Southern National Bancorp Of Virginia (SONA) has reported 19.92 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $2.05 million, or $0.16 a share in the quarter, compared with $2.56 million, or $0.21 a share for the same period last year.
Revenue during the quarter dropped 3.26 percent to $9.27 million from $9.59 million in the previous year period. Net interest income for the quarter rose 1.85 percent over the prior year period to $9.89 million. Non-interest loss was $0.07 million for the quarter as against income of $0.50 million in the previous year period.
Southern National Bancorp Of Virginia has made provision of $0.55 million for loan losses during the quarter, down 12 percent from $0.62 million in the same period last year.
Net interest margin contracted 31 basis points to 3.75 percent in the quarter from 4.06 percent in the last year period. Efficiency ratio for the quarter improved to 57.79 percent from 57.94 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Liabilities outpace assets growthTotal assets stood at $1,177.33 million as on Mar. 31, 2017, up 8.58 percent compared with $1,084.27 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,049.04 million as on Mar. 31, 2017, up 8.92 percent from $963.11 million on Mar. 31, 2016.
Loans outpace deposit growthNet loans stood at $965.54 million as on Mar. 31, 2017, up 12.02 percent compared with $861.95 million on Mar. 31, 2016. Deposits stood at $896.22 million as on Mar. 31, 2017, up 4.51 percent compared with $857.54 million on Mar. 31, 2016.
Investments stood at $93.24 million as on Mar. 31, 2017, down 12.97 percent or $13.90 million from year-ago. Shareholders equity stood at $128.29 million as on Mar. 31, 2017, up 5.89 percent or $7.13 million from year-ago.
Return on average assets moved down 27 basis points to 0.73 percent in the quarter from 1 percent in the last year period. At the same time, return on average equity decreased 199 basis points to 6.57 percent in the quarter from 8.56 percent in the last year period.
Nonperforming assets stood at $11.93 million as on Mar. 31, 2017.
Book value per share was $10.40 for the quarter, up 5.16 percent or $0.51 compared to $9.89 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
