Southern National Bancorp of Virginia In (SONA, Financial) filed Quarterly Report for the period ended 2010-03-31.
Southern National Bancorp Of Virginia In has a market cap of $96.9 million; its shares were traded at around $8.35 with a P/E ratio of 27.8 and P/S ratio of 3.3.
Net interest income for the three months ended March 31, 2010 was $6.3 million compared to $3.0 million for the same period last year. Average interest-earning assets for the three months ended March 31, 2010 increased $153.7 million over the same period in 2009. Average loans outstanding increased by $150.1 million in the first quarter of 2010 compared to the first quarter of 2009. Average investment securities increased by $7.3 million in the quarter ended March 31, 2010, compared to the same period last year. The average balance of other earning assets, primarily interest-earning accounts at the Federal Reserve Bank of Richmond (FRB) and the Federal Home Loan Bank of Atlanta (FHLB), decreased from $18.5 million during the first quarter of 2009 to $14.8 million during the first quarter of 2010. The average yield on interest-earning assets increased from 5.57% in 2009 to 6.20% in 2010. Average interest-bearing liabilities for the three months ended March 31, 2010 increased $139.0 million compared to the same period in 2009. Average interest-bearing deposits increased by $135.5 million, while average borrowings increased by $3.5 million compared to the first quarter of 2009. The average cost of interest-bearing liabilities decreased from 2.85% in 2009 to 1.81% in 2010. The interest rate spread for the three months ended March 31, 2010 increased from 2.72% to 4.39% compared to the same period last year. The net interest margin for the three months ended March 31, 2010 increased to 4.62% from 3.12% compared to the same period last year.
The provision for loan losses charged to operations for the three months ended March 31, 2010 and 2009 were $1.3 million and $480 thousand, respectively. Net charge offs during the quarter ended March 31, 2010 were $1.1 million compared to $238 thousand during the same quarter last year. The charge-offs were related to various credits including one non-real estate related SBA loan, one real estate related SBA loan, one residential mortgage, two commercial and industrial loans, one consumer loan and one commercial real estate mortgage. Two of the largest charge offs involved a $400 thousand charge off on a loan to a commercial and industrial borrower and a $330 thousand charge off on a loan to a commercial real estate borrower. The charge off on our
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Southern National Bancorp Of Virginia In has a market cap of $96.9 million; its shares were traded at around $8.35 with a P/E ratio of 27.8 and P/S ratio of 3.3.
Highlight of Business Operations:
Net income for the quarter ended March 31, 2010 was $1.0 million compared to $526 thousand during the first quarter of 2009.Net interest income for the three months ended March 31, 2010 was $6.3 million compared to $3.0 million for the same period last year. Average interest-earning assets for the three months ended March 31, 2010 increased $153.7 million over the same period in 2009. Average loans outstanding increased by $150.1 million in the first quarter of 2010 compared to the first quarter of 2009. Average investment securities increased by $7.3 million in the quarter ended March 31, 2010, compared to the same period last year. The average balance of other earning assets, primarily interest-earning accounts at the Federal Reserve Bank of Richmond (FRB) and the Federal Home Loan Bank of Atlanta (FHLB), decreased from $18.5 million during the first quarter of 2009 to $14.8 million during the first quarter of 2010. The average yield on interest-earning assets increased from 5.57% in 2009 to 6.20% in 2010. Average interest-bearing liabilities for the three months ended March 31, 2010 increased $139.0 million compared to the same period in 2009. Average interest-bearing deposits increased by $135.5 million, while average borrowings increased by $3.5 million compared to the first quarter of 2009. The average cost of interest-bearing liabilities decreased from 2.85% in 2009 to 1.81% in 2010. The interest rate spread for the three months ended March 31, 2010 increased from 2.72% to 4.39% compared to the same period last year. The net interest margin for the three months ended March 31, 2010 increased to 4.62% from 3.12% compared to the same period last year.
The provision for loan losses charged to operations for the three months ended March 31, 2010 and 2009 were $1.3 million and $480 thousand, respectively. Net charge offs during the quarter ended March 31, 2010 were $1.1 million compared to $238 thousand during the same quarter last year. The charge-offs were related to various credits including one non-real estate related SBA loan, one real estate related SBA loan, one residential mortgage, two commercial and industrial loans, one consumer loan and one commercial real estate mortgage. Two of the largest charge offs involved a $400 thousand charge off on a loan to a commercial and industrial borrower and a $330 thousand charge off on a loan to a commercial real estate borrower. The charge off on our
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