Company Quick10K Filing
Southern National Bancorp of Virginia
Price15.59 EPS1
Shares24 P/E12
MCap380 P/FCF14
Net Debt-49 EBIT65
TEV331 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
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 2020-08-20 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-08-17 Regulation FD, Exhibits
8-K 2020-07-27 Earnings, Regulation FD, Other Events, Exhibits
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

SONA 10Q Quarterly Report

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-20200630xex31d1.htm
EX-31.2 sona-20200630xex31d2.htm
EX-32.1 sona-20200630xex32d1.htm

Southern National Bancorp of Virginia Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

000P4Y6M0001325670--12-31Q2falseSouthern National Bancorp of Virginia Inc241815340024361603false965700096000000001325670us-gaap:SeniorSubordinatedNotesMember2020-06-300001325670us-gaap:RetainedEarningsMember2020-06-300001325670us-gaap:HeldtomaturitySecuritiesMember2020-06-300001325670us-gaap:CommonStockMember2020-06-300001325670us-gaap:AdditionalPaidInCapitalMember2020-06-300001325670us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001325670us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-06-300001325670us-gaap:RetainedEarningsMember2020-03-310001325670us-gaap:HeldtomaturitySecuritiesMember2020-03-310001325670us-gaap:CommonStockMember2020-03-310001325670us-gaap:AdditionalPaidInCapitalMember2020-03-310001325670us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001325670us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-03-310001325670us-gaap:RetainedEarningsMember2019-12-310001325670us-gaap:HeldtomaturitySecuritiesMember2019-12-310001325670us-gaap:CommonStockMember2019-12-310001325670us-gaap:AdditionalPaidInCapitalMember2019-12-310001325670us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001325670us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310001325670us-gaap:RetainedEarningsMember2019-06-300001325670us-gaap:HeldtomaturitySecuritiesMember2019-06-300001325670us-gaap:CommonStockMember2019-06-300001325670us-gaap:AdditionalPaidInCapitalMember2019-06-300001325670us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001325670us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-06-300001325670us-gaap:RetainedEarningsMember2019-03-310001325670us-gaap:HeldtomaturitySecuritiesMember2019-03-310001325670us-gaap:CommonStockMember2019-03-310001325670us-gaap:AdditionalPaidInCapitalMember2019-03-310001325670us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310001325670us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-03-310001325670us-gaap:RetainedEarningsMember2018-12-310001325670us-gaap:HeldtomaturitySecuritiesMember2018-12-310001325670us-gaap:CommonStockMember2018-12-310001325670us-gaap:AdditionalPaidInCapitalMember2018-12-310001325670us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001325670us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-12-310001325670sona:StockOptionPlan2017Member2017-06-210001325670us-gaap:RestrictedStockMember2019-01-012019-12-310001325670us-gaap:RestrictedStockMember2020-06-300001325670us-gaap:RestrictedStockMember2019-12-310001325670us-gaap:RestrictedStockMember2020-01-012020-06-300001325670us-gaap:ScenarioAdjustmentMembersona:EasternVirginiaBanksharesIncMember2017-06-230001325670us-gaap:HeldtomaturitySecuritiesMember2020-01-012020-06-300001325670us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-06-300001325670us-gaap:HeldtomaturitySecuritiesMember2019-01-012019-06-300001325670us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-01-012019-06-300001325670us-gaap:HeldtomaturitySecuritiesMember2020-04-012020-06-300001325670us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-04-012020-06-300001325670us-gaap:HeldtomaturitySecuritiesMember2019-04-012019-06-300001325670us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-04-012019-06-3000013256702019-01-012019-12-310001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMemberus-gaap:SubstandardMember2020-06-300001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMemberus-gaap:SpecialMentionMember2020-06-300001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMemberus-gaap:PassMember2020-06-300001325670us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SubstandardMember2020-06-300001325670us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:PassMember2020-06-300001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2020-06-300001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2020-06-300001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2020-06-300001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2020-06-300001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2020-06-300001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2020-06-300001325670us-gaap:PassMembersona:PaycheckProtectionProgramLoansMember2020-06-300001325670us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-06-300001325670us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2020-06-300001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2020-06-300001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-06-300001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2020-06-300001325670us-gaap:SpecialMentionMember2020-06-300001325670us-gaap:PassMember2020-06-300001325670us-gaap:DoubtfulMember2020-06-300001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMemberus-gaap:SubstandardMember2019-12-310001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMemberus-gaap:SpecialMentionMember2019-12-310001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMemberus-gaap:PassMember2019-12-310001325670us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SubstandardMember2019-12-310001325670us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:PassMember2019-12-310001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2019-12-310001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2019-12-310