Southern national bancorp of virginia inc (SONA)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Operating activities:
Net income

33,167

33,691

2,425

10,312

9,289

-

-

-

-

-

-

Net income

-

-

-

-

-

7,483

6,258

6,569

4,401

4,054

-4,680

Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation and amortization

5,632

7,403

4,627

798

876

764

665

591

540

537

520

Amortization of operating lease right-of-use assets

2,546

-

-

-

-

-

-

-

-

-

-

Other amortization, net

-

-

-

-

149

186

344

314

33

109

42

Other amortization, net

-

-

-

-36

-

-

-

-

-

-

-

Accretion of loan discount

3,859

4,534

3,802

1,874

-

-

-

-

-

-

-

Accretion of loan discount

-

-

-

-

-2,510

-2,616

-3,507

4,127

-

-

-

Amortization of FDIC indemnification asset

649

704

712

793

630

1,230

483

-

-

-

-

Amortization of core deposit intangible

1,418

1,445

845

219

261

220

467

893

919

943

731

Accretion of loan discount

-

-

-

-

-

-

-

-

3,272

5,781

565

Amortization of FDIC indemnification asset

-

-

-

-

-

-

-

651

-99

-60

-

Increase (decrease) in FDIC indemnification asset

-

-

-

-

-

-

-

-

-

-

0

Provision for loan losses

350

4,200

8,625

4,912

3,171

3,444

3,615

6,195

8,492

9,025

6,538

Earnings on bank-owned life insurance

1,565

1,633

929

700

-

-

-

-

-

-

-

Earnings on bank-owned life insurance

-

-

-

-

636

617

592

797

1,336

554

579

Equity (gain) loss on mortgage affiliate

1,191

-894

-345

1,109

1,459

558

-

-

-

-

-

Stock-based compensation expense

432

280

251

260

331

317

284

195

167

82

57

Net gain on sales of investment securities

-

-

255

-

-

-

-

-

-

-

-

Gain on bank-owned life insurance death benefit

134

350

-

-

-

-

-

-395

-

0

-

Bargain purchase gain on acquisition

-

-

-

-

-

-

-

3,484

-

0

-

Net gain on sale of available for sale securities

-

-

-

-

520

-

142

274

-

142

371

Gain on sale of loans

-

-

-

-

-

-

-

657

395

0

206

Impairment on securities

-

-

-

-

-

41

3

717

329

288

7,714

Gain on branch acquisition

-

-

-

-

-

-

-

-

-

-

424

(Gain) loss on other real estate owned

38

-360

-520

-174

-291

433

188

-2,632

-297

-274

-214

Provision for deferred income taxes

-1,420

-3,121

-9,686

-29

-2,132

418

-102

2,022

400

1,724

2,428

Net (increase) decrease in other assets

2,203

-213

-6,069

-2,924

385

-1,161

365

-1,069

-1,661

328

3,071

Net increase (decrease) in other liabilities

1,558

-2,909

-3,687

1,321

599

1,281

-1,581

2,372

1,017

-3,885

1,991

Net cash and cash equivalents provided by operating activities

36,764

41,440

24,587

18,023

12,219

-

-

-

-

-

-

Net cash and cash equivalents provided by operating activities

-

-

-

-

-

11,485

5,846

10,837

13,154

2,838

5,543

Investing activities:
Proceeds from sales of investment securities

-

-

4,767

-

-

-

-

-

-

-

-

Proceeds from sales of investment securities

-

-

-

-

3,966

-

159

22,914

-

4,728

34,012

Purchases of held to maturity investment securities

15,300

-

9,950

46,055

18,153

18,284

14,766

34,689

-

0

19,897

Purchases of available for sale investment securities

45,100

-

3,247

-

-

-

-

-

-

-

-

Purchases of available for sale investment securities

-

-

-

-

-

-

-

5,437

-

0

10,333

Proceeds from paydowns, maturities and calls of available for sale investment securities

26,283

14,360

7,987

-

1

-

-

1,318

1,215

2,857

1,816

Proceeds from paydowns, maturities and calls of held to maturity investment securities

35,006

5,955

11,037

57,622

13,607

6,571

16,278

12,627

9,911

12,892

12,637

Net (increase) decrease of FRB and FHLB stock

1,690

7,253

-12,112

-

-

-

-

-

-

-

-

Net (increase) decrease in loans

7,059

113,845

104,009

108,760

127,334

100,837

18,546

-

-

-

-

Loan originations and payments, net

-

-

-

-

-

-

-

17,301

-49,184

-3,852

-

Proceeds from sale of HarVest loans

-

-

-

-

-

-

-

7,568

-

0

-

Proceeds from sales of loans held for sale

-

-

19,689

-

-

-

-

5,713

-

-

-

Purchase of bank-owned life insurance

-

12,000

-

-

1,500

2,000

-

-

3,000

0

0

Proceeds from bank-owned life insurance death benefit

344

2,278

-

-

-

-

-

-

-

-

-

Sales of other real estate owned, net of improvements

214

2,140

1,110

1,790

4,048

3,276

4,187

1,466

2,075

2,570

1,655

Net cash received in PGFSB acquisition

-

-

-

-

-

22,430

-

-

40,400

0

-

Proceeds from sale of PGFSB loans

-

-

-

-

-

3,499

-

-

-

-

-

Investment in mortgage affiliate, net

-

-

-46

-939

119

4,877

-

-

-

-

-

Net (increase) decrease in stock in Federal Reserve Bank and Federal Home Loan Bank

-

-

-

1,000

1,248

-327

-297

-1,608

303

410

-

Net cash received in Greater Atlantic acquisition

-

-

-

-

-

-

-

-

-

-

50,213

Net increase in stock in Federal Reserve Bank and Federal Home Loan Bank

-

-

-

-

-

-

-

-

-

-

386

Payments received on FDIC indemnification asset

-

-

46

18

3

1,037

1,017

335

855

0

0

Proceeds from sales of bank premise and equipment and assets held for sale

-

2,136

40

-

-

-

-

-

-

-

-

Purchases of bank premises and equipment

1,101

1,973

1,425

143

307

897

437

793

522

1,971

100

Loan originations and payments, net

-

-

-

-

-

-

-

-

-

-

31,312

Proceeds from sale of SBA loans

-

-

-

-

-

-

-

-

4,252

0

2,835

Cash acquired in acquisition of Eastern Virginia Bankshares, Inc.

