Southern National Bancorp Of Virginia Inc. Reports Earnings Of $6.3 Million For 2013 Compared To $6.6 Million In 2012; Declares Ninth Consecutive Regular Dividend; Announces Merger Agreement With Prince George's Federal Savings Bank
MCLEAN, Va., Jan. 23, 2014 (GLOBE NEWSWIRE) -- Southern National Bancorp of Virginia, Inc. ("Southern National") (Nasdaq:SONA) announced today that net income for the year ended December 31, 2013 was $6.3 million compared to $6.6 million for the year ended December 31, 2012. In addition, Southern National declared a regular quarterly dividend of $.07 per share payable on February 21, 2014 to shareholders of record on February 10, 2014.
Net income for the year ended December 31, 2013 was $6.3 million, down slightly from $6.6 million for the prior year.Southern National's efficiency ratio was 60.78% for the year ended December 31, 2013, compared to 56.25% for the year ended December 31, 2012. Fourth quarter 2013 earnings were $1.4 million up from $1.3 million in the fourth quarter of 2012. Total assets of Southern National Bancorp of Virginia were $716.2 million as of December 31, 2013, down slightly from $723.8 million as of December 31, 2012. Net Interest Income Net interest income was $30.4 million during the year ended December 31, 2013, compared to $31.7 million during the prior year. Average loans during 2013 were $516.9 million compared to $526.4 million last year. The net interest margin was 4.75% in 2013, down from 5.19% in 2012. The primary driver was a reduction in the average yield on loans from 6.70% in 2012 to 6.24% in 2013 as we had to respond to ferocious competition in our marketplace. During the fourth quarter of 2013 we had total payoffs of $18.0 million, most of which were refinanced but some of which were sales of commercial real estate by the owner. Of the payoffs, $1.4 million were from the Greater Atlantic Bank (GAB) portfolio, and the remaining $16.6 million were in the non-covered portfolio. We managed to hold our own during the quarter with new loan closings of $53.3 million. As a result, loans, net of deferred fees, were up $20.0 million from the previous quarter and $15.9 million from the previous year end.
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