Southern National Bancorp of Virginia Inc SONA Income Statement

Southern national bancorp of virginia inc (SONA)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
Interest and dividend income:
Interest and fees on loans
112,181	110,213	77,764	45,348	40,104	34,611	32,269	35,246	31,278	33,450	21,040
Interest and dividends on taxable securities
5,639	5,752	4,077	2,619	2,395	2,239	2,035	1,940	1,914	2,635	2,701
Interest and dividends on tax exempt securities
585	634	492	336	411	389	237	16	-	0	-
Interest and dividends on other earning assets
2,117	2,256	1,231	644	791	852	575	359	231	205	165
Interest on federal funds sold
2	52	6	-	-	-	-	-	-	-	-
Total interest and dividend income
120,524	118,907	83,570	48,947	43,701	38,091	35,116	37,561	33,423	36,290	23,906
Interest expense:
Interest on deposits
30,602	18,235	10,993	8,101	6,433	3,976	4,047	5,036	4,980	7,172	6,728
Interest on repurchase agreements
87	97	36	18	103	-	-	-	-	-	-
Interest on junior subordinated debt
589	575	253	-	-	-	-	-	-	-	-
Interest on senior subordinated notes
2,847	2,847	2,194	-	-	-	-	-	-	-	-
Interest on other borrowings
2,799	6,087	2,177	-	-	-	-	-	-	-	-
Interest on other borrowings
-	-	-	514	541	697	621	792	1,107	1,341	1,349
Total interest expense
36,924	27,841	15,653	8,633	7,077	4,673	4,668	5,828	6,087	8,513	8,077
Net interest income
83,600	91,066	67,917	40,314	36,624	33,418	30,448	31,733	27,336	27,777	15,829
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
Net interest income after provision for loan losses
83,250	86,866	59,292	35,402	33,453	29,974	26,833	25,538	18,844	18,752	9,291
Noninterest income:
Account maintenance and deposit service fees
7,159	5,959	3,564	-	-	-	-	-	-	-	-
Account maintenance and deposit service fees
-	-	-	896	953	826	793	832	833	900	676
Income from bank-owned life insurance
1,699	1,983	929	700	636	617	592	797	1,336	554	579
Equity gain from mortgage affiliate
1,191	-894	-345	1,109	1,459	558	-	-	-	-	-
Gain on sales of investment securities
-	-	255	-	-	-	-	-	-	-	-
Gain on sale of SBA loans
-	-	-	-	-	-	-	657	395	0	206
Bargain purchase gain on acquisitions
-	-	-	-	-	-	-	3,484	-	0	424
Net gain on other assets
-	-	-	-	7	202	13	14	-	-	-
Gain on other assets
-	-	-	-	-	-	-	-	-	0	-
Gain on sales of investment securities
-	-	-	-	520	-	142	274	-	142	371
Recoveries related to acquired charged-off loans and investment securities
1,537	2,610	757	-	-	-	-	-	-	-	-
Total other-than-temporary impairment losses (OTTI)
-	-	-	-	-	41	3	721	329	288	12,698
Portion of OTTI recognized in other comprehensive income (before taxes)
1,060	-	-	-	-	0	0	-4	-	0	-4,984
Net credit related OTTI recognized in earnings
-	-	-	-	-	41	3	717	329	288	7,714
Other
1,000	541	269	115	206	202	216	254	207	341	86
Total noninterest income
12,586	10,199	5,429	2,820	3,781	2,364	1,753	5,595	2,442	1,375	-5,586
Noninterest expenses:
Salaries and benefits
26,261	27,706	20,285	11,675	11,860	10,225	9,063	7,993	6,787	6,186	4,461
Occupancy expenses
6,204	6,628	4,809	3,155	3,269	3,165	3,063	2,778	2,240	2,101	1,615