001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2019-12-310001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2019-12-310001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2019-12-310001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2019-12-310001325670us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2019-12-310001325670us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2019-12-310001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2019-12-310001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2019-12-310001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2019-12-310001325670us-gaap:SpecialMentionMember2019-12-310001325670us-gaap:PassMember2019-12-310001325670us-gaap:DoubtfulMember2019-12-310001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-06-300001325670us-gaap:FairValueInputsLevel3Member2020-06-300001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2020-03-310001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-03-310001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-03-310001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-03-310001325670us-gaap:UnallocatedFinancingReceivablesMember2020-03-310001325670us-gaap:ConsumerPortfolioSegmentMember2020-03-310001325670us-gaap:CommercialPortfolioSegmentMember2020-03-3100013256702020-03-310001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-12-310001325670us-gaap:FairValueInputsLevel3Member2019-12-310001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2019-06-300001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-06-300001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-06-300001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-06-300001325670us-gaap:UnallocatedFinancingReceivablesMember2019-06-300001325670us-gaap:ConsumerPortfolioSegmentMember2019-06-300001325670us-gaap:CommercialPortfolioSegmentMember2019-06-300001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2019-03-310001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-03-310001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-03-310001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-03-310001325670us-gaap:UnallocatedFinancingReceivablesMember2019-03-310001325670us-gaap:ConsumerPortfolioSegmentMember2019-03-310001325670us-gaap:CommercialPortfolioSegmentMember2019-03-3100013256702019-03-310001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2018-12-310001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2018-12-310001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2018-12-310001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2018-12-310001325670us-gaap:UnallocatedFinancingReceivablesMember2018-12-310001325670us-gaap:ConsumerPortfolioSegmentMember2018-12-310001325670us-gaap:CommercialPortfolioSegmentMember2018-12-310001325670us-gaap:LetterOfCreditMember2020-06-300001325670us-gaap:LetterOfCreditMember2019-12-310001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-06-300001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-06-300001325670us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-06-300001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-06-300001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-06-300001325670us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-06-300001325670us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-06-300001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-06-300001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-06-300001325670us-gaap:FinancingReceivables60To89DaysPastDueMember2020-06-300001325670us-gaap:FinancingReceivables30To59DaysPastDueMember2020-06-300001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001325670us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001325670us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001325670us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001325670us-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001325670us-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001325670sona:PaycheckProtectionProgramLoansMember2020-04-300001325670us-gaap:UnallocatedFinancingReceivablesMember2020-06-300001325670us-gaap:ConsumerPortfolioSegmentMember2020-06-300001325670us-gaap:CommercialPortfolioSegmentMember2020-06-300001325670us-gaap:UnallocatedFinancingReceivablesMember2019-12-310001325670us-gaap:ConsumerPortfolioSegmentMember2019-12-310001325670us-gaap:CommercialPortfolioSegmentMember2019-12-310001325670srt:RestatementAdjustmentMember2020-01-010001325670us-gaap:EmployeeStockOptionMember2020-06-300001325670us-gaap:RestrictedStockMembersona:StockOptionPlan2017Member2020-06-300001325670us-gaap:RestrictedStockMembersona:StockOptionPlan2017Member2020-01-012020-06-300001325670sona:EasternVirginiaBanksharesIncMemberus-gaap:JuniorSubordinatedDebtMember2020-06-300001325670sona:EasternVirginiaBanksharesIncMemberus-gaap:JuniorSubordinatedDebtMember2019-12-310001325670us-gaap:SeniorSubordinatedNotesMember2017-01-200001325670sona:EasternVirginiaBanksharesIncMemberus-gaap:SeniorSubordinatedNotesMember2015-04-220001325670srt:FederalHomeLoanBankOfAtlantaMember2020-06-300001325670srt:FederalHomeLoanBankOfAtlantaMember2019-12-310001325670us-gaap:SeniorSubordinatedNotesMember2017-01-202017-01-200001325670us-gaap:AccountingStandardsUpdate201602Memberus-gaap:RetainedEarningsMember2019-06-300001325670us-gaap:AccountingStandardsUpdate201602Memberus-gaap:CommonStockMember2019-06-300001325670us-gaap:AccountingStandardsUpdate201602Memberus-gaap:AdditionalPaidInCapitalMember2019-06-300001325670us-gaap:AccountingStandardsUpdate201602Memberus-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001325670us-gaap:AccountingStandardsUpdate201602Member2019-06-3000013256702019-06-3000013256702018-12-310001325670sona:EasternVirginiaBanksharesIncMember2017-06-230001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersona:SbaPoolSecuritiesMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembersona:SbaPoolSecuritiesMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembersona:SbaPoolSecuritiesMember2020-06-300001325670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-06-300001325670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-06-300001325670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2020-06-300001325670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2020-06-300001325670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-06-300001325670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-06-300001325670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-06-300001325670us-gaap:FairValueMeasurementsRecurringMembersona:SbaPoolSecuritiesMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001325670us-gaap:FairValueMeasurementsRecurringMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-310001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2019-12-310001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2019-12-310001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2019-12-310001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2019-12-310001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2019-12-310001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2019-12-310001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersona:SbaPoolSecuritiesMember2019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembersona:SbaPoolSecuritiesMember2019-12-310001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-310001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2019-12-310001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2019-12-310001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2019-12-310001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2019-12-310001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2019-12-310001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2019-12-310001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembersona:SbaPoolSecuritiesMember2019-12-310001325670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-310001325670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2019-12-310001325670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2019-12-310001325670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2019-12-310001325670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2019-12-310001325670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2019-12-310001325670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2019-12-310001325670us-gaap:FairValueMeasurementsRecurringMembersona:SbaPoolSecuritiesMember2019-12-310001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001325670us-gaap:FairValueMeasurementsRecurringMember2019-12-310001325670us-gaap:USStatesAndPoliticalSubdivisionsMember2020-06-300001325670us-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-06-300001325670us-gaap:ResidentialMortgageBackedSecuritiesMember2020-06-300001325670us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-06-300001325670us-gaap:CorporateDebtSecuritiesMember2020-06-300001325670us-gaap:CommercialMortgageBackedSecuritiesMember2020-06-300001325670sona:SbaPoolSecuritiesMember2020-06-300001325670us-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-310001325670us-gaap:USGovernmentAgenciesDebtSecuritiesMember2019-12-310001325670us-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2019-12-310001325670us-gaap:ResidentialMortgageBackedSecuritiesMember2019-12-310001325670us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2019-12-310001325670us-gaap:CorporateDebtSecuritiesMember2019-12-310001325670us-gaap:CommercialMortgageBackedSecuritiesMember2019-12-310001325670sona:SbaPoolSecuritiesMember2019-12-3100013256702002-01-012002-12-310001325670sona:ReceivablesWithDeterioratedCreditQualityMemberus-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2020-04-012020-06-300001325670sona:ReceivablesWithDeterioratedCreditQualityMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-04-012020-06-300001325670sona:CommercialRealEstateOwnerOccupiedMembersona:ReceivablesWithDeterioratedCreditQualityMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-04-012020-06-300001325670sona:CommercialRealEstateNonOwnerOccupiedMembersona:ReceivablesWithDeterioratedCreditQualityMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-04-012020-06-300001325670us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2020-04-012020-06-300001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-04-012020-06-300001325670sona:ReceivablesWithDeterioratedCreditQualityMemberus-gaap:UnallocatedFinancingReceivablesMember2020-04-012020-06-300001325670sona:ReceivablesWithDeterioratedCreditQualityMemberus-gaap:ConsumerPortfolioSegmentMember2020-04-012020-06-300001325670sona:ReceivablesWithDeterioratedCreditQualityMemberus-gaap:CommercialPortfolioSegmentMember2020-04-012020-06-300001325670us-gaap:UnallocatedFinancingReceivablesMember2020-04-012020-06-300001325670us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2020-04-012020-06-300001325670sona:ReceivablesWithDeterioratedCreditQualityMember2020-04-012020-06-300001325670sona:ReceivablesWithDeterioratedCreditQualityMemberus-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2020-01-012020-06-300001325670sona:ReceivablesWithDeterioratedCreditQualityMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-01-012020-06-300001325670sona:CommercialRealEstateOwnerOccupiedMembersona:ReceivablesWithDeterioratedCreditQualityMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-01-012020-06-300001325670sona:CommercialRealEstateNonOwnerOccupiedMembersona:ReceivablesWithDeterioratedCreditQualityMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-01-012020-06-300001325670us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2020-01-012020-06-300001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-01-012020-06-300001325670sona:ReceivablesWithDeterioratedCreditQualityMemberus-gaap:UnallocatedFinancingReceivablesMember2020-01-012020