Price | 15.59 | EPS | 1 | |
Shares | 24 | P/E | 12 | |
MCap | 380 | P/FCF | 14 | |
Net Debt | -49 | EBIT | 65 | |
TEV | 331 | TEV/EBIT | 5 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-09-30 | Filed 2020-11-09 |
10-Q | 2020-06-30 | Filed 2020-08-10 |
10-Q | 2020-03-31 | Filed 2020-05-08 |
10-K | 2019-12-31 | Filed 2020-03-16 |
10-Q | 2019-09-30 | Filed 2019-11-07 |
10-Q | 2019-06-30 | Filed 2019-08-08 |
10-Q | 2019-03-31 | Filed 2019-05-09 |
10-K | 2018-12-31 | Filed 2019-03-15 |
10-Q | 2018-09-30 | Filed 2018-11-09 |
10-Q | 2018-06-30 | Filed 2018-08-09 |
10-Q | 2018-03-31 | Filed 2018-05-10 |
10-K | 2017-12-31 | Filed 2018-03-16 |
10-Q | 2017-09-30 | Filed 2017-11-09 |
10-Q | 2017-06-30 | Filed 2017-08-09 |
10-Q | 2017-03-31 | Filed 2017-05-09 |
10-K | 2016-12-31 | Filed 2017-03-16 |
10-Q | 2016-09-30 | Filed 2016-11-09 |
10-Q | 2016-06-30 | Filed 2016-08-08 |
10-Q | 2016-03-31 | Filed 2016-05-10 |
10-K | 2015-12-31 | Filed 2016-03-15 |
10-Q | 2015-09-30 | Filed 2015-11-09 |
10-Q | 2015-06-30 | Filed 2015-08-10 |
10-Q | 2015-03-31 | Filed 2015-05-11 |
10-K | 2014-12-31 | Filed 2015-03-13 |
10-Q | 2014-09-30 | Filed 2014-11-10 |
10-Q | 2014-06-30 | Filed 2014-08-06 |
10-Q | 2014-03-31 | Filed 2014-05-09 |
10-K | 2013-12-31 | Filed 2014-03-12 |
10-Q | 2013-09-30 | Filed 2013-11-12 |
10-Q | 2013-06-30 | Filed 2013-08-09 |
10-Q | 2013-03-31 | Filed 2013-05-10 |
10-K | 2012-12-31 | Filed 2013-03-05 |
10-Q | 2012-09-30 | Filed 2012-11-08 |
10-Q | 2012-06-30 | Filed 2012-08-09 |
10-Q | 2012-05-08 | Filed 2012-05-10 |
10-K | 2011-12-31 | Filed 2012-04-17 |
10-Q | 2011-09-30 | Filed 2011-11-09 |
10-Q | 2011-06-30 | Filed 2011-08-09 |
10-Q | 2011-03-31 | Filed 2011-05-09 |
10-K | 2010-12-31 | Filed 2011-03-15 |
10-Q | 2010-09-30 | Filed 2010-11-08 |
10-Q | 2010-06-30 | Filed 2010-08-12 |
10-Q | 2010-03-31 | Filed 2010-05-14 |
10-K | 2009-12-31 | Filed 2010-03-08 |
8-K | 2020-10-26 | |
8-K | 2020-10-22 | |
8-K | 2020-10-01 | |
8-K | 2020-08-20 | |
8-K | 2020-08-17 | |
8-K | 2020-07-27 | |
8-K | 2020-05-21 | |
8-K | 2020-04-28 | |
8-K | 2020-04-23 | |
8-K | 2020-04-08 | |
8-K | 2020-03-31 | |
8-K | 2020-02-19 | |
8-K | 2020-01-30 | |
8-K | 2019-10-24 | |
8-K | 2019-10-02 | |
8-K | 2019-07-25 | |
8-K | 2019-06-20 | |
8-K | 2019-05-23 | |
8-K | 2019-04-26 | |
8-K | 2019-02-28 | |
8-K | 2019-01-24 | |
8-K | 2018-11-27 | |
8-K | 2018-10-29 | |
8-K | 2018-10-25 | |
8-K | 2018-09-19 | |
8-K | 2018-09-06 | |
8-K | 2018-07-26 | |
8-K | 2018-05-24 | |
8-K | 2018-04-26 | |
8-K | 2018-04-20 | |
8-K | 2018-04-16 | |
8-K | 2018-04-02 | |
8-K | 2018-03-12 | |
8-K | 2018-01-26 |
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations |
Item 3 - Quantitative and Qualitative Disclosures About Market Risk |
Item 4 - Controls and Procedures |
Part II - Other Information |
Item 1 - Legal Proceedings |
Item 1A - Risk Factors |
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3 - Defaults Upon Senior Securities |
Item 4 - Mine Safety Disclosures |
Item 5 - Other Information |
Item 6 - Exhibits |
EX-31.1 | sona-20200930xex31d1.htm |
EX-31.2 | sona-20200930xex31d2.htm |
EX-32.1 | sona-20200930xex32d1.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the
Commission File No.
