MCLEAN, Va., July 25, 2019 /PRNewswire/ -- Southern
National Bancorp of Virginia, Inc.
(NASDAQ: SONA) ("Southern National" or the "Company"), and its
wholly-owned subsidiary Sonabank (the "Bank"), today announced net
income of $9.3 million for the
quarter ended June 30, 2019, compared
to $8.9 million for the quarter ended
June 30, 2018. Earnings per
share for the three months ended June 30,
2019 were $0.39 basic and
$0.38 diluted compared to
$0.37 basic and diluted, for the same
period in 2018.
For the six months ended June 30,
2019, net income was $15.3
million compared to $17.1
million for the six months ended June
30, 2018. Earnings per share were $0.64 basic and $0.63 diluted for the six months ended
June 30, 2019 compared to
$0.71 basic and diluted the year
before.
The Board of Directors declared a dividend of $0.09 per share payable on August 23, 2019 to shareholders of record on
August 12, 2019. This is
Southern National's thirty-first consecutive quarterly
dividend.
Highlights for the three and six months ended June 30, 2019 include:
- Loans outstanding of $2.17
billion at June 30, 2019 are
down $6.0 million, or -0.55%
annualized, since December 31,
2018. Unanticipated large loan payoffs of $50.0 million in the first quarter were offset by
growth of $29.4 million during the
first quarter and $14.6 million
during the second quarter.
- Net interest margin for the three months ended June 30, 2019 was 3.40% compared to 3.41% for the
three months ended March 31, 2019 and
3.79% for the three months ended June
30, 2018. The yield on earnings assets was 4.93% for
the three months ended June 30, 2019
compared to 4.94% for the three months ended March 31, 2019 and 4.86% for the three months
ended June 30, 2018. The cost of
funds on interest bearing liabilities was 1.62% for the second
quarter compared to 1.61% for the first quarter and 1.11% for the
second quarter of 2018 as cost of deposit gathering flattens.
- Asset quality remains high as demonstrated by the 0.26% ratio
of nonperforming assets, net of SBA guarantees, to total assets at
June 30, 2019 compared to 0.28% at
December 31, 2019;
- Total deposits of $2.15 billion
at June 30, 2019 have increased
$52.8 million since December 31, 2018 or 5.04% annualized. The Bank's
net loan-to-deposit ratio improved to 100.50% down from 108.24% a
year ago;
- Tangible book value per share of $10.49 at June 30,
2019 has increased 12.55% since a year ago;
- Southern National is well capitalized at June 30, 2019 with a tier 1 risk-based capital
ratio of approximately 12.48%; and
- Income taxes benefited $1.2
million in the second quarter due to the formal assessment
and rebooking of the $5.5 million net
operating loss carryforward that was written off in the fourth
quarter of 2018.
Net Interest Income
Net interest income was $21.0
million for the quarter ended June
30, 2019 compared to $23.2
million for the second quarter of 2018, which is a direct
result of the rising costs of funds including deposits and
borrowings. Net interest margin for the three months ended
June 30, 2019 was 3.40% compared to
3.41% for the three months ended March 31,
2019 and 3.79% for the three months ended June 30, 2018. The yield on earnings assets
was 4.93% for the three months ended June
30, 2019 compared to 4.94% for the three months ended
March 31, 2019 and 4.86% for the
three months ended June 30, 2018. The
cost of funds on interest bearing liabilities was 1.62% for the
second quarter compared to 1.61% for the first quarter and 1.11%
for the second quarter of 2018 as cost of deposit gathering
flattens.
Net interest income was $41.9
million for the six months ended June
30, 2019 compared to $45.7
million for the six months ended June
30, 2018. Net interest margin was 3.41% and 3.80% for
the six months ended June 30, 2019
and 2018, respectively, as a result of a rising interest rate
environment during 2018 and competition for deposits.
