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Southern National Bancorp of Virginia Q3 net income $9.6 million

Christian Fernsby ▼ | October 26, 2020
Southern National Bancorp of Virginia and its wholly owned subsidiary Sonabank announced net income of $9.6 million for the quarter ended September 30, 2020, compared to $8.9 million for the quarter ended September 30, 2019.
Sonabank
Southern National   Net interest income increased to $23.0 million
Net interest income increased to $23.0 million for the three months ended September 30, 2020 or $2.0 million due to higher levels of average earning assets compared to the three months ended September 30, 2019.

Topics: Southern National Bancorp of Virginia

Commenting on the quarter, President and CEO Dennis J. Zember, Jr. said, "We finished an outstanding quarter with record net income and a substantially improved picture on deferrals.

"Compared to last year, we are seeing higher levels of pre-tax, pre-provision earnings thanks to modestly higher net interest income, solid results in fee income and an impressive efficiency ratio.

"Our credit team has worked diligently with each of our deferred loan customers, moving our current level of deferred loans down dramatically.

"As we work to finish out the year, we are going to stay focused on credit quality and credit trends and build an impressive story for loan and deposit growth in 2021."


 

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