.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction | (I.R.S. Employer Identification No.) |
of incorporation or organization) |
(Address of principal executive offices) (zip code)
(
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: | Trading symbol | Name of each exchange on which registered: |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b–2 of the Exchange Act:
Large accelerated filer ☐ | Smaller reporting company | |
Non-accelerated filer ☐ | Emerging growth company | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
As of November 2, 2020, there were
SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.
FORM 10-Q
September 30, 2020
SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share amounts)
| September 30, |
| December 31, | |||
2020 | 2019 | |||||
(unaudited) | * | |||||
ASSETS | ||||||
Cash and cash equivalents: |
|
|
|
| ||
Cash and due from financial institutions | $ | |
| $ | | |
Interest-bearing deposits in other financial institutions |
| |
| | ||
Total cash and cash equivalents |
| |
| | ||
Securities available for sale, at fair value |
| |
| | ||
Securities held to maturity, at amortized cost (fair value of $ |
| |
| | ||
Total loans |
| |
| | ||
Less allowance for loan losses |
| ( |
| ( | ||
Net loans |
| |
| | ||
Stock in Federal Reserve Bank and Federal Home Loan Bank |
| |
| | ||
Equity investment in mortgage affiliate |
| |
| | ||
Preferred investment in mortgage affiliate |
| |
| | ||
Bank premises and equipment, net |
| |
| | ||
Operating lease right-of-use assets | | | ||||
Goodwill |
| |
| | ||
Core deposit intangibles, net |
| |
| | ||
Bank-owned life insurance |
| |
| | ||
Other real estate owned |
| |
| | ||
Deferred tax assets, net |
| |
| | ||
Accrued interest receivable | | | ||||
Other assets |
| |
| | ||
Total assets | $ | |
| $ | | |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
| ||
Noninterest-bearing demand deposits | $ | |
| $ | | |
Interest-bearing deposits: |
|
|
|
| ||
NOW accounts |
| |
| | ||
Money market accounts |
| |
| | ||
Savings accounts |
| |
| | ||
Time deposits |
| |
| | ||
Total interest-bearing deposits |
| |
| | ||
Total deposits |
| |
| | ||
Securities sold under agreements to repurchase - short term |
| |
| | ||
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings | | | ||||
Federal Home Loan Bank (FHLB) advances |
| |
| | ||
Junior subordinated debt - long term |
| |
| | ||
Senior subordinated notes - long term |
| |
| | ||
Operating lease liabilities | | | ||||
Other liabilities |
| |
| | ||
Total liabilities |
| |
| | ||
Commitments and contingencies (See Note 6) |
|
| ||||
Stockholders' equity: |
|
|
|
| ||
Preferred stock, $ |
|
| ||||
Common stock, $ |
| |
| | ||
Additional paid in capital |
| |
| | ||
Retained earnings |
| |
| | ||
Accumulated other comprehensive income |
| |
| | ||
Total stockholders' equity |
| |
| | ||
Total liabilities and stockholders' equity | $ | |
| $ | |
*
See accompanying notes to unaudited consolidated financial statements.