The acquired loan discount accretion on loans acquired in the
acquisitions of Eastern Virginia Bankshares, Inc. ("EVBS"), Greater
Atlantic Bank, HarVest and Prince Georges Federal Savings Bank
contributed $972 thousand and
$1.8 million to net interest income
during the three and six months ended June
30, 2019, respectively, compared to $1.1 million and $2.2
million during the three and six months ended June 30, 2018. As expected, the decrease in
accretion is due to the slowdown in acquired loan prepayments and
payoffs.
Noninterest Income
During the second quarter of 2019, Southern National had
noninterest income of $3.2 million
compared to $2.6 million during the
second quarter of 2018. Income improved on account
maintenance and deposit service fees by $413
thousand. Income from bank-owned life insurance
decreased $178 thousand due to death
benefits paid in 2018. Gain on our investment in Southern
Trust Mortgage ("STM") increased to $558
thousand for the three months ended June 30, 2019 compared to a gain of $191 thousand the year before due to operational
improvements within STM. For the three months ended June 30, 2019, other noninterest income has
benefited from $324 thousand of
recoveries of legacy investment securities and loans charged off by
EVBS premerger compared to $243
thousand for the three months ended June 30, 2018.
During the six months ended June 30,
2019, noninterest income was $6.3
million compared to $5.6
million for the same period in 2018. Income improved
on account maintenance and deposits services fee by $693 thousand during the first six months of
2019. Gain on our investment in STM increased to $576 thousand for the six months ended
June 30, 2019 compared to a loss of
$(126) thousand the year
before. Recoveries of legacy investment securities and loans
charged off by EVBS premerger decreased $811
thousand for the first six months of 2019 compared to the
same period in 2018.
Noninterest Expense
Noninterest expense was $13.9
million during the second quarter of 2019 compared to
$13.6 million during the same period
in 2018. Employee compensation and benefits expense totaled
$7.1 million for the second quarter
of 2019, as compared to $7.0 million
for the same period of 2018 due to $350
thousand of separation expense recognized in 2019 and offset
by savings from the reduction in staff completed during 2018.
Occupancy and equipment expense increased $171 thousand for the second quarter of 2019
compared to the second quarter of 2018 due to improvements made on
our branch offices.
Noninterest expense was $30.2
million during the six months ended June 30, 2019 compared to $27.2 million for the six months ended
June 30, 2018. The primary
increase in noninterest expense was due to a nonrecurring other
loss of $3.2 million with related
legal expense of $502 thousand during
the first quarter of 2019.
Income Tax Expense
Income taxes benefited $1.2
million for the three and six months ended June 30, 2019 due to the formal assessment and
rebooking of the $5.5 million net
operating loss carryforward that was written off in the fourth
quarter of 2018.
Securities Portfolio
Investment securities totaled $250.7
million at June 30, 2019 and
represent 9.20% of total assets. Southern National utilizes
its securities portfolio to augment income and manage its interest
rate risk while serving as a source of liquidity. During the
first and second quarter of 2019, $15.0
million and $9.9 million of
securities were purchased, respectively. No securities were
purchased or sold during 2018.
Loan Portfolio
Loans outstanding of $2.17 billion
at June 30, 2019 are down
$6.0 million, or -0.55% annualized,
since December 31, 2018.
Unanticipated large loan payoffs of $50.0
million in the first quarter of 2019 were offset by growth
of $29.4 million during the first
quarter and $14.6 million during the
second quarter.
