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Southern National Bancorp Of Virginia Inc. Reports Earnings Of $2.1 Million For 2010, And A Fourth Quarter Loss Of $1 Million

MCLEAN, Va., Jan. 27, 2011 (GLOBE NEWSWIRE) -- Southern National Bancorp of Virginia, Inc. (Nasdaq:SONA) announced today that net income for the year ended December 31, 2010 was $2.1 million down from $2.4 million for the year ended December 31, 2009. The decline was largely attributable to a fourth quarter loan loss provision of $4.8 million and corresponding charge-offs on two related loans which will be discussed in more detail below.

Overview

Net income for the year ended December 31, 2010 was $2.1 million, down from $2.4 million for the year ended December 31, 2009. During 2009 we recognized a gain of $11.2 million on the Greater Atlantic acquisition as well as a gain on the Millennium Warrenton branch acquisition in the amount of $423 thousand. Other than temporary impairment (OTTI) charges on investment securities related to credit were $7.7 million in 2009. OTTI charges on investment securities related to credit were $288 thousand in 2010. Net interest income for 2010 was $24.7 million compared to $15.3 million in 2009, attributable primarily to the acquisition of Greater Atlantic Bank late in the fourth quarter of 2009.

Southern National's efficiency ratio improved from 66.36% for the year ended December 31, 2009 to 54.85% for the year ended December 31, 2010. The efficiency ratio in 2009 was impacted by one-time costs incurred in the Greater Atlantic Bank acquisition.

There was a net loss in the fourth quarter of 2010 of $1 million, compared to net income of $1.7 million for the fourth quarter of 2009. Net interest income for the fourth quarter was $5.9 million up from $4.8 million for the same quarter last year attributable primarily to the acquisition of Greater Atlantic Bank late in the fourth quarter of 2009. Last year's fourth quarter benefitted from the gain of $11.2 million from the Greater Atlantic Bank bargain purchase transaction partially offset by OTTI charges related to credit of $5.6 million on the trust preferred portfolio.

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