MCLEAN, Va., Oct. 25, 2018 /PRNewswire/ -- Southern
National Bancorp of Virginia, Inc.
(NASDAQ: SONA) ("Southern National" or the "Company"), and its
wholly-owned subsidiary Sonabank (the "Bank"), today announced net
income of $8.9 million and
$26.0 million for the three and nine
months ended September 30, 2018,
respectively. That compares to net income of $4.4 million and $3.6
million for the three and nine months ended September 30, 2017, respectively. Earnings
per share for the three and nine months ended September 30, 2018 was $0.37 basic and $0.36 diluted, and $1.08 basic and $1.07 diluted, respectively, compared to
$0.18 basic and diluted, and
$0.22 basic and $0.21 diluted per share for the same periods in
2017, respectively. Third quarter of 2018 net income was benefited
by $736 thousand of other income from
the recovery of loans previously charged off by Eastern Virginia
Bankshares, Inc. ("EVBS").
The Board of Directors declared a dividend of $0.08 per share payable on November 23, 2018 to shareholders of record on
November 12, 2018. This is
Southern National's twenty-eighth consecutive quarterly
dividend.
The Company, just over a year after its 2017 merger-of-equals
with EVBS, now has in place much of what is needed to fuel its
profitable growth going forward. Management's focus has now
turned from integrating the two companies to increasing
profitability and franchise value.
The Company also added one key employee in the third quarter.
Jeff Karafa joined the Company as
its Executive Vice President and Chief Financial Officer in
September of 2018. Mr. Karafa brings 35 years of bank
experience with 24 of those years as a Chief Financial Officer.
Highlights for the three and nine months ended September 30, 2018 include:
- Net interest income remains strong at $22.6 million and $68.3 million for the quarter and nine
months ended September 30, 2018,
respectively;
- Net interest margin for the nine months ended September 30, 2018 was 3.74% compared to 3.88%
for the same period in 2017, which is a reflection of rising costs
of funds.
- Even with the lower net interest margin for the third quarter,
the Bank remains asset sensitive.
- The Bank is experiencing intense competition in both rate and
balances of Money Market accounts which may impact net interest
margin in the future;
- Strong operating performance during the third quarter of 2018
as evidenced by the 53.77% operating efficiency ratio;
- Provision for loan losses totaled $1.1
million and $3.7 million for
the quarter and nine months ended September
30, 2018, respectively;
- A loss of ($198) thousand was
recorded year to date 2018 from Southern Trust Mortgage ("STM"),
Southern National's mortgage affiliate compared to a loss of
($451) thousand the year before;
- Loans outstanding of $2.16
billion at September 30, 2018
are up $99.1 million, or 4.80%, since
December 31, 2017. Loan sales
have totaled $11.9 million and loan
participations sold are $4.0 million
for the nine months ended September 30,
2018;
- Deposit growth continues to be increasingly challenging due to
a very competitive market. Total deposits of $2.02 billion at September
30, 2018 have increased $159.2
million since December 31,
2017. The Bank's loan-to-deposit ratio remains flat at
106.77% year over year;
- Southern National was well capitalized at September 30, 2018 with an estimated tier 1
risk-based capital ratio of 11.57%;
- Tangible book value per share of $9.56 at September 30,
2018 has increased 4.60% since September 30, 2017;
- Asset quality remains high as demonstrated by the 0.24% ratio
of nonperforming assets, net of SBA guarantees, to total assets at
September 30, 2018; and
- Retail banking and operations FTE have been reduced by 16 year
to date with an additional 10 FTE reduction planned by year
end.
Net Interest Income
Net interest income was $22.6
million for the quarter ended September 30, 2018 compared to $23.8 million for the third quarter of 2017,
which is a direct result of the rising costs of funds.