The composition of our loan portfolio consisted of the following
at June 30, 2019 and December 31, 2018 (in thousands):
|
June 30,
2019
|
|
December 31,
2018
|
Loans secured
by real estate:
|
|
|
|
Commercial real estate - owner occupied
|
$
410,832
|
|
$
407,031
|
Commercial real estate - non-owner occupied
|
561,732
|
|
540,698
|
Secured by farmland
|
9,692
|
|
20,966
|
Construction and land loans
|
158,956
|
|
146,654
|
Residential 1-4 family (1)
|
572,715
|
|
565,083
|
Multi-family residential
|
82,593
|
|
82,516
|
Home equity lines of credit (1)
|
117,298
|
|
128,225
|
Total real estate
loans
|
1,913,818
|
|
1,891,173
|
|
|
|
|
Commercial
loans
|
229,502
|
|
255,441
|
Consumer
loans
|
29,310
|
|
32,347
|
Gross
loans
|
2,172,630
|
|
2,178,961
|
|
|
|
|
Less deferred
costs (fees) on loans
|
215
|
|
(137)
|
Loans
receivable, net of deferred costs (fees)
|
$
2,172,845
|
|
$
2,178,824
|
|
|
|
|
(1) Includes
covered loans totaling $15.8 million and $18.3 million as of June
30, 2019 and
|
December 31,
2018, respectively. Covered loans were acquired in the acquisition
of Greater Atlantic Bank
|
and are covered
under a FDIC loss-share agreement. The agreement expires in
December 2019.
|
Loan Loss Provision and Asset Quality
Asset quality remained high during the first quarter of
2019. For the six months ended June
30, 2019, the provision for loan losses was $200 thousand compared to $2.7 million for the same period last year. Net
charge offs for the three and six months ended June 30, 2019 were $261
thousand and $870 thousand,
respectively, compared to $804
thousand and $1.0 million for
the same periods in 2018.
Southern National's allowance for loan losses as a percentage of
total non-covered loans at June 30,
2019 was 0.54%, compared to 0.57% at December 31, 2018. The allowance for loan
losses as a percentage of non-covered non-acquired loans was 0.78%
and 0.85% at June 30, 2019 and
December 31, 2018, respectively.
Non-covered nonaccrual loans were $2.0
million (excluding $3.2
million of loans fully covered by SBA guarantees) at
June 30, 2019 compared to
$2.5 million (excluding $3.4 million of loans fully covered by SBA
guarantees) as of December 31,
2018. The ratio of non-covered nonperforming assets
(excluding the SBA guaranteed loans) to total assets decreased from
0.28% at December 31, 2018 to 0.26%
at June 30, 2019.
Other real estate owned at June 30,
2018 was $5.0 million compared
to $5.1 million at December 31, 2018.
Deposits
Total deposits of $2.15 billion at
June 30, 2019 have increased
$52.8 million since December 31, 2018 or 5.04% annualized.
During the six months ended June 30,
2019, demand deposits increased by $15.0 million, or 9.36%, NOW accounts increased
by $16.2 million, or 9.37%, while
money market accounts increased $88.8
million or 49.98%. Savings accounts decreased to
$143.3 million or (10.22%) at
June 30, 2019 from a balance of
$151.1 million at December 31, 2018. Time deposits decreased
$59.4 million, or (12.85%), from
$925.4 million at December 31, 2018, to $866.0 million at June 30,
2019 due to the reduction in brokered time accounts.
Stockholders' Equity
Total stockholders' equity increased to $362.8 million at June 30,
2019 from $348.3 million at
December 31, 2018. Our tier 1
risk-based capital ratios were approximately 12.48% and 14.08% for
Southern National and Sonabank, respectively, as of June 30, 2019.
About Southern National Bancorp of Virginia, Inc.
As of June 30, 2019, Southern
National had $2.72 billion in total
assets, $2.17 billion in total loans
and $2.15 billion in total deposits.
