PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

PARENT COMPANY FINANCIAL INFORMATION

17.         PARENT COMPANY FINANCIAL INFORMATION

Condensed financial information of Southern National Bancorp of Virginia, Inc. follows (in thousands):

CONDENSED BALANCE SHEETS

DECEMBER 31,

	2020		2019
ASSETS
Cash	$	59,318	$	2,707
Investment in subsidiaries		446,116		423,591
Other assets		2,060		8,128
Total assets	$	507,494	$	434,426
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Junior subordinated debt - long term	$	9,682	$	9,632
Senior subordinated notes - long term		105,647		47,051
Other liabilities		1,611		502
Total liabilities		116,940		57,185
Stockholders' equity:
Common stock		243		241
Additional paid in capital		308,870		306,755
Retained earnings		77,956		69,462
Accumulated other comprehensive income		3,485		783
Total stockholders' equity		390,554		377,241
Total liabilities and stockholders' equity	$	507,494	$	434,426

CONDENSED STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31,

	2020		2019		2018
Income:
Cash dividends received from subsidiaries	$	2,500	$	13,300	$	8,000
Total income		2,500		13,300		8,000
Expenses:
Interest on junior subordinated debt		426		589		575
Interest on senior subordinated notes		3,909		2,847		2,847
Other operating expenses		841		726		765
Total expenses		5,176		4,162		4,187
Income (loss) before income tax benefit and equity in undistributed net income of subsidiaries		(2,676)		9,138		3,813
Income tax benefit		(1,084)		(862)		(872)
Equity in undistributed net income of subsidiaries		24,879		23,167		29,006
Net income	$	23,287	$	33,167	$	33,691

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31,

	2020		2019		2018
Operating activities:
Net income	$	23,287	$	33,167	$	33,691
Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities:
Equity in undistributed net income of subsidiaries		(27,379)		(36,467)		(37,006)
Other, net		8,766		(666)		(582)
Net cash and cash equivalents provided by (used in) in operating activities		4,674		(3,966)		(3,897)
Investing activities:
Dividend from subsidiaries		2,500		13,300		8,000
Net cash and cash equivalents provided by investing activities		2,500		13,300		8,000
Financing activities:
Issuance of subordinated notes, net of cost		58,600		—		—
Issuance of common stock under Stock Incentive Plan		574		670		443
Cash dividends paid on common stock		(9,737)		(8,690)		(7,688)
Net cash and cash equivalents provided by (used in) financing activities		49,437		(8,020)		(7,245)
Increase (decrease) in cash and cash equivalents		56,611		1,314		(3,142)
Cash and cash equivalents at beginning of period		2,707		1,393		4,535
Cash and cash equivalents at end of period	$	59,318	$	2,707	$	1,393