Southern National Bancorp of Virginia Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
January 27, 2017 at 08:22 am EST
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Southern National Bancorp of Virginia Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, interest and dividend income was $12,364,000 against $11,386,000 a year ago. Net interest income was $10,055,000 against $9,490,000 a year ago. Income before income taxes was $3,530,000 against $3,550,000 a year ago. Net income was $2,192,000 against $2,338,000 a year ago. Earnings per share basic and diluted were $0.18 against $0.19 per a year ago. Return on average assets was 0.79% against 0.93% a year ago. Return on average equity was 6.92% against 7.71% a year ago. Core net income was $2,594,000 against $2,338,000 a year ago.
For the year, interest and dividend income was $48,947,000 against $43,701,000 a year ago. Net interest income was $40,314,000 against $36,624,000 a year ago. Income before income taxes was $15,407,000 against $13,956,000 a year ago. Net income was $10,312,000 against $9,289,000 a year ago. Earnings per share diluted were $0.83 against $0.75 per a year ago. Return on average assets was 0.95% against 0.95% a year ago. Return on average equity was 8.37% against 7.87% a year ago. Book value per share as at December 31, 2016 was $10.30 against $9.78 a year ago. Tangible book value per share as at December 31, 2016 was $9.37 against $8.83 a year ago. Core net income was $10,714,000 against $9,289,000 a year ago.
Primis Financial Corp. is a bank holding company for Primis Bank (the Bank). The Bank is a state-chartered bank. The Bank provides a range of financial services to individuals and small and medium-sized businesses through approximately 32 full-service branches in Virginia and Maryland. The Company operates through two segments: Primis Mortgage and Primis Bank. The Primis Bank segment specializes in providing financing services to businesses in various industries and deposit-related services to businesses, consumers and other customers. The Primis Mortgage segment specializes in originating mortgages in a majority of the United States. The Company earns non-interest income and the origination and sale of mortgage loans through the Primis Mortgage segment. The Company offers a range of deposit products, including checking, savings, and money market accounts and certificates of deposit, and others.