Sonabank provides a range of financial services to individuals and
small and medium sized businesses. At June 30, 2019, Sonabank had forty-five
full-service branches. Thirty-eight full-service retail branches
are in Virginia, located in the
counties of Chesterfield (2),
Essex (2), Fairfax (Reston, McLean and Fairfax), Gloucester (2), Hanover (3), King
William, Lancaster,
Middlesex (3), New Kent, Northumberland (3), Southampton, Surry, Sussex, and in Charlottesville, Clifton Forge, Colonial Heights, Front Royal, Hampton, Haymarket, Leesburg, Middleburg, New
Market, Newport News,
Richmond, South Riding, Warrenton, and Williamsburg, and seven full-service retail
branches in Maryland, in
Rockville, Shady Grove,
Bethesda, Upper Marlboro, Brandywine, Owings and Huntingtown.
Non-GAAP Measures
Statements included in this press release include non-GAAP
financial measures and should be read along with the accompanying
tables. Southern National uses non-GAAP financial measures to
analyze its performance.
Management believes that non-GAAP financial measures provide
additional useful information that allows readers to evaluate the
ongoing performance of Southern National and provide meaningful
comparison to its peers. Non-GAAP financial measures should not be
considered as an alternative to any measure of performance or
financial condition as promulgated under GAAP, and investors should
consider Southern National's performance and financial condition as
reported under GAAP and all other relevant information when
assessing the performance or financial condition of Southern
National.
Non-GAAP financial measures have limitations as analytical
tools, and investors should not consider them in isolation or as a
substitute for analysis of the results or financial condition as
reported under GAAP.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that relate to future events or the future performance of Southern
National. Forward-looking statements are not guarantees of
performance or results. These forward-looking statements are based
on the current beliefs and expectations of the respective
management of Southern National and Sonabank and are inherently
subject to significant business, economic and competitive
uncertainties and contingencies, many of which are beyond their
respective control. In addition, these forward-looking statements
are subject to assumptions with respect to future business
strategies and decisions that are subject to change. Actual results
may differ materially from the anticipated results discussed or
implied in these forward-looking statements because of numerous
possible uncertainties. Words like "may," "plan," "contemplate,"
"anticipate," "believe," "intend," "continue," "expect," "project,"
"predict," "estimate," "could," "should," "would," "will," and
similar expressions, should be considered as identifying
forward-looking statements, although other phrasing may be used.
Such forward-looking statements involve risks and uncertainties and
may not be realized due to a variety of factors. Additional factors
that could cause actual results to differ materially from those
expressed in the forward-looking statements are discussed in the
reports (such as Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q, and Registration Statements on Form S-4) filed by
Southern National. You should consider such factors and not place