-06-300001325670sona:ReceivablesWithDeterioratedCreditQualityMemberus-gaap:ConsumerPortfolioSegmentMember2020-01-012020-06-300001325670sona:ReceivablesWithDeterioratedCreditQualityMemberus-gaap:CommercialPortfolioSegmentMember2020-01-012020-06-300001325670us-gaap:UnallocatedFinancingReceivablesMember2020-01-012020-06-300001325670us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2020-01-012020-06-300001325670us-gaap:ConsumerPortfolioSegmentMember2020-01-012020-06-300001325670sona:ReceivablesWithDeterioratedCreditQualityMember2020-01-012020-06-300001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-04-012019-06-300001325670us-gaap:UnallocatedFinancingReceivablesMember2019-04-012019-06-300001325670us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-01-012019-06-300001325670us-gaap:UnallocatedFinancingReceivablesMember2019-01-012019-06-300001325670us-gaap:ConsumerPortfolioSegmentMember2019-01-012019-06-300001325670us-gaap:RestrictedStockMembersona:StockOptionPlan2017Member2020-04-012020-06-300001325670us-gaap:EmployeeStockOptionMember2020-04-012020-06-300001325670us-gaap:EmployeeStockOptionMember2020-01-012020-06-300001325670us-gaap:RestrictedStockMembersona:StockOptionPlan2017Member2019-04-012019-06-300001325670us-gaap:EmployeeStockOptionMember2019-04-012019-06-300001325670us-gaap:RestrictedStockMembersona:StockOptionPlan2017Member2019-01-012019-06-300001325670us-gaap:EmployeeStockOptionMember2019-01-012019-06-300001325670us-gaap:RetainedEarningsMember2020-04-012020-06-300001325670us-gaap:CommonStockMember2020-04-012020-06-300001325670us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001325670us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001325670us-gaap:RetainedEarningsMember2020-01-012020-06-300001325670us-gaap:CommonStockMember2020-01-012020-06-300001325670us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300001325670us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300001325670us-gaap:RetainedEarningsMember2019-04-012019-06-300001325670us-gaap:CommonStockMember2019-04-012019-06-300001325670us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001325670us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300001325670us-gaap:RetainedEarningsMember2019-01-012019-06-300001325670us-gaap:CommonStockMember2019-01-012019-06-300001325670us-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-300001325670us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-06-300001325670sona:FairValueInputsLevel1AndLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001325670sona:FairValueInputsLevel1AndLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-06-300001325670sona:FairValueInputsLevel1AndLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001325670sona:FairValueInputsLevel1AndLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-06-300001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-300001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-300001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-300001325670us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerPortfolioSegmentMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerPortfolioSegmentMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerPortfolioSegmentMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2020-06-300001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-300001325670us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerPortfolioSegmentMember2020-06-300001325670us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-12-310001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-12-310001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310001325670us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-12-310001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerPortfolioSegmentMember2019-12-310001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerPortfolioSegmentMember2019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2019-12-310001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerPortfolioSegmentMember2019-12-310001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2019-12-310001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310001325670us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerPortfolioSegmentMember2019-12-310001325670us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2019-12-310001325670sona:AlescoViiOneBSeniorMembersrt:FitchAARatingMembersrt:MoodysAa1RatingMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2020-06-300001325670sona:MmcfIiiBSeniorSubMembersrt:MoodysBa1RatingMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2020-06-300001325670sona:EasternVirginiaBanksharesIncMember2003-09-170001325670sona:EasternVirginiaBanksharesIncMemberus-gaap:JuniorSubordinatedDebtMember2020-01-012020-06-300001325670sona:AlescoVCOneMezzanineMembersrt:FitchCRatingMembersrt:MoodysCaa1RatingMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2020-01-012020-06-300001325670sona:TprefFundingIiMezzanineMembersrt:MoodysCaa3RatingMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2020-01-012020-06-300001325670sona:EasternVirginiaBanksharesIncMemberus-gaap:SeniorSubordinatedNotesMember2015-04-222015-04-220001325670sona:AlescoVCOneMezzanineMembersrt:FitchCRatingMembersrt:MoodysCaa1RatingMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2020-06-300001325670sona:TprefFundingIiMezzanineMembersrt:MoodysCaa3RatingMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-06-300001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-300001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-300001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-300001325670us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2020-06-300001325670us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-06-300001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2019-12-310001325670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-12-310001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