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Southern National Bancorp of Virginia In Reports Operating Results (10-Q)

August 12, 2010 | About:
10qk

10qk

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Southern National Bancorp of Virginia In (SONA) filed Quarterly Report for the period ended 2010-06-30.

Southern National Bancorp Of Virginia In has a market cap of $80.3 million; its shares were traded at around $6.928 with a P/E ratio of 17.8 and P/S ratio of 2.7.

Highlight of Business Operations:

Net income for the quarter ended June 30, 2010 was $1.0 million and $2.1 million for the six months ended June 30, 2010, compared to $23 thousand and $549 thousand during the second quarter and the first six months of 2009. Earnings in the three and six months ended June 30, 2010 were positively affected by the Greater Atlantic Bank and Millennium loan purchase transactions. Earnings in the second quarter and first half of 2009 were adversely impacted by OTTI charges of $863 thousand before tax on several of Sonabanks trust preferred securities. There were no OTTI charges on the trust preferred securities during the first six months of 2010.

Net interest income for the three months ended June 30, 2010 was $6.4 million compared to $3.5 million for the same period last year. Average interest-earning assets for the three months ended June 30, 2010 increased $150.4 million over the same period in 2009. Average loans outstanding increased by $140.9 million in the second quarter of 2010 compared to the second quarter of 2009. Average investment securities increased by $8.2 million in the quarter ended June 30, 2010, compared to the same period last year. The average yield on interest-earning assets increased from 5.60% in 2009 to 6.25% in 2010. Average interest-bearing liabilities for the three months ended June 30, 2010 increased $132.4 million compared to the same period in 2009. Average interest-bearing deposits increased by $126.9 million, while average borrowings increased by $5.5 million compared to the second quarter of 2009. The average cost of interest-bearing liabilities decreased from 2.44% in 2009 to 1.79% in 2010. The interest rate spread for the three months ended June 30, 2010 increased from 3.16% to 4.46% compared to the same period last year. The net interest margin for the three months ended June 30, 2010 increased to 4.70% from 3.51% compared to the same period last year.

Net interest income for the six months ended June 30, 2010 was $12.7 million compared to $6.5 million for the same period last year. Average interest-earning assets for the six months ended June 30, 2010 increased $152.0 million over the same period in 2009. Average loans outstanding increased by $145.4 million in the first half of 2010 compared to the first six months of 2009. Average investment securities increased by $7.8 million in the six months ended June 30, 2010, compared to the same period last year. The average yield on interest-earning assets increased from 5.58% in 2009 to 6.22% in 2010. Average interest-bearing liabilities for the six months ended June 30, 2010 increased $135.7 million compared to the same period in 2009. Average interest-bearing deposits increased by $131.2 million, while average borrowings increased by $4.5 million compared to the first six months of 2009. The average cost of interest-bearing liabilities decreased from 2.64% in 2009 to 1.80% in 2010. The interest rate spread for the six months ended June 30, 2010 increased from 2.94% to 4.42% compared to the same period last year. The net interest margin for the six months ended June 30, 2010 increased to 4.66% from 3.32% compared to the same period last year.

Read the The complete Report

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10qk
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