Southern National Bancorp of Virginia Inc. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2014
January 23, 2015 at 03:00 am IST
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Southern National Bancorp of Virginia Inc. announced unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2014. For the quarter, the company reported interest and dividend income of $10,541,000, net interest income of $9,160,000, income before income taxes of $2,914,000, net income of $1,961,000 or $0.16 per basic and diluted share, return on average assets of 0.86% return on average equity of 6.73% compared to the interest and dividend income of $8,697,000, net interest income of $7,579,000, income before income taxes of $2,091,000, net income of $1,396,000 or $0.12 per basic and diluted share, return on average assets of 0.78%, return on average equity of 5.2% for the same quarter a year ago.
For the year, the company reported interest and dividend income of $38,091,000, net interest income of $33,418,000, income before income taxes of $11,237,000, net income of $7,483,000 or $0.63 per basic and diluted share, return on average assets of 0.94% return on average equity of 6.76% compared to the interest and dividend income of $35,116,000, net interest income of $30,448,000, income before income taxes of $9,294,000, net income of $6,258,000 or $0.54 per basic and diluted share, return on average assets of 0.89%, return on average equity of 5.95% for the previous year. Book value per share as on December 31, 2014 was $9.33 compared to the $9.20 as at December 31, 2013. Tangible book value per share as on December 31, 2014 was $8.23 compared to the $8.34 as at December 31, 2013.
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.