2019-12-310001325670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-12-310001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310001325670us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2019-12-310001325670us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-12-310001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310001325670sona:PaycheckProtectionProgramLoansMember2019-04-300001325670stpr:VA2020-01-012020-06-300001325670stpr:MD2020-01-012020-06-300001325670us-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2020-06-300001325670us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-06-300001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2020-06-300001325670us-gaap:ResidentialPortfolioSegmentMembersona:LoansAndLeasesReceivableMultiFamilyResidentialMember2020-06-300001325670us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-06-300001325670sona:LoansAndLeasesReceivableSecuredByFarmlandMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-300001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-300001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-300001325670us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2019-12-310001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2019-12-310001325670us-gaap:ResidentialPortfolioSegmentMembersona:LoansAndLeasesReceivableMultiFamilyResidentialMember2019-12-310001325670us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-12-310001325670sona:LoansAndLeasesReceivableSecuredByFarmlandMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310001325670sona:GreaterAtlanticBankMember2019-12-310001325670us-gaap:SubsequentEventMember2020-07-310001325670sona:NonCoveredLoansMemberus-gaap:FairValueInputsLevel3Member2020-06-300001325670us-gaap:SubstandardMember2020-06-300001325670sona:NonCoveredLoansMemberus-gaap:FairValueInputsLevel3Member2019-12-310001325670us-gaap:SubstandardMember2019-12-3100013256702019-12-3100013256702020-06-300001325670sona:FairValueInputsLevel2AndLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001325670sona:FairValueInputsLevel2AndLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-06-300001325670sona:FairValueInputsLevel2AndLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001325670sona:FairValueInputsLevel2AndLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310001325670us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-04-012020-06-300001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-04-012020-06-300001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2020-01-012020-06-300001325670us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-01-012020-06-300001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-01-012020-06-300001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-01-012020-06-300001325670us-gaap:CommercialPortfolioSegmentMember2020-01-012020-06-300001325670us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-04-012019-06-300001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2019-01-012019-06-300001325670us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-01-012019-06-300001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-01-012019-06-300001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-01-012019-06-300001325670us-gaap:CommercialPortfolioSegmentMember2019-01-012019-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-06-300001325670us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001325670us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-3100013256702020-04-300001325670sona:PaycheckProtectionProgramLoansMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-06-300001325670us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001325670us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310001325670srt:MinimumMembersona:NonCoveredLoansMember2020-01-012020-06-300001325670srt:MinimumMembersona:CoveredLoansMember2020-01-012020-06-300001325670srt:MaximumMembersona:NonCoveredLoansMember2020-01-012020-06-300001325670srt:MaximumMembersona:CoveredLoansMember2020-01-012020-06-300001325670srt:MinimumMembersona:NonCoveredLoansMember2019-01-012019-12-310001325670srt:MinimumMembersona:CoveredLoansMember2019-01-012019-12-310001325670srt:MaximumMembersona:NonCoveredLoansMember2019-01-012019-12-310001325670srt:MaximumMembersona:CoveredLoansMember2019-01-012019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-06-300001325670us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001325670us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310001325670sona:AlescoViiOneBSeniorMembersrt:FitchAARatingMembersrt:MoodysAa1RatingMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2020-01-012020-06-300001325670sona:MmcfIiiBSeniorSubMembersrt:MoodysBa1RatingMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2020-01-012020-06-300001325670us-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2020-01-012020-06-300001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2020-04-012020-06-300001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-04-012020-06-300001325670us-gaap:ConsumerPortfolioSegmentMember2020-04-012020-06-300001325670us-gaap:CommercialPortfolioSegmentMember2020-04-012020-06-3000013256702020-04-012020-06-300001325670us-gaap:ResidentialPortfolioSegmentMembersona:OneToFourResidentialFamilyMember2019-04-012019-06-300001325670sona:CommercialRealEstateOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-04-012019-06-300001325670sona:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-04-012019-06-300001325670us-gaap:ConsumerPortfolioSegmentMember2019-04-012019-06-300001325670us-gaap:CommercialPortfolioSegmentMember2019-04-012019-06-3000013256702019-04-012019-06-300001325670us-gaap:RestrictedStockMembersona:StockOptionPlan2017Member2020-01-012020-03-3100013256702019-01-012019-06-3000013256702020-07-3100013256702020-01-012020-06-30xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:puresona:propertysona:loansona:contract