undue reliance on such forward-looking statements. No obligation is
undertaken by Southern National to update such forward-looking
statements to reflect events or circumstances occurring after the
issuance of this press release.
Southern National
Bancorp of Virginia, Inc.
|
McLean,
Virginia
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
(in
thousands)
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2019
|
|
2018(1)
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
$
33,088
|
|
$
28,611
|
|
Investment
securities-available for sale
|
163,860
|
|
143,377
|
|
Investment
securities-held to maturity
|
86,815
|
|
92,462
|
|
Stock in Federal
Reserve Bank and Federal Home Loan Bank
|
17,364
|
|
19,522
|
|
Loans receivable, net
of deferred fees
|
2,172,845
|
|
2,178,824
|
|
Allowance for loan
losses
|
(11,613)
|
|
(12,283)
|
|
|
Net loans
|
2,161,232
|
|
2,166,541
|
|
Intangible
assets
|
109,838
|
|
110,563
|
|
Operating lease
right-of-use assets
|
7,924
|
|
-
|
|
Bank premises and
equipment, net
|
30,767
|
|
32,352
|
|
Bank-owned life
insurance
|
63,060
|
|
62,495
|
|
Deferred tax assets,
net
|
14,475
|
|
14,104
|
|
Other
assets
|
35,880
|
|
31,268
|
|
|
Total
assets
|
$
2,724,303
|
|
$
2,701,295
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
Demand
deposits
|
$
335,024
|
|
$
320,043
|
|
NOW
accounts
|
361,787
|
|
345,597
|
|
Money market
accounts
|
444,299
|
|
355,469
|
|
Savings
accounts
|
143,328
|
|
151,050
|
|
Time
deposits
|
865,988
|
|
925,441
|
|
Total deposits
|
2,150,426
|
|
2,097,600
|
|
Federal Home Loan
Bank advances-short term
|
110,640
|
|
163,340
|
|
Subordinated
notes
|
56,678
|
|
56,673
|
|
Operating lease
liabilities
|
8,385
|
|
-
|
|
Other
liabilities
|
35,382
|
|
35,392
|
|
|
Total
liabilities
|
2,361,511
|
|
2,353,005
|
|
Stockholders'
equity
|
362,792
|
|
348,290
|
|
|
Total liabilities and
stockholders' equity
|
$
2,724,303
|
|
$
2,701,295
|
|
|
|
|
|
|
|
(1) Derived from
audited financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Interest and dividend
income
|
$
30,393
|
|
$
29,683
|
|
$
60,696
|
|
$
57,703
|
Interest
expense
|
9,429
|
|
6,509
|
|
18,780
|
|
12,029
|
|
Net interest
income
|
20,964
|
|
23,174
|
|
41,916
|
|
45,674
|
Provision for loan
losses
|
-
|
|
1,050
|
|
200
|
|
2,650
|
|
Net interest income
after provision for loan losses
|
20,964
|
|
22,124
|
|
41,716
|
|
43,024
|
Account maintenance
and deposit service fees
|
1,788
|
|
1,375
|
|
3,475
|
|
2,783
|
Income from
bank-owned life insurance
|
385
|
|
563
|
|
908
|
|
870
|
Equity gain (loss)
from mortgage affiliate
|
558
|
|
191
|
|
576
|
|
(126)
|
Recoveries related to
acquired charged-off
|
|
|
|
|
|
|
|
loans
and investment securities
|
324
|
|
243
|
|
915
|
|
1,726
|
Other
|
135
|
|
181
|
|
378
|
|
379
|
|
Noninterest
income
|
3,190
|
|
2,553
|
|
6,253
|
|
5,632
|
Employee compensation
and benefits
|
7,144
|
|
7,007
|
|
12,956
|
|
13,779
|
Occupancy and
equipment expenses
|
2,538
|
|
2,367
|
|
5,051
|
|
4,815
|
Amortization of core
deposit intangible
|
362
|
|
362
|
|
725
|
|
723
|
FDIC
assessments
|
-
|
|
319
|
|
-
|
|
655
|
Amortization of FDIC
indemnification asset
|
177
|
|
177
|
|
325
|
|
350
|
Net (gain) loss on
other real estate owned
|
(36)
|
|
(40)
|
|
(38)
|
|
160
|
Other
expenses
|
3,707
|
|
3,425
|
|
11,163
|
|
6,754
|
|
Noninterest
expense
|
13,892
|
|
13,617
|
|
30,182
|
|
27,236
