Wesley Ochs
About Wesley Ochs
Wesley (“Wes”) Ochs is President and Chief Financial Officer of Sound Financial Bancorp, Inc. (SFBC) and Sound Community Bank, appointed President effective October 1, 2025; age 45 at appointment and CFO since 2021, with tenure at the Bank since 2009 . He holds a B.A. in Economics, Finance and Education (Eastern Washington University), an MBA in Accounting (University of Phoenix), and is a graduate of the Washington Bankers Association’s Executive Development Program and Pacific Coast Banking School . Pay-versus-performance disclosure shows cumulative TSR value of a hypothetical $100 investment of $126.15 in 2024, alongside net income of $4.64 million in 2024 ($7.44 million in 2023; $8.80 million in 2022), providing context for incentive outcomes .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Sound Community Bank / Sound Financial Bancorp | Commercial Loan Officer | 2009–2015 | Built frontline credit/lending expertise to inform later credit administration and ALM work |
| Sound Community Bank / Sound Financial Bancorp | SVP, Credit Administration Manager | 2015–2020 | Led credit administration; enhanced lending operations and policy governance |
| Sound Community Bank / Sound Financial Bancorp | EVP & Chief Strategy Officer | Jan 2020–Aug 2021 | Drove enterprise budgeting, forecasting; sharpened strategic planning and ALM focus |
| Sound Community Bank / Sound Financial Bancorp | Chief Financial Officer (also Chief Strategy Officer until 2021) | Aug 2021–present | Led financial reporting, asset/liability management, credit loss modeling; improved transparency and efficiency |
| Sound Community Bank / Sound Financial Bancorp | President (also CFO) | Oct 1, 2025–present | Succession planning continuity; positioned technology investments to scale for growth |
External Roles
No public-company directorships or external board roles disclosed for Mr. Ochs in SFBC’s filings .
Fixed Compensation
Summary Compensation – Ochs
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Salary ($) | $301,917 | $304,000 |
| Bonus ($) | $6,421 (see footnote (1)) | — |
| Stock Awards ($) | $25,683 | $37,696 |
| Option Awards ($) | $18,128 | $10,197 |
| Non-Equity Incentive Plan Compensation ($) | $93,436 | $124,912 |
| All Other Compensation ($) | $85,288 | $91,022 |
| Total ($) | $530,873 | $567,827 |
Current Base and Target Incentive
| Item | Terms |
|---|---|
| Base Salary (effective Oct 1, 2025) | $360,000 |
| Target Annual Bonus (% of base) | 37.5% |
All Other Compensation – Components (FY 2024)
| Component | Amount ($) |
|---|---|
| 401(k) matching contribution | $8,780 |
| Non-qualified deferred compensation plan contribution | $30,000 (vests equally over 5 years starting Feb 1, 2025) |
| Executive medical benefits | $12,816 |
| Payment for unused vacation | $11,692 |
| ESOP allocation | $26,202 |
| Dividends on restricted stock | $1,531 |
Performance Compensation
Annual Incentive Plan – Mechanics and 2024 Outcome
| Category | Weighting | Target | Actual | Payout mechanics |
|---|---|---|---|---|
| Quantitative metrics (asset size, capital level, delinquency ratio, ROA, non-interest income and expense, NIM, CDs/total deposits) | 50% | Board-set corporate goals | Earned 35.73% of salary pre-override | Forms base bonus outcome |
| Qualitative corporate goals (leadership priorities) | 50% | Board-set | Included in 35.73% base outcome | Weighted equally with quantitative |
| Earnings Override Adjustment (based on actual net income vs target) | Adjusts bonus ±50% | Board-set net income target | +15.0% adjustment in 2024 | Final payout 41.09% of salary; $124,912 for Ochs |
Equity Awards – Grants and Vesting
| Award type | Grant date | Shares / options | Grant date FV ($) | Exercise price | Expiration | Vesting schedule |
|---|---|---|---|---|---|---|
| Restricted Stock (RS) | Jan 27, 2023 | 640 | Included in $25,683 (2023 stock awards) | — | — | Vests annually over 4 years starting Jan 27, 2024 |
| Stock Options | Jan 27, 2023 | 1,600 | Included in $18,128 (2023 option awards) | $40.13 | Jan 27, 2033 | Vests in 3 equal annual installments on Jan 27, 2025–2027 |
| Restricted Stock (RS) | Jan 26, 2024 | 945 | $37,696 | — | — | Vests in 3 equal annual installments on Jan 26, 2025–2027 |
| Stock Options | Jan 26, 2024 | 900 | $10,197 | $39.89 | Jan 26, 2034 | Vests in 3 equal annual installments on Jan 26, 2025–2027 |
Equity grant timing policy: awards approved around January with earnings release; 2024 grants showed a -0.56% change around MNPI disclosure; committee does not time grants around MNPI to benefit executives .