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2020

Commission File No. 001-33037

SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.

(Exact name of registrant as specified in its charter)

Virginia

20-1417448

(State or other jurisdiction

(I.R.S. Employer Identification No.)

of incorporation or organization)

6830 Old Dominion Drive

McLean, Virginia 22101

(Address of principal executive offices) (zip code)

(703) 893-7400

(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:

Common Stock, par value $0.01 per share

SONA

NASDAQ Global Market

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.

Yes        No 

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).

Yes        No 

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 

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  No 

As of July 31, 2020, there were 24,368,853 shares of common stock, $0.01 par value, outstanding.

Table of Contents

SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.

FORM 10-Q

June 30, 2020

INDEX

    

PAGE

PART I - FINANCIAL INFORMATION

Item 1 - Financial Statements

Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

2

Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2020 and 2019

3

Consolidated Statement of Changes in Stockholders’ Equity for the three and six months ended June 30, 2020 and 2019

4

Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

6

Notes to Unaudited Consolidated Financial Statements

7

Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations

33

Item 3 – Quantitative and Qualitative Disclosures about Market Risk

45

Item 4 – Controls and Procedures

47

PART II - OTHER INFORMATION

Item 1 – Legal Proceedings

47

Item 1A – Risk Factors

48

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

49

Item 3 – Defaults Upon Senior Securities

49

Item 4 – Mine Safety Disclosures

49

Item 5 – Other Information

49

Item 6 - Exhibits

50

Signatures

52

Table of Contents

SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.
CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share amounts)

