LUMBERTON, N.C. - Southern National Corp. said second-quarter net income rose 69% from year earlier, to $12.3 million.
Fully diluted earnings per share rose by 9 cents, to 41 cents. Net interest income for the quarter rose 33%.
Earning assets grew 29%; net yield on them improved to 4.97%, from 4.81%. Return on average assets was 1.13%, up from 0.85% in the 1991 period.
In the 12 months through June 30, assets rose 27%, or more than $900 million, to $4.4 billion. A pending thrift acquisition would add $400 million.
The second-quarter provision for loan and lease losses was $3.5 million, 30% less than that of the 1991 period.