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 2020-09-30 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

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-20200930xex31d1.htm
EX-31.2 sona-20200930xex31d2.htm
EX-32.1 sona-20200930xex32d1.htm

Southern National Bancorp of Virginia Earnings 2020-09-30

Balance SheetIncome StatementCash Flow

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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 September 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 November 2, 2020, there were 24,368,612 shares of common stock, $0.01 par value, outstanding.

Table of Contents

SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.

FORM 10-Q

September 30, 2020

INDEX

    

PAGE

PART I - FINANCIAL INFORMATION

Item 1 - Financial Statements

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

2

Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2020 and 2019

3

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

4

Consolidated Statements of Cash Flows for the nine months ended September 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

34

Item 3 – Quantitative and Qualitative Disclosures about Market Risk

47

Item 4 – Controls and Procedures

49

PART II - OTHER INFORMATION

Item 1 – Legal Proceedings

49

Item 1A – Risk Factors

50

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

51

Item 3 – Defaults Upon Senior Securities

51

Item 4 – Mine Safety Disclosures

51

Item 5 – Other Information

51

Item 6 - Exhibits

52

Signatures

54

Table of Contents

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

$

7,186

 

$

7,909

Interest-bearing deposits in other financial institutions

 

142,086

 

24,019

Total cash and cash equivalents

 

149,272

 

31,928

Securities available for sale, at fair value

 

157,896

 

164,820

Securities held to maturity, at amortized cost (fair value of $50,551 and $72,666, respectively)

 

49,323

 

72,448

Total loans

 

2,523,709

 

2,186,047

Less allowance for loan losses

 

(25,779)

 

(10,261)

Net loans

 

2,497,930

 

2,175,786

Stock in Federal Reserve Bank and Federal Home Loan Bank

 

16,927

 

17,832

Equity investment in mortgage affiliate

 

13,238

 

5,020

Preferred investment in mortgage affiliate

 

3,305

 

3,305

Bank premises and equipment, net

 

30,679

 

31,184

Operating lease right-of-use assets

7,033

8,013

Goodwill

 

101,954

 

101,954

Core deposit intangibles, net

 

6,168

 

7,191

Bank-owned life insurance

 

65,015

 

63,850

Other real estate owned

 

5,388

 

6,224

Deferred tax assets, net

 

14,477

 

11,788

Accrued interest receivable

21,076

8,210

Other assets

 

14,892

 

12,617

Total assets

$

3,154,573

 

$

2,722,170

LIABILITIES AND STOCKHOLDERS' EQUITY

 

  

 

  

Noninterest-bearing demand deposits

$

467,581

 

$

339,153

Interest-bearing deposits:

 

  

 

  

NOW accounts

 

472,553

 

391,172

Money market accounts

 

534,899

 

466,867

Savings accounts

 

179,756

 

144,486

Time deposits

 

561,685

 

783,040

Total interest-bearing deposits

 

1,748,893

 

1,785,565

Total deposits

 

2,216,474

 

2,124,718

Securities sold under agreements to repurchase - short term

 

16,181

 

12,883

Paycheck Protection Program Liquidity Facility (PPPLF) borrowings

283,906

Federal Home Loan Bank (FHLB) advances

 

100,000

 

121,640

Junior subordinated debt - long term

 

9,669

 

9,632

Senior subordinated notes - long term

 

105,709

 

47,051

Operating lease liabilities

7,800

8,469

Other liabilities

 

25,851

 

20,536

Total liabilities

 

2,765,590

 

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; 24,368,853 and 24,181,534 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

243

 

241

Additional paid in capital

 

308,814

 

306,755

Retained earnings

 

76,486

 

69,462

Accumulated other comprehensive income

 

3,440

 

783

Total stockholders' equity

 

388,983

 

377,241

Total liabilities and stockholders' equity

$

3,154,573

 

$

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 Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Interest and dividend income:

 

  

 

  

 

  

 

  

Interest and fees on loans

$

27,266

$

28,340

$

81,051

$

84,692

Interest and dividends on taxable securities

 

1,006

 