    

June 30, 

    

December 31, 

2020

2019

(unaudited)

*

ASSETS

Cash and cash equivalents:

 

  

 

  

Cash and due from financial institutions

$

8,212

 

$

7,909

Interest-bearing deposits in other financial institutions

 

74,374

 

24,019

Total cash and cash equivalents

 

82,586

 

31,928

Securities available for sale, at fair value

 

160,979

 

164,820

Securities held to maturity, at amortized cost (fair value of $55,352 and $72,666, respectively)

 

53,958

 

72,448

Total loans

 

2,511,504

 

2,186,047

Less allowance for loan losses

 

(23,627)

 

(10,261)

Net loans

 

2,487,877

 

2,175,786

Stock in Federal Reserve Bank and Federal Home Loan Bank

 

16,927

 

17,832

Equity investment in mortgage affiliate

 

9,412

 

5,020

Preferred investment in mortgage affiliate

 

3,305

 

3,305

Bank premises and equipment, net

 

31,087

 

31,184

Operating lease right-of-use assets

7,111

8,013

Goodwill

 

101,954

 

101,954

Core deposit intangibles, net

 

6,509

 

7,191

Bank-owned life insurance

 

64,622

 

63,850

Other real estate owned

 

6,006

 

6,224

Deferred tax assets, net

 

11,087

 

11,788

Other assets

 

28,751

 

20,827

Total assets

$

3,072,171

 

$

2,722,170

LIABILITIES AND STOCKHOLDERS' EQUITY

 

  

 

  

Noninterest-bearing demand deposits

$

447,605

 

$

339,153

Interest-bearing deposits:

 

  

 

  

NOW accounts

 

424,096

 

391,172

Money market accounts

 

488,229

 

466,867

Savings accounts

 

171,681

 

144,486

Time deposits

 

619,918

 

783,040

Total interest-bearing deposits

 

1,703,924

 

1,785,565

Total deposits

 

2,151,529

 

2,124,718

Securities sold under agreements to repurchase - short term

 

16,412

 

12,883

Paycheck Protection Program Liquidity Facility (PPPLF) borrowings

333,574

Federal Home Loan Bank (FHLB) advances

 

100,000

 

121,640

Junior subordinated debt - long term

 

9,657

 

9,632

Senior subordinated notes - long term

 

47,032

 

47,051

Operating lease liabilities

7,896

8,469

Other liabilities

 

24,402

 

20,536

Total liabilities

 

2,690,502

 

2,344,929

Commitments and contingencies (See Note 6)

 

 

Stockholders' equity:

 

  

 

  

Preferred stock, $0.01 par value. Authorized 5,000,000 shares; no shares issued and outstanding

 

 

Common stock, $0.01 par value. Authorized 45,000,000 shares; 24,361,603 and 24,181,534 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

243

 

241

Additional paid in capital

 

308,672

 

306,755

Retained earnings

 

69,335

 

69,462

Accumulated other comprehensive income

 

3,419

 

783

Total stockholders' equity

 

381,669

 

377,241

Total liabilities and stockholders' equity

$

3,072,171

 

$

2,722,170

* Derived from audited consolidated financial statements

See accompanying notes to unaudited consolidated financial statements.

2

Table of Contents

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 Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

Interest and dividend income:

 

  

 

  

 

  

 

  

Interest and fees on loans

$

27,044

$

28,378

$

53,785

$

56,352

Interest and dividends on taxable securities

 

1,132

 

1,475

 

2,376

 

2,900

Interest and dividends on tax exempt securities

 

115

 

152

 

232

 

308

Interest and dividends on other earning assets

 

381

 

388

 

760

 

1,136

Total interest and dividend income

 

28,672

 

30,393

 

57,153

 

60,696

Interest expense:

 

  

 

  

 

  

 

  

Interest on deposits

 

5,146

 

7,654

 

11,649

 

