MCLEAN, Va., April 25, 2013 (GLOBE NEWSWIRE) -- Southern National Bancorp of Virginia Inc. (Nasdaq:SONA), the holding company for Sonabank, announced today that net income for the quarter ended March 31, 2013 was $1.5 million compared to $1.8 million during the quarter ended March 31, 2012. The decline was largely attributable to the fact that the first quarter of 2012 had benefitted from a gain on the sale of SBA loans in the amount of $657 thousand. Southern National had net income of $1.3 million in the fourth quarter of 2012.
The Board of Directors declared a dividend of $.06 per share payable May 24, 2013 to shareholders of record on May 13, 2013. This is our sixth consecutive quarterly dividend.
Net interest income before the provision for loan losses was $7.8 million for the first quarter of 2013, compared to $7.6 million for the first quarter of 2012. The first quarter of 2012 included a recovery of discount of $805 thousand recognized in purchase accounting for two impaired loans acquired in the Greater Atlantic Bank ("GAB") acquisition following the receipt of principal paydown from the borrowers. The net interest margin including the recovery of discount was 5.59% in the quarter ended March 31, 2012, and 5.00% excluding the recovery. The net interest margin during the first quarter of 2013 was 4.94%. The yield on earning assets was 5.74% during the first quarter of 2013 compared to 6.64% for the same period in 2012 and 6.05% excluding the recovery of discount. The GAB loan discount accretion contributed $447 thousand to net interest income during the first quarter of 2013, compared to $1.5 million during the first quarter of 2012. The loan discount accretion on the HarVest Bank portfolio contributed $369 thousand during the first quarter of 2013. Before taking the accretions related to the GAB and HarVest acquisitions into account, the net interest margin was 4.43% on the first quarter of 2013 and 4.52% in the first quarter of 2012.
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