|
|
Income before income
taxes
|
10,262
|
|
11,060
|
|
17,786
|
|
21,420
|
Income tax
expense
|
943
|
|
2,193
|
|
2,448
|
|
4,294
|
|
Net
income
|
$
9,319
|
|
$
8,867
|
|
$
15,339
|
|
$
17,126
|
Financial
Highlights
|
(Unaudited)
|
(Dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Per Share
Data:
|
|
|
|
|
|
|
|
Earnings (loss)
per share - Basic
|
$
0.39
|
|
$
0.37
|
|
$
0.64
|
|
$
0.71
|
Earnings (loss) per
share - Diluted
|
$
0.38
|
|
$
0.37
|
|
$
0.63
|
|
$
0.71
|
Book value per
share
|
$
15.04
|
|
$
13.91
|
|
$
15.04
|
|
$
13.91
|
Tangible book value
per share (1)
|
$
10.49
|
|
$
9.32
|
|
$
10.49
|
|
$
9.32
|
Weighted average
shares outstanding - Basic
|
24,024,580
|
|
24,037,906
|
|
24,017,311
|
|
23,999,937
|
Weighted average
shares outstanding - Diluted
|
24,322,717
|
|
24,329,135
|
|
24,315,017
|
|
24,281,292
|
Shares outstanding at
end of period
|
24,117,326
|
|
24,046,453
|
|
24,117,326
|
|
24,046,453
|
|
|
|
|
|
|
|
|
|
Selected
Performance Ratios (2):
|
|
|
|
|
|
|
|
Return on average
assets
|
1.37%
|
|
1.32%
|
|
1.14%
|
|
1.29%
|
Return on average
equity
|
10.46%
|
|
10.68%
|
|
8.71%
|
|
10.41%
|
Return on average
tangible equity (3)
|
15.10%
|
|
15.97%
|
|
12.63%
|
|
15.52%
|
Yield on earning
assets
|
4.93%
|
|
4.86%
|
|
4.94%
|
|
4.81%
|
Cost of
funds
|
1.62%
|
|
1.11%
|
|
1.61%
|
|
1.05%
|
Net interest
margin
|
3.40%
|
|
3.79%
|
|
3.41%
|
|
3.80%
|
Net loans to
deposits
|
100.50%
|
|
108.24%
|
|
100.50%
|
|
108.24%
|
Operating efficiency
ratio (4)
|
58.21%
|
|
53.60%
|
|
63.73%
|
|
54.62%
|
Net charge-offs to
average loans
|
0.01%
|
|
0.04%
|
|
0.04%
|
|
0.05%
|
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
to total assets
|
13.32%
|
|
12.89%
|
|
|
|
|
Tier 1 risk-based
capital ratio (approximate for June 30, 2019)
|
12.48%
|
|
12.06%
|
|
|
|
|
Intangible
assets:
|
|
|
|
|
|
|
|
|
Goodwill
|
$
101,954
|
|
$
101,954
|
|
|
|
|
|
Core deposit
intangible, net
|
7,884
|
|
8,609
|
|
|
|
|
|
Total
|
$
109,838
|
|
$
110,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and other real
estate owned (5):
|
|
|
|
|
|
|
|
Nonaccrual loans
(6)
|
$
5,200
|
|
$
5,916
|
|
|
|
|
Loans past due 90
days and accruing interest
|
-
|
|
-
|
|
|
|
|
Other real estate
owned
|
5,041
|
|
5,077
|
|
|
|
|
Total nonperforming
assets
|
$
10,241
|
|
$
10,993
|
|
|
|
|
Allowance for loan
losses to total non-covered loans
|
0.54%
|
|
0.57%
|
|
|
|
|
Nonperforming assets
excluding SBA guaranteed loans to
|
|
|
|
|
|
|
|
total assets
|
0.26%
|
|
0.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP measure
defined as stockholders' equity less goodwill and other
intangibles divided by common shares outstanding.
|
(2) Selected
performance ratios are annualized except the operating efficiency
ratio and net charge-offs to average loans.
|
(3) Non-GAAP measure
defined as average stockholders' equity less average goodwill and
other intangibles.
|
(4) Non-GAAP measure
excludes gains/losses and write-downs on OREO, gains/losses on sale
of loans, gains/losses on sale of
securities,
|
merger expenses, and
recoveries related to acquired charged-off loans and securities
that are recognized in other noninterest income.
|
(5) Applies only to
non-covered loans and other real estate owned.
|
(6) Nonaccrual loans
include SBA guaranteed amounts totaling $3.2 million and $3.4
million at June 30, 2018 and
|
December
31, 2018, respectively.
