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Southern National Bancorp Of Virginia, Inc. Reports Earnings Of $6.6 Million For 2012 Compared To $4.4 Million In 2011; Declares Fourth Consecutive Regular Dividend

MCLEAN, Va., Jan. 24, 2013 (GLOBE NEWSWIRE) -- Southern National Bancorp of Virginia, Inc. (Nasdaq:SONA) ("Southern National") announced today that net income for the year ended December 31, 2012 was $6.6 million compared to $4.4 million for the year ended December 31, 2011. In addition, Southern National declared a regular quarterly dividend of $.05 per share payable on February 22, 2013 to shareholders of record on February 11, 2013. Southern National had previously paid regular dividends for the first three quarters of the year in the total amount of $.08 per share. In addition, a special dividend of $0.15 was declared and paid in December 2012.


Net income for the year ended December 31, 2012 was $6.6 million, up from $4.4 million for the year ended December 31, 2011.

Southern National's efficiency ratio was 56.30% for the year ended December 31, 2012, compared to 51.52% for the year ended December 31, 2011.

Fourth quarter 2012 earnings were $1.3 million up from $255 thousand in the fourth quarter of 2011.

Total assets of Southern National Bancorp of Virginia were $722.1 million as of December 31, 2012, up from $611.4 million as of December 31, 2011.

Net Interest Income

Net interest income was $31.7 million during the year ended December 31, 2012, compared to $27.3 million during the prior year. Average loans during 2012 were $526.4 million compared to $477.6 million last year. The net interest margin was 5.19% in 2012, up slightly from 5.06% in 2011. The Greater Atlantic Bank (GAB) loan discount accretion contributed $3.4 million to net interest income during 2012, compared to $3.3 million during 2011. The loan discount accretion on the HarVest Bank portfolio contributed $717 thousand during 2012. Before taking the discount accretion related to the GAB and HarVest acquisitions into account, the net interest margin would have been 4.52% in 2012 and 4.45% in 2011.

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