Furniture and equipment expenses
2,719	2,795	2,228	975	815	787	724	621	556	591	516
Amortization of core deposit intangible
1,418	1,445	845	219	261	220	467	893	919	943	731
Virginia franchise tax expense
2,251	1,839	969	387	352	455	471	582	686	735	562
FDIC assessment
-	-	-	543	664	569	823	565	522	705	755
Data processing expense
2,381	1,885	1,140	744	668	569	562	634	546	587	339
Telephone and communication expense
1,615	2,035	1,422	745	786	751	684	603	392	403	283
Amortization of FDIC indemnification asset
-	-	-	793	630	1,230	483	-	-	-	-
Change in FDIC indemnification asset
-	-	-	-	-	-	-	651	-99	-60	-
Net (gain) loss on other real estate owned
38	-360	-520	-174	-291	433	188	-2,632	-297	-274	-214
Professional fees
3,612	1,644	1,798	-	-	-	-	-	-	-	-
Merger expenses
-	-	-	-	-	487	35	360	-	0	-
Change in FDIC indemnification asset
-	-	-	-	-	-	-	-	-	-	0
Merger expenses
-	-	9,426	429	-	-	-	-	-	-	499
Other operating expenses
10,169	7,423	5,707	2,976	3,682	3,076	3,105	3,137	2,347	2,006	1,301
Total noninterest expenses
56,592	53,760	49,149	22,815	23,278	21,101	19,292	21,449	15,193	14,197	11,062
Income before income taxes
39,244	43,305	15,572	15,407	13,956	11,237	9,294	9,684	6,093	5,930	-7,357
Income tax expense
6,077	9,614	13,147	5,095	4,667	3,754	3,036	3,115	1,692	1,876	-2,677
Net income
33,167	33,691	2,425	10,312	9,289	7,483	6,258	6,569	4,401	4,054	-4,680
Other comprehensive income:
Unrealized gain on available for sale securities
4,256	-1,548	-309	-284	-138	299	-232	8	103	261	303
Non-credit component of other-than-temporary impairment on held-to-maturity securities
-	-	255	-	-	-	-	-	-	-	-
Realized amount on securities sold, net
-	-	-	-	520	-	142	274	-	-	-
Realized amount on securities sold, net
-	-	-	-	-	-	-	-	-	-142	-
Realized amount on securities sold, net
-	-	-	-	-	-	-	-	-	-	371
Non-credit component of other-than-temporary impairment on held-to-maturity securities
-	-	-	-	-4,278	-35	-97	-676	-133	-238	4,984
Accretion of amounts previously recorded upon transfer to held to maturity from available for sale
-13	-16	-13	-12	-32	77	-	-	-	-	-
Realized amount on securities sold, net
-	-	-	-	520	-	-	-	-	-	-
Accretion of amounts previously recorded upon transfer to held-to-maturity from available-for-sale
-	-	-	-	-	-	-	105	5	123	-3,561
Amortization and accretion of amounts previously recorded upon transfer to held-to-maturity from available-for sale
-	-	-	-	-	-	39	-	-	-	-
Net unrealized gain
4,269	-1,532	-551	-272	3,652	257	-316	305	231	234	-1,491
Tax effect
897	-324	-188	-93	1,242	87	-107	104	79	79	-
Tax effect
-	-	-	-	-	-	-	-	-	-	-507
Other comprehensive income
3,372	-1,208	-363	-179	2,410	170	-209	201	152	155	-984
Comprehensive income
36,539	32,483	2,062	10,133	11,699	7,653	6,049	6,770	4,553	4,209	-5,664
Earnings per share, basic (in dollars per share)
1.38	1.40	0.13	0.84	0.76	0.63	0.54	-	-	-	-
Earnings per share, diluted (in dollars per share)
1.36	1.39	0.13	0.83	0.75	0.63	0.54	-	-	-	-
Earnings per share, basic and diluted (in dollars per share)
-	-	-	-	-	-	-	0.57	0.38	0.35	-0.62