$500-36 Month IRA w/Checking
0.90%$500-24 Month IRA w/Checking
0.85%$500-36 Month IRA
0.80%$500-24 Month IRA
0.50%$500-18 Month IRA w/Checking
0.40%$500-18 Month IRA
0.35%$500-12 Month IRA w/Checking
0.30%$500-6 Month IRA w/Checking
0.25%$500-12 Month IRA
0.20%$500-6 Month IRA
Locations


Sound Community Bank Locations
Port Angeles Branch110 North Alder StreetPort Angeles, WA 98362
Sound Community Bank2001 5th Ave.Seattle, WA 98121
Cedar Plaza22807 44th Avenue WestMountlake Terrace, WA 98043
Tacoma-South2941 South 38th StreetTacoma, WA 98409
Sequim Branch541 North 5th AvenueSequim, WA 98382