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Sound Financial Bancorp, Inc. (NASDAQ:SFBC), a Seattle-based financial institution with a market capitalization of $127.47 million and a notable track record of 13 consecutive years of dividend payments, announced on Tuesday that its independent registered public accounting firm, Moss Adams LLP, has merged with Baker Tilly US, LLP. According to InvestingPro data, the company has demonstrated strong performance with a 25% return over the past year. As a result of the merger, effective June 3, 2025, Moss Adams has resigned as the company’s auditor. The audit practices will now operate under the Baker Tilly name.
The Audit Committee of Sound Financial Bancorp’s Board of Directors has approved the appointment of Baker Tilly as the company’s new independent registered public accounting firm. The decision comes as a direct consequence of the merger between Moss Adams and Baker Tilly.
Sound Financial Bancorp confirmed that Moss Adams’ audit reports on the company’s consolidated financial statements for the fiscal years ending December 31, 2024, and 2023 did not include any adverse opinions or disclaimers. Furthermore, there were no disagreements on accounting principles, financial statement disclosures, or auditing scope during those periods or the interim period leading up to the merger.
The company also stated that there were no consultations with Baker Tilly regarding any accounting principles, audit opinions, or other matters prior to the firm’s appointment. This transition is based on a press release statement included in an 8-K filing with the Securities and Exchange Commission.
Moss Adams has provided a letter to the SEC, agreeing with the statements made by Sound Financial Bancorp in the filing. This letter is included as an exhibit in the 8-K form.
Sound Financial Bancorp, a federally chartered savings institution, is incorporated in Maryland and trades on The NASDAQ Stock Market LLC under the symbol SFBC. Trading at $50 per share with a P/E ratio of 25.39, the stock currently appears slightly overvalued according to InvestingPro Fair Value calculations. Discover more overvalued stocks at Investing.com’s Most Overvalued Stocks.
In other recent news, Sound Financial Bancorp announced the results of its annual shareholder meeting. The shareholders approved three key proposals, reflecting their support for the company’s current governance and executive compensation practices. The first proposal involved the election of directors, with Tyler K. Myers, Robert F. Carney, and James E. Sweeney elected to the board until 2028. In the advisory vote on executive compensation, shareholders showed approval with 1,716,449 votes in favor. The third proposal ratified Moss Adams, LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, with 2,180,772 votes in favor. This series of approvals indicates shareholder confidence in the company’s leadership and financial oversight. The meeting outcomes are significant as they guide the company’s governance and strategic direction.
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