Southern National Bancorp of Virginia, Inc (SONA) has reported 6.24 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $2.19 million, or $0.18 a share in the quarter, compared with $2.34 million, or $0.19 a share for the same period last year. On an adjusted basis, net profit for the quarter was $2.59 million, when compared with $2.34 million in the last year period. Revenue during the quarter dropped 4.88 percent to $9.37 million from $9.85 million in the previous year period. Net interest income for the quarter rose 5.95 percent over the prior year period to $10.06 million. Non-interest income for the quarter fell 75.34 percent over the last year period to $0.16 million.
Southern National Bancorp of Virginia, Inc has made provision of $0.85 million for loan losses during the quarter, up 187.16 percent from $0.30 million in the same period last year.
Net interest margin contracted 20 basis points to 3.87 percent in the quarter from 4.07 percent in the last year period. Efficiency ratio for the quarter improved to 56.15 percent from 62.76 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Liabilities outpace assets growth
Total assets stood at $1,142.44 million as on Dec. 31, 2016, up 10.26 percent compared with $1,036.11 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,016.10 million as on Dec. 31, 2016, up 10.87 percent from $916.47 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $921.80 million as on Dec. 31, 2016, up 12.28 percent compared with $821 million on Dec. 31, 2015. Deposits stood at $912.98 million as on Dec. 31, 2016, up 10.63 percent compared with $825.29 million on Dec. 31, 2015.
Investments stood at $89.22 million as on Dec. 31, 2016, down 11.66 percent or $11.77 million from year-ago. Shareholders equity stood at $126.34 million as on Dec. 31, 2016, up 5.61 percent or $6.71 million from year-ago.
Return on average assets moved down 14 basis points to 0.79 percent in the quarter from 0.93 percent in the last year period. At the same time, return on average equity increased 597 basis points to 6.92 percent in the quarter from 0.95 percent in the last year period.
Nonperforming assets moved down 13.01 percent or $1.86 million to $12.41 million on Dec. 31, 2016 from $14.27 million on Dec. 31, 2015.
Book value per share was $10.30 for the quarter, up 5.32 percent or $0.52 compared to $9.78 for the same period last year.
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