Outstanding Equity Awards at 12/31/2024 – Ochs
| Options (exercisable) | Options (unexercisable) | Exercise price ($) | Expiration | Unvested RS (shares) | Market value of unvested RS ($) |
|---|---|---|---|---|---|
| 1,200 | — | 28.34 | Jan 27, 2027 | — | — |
| 750 | — | 33.50 | Jan 25, 2029 | — | — |
| 1,000 | — | 36.26 | Jan 31, 2030 | — | — |
| 1,520 | 380 (vests Jan 27, 2025) | 32.46 | Jan 27, 2031 | 190 (vests Jan 27, 2025) | $9,966 |
| 1,200 | 800 (vests Jan 28, 2025–2026) | 42.85 | Jan 28, 2032 | 400 (vests Jan 28, 2025–2026) | $20,980 |
| 640 | 960 (vests Jan 27, 2025–2027) | 40.13 | Jan 27, 2033 | 480 (vests Jan 27, 2025–2027) | $25,176 |
| 0 | 900 (vests Jan 26, 2025–2027) | 39.89 | Jan 26, 2034 | 945 (vests Jan 26, 2025–2027) | $49,565 |
| Market price reference | $52.45 close 12/31/2024 |
Many options had exercise prices below $52.45 at 12/31/2024, indicating they were in-the-money at year-end .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 23,016 shares; less than 1% of outstanding (2,566,069 shares) |
| Breakdown | 750 shares in 401(k) ; 8,211 ESOP shares ; options to acquire 7,710 shares ; 1,150 restricted shares (sole voting, no dispositive power) |
| Insider trading/pledging policy | Prohibits margin accounts and pledging; exceptions only if borrower can repay without resort to pledged securities; hedging transactions prohibited |
| Director ownership guidelines | Apply to non-employee directors (not executives): minimum $50,000 within 2 years (and $10,000 within first year) |
Employment Terms
| Topic | Terms |
|---|---|
| Appointment and role | Appointed President effective Oct 1, 2025; continues as CFO (held since 2021) |
| Employment start date | Joined Bank in 2009 |
| Selection disclosures | No arrangements/understandings for selection; no family relationships; no related transaction interests under Reg S-K Item 404(a) |
| Change-in-control agreement | If involuntarily terminated concurrently with or within 12 months after a change in control, cash payment equals 2× current annual base salary; continuation of health/insurance/retirement benefits up to 24 months or until re-employed; 280G cut-back applies |
| Non-compete / severance | Non-compete/severance terms disclosed only for CEO; no specific non-compete disclosed for Ochs |
| Equity acceleration | Equity plans provide accelerated vesting on death/disability/change in control; non-vested awards typically canceled upon termination outside these events |
Related Party Transactions (for alignment risk review)
| Year | Nature | Interest rate | Largest principal balance | Principal at year-end | Principal paid | Interest paid |
|---|---|---|---|---|---|---|
| 2024 | Mortgage loan to Ochs | 3.63% | $349,925 | $339,891 | $10,034 | $9,726 |
| 2023 | Mortgage loan to Ochs | 2.25% | $360,905 | $349,925 | $10,980 | $6,961 |
Director/executive loans made on employee terms with regulatory-compliant interest rate discounts; upon departure, rates revert to market terms .
Performance & Track Record
- Q3 2025 commentary from Ochs emphasized disciplined expense management, prudent loan growth, asset quality, and technology-driven efficiencies; NIM improved YoY and core earnings approached pre-rate-cycle levels .
- Certifications: Ochs signed Q2 and Q3 2025 Section 302/1350 certifications as President/CFO, attesting to fair presentation and ICFR effectiveness .
Compensation Committee Context
- Compensation Committee comprises independent directors Sweeney (chair), Jones, Haddad, Myers; met five times in 2024; oversees executive compensation, plans and annual CEO review .
- Say-on-pay approved by ~94.7% of votes cast in 2024 for 2023 compensation; frequency vote set to annual say-on-pay through 2030 .
Investment Implications
- Retention risk looks contained: recent promotion with higher base comp ($360k), double-trigger change-in-control (2× salary) and multi-year vesting on RS/option grants provide retention incentives; no disclosed pledging or hedging allowed under policy .
- Potential insider selling pressure windows: annual vesting dates on Jan 26/27 in 2025–2027 for RSUs/options may create periodic liquidity events; monitor Form 4s around these dates .
- Pay-for-performance alignment: bonus tied to balanced quantitative/qualitative metrics with net income override; 2024 payout at 41.09% of salary ($124,912) reflects above-target earnings, aligning incentives to profitability .
- Governance/related party risk: employee-rate mortgage loan is standard under Regulation O; no related-party transactions indicating adverse governance for Ochs; say-on-pay support is strong (94.7%) .
- Execution signals: Ochs’ ALM, credit loss modeling, and efficiency initiatives cited in filings/press release suggest disciplined financial management amid rate environment; consider as supportive for margin stabilization and core earnings trajectory .