|
Reconciliation of
Non-GAAP Financial Measures
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
(Dollars in
thousands)
|
June
30,
|
|
June
30,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income
excluding the nonrecurring other loss
|
|
|
|
|
|
|
|
|
and related legal
adjustment (Non-GAAP)
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
$
9,319
|
|
$
8,867
|
|
$
15,339
|
|
$
17,126
|
Nonrecurring other
loss and related legal expense
|
-
|
|
-
|
|
3,702
|
|
-
|
Income tax effect of
adjustment for the nonrecurring other loss
|
|
|
|
|
|
|
|
|
and related legal
adjustment
|
-
|
|
-
|
|
(777)
|
|
-
|
Net income excluding
the nonrecurring other loss
|
|
|
|
|
|
|
|
|
and related legal
adjustment (Non-GAAP)
|
$
9,319
|
|
$
8,867
|
|
$
18,264
|
|
$
17,126
|
|
|
|
|
|
|
|
|
|
Return on average
assets excluding the nonrecurring other loss
|
|
|
|
|
|
|
|
|
and related legal
adjustment (Non-GAAP)
|
|
|
|
|
|
|
|
Return on average
assets
|
1.37%
|
|
1.32%
|
|
1.14%
|
|
1.29%
|
Effect of adjustment
for the nonrecurring other loss
|
|
|
|
|
|
|
|
|
and related legal
adjustment
|
0.00%
|
|
0.00%
|
|
0.21%
|
|
0.00%
|
Return on average
assets excluding the nonrecurring other loss
|
|
|
|
|
|
|
|
|
and related legal
adjustment (Non-GAAP)
|
1.37%
|
|
1.27%
|
|
1.35%
|
|
0.85%
|
|
|
|
|
|
|
|
|
|
Return on average
assets excluding the nonrecurring other loss
|
|
|
|
|
|
|
|
|
and related legal
adjustment (Non-GAAP)
|
|
|
|
|
|
|
|
Return on average
equity
|
10.46%
|
|
10.68%
|
|
8.71%
|
|
10.41%
|
Effect of adjustment
for the nonrecurring other loss
|
|
|
|
|
|
|
|
|
and related legal
adjustment
|
0.00%
|
|
0.00%
|
|
1.66%
|
|
0.00%
|
Return on average
assets excluding the nonrecurring other loss
|
|
|
|
|
|
|
|
|
and related legal
adjustment (Non-GAAP)
|
10.46%
|
|
10.68%
|
|
10.37%
|
|
10.41%
|
|
|
|
|
|
|
|
|
Operating
Efficiency Ratio
|
|
|
|
|
|
|
|
|
and related legal
adjustment (Non-GAAP)
|
|
|
|
|
|
|
|
Operating Efficiency
Ratio
|
58.21%
|
|
53.60%
|
|
63.73%
|
|
54.62%
|
Effect of adjustment
for the nonrecurring other loss
|
|
|
|
|
|
|
|
|
and related legal
adjustment
|
0.00%
|
|
0.00%
|
|
-7.80%
|
|
0.00%
|
Operating Efficiency
Ratio exlcuding the nonrecurring other loss
|
|
|
|
|
|
|
|
|
and related legal
adjustment (Non-GAAP)
|
58.21%
|
|
53.60%
|
|
55.93%
|
|
54.62%
|
Contacts:
|
Addresses:
|
Joe A. Shearin,
CEO
|
Southern National
Bancorp of Virginia, Inc.
|
Phone:
804-528-4752
|
6830 Old Dominion
Drive
|
|
McLean, VA
22101
|
Georgia S. Derrico,
Executive Chairman
|
|
Phone: 202-464-1130
ext. 2405
|
Sonabank
|
|
10900 Nuckols Road,
Suite 325
|
R. Roderick Porter,
Executive Vice Chairman
|
Glen Allen, VA
23060
|
Phone: 202-464-1130
ext. 2406
|
|
|
|
Southern National
Bancorp of Virginia, Inc., NASDAQ Symbol SONA
|
Website:
www.sonabank.com
|
|
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SOURCE Southern National Bancorp of Virginia, Inc.