15,116

Interest on federal reserve board borrowings

21

21

Interest on repurchase agreements

 

22

 

22

 

41

 

45

Interest on junior subordinated debt

 

121

 

150

 

260

 

300

Interest on senior subordinated notes

 

712

 

712

 

1,424

 

1,424

Interest on other borrowings

 

177

 

891

 

770

 

1,895

Total interest expense

 

6,199

 

9,429

 

14,165

 

18,780

Net interest income

 

22,473

 

20,964

 

42,988

 

41,916

Provision for loan losses

 

10,899

 

 

14,349

 

200

Net interest income after provision for loan losses

 

11,574

 

20,964

 

28,639

 

41,716

Noninterest income:

 

  

 

  

 

  

 

  

Account maintenance and deposit service fees

 

1,489

 

1,788

 

3,187

 

3,475

Income from bank-owned life insurance

 

385

 

385

 

771

 

908

Equity gain from mortgage affiliate

 

4,161

 

558

 

4,392

 

576

Recoveries related to acquired charged-off loans and investment securities

2,235

324

2,419

915

Other

 

123

 

136

 

444

 

379

Total noninterest income

 

8,393

 

3,191

 

11,213

 

6,253

Noninterest expenses:

 

  

 

  

 

  

 

  

Salaries and benefits

 

7,338

 

7,144

 

19,647

 

12,956

Occupancy expenses

 

1,405

 

1,801

 

3,344

 

3,604

Furniture and equipment expenses

 

639

 

738

 

1,258

 

1,448

Amortization of core deposit intangible

 

341

 

362

 

682

 

725

Virginia franchise tax expense

 

659

 

563

 

1,229

 

1,126

Data processing expense

 

956

 

571

 

1,663

 

1,083

Telephone and communication expense

 

369

 

406

 

737

 

781

Net (gain) loss on other real estate owned

 

 

(36)

 

71

 

(38)

Professional fees

 

873

 

1,381

 

2,066

 

1,902

Other operating expenses

 

1,490

 

962

 

3,225

 

6,595

Total noninterest expenses

 

14,070

 

13,892

 

33,922

 

30,182

Income before income taxes

 

5,897

 

10,263

 

5,930

 

17,787

Income tax expense

 

1,188

 

944

 

1,194

 

2,448

Net income

$

4,709

$

9,319

$

4,736

$

15,339

Other comprehensive income:

 

  

 

  

 

  

 

  

Unrealized gain on available for sale securities

$

316

$

2,844

$

3,330

$

3,928

Accretion of amounts previously recorded upon transfer to held to maturity from available for sale

 

3

 

3

 

7

 

6

Net unrealized gain

 

319

 

2,847

 

3,337

 

3,934

Tax effect

 

67

 

597

 

701

 

826

Other comprehensive income

 

252

 

2,250

 

2,636

 

3,108

Comprehensive income

$

4,961

$

11,569

$

7,372

$

18,447

Earnings per share, basic

$

0.19

$

0.39

$

0.20

$

0.64

Earnings per share, diluted

$

0.19

$

0.38

$

0.19

$

0.63

See accompanying notes to unaudited consolidated financial statements.

3

Table of Contents

SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019

(dollars in thousands, except per share amounts) (Unaudited)

For the Three Months Ended June 30, 2020

Accumulated

Additional

Other

Common

Paid in

Retained

Comprehensive

    

Stock

    

Capital

    

Earnings

    

Income

    

Total

Balance - March 31, 2020

$

242

$

308,352

$

67,061

$

3,167

$

378,822

Net income

 

 

 

4,709

 

 

4,709

Changes in other comprehensive income on investment securities (net of tax $67)

252

252

Dividends on common stock ($0.10 per share)

 

 

 

(2,435)

 

 

(2,435)

Issuance of common stock under Stock Incentive Plan (41,400 shares)

 

1

 

331

 

 

 

332

Stock-based compensation expense

 

 

(11)

 

 

 

(11)

Balance - June 30, 2020

$