Southern National Bancorp of Virginia Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Declares Regular Quarterly Dividend, Payable on February 21, 2014
January 23, 2014 at 04:34 pm
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Southern National Bancorp of Virginia Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company's net interest income was $7,579,000 against $8,129,000 a year ago. Net interest income after provision for loan losses was $6,979,000 against $6,539,000 a year ago. Income before income taxes was $2,091,000 against $1,931,000 a year ago. Net income was $1,396,000 or $0.12 basic and diluted per share against $1,303,000 or $0.11 basic and diluted per share a year ago. Return on average assets was 0.78% against 0.73% a year ago. Return on average equity was 5.20% against 4.96% a year ago.
For the year, the company's net interest income was $30,448,000 against $31,733,000 a year ago. Net interest income after provision for loan losses was $26,833,000 against $25,538,000 a year ago. Income before income taxes was $9,294,000 against $9,684,000 a year ago. Net income was $6,258,000 or $0.54 basic and diluted per share against $6,569,000 or $0.57 basic and diluted per share a year ago. Return on average assets was 0.89% against 0.97% a year ago. Return on average equity was 5.95% against 6.40% a year ago. Book value was $9.20 per share against $8.90 per share a year ago. Tangible book value was $8.34 per share against $8.00 per share a year ago.
The company declared a regular quarterly dividend of $0.07 per share payable on February 21, 2014 to shareholders of record on February 10, 2014.
Primis Financial Corp. is a bank holding company for Primis Bank (the Bank). The Bank is a state-chartered bank. The Bank provides a range of financial services to individuals and small and medium-sized businesses through approximately 32 full-service branches in Virginia and Maryland. The Company operates through two segments: Primis Mortgage and Primis Bank. The Primis Bank segment specializes in providing financing services to businesses in various industries and deposit-related services to businesses, consumers and other customers. The Primis Mortgage segment specializes in originating mortgages in a majority of the United States. The Company earns non-interest income and the origination and sale of mortgage loans through the Primis Mortgage segment. The Company offers a range of deposit products, including checking, savings, and money market accounts and certificates of deposit, and others.
Southern National Bancorp of Virginia Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Declares Regular Quarterly Dividend, Payable on February 21, 2014