Southern National's net interest margin was 3.62% and 3.74% for
the three and nine months periods ended September 30, 2018, respectively, compared to
4.02% and 3.88% for the three and nine months ended September 30, 2017. Cost of funds have increased
39 basis points to 1.26% since September 30,
2017. The discount accretion on loans acquired in the
acquisitions of EVBS, Greater Atlantic Bank, HarVest and Prince
Georges Federal Savings Bank contributed $3.8 million to net interest income during the
nine months ended September 30,
2018.
Noninterest Income
During the third quarter of 2018, Southern National had
noninterest income of $2.6 million
compared to $2.3 million during the
third quarter of 2017. Income from bank-owned life insurance
has increased due to death benefit payouts in 2018 as well as the
income from the purchase of an additional $12.0 million in bank-owned life insurance during
2018. Loss on our investment in STM continues to
decline. Other noninterest income has benefited from the
recoveries of legacy investment securities and loans charged off by
EVBS before Southern National merged with EVBS during the late
second quarter of 2017.
Noninterest income was $8.3
million in the first nine months of 2018, compared to
$3.1 million for the first nine
months of 2017. Generally, differences for the nine
months end September 30, 2018 and
2017 are not comparable due to the merger of EVBS into Southern
National.
Noninterest Expense
Noninterest expense was $13.1
million during the third quarter of 2018, respectively,
compared to $14.4 million during the
same period in 2017. Management expects noninterest expense
to remain level or perform slightly better during the remainder of
2018. Employee compensation and benefits expense totaled
$7.1 million for the third quarter of
2018, as compared to $7.7 million for
the same period of 2017 as the Company has reduced duplicate
positions from the merger and continues to assess its staffing and
operations. Occupancy expenses remain flat. The Company
recognized a $99 thousand net gain on
other real estate owned ("OREO") during the third quarter of 2018
which reduces the net loss to ($61)
thousand for the first nine months of 2018. No merger
expenses were recorded for 2018. Other noninterest expenses have
declined due to the consolidation process and overhead control.
Noninterest expense was $40.4
million during the first nine months of 2018.
Noninterest expenses post-merger are in-line with Management's
pre-merger expectations. Noninterest expense for the first
nine months of 2017 were $35.3
million and included $9.1
million of merger expenses and are generally not comparable
to 2018 due to the merger of EVBS into Southern National.
Securities Portfolio.
Investment securities totaled $238.8
million at September 30, 2018
and represented 8.84% of total assets at September 30, 2018. Southern National
utilizes its securities portfolio to augment income and manage its
interest rate risk while serving as a source of liquidity. No
securities have been purchased or sold during 2018.
Loan Portfolio
Loan demand remains elevated in the Company's markets. Net
loan growth in the first nine months of 2018 was $99.1 million, or 6.41% annualized, bringing
loans receivable, net of deferred fees to $2.16 billion at September
30, 2018. Additionally, loan sales have totaled
$11.9 million and loan participations
sold are $4.0 million for the nine
months ended September 30, 2018.
The composition of our loan portfolio consisted of the following
at September 30, 2018 and
December 31, 2017 (in thousands):
|
September 30,
2018
|
|
December 31,
2017
|
Loans secured
by real estate:
|
|
|
|
Commercial real estate - owner occupied
|
$
400,839
|
|
$
401,847
|
Commercial real estate - non-owner occupied
|
494,554
|
|
440,700
|
Secured by farmland
|
11,154
|
|
23,038
|
Construction and land loans
|
186,973
|
|
197,972
|
Residential 1-4 family (1)
|
558,164
|
|
483,006
|
Multi-family residential
|
85,879
|
|
70,892
|
Home equity lines of credit (1)
|
131,146
|
|
152,829
|
Total real estate
loans
|
1,868,709
|
|
1,770,284
|
|
|
|
|
Commercial
loans
|
260,151
|
|
253,258
|
Consumer
loans
|
32,607
|
|
39,374
|
Gross
loans
|
2,161,467
|
|
2,062,916
|
|
|
|
|
Less deferred
fees on loans
|
(61)
|
|
(588)
|
Loans
receivable, net of deferred fees
|
$
2,161,406
|
|
$
2,062,328
|
|
|
|
|
(1) Includes
covered loans totaling $19.0 million and $23.3 million as of
September 30, 2018 and
|
December 31,
2017, respectively. Covered loans were acquired in the acquisition
of Greater Atlantic Bank
|
and are covered
under a FDIC loss-share agreement. The agreement expires in
December 2019.
