$FRST

Southern National Bancorp of Virginia Inc

CIK:0001325670|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and dividend income:
Interest and fees on loans	$ 52,927	$ 44,717	$ 103,061	$ 89,681
Interest and dividends on taxable securities	1,923	1,831	3,805	3,642
Interest and dividends on tax exempt securities	28	97	57	192
Interest and dividends on other earning assets	1,444	982	2,925	1,835
Total interest and dividend income	56,322	47,627	109,848	95,350
Interest expense:
Interest on deposits	19,388	20,497	37,890	39,889
Interest on other borrowings	3,179	1,950	6,129	3,917
Total interest expense	22,567	22,447	44,019	43,806
Net interest income	33,755	25,180	65,829	51,544
Provision for credit losses	5,452	8,303	7,001	9,899
Net interest income after provision for credit losses	28,303	16,877	58,828	41,645
Noninterest income:
Account maintenance and deposit service fees	1,699	1,675	2,945	3,014
Income from bank-owned life insurance	729	438	1,201	863
Gains on Panacea Financial Holdings investment	400	7,450	400	32,028
(Gains) losses on other investments	5,961	(308)	6,010	(255)
Mortgage banking income	11,388	7,893	22,148	13,508
Gains on sale of loans	1,582	210	2,149	210
Consumer Program derivative income	196	593	592	301
Other noninterest income	79	79	144	696
Total noninterest income	22,034	18,030	35,589	50,365
Noninterest expenses:
Salaries and benefits	20,267	17,060	39,823	35,001
Occupancy expenses	2,646	1,318	5,198	2,746
Furniture and equipment expenses	2,153	1,809	4,218	3,666
Virginia franchise tax expense	695	577	1,306	1,154
FDIC insurance assessment	854	1,021	1,592	1,814
Data processing expense	2,342	3,037	4,530	5,886
Marketing expense	934	720	1,694	1,234
Telephone and communication expense	350	324	661	611
Professional fees	2,886	2,413	4,746	4,638
Miscellaneous lending expenses	1,128	900	1,856	1,734
Other operating expenses	3,952	2,763	6,337	5,974
Total noninterest expenses	38,207	31,942	71,961	64,458
Income before income taxes	12,130	2,965	22,456	27,552
Income tax expense	2,704	528	5,718	6,081
Net income	9,426	2,437	16,738	21,471
Net loss attributable to noncontrolling interests				3,602
Net income attributable to Primis' common stockholders	9,426	2,437	16,738	25,073
Other comprehensive income:
Unrealized gain (loss) on available-for-sale securities	(843)	2,123	(1,834)	6,695
Income tax expense (benefit) related to other comprehensive income	(177)	446	(385)	1,406
Other comprehensive income (loss), net of tax	(666)	1,677	(1,449)	5,289
Comprehensive income	$ 8,760	$ 4,114	$ 15,289	$ 30,362
Earnings per share, basic (in dollars per share)	$ 0.38	$ 0.1	$ 0.68	$ 1.01
Earnings per share, diluted (in dollars per share)	$ 0.38	$ 0.1	$ 0.68	$ 1.01

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 16,738	$ 21,471
Adjustments to reconcile net income to net cash and cash equivalents used in operating activities:
Depreciation and amortization	6,661	4,506
Net amortization of premiums and (accretion of discounts)	(191)	175
Provision for credit losses	7,001	9,899
Originations of loans held for sale	(789,767)	(414,871)
Proceeds from sales of loans originated to sell	747,253	408,751
Proceeds from sales of assets held for sale		982
Net gains on loans held for sale	(15,403)	(8,336)
Net gains on mortgage banking	(8,009)	(5,172)
Net gains on sale of loans originated as held for investment	(887)	(210)
(Gains) losses on other investments	(6,010)	255
(Gain) loss on bank premises and equipment and assets held for sale	(40)	111
Earnings on bank-owned life insurance	(1,201)	(863)
Stock-based compensation expense	441	49
Gains on Panacea Financial Holdings investment	(400)	(32,028)
Deferred income tax (benefit) expense	(846)	5,594
Net change in fair value of Consumer Program derivative		3,334
Net increase in other assets	(11,997)	(2,542)
Net increase (decrease) in other liabilities	(3,409)	2,308
Net cash and cash equivalents used in operating activities	(60,066)	(6,587)
Investing activities:
Purchases of securities available-for-sale	(14,100)	(18,460)
Proceeds from paydowns, maturities and calls of securities available-for-sale	15,429	18,680
Proceeds from paydowns, maturities and calls of securities held-to-maturity	384	585
Net (increase) decrease in FRB and FHLB stock	(13,302)	39
Net change in loans held for investment	(196,905)	(173,799)
Proceeds from sales of loans initially originated to be held for investment	8,295	52,902
Purchase of bank-owned life insurance	(7,516)
Purchases of bank premises and equipment	(502)
Proceeds from liquidation of insurance agency investment	7,590
Net decrease in other investments	202	164
Net cash and cash equivalents used in investing activities	(200,425)	(119,889)
Financing activities:
Net increase in deposits	50,756	162,091
Increase in securities sold under agreements to repurchase	422	452
Repayments of secured borrowings, net	(608)	(746)
Cash dividends paid on common stock	(5,039)	(4,945)
Repurchase of common stock		(807)
Proceeds from exercised stock options	178
Increase in short-term FHLB advances	275,000
Repayment of senior subordinated notes	(27,000)
Net cash and cash equivalents provided by financing activities	293,709	156,045
Net change in cash and cash equivalents	33,218	29,569
Cash and cash equivalents at beginning of period	143,607	64,505
Cash and cash equivalents at end of period	176,825	94,074
Cash payments for:
Interest	43,659	43,635
Income taxes	$ 2,881	277
Supplemental schedule of noncash activities:
Loans held for sale transferred to held for investment		152,092
Assets held for sale transferred to other assets		2,221
Deconsolidation of Panacea Financial Holdings, Inc.		$ 9,624

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and cash equivalents:
Cash and due from financial institutions	$ 10,116	$ 9,690
Interest-bearing deposits in other financial institutions	166,709	133,917
Total cash and cash equivalents	176,825	143,607
Securities available-for-sale, at fair value (amortized cost of $172,968 and $174,226, respectively)	168,285	171,377
Securities held-to-maturity, at amortized cost (fair value of $6,125 and $6,560, respectively)	6,588	6,981
Loans held for sale, at fair value	198,713	166,066
Loans held for sale, at lower of cost or market	33,277	0
Total loans held for sale	231,990	166,066
Loans held for investment, collateralizing secured borrowings	14,228	14,843
Loans held for investment	3,452,160	3,268,840
Less: allowance for credit losses	(45,964)	(45,883)
Net loans	3,420,424	3,237,800
Stock in Federal Reserve Bank and Federal Home Loan Bank	27,487	14,185
Bank premises and equipment, net	5,955	6,070
Operating lease right-of-use assets	64,233	65,596
Cloud computing arrangement assets, net	3,682	5,239
Goodwill	93,459	93,459
Bank-owned life insurance	77,515	68,969
Deferred tax assets, net	15,914	14,683
Investment in Panacea Financial Holdings, Inc. common stock	7,299	6,899
Accrued interest on loans and investments	17,980	19,222
Other assets	35,978	27,235
Total assets	4,353,614	4,047,388
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing demand deposits	505,758	554,442
Interest-bearing deposits:
NOW accounts	878,976	862,735
Money market accounts	794,540	740,886
Savings accounts	960,343	922,337
Time deposits	306,724	315,185
Total interest-bearing deposits	2,940,583	2,841,143
Total deposits	3,446,341	3,395,585
Securities sold under agreements to repurchase	3,974	3,552
Secured borrowings	14,165	14,773
FHLB advances	300,000	25,000
Junior subordinated debt	9,954	9,929
Senior subordinated notes	59,404	86,233
Operating lease liabilities	60,573	61,340
Other liabilities	25,374	28,080
Total liabilities	3,919,785	3,624,492
Commitments and contingencies (See Note 9)
Stockholders' equity:
Preferred stock, $0.01 par value. Authorized 5,000,000 shares; no shares issued and outstanding
Common stock, $0.01 par value. Authorized 45,000,000 shares; 24,878,621 shares issued and 24,799,072 shares outstanding at June 30, 2026, and 24,774,934 shares issued and 24,695,385 shares outstanding at December 31, 2025	248	247
Additional paid in capital	317,191	316,509
Retained earnings	121,316	109,617
Treasury stock, at cost 79,549 shares at June 30, 2026 and December 31, 2025	(807)	(807)
Accumulated other comprehensive loss	(4,119)	(2,670)
Total Primis stockholders' equity	433,829	422,896
Total liabilities and stockholders' equity	$ 4,353,614	$ 4,047,388