2
SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(dollars in thousands, except per share amounts) (Unaudited)
For the Three Months Ended | For the Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 | |||||
Interest and dividend income: |
|
|
|
|
|
|
|
| ||||
Interest and fees on loans | $ | | $ | | $ | | $ | | ||||
Interest and dividends on taxable securities |
| |
| |
| |
| | ||||
Interest and dividends on tax exempt securities |
| |
| |
| |
| | ||||
Interest and dividends on other earning assets |
| |
| |
| |
| | ||||
Total interest and dividend income |
| |
| |
| |
| | ||||
Interest expense: |
|
|
|
|
|
|
|
| ||||
Interest on deposits |
| |
| |
| |
| | ||||
Interest on federal reserve board borrowings | | | | | ||||||||
Interest on repurchase agreements |
| |
| |
| |
| | ||||
Interest on junior subordinated debt |
| |
| |
| |
| | ||||
Interest on senior subordinated notes |
| |
| |
| |
| | ||||
Interest on other borrowings |
| |
| |
| |
| | ||||
Total interest expense |
| |
| |
| |
| | ||||
Net interest income |
| |
| |
| |
| | ||||
Provision for loan losses |
| |
| |
| |
| | ||||
Net interest income after provision for loan losses |
| |
| |
| |
| | ||||
Noninterest income: |
|
|
|
|
|
|
|
| ||||
Account maintenance and deposit service fees |
| |
| |
| |
| | ||||
Income from bank-owned life insurance |
| |
| |
| |
| | ||||
Equity gain from mortgage affiliate |
| |
| |
| |
| | ||||
Recoveries related to acquired charged-off loans and investment securities | | | | | ||||||||
Other |
| |
| |
| |
| | ||||
Total noninterest income |
| |
| |
| |
| | ||||
Noninterest expenses: |
|
|
|
|
|
|
|
| ||||
Salaries and benefits |
| |
| |
| |
| | ||||
Occupancy expenses |
| |
| |
| |
| | ||||
Furniture and equipment expenses |
| |
| |
| |
| | ||||
Amortization of core deposit intangible |
| |
| |
| |
| | ||||
Virginia franchise tax expense |
| |
| |
| |
| | ||||
Data processing expense |
| |
| |
| |
| | ||||
Telephone and communication expense |
| |
| |
| |
| | ||||
Net (gain) loss on other real estate owned |
| ( |
| |
| |
| ( | ||||
Professional fees |
| |
| |
| |
| | ||||
Other operating expenses |
| |
| |
| |
| | ||||
Total noninterest expenses |
| |
| |
| |
| | ||||
Income before income taxes |
| |
| |
| |
| | ||||
Income tax expense |
| |
| |
| |
| | ||||
Net income | $ | | $ | | $ | | $ | | ||||
Other comprehensive income: |
|
|
|
|
|
|
|
| ||||
Unrealized gain on available for sale securities | $ | | $ | | $ | | $ | | ||||
Accretion of amounts previously recorded upon transfer to held to maturity from available for sale |
| |
| |
| |
| | ||||
Net unrealized gain |
| |
| |
| |
| | ||||
Tax effect |
| |
| |
| |
| | ||||
Other comprehensive income |
| |
| |
| |
| | ||||
Comprehensive income | $ | | $ | | $ | | $ | | ||||
Earnings per share, basic | $ | | $ | | $ | | $ | | ||||
Earnings per share, diluted | $ | | $ | | $ | | $ | |
See accompanying notes to unaudited consolidated financial statements.
3
SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(dollars in thousands, except per share amounts) (Unaudited)
For the Three Months Ended September 30, 2020 | |||||||||||||||
Accumulated | |||||||||||||||
Additional | Other | ||||||||||||||
Common | Paid in | Retained | Comprehensive | ||||||||||||
| Stock |
| Capital |
| Earnings |
| Income |
| Total | ||||||
Balance - June 30, 2020 | $ | | $ | | $ | | $ | | $ | | |||||
Net income |
| |
| |
| |
| |
| | |||||
Changes in other comprehensive income on investment securities (net of tax $ | | | | | | ||||||||||
Dividends on common stock ($ |
| |
| |
| ( |
| |
| ( | |||||
Issuance of common stock under Stock Incentive Plan ( |
| |
| |
| |
| |
| | |||||
Stock-based compensation expense |
| |
| |
| |
| |
| | |||||
Balance - September 30, 2020 | $ | | $ | | $ | | $ | | $ | | |||||