|
Loan Loss Provision/Asset Quality
Asset quality remained high during the first nine months of
2018. For the nine months ended September 30, 2018, the provision for loan losses
was $3.7 million compared to
$6.9 million for the same period last
year. Net charge offs for the three and nine months ended
September 30, 2018 were $350 thousand and $1.6
million, respectively, compared to $5.2 million and $6.3
million for the same periods in 2017, respectively.
Southern National's allowance for loan losses as a percentage of
total non-covered loans at September 30,
2018 was 0.53%, compared to 0.46% at the end of 2017.
The allowance for loan losses as a percentage of non-covered
non-acquired loans was 0.83% and 0.77% at September 30, 2018 and December 31, 2017, respectively.
Non-covered nonaccrual loans were $1.6
million (excluding $3.4
million of loans fully covered by SBA guarantees) at
September 30, 2018 compared to
$12.3 million (excluding $4.7 million of loans fully covered by SBA
guarantees) as of December 31,
2017. During 2018, a $9.9
million loan that had been on nonaccrual status since the
third quarter of 2017 was fully paid off, which resulted in
$732 thousand of recovered interest
being recognized. The ratio of non-covered nonperforming assets
(excluding the SBA guaranteed loans) to total non-covered assets
decreased from 0.77% at the end of 2017 to 0.24% at September 30, 2018.
Other real estate owned ("OREO") at September 30, 2018 was $5.6 million compared to $7.6 million at December
31, 2017. The Bank sold one OREO property with a book
balance of $0 in the third quarter of
2018 and realized a gain of $99
thousand.
Deposits
The competition for deposits in the Company's markets continues
to climb, as so do the rates being paid on deposits. Total deposits
were $2.02 billion at September 30, 2018 compared to $1.87 billion at December
31, 2017, an increase of $159.2
million, or 11.38% annualized. During the nine
months ended September 30, 2018,
demand deposits and NOW accounts increased by $4.9 million, or 0.76%, while money market
accounts decreased $47.2 million or
13.29%. The decline in money market accounts is mostly attributable
to a legacy EVBS special-offering money market account that was
discontinued in the fourth quarter of 2017. Savings accounts
decreased to $156.4 million or 3.43%
at September 30, 2018 from a balance
of $161.9 million at December 31, 2017, and time deposits increased
$207.0 million, or 29.61%, from
$699 million at December 31, 2017, to $906.0 million at September 30, 2018.
Stockholders' Equity
Total stockholders' equity increased from $322.8 million at December
31, 2017 to $340.8 million at
September 30, 2018. Our estimated
tier 1 risk-based capital ratios were 11.57% and 13.22% for
Southern National and Sonabank, respectively, as of September 30, 2018.
About Southern National Bancorp of Virginia, Inc.
As of September 30, 2018, Southern
National had $2.70 billion in total
assets, $2.16 billion in total loans
and $2.02 billion in total deposits.
Sonabank provides a range of financial services to individuals and
small and medium sized businesses. At September 30, 2018, Sonabank had forty-five
full-service branches. Thirty-eight full-service retail branches
are in Virginia, located in the
counties of Chesterfield (2),
Essex (2), Fairfax (Reston, McLean and Fairfax), Gloucester (2), Hanover (3), King
William, Lancaster,
Middlesex (3), New Kent, Northumberland (3), Southampton, Surry, Sussex, and in Charlottesville, Clifton Forge, Colonial Heights, Front Royal, Hampton, Haymarket, Leesburg, Middleburg, New
Market, Newport News,
Richmond, South Riding, Warrenton, and Williamsburg, and seven full-service retail
branches in Maryland, in
Rockville, Shady Grove,
Bethesda, Upper Marlboro, Brandywine, Owings and Huntingtown.
Non-GAAP Measures
Statements included in this press release include non-GAAP
financial measures and should be read along with the accompanying
tables. Southern National uses non-GAAP financial measures to
analyze its performance.
Management believes that non-GAAP financial measures provide
additional useful information that allows readers to evaluate the
ongoing performance of Southern National and provide meaningful
comparison to its peers. Non-GAAP financial measures should not be
considered as an alternative to any measure of performance or
financial condition as promulgated under GAAP, and investors should
consider Southern National's performance and financial condition as
reported under GAAP and all other relevant information when
assessing the performance or financial condition of Southern
National.
Non-GAAP financial measures have limitations as analytical
tools, and investors should not consider them in isolation or as a
substitute for analysis of the results or financial condition as
reported under GAAP.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that relate to future events or the future performance of Southern
National. Forward-looking statements are not guarantees of
performance or results. These forward-looking statements are based
on the current beliefs and expectations of the respective
management of Southern National and Sonabank and are inherently
subject to significant business, economic and competitive
uncertainties and contingencies, many of which are beyond their
respective control. In addition, these forward-looking statements
are subject to assumptions with respect to future business
strategies and decisions that are subject to change. Actual results
may differ materially from the anticipated results discussed or
implied in these forward-looking statements because of numerous
possible uncertainties. Words like "may," "plan," "contemplate,"
"anticipate," "believe," "intend," "continue," "expect," "project,"
"predict," "estimate," "could," "should," "would," "will," and
similar expressions, should be considered as identifying
forward-looking statements, although other phrasing may be used.
Such forward-looking statements involve risks and uncertainties and
may not be realized due to a variety of factors. Additional factors
that could cause actual results to differ materially from those
expressed in the forward-looking statements are discussed in the
reports (such as Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q, and Registration Statements on Form S-4) filed by
Southern National. You should consider such factors and not place
undue reliance on such forward-looking statements. No obligation is
undertaken by Southern National to update such forward-looking
statements to reflect events or circumstances occurring after the
issuance of this press release.
Contacts:
|
|
Addresses:
|
Joe A. Shearin,
CEO
|
|
Southern National
Bancorp of Virginia, Inc.
|
Phone:
804-528-4752
|
|
6830 Old Dominion
Drive
|
|
|
McLean, VA
22101
|
Georgia S. Derrico,
Executive Chairman
|
|
|
Phone: 202-464-1130
ext. 2405
|
|
Sonabank
|
|
|
10900 Nuckols Road,
Suite 325
|
R. Roderick Porter,
Executive Vice Chairman
|
|
Glen Allen, VA
23060
|
Phone: 202-464-1130
ext. 2406
|
|
|
|
|
|
Southern National
Bancorp of Virginia, Inc., NASDAQ Symbol SONA
|
Website:
www.sonabank.com
|
|
|
Southern National
Bancorp of Virginia, Inc.
|
McLean,
Virginia
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
(in
thousands)
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
2018
|
|
2017
(1)
|
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
34,463
|
|
$
25,463
|
|
Investment
securities-available for sale
|
|
144,928
|
|
160,673
|
|
Investment
securities-held to maturity
|
|
93,865
|
|
98,912
|
|
Stock in Federal
Reserve Bank and Federal Home Loan Bank
|
22,870
|
|
26,775
|
|
Loans receivable, net
of deferred fees
|
|
2,161,406
|
|
2,062,328
|
|
Allowance for loan
losses
|
|
(11,451)
|
|
(9,397)
|
|
|
Net loans
|
|
2,149,955
|
|
2,052,931
|
|
Intangible
assets
|
|
110,925
|
|
110,660
|
|
Bank premises and
equipment, net
|
|
33,251
|
|
35,788
|
|
Bank-owned life
insurance
|
|
62,679
|
|
50,790
|
|
Deferred tax assets,
net
|
|
17,648
|
|
16,903
|
|
Other
assets
|
|
31,958
|
|
35,357
|
|
|
Total
assets
|
|
$
2,702,542
|
|
$
2,614,252
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
Demand
deposits
|
|
$
339,484
|
|
$
319,189
|
|
NOW
accounts
|
|
314,509
|
|
329,878
|
|
Money market
accounts
|
|
307,882
|
|
355,084
|
|
Savings
accounts
|
|
156,399
|
|
161,947
|
|
Time
deposits
|
|
906,038
|
|
699,058
|
|
Total deposits
|
|
2,024,312
|
|
1,865,156
|
|
Federal Home Loan
Bank advances-short term
|
|
242,115
|
|
335,615
|
|
Subordinated
notes
|
|
56,670
|
|
56,662
|
|
Other
liabilities
|
|
38,601
|
|
34,047
|
|
|
Total
liabilities
|
|
2,361,698
|
|
2,291,480
|
|
Stockholders'
equity
|
|
340,844
|
|
322,772
|
|
|
Total liabilities and
stockholders' equity
|
|
$
2,702,542
|
|
$
2,614,252
|
|
|
|
|
|
|
|
|
(1) Derived from
audited financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended
|
|
|
|
September
30
|
|
September
30
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Interest and dividend
income
|
|
$
30,054
|
|
$
28,811
|
|
$
87,757
|
|
$
55,605
|
Interest
expense
|
|
7,466
|
|
4,962
|
|
19,495
|
|
10,659
|
|
Net interest
income
|
|
22,588
|
|
23,849
|
|
68,262
|
|
44,946
|
Provision for loan
losses
|
|
1,050
|
|
5,250
|
|
3,700
|
|
6,850
|
|
Net interest income
after provision for loan losses
|
21,538
|
|
18,599
|
|
64,562
|
|
38,096
|
Account maintenance
and deposit service fees
|
1,415
|
|
1,518
|
|
4,198
|
|
2,098
|
Income from
bank-owned life insurance
|
|
593
|
|
305
|
|
1,463
|
|
631
|
Equity (loss) from
mortgage affiliate
|
|
(72)
|
|
(83)
|
|
(198)
|
|
(450)
|
Other
|
|
702
|
|
560
|
|
2,807
|
|
835
|
|
Noninterest
income
|
|
2,638
|
|
2,300
|
|
8,270
|
|
3,114
|
Employee compensation
and benefits
|
|
7,080
|
|
7,746
|
|
20,859
|
|
13,750
|
Occupancy and
equipment expenses
|
|
2,281
|
|
2,610
|
|
7,096
|
|
4,739
|
Amortization of core
deposit intangible
|
|
361
|
|
360
|
|
1,084
|
|
483
|
FDIC
assessments
|
|
159
|
|
186
|
|
814
|
|
391
|
Amortization of FDIC
indemnification asset
|
|
177
|
|
173
|
|
527
|
|
540
|
Net (gain) loss on
other real estate owned
|
|
(99)
|
|
(106)
|
|
61
|
|
213
|
Merger
expenses
|
|
-
|
|
168
|
|
-
|
|
9,094
|
Other
expenses
|
|
3,156
|
|
3,299
|
|
9,910
|
|
6,120
|
|
Noninterest
expense
|
|
13,115
|
|
14,436
|
|
40,351
|
|
35,330
|
|
Income before income
taxes
|
|
11,061
|
|
6,463
|
|
32,481
|
|
5,880
|
Income tax
expense
|
|
2,200
|
|
2,089
|
|
6,494
|
|
2,294
|
|
Net
income
|
|
$
8,861
|
|
$
4,374
|
|
$
25,987
|
|
$
3,586
|
Financial
Highlights
|
(Unaudited)
|
(Dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Per Share
Data:
|
|
|
|
|
|
|
|
|
Earnings per
share - Basic
|
|
$
0.37
|
|
$
0.18
|
|
$
1.08
|
|
$
0.22
|
Earnings per
share - Diluted
|
|
$
0.36
|
|
$
0.18
|
|
$
1.07
|
|
$
0.21
|
Book value per
share
|
|
$
14.17
|
|
$
13.63
|
|
$
14.17
|
|
$
13.63
|
Tangible book value
per share (1)
|
|
$
9.56
|
|
$
9.14
|
|
$
9.56
|
|
$
9.14
|
Weighted average
shares outstanding - Basic
|
|
24,049,382
|
|
23,913,080
|
|
24,016,600
|
|
16,526,345
|
Weighted average
shares outstanding - Diluted
|
|
24,320,019
|
|
24,218,010
|
|
24,272,611
|
|
17,411,742
|
Shares outstanding at
end of period
|
|
24,051,753
|
|
23,916,453
|
|
24,051,753
|
|
23,916,453
|
|
|
|
|
|
|
|
|
|
|
Selected
Performance Ratios (2):
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.30%
|
|
0.67%
|
|
1.29%
|
|
0.28%
|
Return on average
equity
|
|
10.43%
|
|
5.33%
|
|
10.39%
|
|
2.31%
|
Return on average
tangible equity (3)
|
|
15.51%
|
|
8.08%
|
|
15.53%
|
|
2.97%
|
Yield on earning
assets
|
|
4.83%
|
|
4.86%
|
|
4.81%
|
|
4.80%
|
Cost of
funds
|
|
1.26%
|
|
0.87%
|
|
1.12%
|
|
0.98%
|
Net interest
margin
|
|
3.62%
|
|
4.02%
|
|
3.74%
|
|
3.88%
|
Gross loans to
deposits
|
|
106.77%
|
|
106.91%
|
|
106.77%
|
|
106.91%
|
Operating efficiency
ratio (4)
|
|
53.77%
|
|
55.90%
|
|
54.34%
|
|
54.94%
|
Net charge-offs to
average loans
|
|
0.03%
|
|
0.25%
|
|
0.08%
|
|
0.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
to total assets
|
|
12.60%
|
|
12.35%
|
|
|
|
|
Tier 1 risk-based
capital ratio (estimated for September 30, 2018)
|
11.57%
|
|
10.98%
|
|
|
|
|
Intangible
assets:
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
$
101,954
|
|
$
100,606
|
|
|
|
|
|
Core deposit
intangible
|
|
8,971
|
|
10,054
|
|
|
|
|
|
Total
|
|
$
110,925
|
|
$
110,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and other real
estate owned (5):
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(6)
|
|
$
4,961
|
|
$
16,963
|
|
|
|
|
Loans past due 90
days and accruing interest
|
|
-
|
|
-
|
|
|
|
|
Other real estate
owned
|
|
5,589
|
|
7,577
|
|
|
|
|
Total nonperforming
assets
|
|
$
10,550
|
|
$
24,540
|
|
|
|
|
Allowance for loan
losses to total non-covered loans
|
|
0.53%
|
|
0.46%
|
|
|
|
|
Nonperforming assets
excluding SBA guaranteed loans to
|
|
|
|
|
|
|
|
|
total assets
|
|
0.24%
|
|
0.77%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP measure
defined as stockholders' equity less goodwill and other
intangibles divided by common shares outstanding.
|
(2) Selected
performance ratios are annualized except the operating efficiency
ratio and net charge-offs to average loans.
|
(3) Non-GAAP measure
defined as average stockholders' equity less average goodwill and
other intangibles.
|
(4) Non-GAAP measure
excludes gains/losses and write-downs on OREO, gains/losses on sale
of loans, gains/losses on sale of
securities,
|
merger expenses, and
recoveries related to acquired charged-off loans and securities
that are recognized in other noninterest income.
|
(5) Applies only to
non-covered loans and other real estate owned.
|
(6) Nonaccrual loans
include SBA guaranteed amounts totaling $3.4 million and $4.7
million at September 30, 2018 and
|
December 31, 2017, respectively.
|
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SOURCE Southern National Bancorp of Virginia, Inc.