-

-

24,015

-

-

-

-

47,257

-

0

3,119

Net cash and cash equivalents provided by (used in) investing activities

-5,018

-93,696

-62,006

-95,589

-127,036

-

-

-

-

-

-

Net cash and cash equivalents used in investing activities

-

-

-

-

-

-89,755

-11,811

77,583

5,699

16,814

44,259

Financing activities:
Net increase (decrease) in deposits

27,129

231,671

-196,801

77,307

82,869

112,838

-10,618

-50,602

-12,391

-24,817

-59,186

Cash dividends paid on common stock

8,690

7,688

5,798

3,921

6,359

7,239

2,898

2,840

-

0

-

Issuance of common stock for warrants exercised

-

-

449

101

-

-

-

-

-

-

-

Issuance of common stock under Stock Incentive Plan

670

443

555

135

707

886

3

0

-

-

-

Issuance of subordinated notes, net of cost

-

-

26,075

-

-

-

-

-

-

-

-

Repurchase of common stock

-

-

-

-

721

-

-

-

-

-

-

Net decrease in long-term borrowings

-

-

-

-

-10,000

-

-

-

-

-

-

Net decrease (increase) in short-term borrowings

-47,538

-169,022

191,010

21,000

40,337

-

-

-

-

-

-

Proceeds from Federal Home Loan Bank advances-long term

-

-

-

-

-

-

-

55,250

-

5,000

-

Repayment of Federal Home Loan Bank advances-long term

-

-

-

-

-

-

-

71,738

5,000

0

-

Net increase (decrease) in securities sold under agreement to repurchase and other short-term borrowings

-

-

-

-

-

10,751

-1,134

-15,675

6,172

-1,888

-1,130

Proceeds from Federal Home Loan Bank advances

-

-

-

-

-

-

-

-

-

-

0

Repayment of Federal Home Loan Bank advances

-

-

-

-

-

-

-

-

-

-

25,357

Net increase (decrease) in securities sold under agreement to repurchase and other short-term borrowings

-

-

-

-

-

-

-

-

-

-1,888

-1,130

Issuance of common stock, net of issuance costs

-

-

-

-

-

-

-

-

-

-

26,919

Additional cost of 2009 common stock issuance

-

-

-

-

-

-

-

-

-

48

0

Net cash and cash equivalents (used in) provided by financing activities

-

-

-

-

-

95,734

-12,379

-54,255

-23,563

-17,977

-56,494

Net cash and cash equivalents provided by (used in) financing activities

-28,429

55,404

15,490

94,622

106,833

-

-

-

-

-

-

Increase in cash and cash equivalents

3,317

3,148

-21,929

17,056

-

-

-

-

-

-

-

Increase (decrease) in cash and cash equivalents

-

-

-

-

-7,984

17,464

-18,344

34,165

-4,710

1,675

-6,692

Supplemental disclosure of cash flow information
Cash payments for:
Interest

36,002

26,129

14,571

8,289

6,791

-

-

-

-

-

-

Income taxes

4,897

6,672

3,671

4,604

-

-

-

-

-

-

-

Interest

-

-

-

-

-

4,454

4,586

5,933

6,139

8,851

8,746

Income taxes

-

-

-

-

2,993

3,283

4,598

2,708

1,435

1,557

380

Supplemental schedule of noncash investing and financing activities
Initial recognition of operating lease right-of-use assets

8,615

-

-

-

-

-

-

-

-

-

-

Initial recognition of operating lease liabilities

9,099

-

-

-

-

-

-

-

-

-

-

Transfer from loans to other real estate owned

1,323

-

43

144

-

-

-

-

-

-

-

Transfer from loans to other real estate owned

-

-

-

-

1,727

-

-

-

-

-

-

Transfer from non-covered loans to other real estate owned

-

-

-

-

-

4,409

3,044

2,928

12,007

3,209

1,043

Transfer from covered loans to other real estate owned

-

-

-

-

-

342

4,158

-

82

676

0

Transfer from covered loans to non-covered loans

-

-

-

-

-

7,344

-

-

-

-

-

Issuance of common stock in exchange for net assets in acquisition

-

-

-

-

-

5,748

-

-

-

-

-

Transfer from long-term FHLB advances to short-term FHLB advances

-

-

-

15,000

-

-

-

-

-

-

-

Transfer from securities sold under agreement to repurchase to deposits

-

-

-

10,381

-

-

-

-

-

-

-

Fair value of tangible assets acquired

-

-

1,356,637

-

-

-

-

-

-

-

-

Other intangible assets acquired

-

-

100,127

-

-

-

-

-

-

-

-

Fair value of liabilities assumed

-

-

1,257,845

-

-

-

-

-

-

-

-

Total merger consideration

-

-

198,919

-

-

-

-

-

-

-

-