1,375

 

3,382

 

4,275

Interest and dividends on tax exempt securities

 

123

 

145

 

355

 

453

Interest and dividends on other earning assets

 

312

 

614

 

1,072

 

1,750

Total interest and dividend income

 

28,707

 

30,474

 

85,860

 

91,170

Interest expense:

 

  

 

  

 

  

 

  

Interest on deposits

 

4,357

 

8,001

 

16,006

 

23,117

Interest on federal reserve board borrowings

180

201

Interest on repurchase agreements

 

24

 

20

 

65

 

65

Interest on junior subordinated debt

 

89

 

158

 

349

 

458

Interest on senior subordinated notes

 

968

 

711

 

2,392

 

2,135

Interest on other borrowings

 

91

 

569

 

861

 

2,464

Total interest expense

 

5,709

 

9,459

 

19,874

 

28,239

Net interest income

 

22,998

 

21,015

 

65,986

 

62,931

Provision for loan losses

 

2,000

 

150

 

16,349

 

350

Net interest income after provision for loan losses

 

20,998

 

20,865

 

49,637

 

62,581

Noninterest income:

 

  

 

  

 

  

 

  

Account maintenance and deposit service fees

 

1,633

 

1,837

 

4,820

 

5,312

Income from bank-owned life insurance

 

394

 

392

 

1,165

 

1,300

Equity gain from mortgage affiliate

 

3,826

 

599

 

8,218

 

1,175

Recoveries related to acquired charged-off loans and investment securities

288

145

2,707

1,060

Other

 

130

 

1

 

574

 

380

Total noninterest income

 

6,271

 

2,974

 

17,484

 

9,227

Noninterest expenses:

 

  

 

  

 

  

 

  

Salaries and benefits

 

7,817

 

6,567

 

27,464

 

19,523

Occupancy expenses

 

1,432

 

968

 

4,776

 

4,572

Furniture and equipment expenses

 

719

 

514

 

1,977

 

1,962

Amortization of core deposit intangible

 

341

 

352

 

1,023

 

1,077

Virginia franchise tax expense

 

615

 

563

 

1,844

 

1,689

Data processing expense

 

701

 

622

 

2,364

 

1,704

Telephone and communication expense

 

382

 

477

 

1,119

 

1,258

Net (gain) loss on other real estate owned

 

(16)

 

 

55

 

(38)

Professional fees

 

1,494

 

673

 

3,560

 

2,576

Other operating expenses

 

1,779

 

1,878

 

5,004

 

8,473

Total noninterest expenses

 

15,264

 

12,614

 

49,186

 

42,796

Income before income taxes

 

12,005

 

11,225

 

17,935

 

29,012

Income tax expense

 

2,417

 

2,361

 

3,611

 

4,809

Net income

$

9,588

$

8,864

$

14,324

$

24,203

Other comprehensive income:

 

  

 

  

 

  

 

  

Unrealized gain on available for sale securities

$

23

$

740

$

3,353

$

4,668

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

 

3

 

4

 

10

 

10

Net unrealized gain

 

26

 

744

 

3,363

 

4,678

Tax effect

 

5

 

157

 

706

 

983

Other comprehensive income

 

21

 

587

 

2,657

 

3,695

Comprehensive income

$

9,609

$

9,451

$

16,981

$

27,898

Earnings per share, basic

$

0.40

$

0.37

$

0.59

$

1.01

Earnings per share, diluted

$

0.39

$

0.36

$

0.59

$

0.99

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 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

$

243

$

308,672

$

69,335

$

3,419

$

381,669

Net income

 

 

 

9,588

 

 

9,588

Changes in other comprehensive income on investment securities (net of tax $5)

21

21

Dividends on common stock ($0.10 per share)

 

 

 

(2,437)

 

 

(2,437)

Issuance of common stock under Stock Incentive Plan (7,250 shares)

 

 

50

 

 

 

50

Stock-based compensation expense

 

 

92

 

 

 

92

Balance - September 30, 2020

$

243

$

308,814

$

76,486

$

3,440

$

388,983