This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Southern National Bancorp Of Virginia Inc. Reports Earnings Of $1.1 Million For The Third Quarter And $3.2 Million For The First Nine Months Of 2010

MCLEAN, Va., Oct. 28, 2010 (GLOBE NEWSWIRE) -- Southern National Bancorp of Virginia Inc. (Nasdaq:SONA), the holding company for Sonabank, announced today that net income for the quarter ended September 30, 2010 was $1.1 million and $3.2 million for the nine months ended September 30, 2010 compared to $88 thousand and $637 thousand during the third quarter and the first nine months of 2009. The earnings for the quarter and the nine months were reasonably good as we continued to slog through a difficult environment. Our loan pipeline appears strong, but in more and more cases we are finding serious problems during the underwriting process where the potential borrower is in default or on the edge of default with other lenders. As a result, and with payoffs in the Greater Atlantic FDIC covered portfolio, loan growth has slowed.

Net Interest Income

Net interest income was $6.1 million in the quarter ended September 30, 2010 up from $4.0 million during the same period last year. The accretion of the discount on Greater Atlantic Bank's loans contributed $604 thousand to third quarter net interest income. Sonabank's net interest margin was 4.38% in the third quarter, down from 4.70% in the second quarter of 2010. This decline is attributable to repricing of loans that had fixed rates which expired and converted to floating rates during the third quarter of 2010. The net interest margin was 3.89% during the third quarter of last year.

Net interest income was $18.8 million during the nine months ended September 30, 2010, compared to $10.5 million during the comparable period in the prior year. Average loans during the first nine months of 2010 were $462.5 million compared to $321.5 million during the same period last year. The Greater Atlantic Bank loan discount accretion contributed $2.1 million during the first nine months of 2010.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,102.38 -272.38 -1.66%
S&P 500 1,921.22 -29.91 -1.53%
NASDAQ 4,683.9190 -49.5780 -1.05%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs