Southern National Bancorp of Virginia Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 26, 2018 at 08:30 pm
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Southern National Bancorp of Virginia Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, interest and dividend income was $27,965,000 against $12,364,000 a year ago. Net interest income was $22,970,000 against $10,055,000 a year ago. Income before income taxes was $9,691,000 against $3,530,000 a year ago. Net loss was $1,161,000 against income of $2,192,000 a year ago. Loss per share basic and diluted was $0.05 against earnings of $0.18 per a year ago. Negative return on average assets was 0.18% against return on average assets of 0.79% a year ago. Negative return on average equity was 1.40% against return on average equity of 6.92% a year ago.
For the year, interest and dividend income was $83,570,000 against $48,947,000 a year ago. Net interest income was $67,917,000 against $40,314,000 a year ago. Income before income taxes was $15,572,000 against $15,407,000 a year ago. Net income was $2,425,000 against $10,312,000 a year ago. Earnings per share diluted were $0.13 against $0.83 per a year ago. Return on average assets was 0.13% against 0.95% a year ago. Return on average equity was 1.02% against 8.37% a year ago. Book value per share as at December 31, 2017 was $13.48 against $10.30 as at December 31, 2016. Tangible book value per share as at December 31, 2016 was $8.86 against $9.37 as at December 31, 2016.
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.