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Mar 31, 2020
Primis Q1 2020 Earnings Report
Net income decreased due to non-recurring expenses related to management restructure and branch closings.
Key Takeaways
Southern National Bancorp of Virginia, Inc. reported a net income of $27 thousand for the quarter ended March 31, 2020, a significant decrease compared to $6.0 million for the same period in 2019. Earnings per share were $0.00, down from $0.25 in the previous year. The quarter's results were impacted by one-time charges related to executive management restructuring and branch closures, although the company saw growth in loans and is actively participating in the SBA Payroll Protection Program.
Net income for Q1 2020 was $27 thousand, significantly lower than the $6.0 million reported in Q1 2019.
Earnings per share for Q1 2020 were $0.00, a decrease from $0.25 in Q1 2019.
The company incurred $5.3 million in pre-tax one-time charges for management restructuring and $479 thousand for branch closures.
Loans outstanding increased by $26.5 million since December 31, 2019, reaching $2.21 billion.
Forward Guidance
Southern National Bancorp of Virginia, Inc. is focused on improving funding costs and balance sheet, managing loan modifications, and participating in the SBA's Payroll Protection Program.
Positive Outlook
- Focusing on shifting funding away from time deposits to improve funding costs.
- Making improvements to the balance sheet to drive long-term value.
- Working with customers to provide loan modifications as needed.
- Processing applications for the SBA's Payroll Protection Program.
- Expecting funding costs of deposits and other borrowings to significantly decrease for the remainder of 2020 due to recent reductions in interest rates.
Challenges Ahead
- Net income decreased significantly due to non-recurring expenses.
- Company experienced disruptions in normal operations due to health crisis.
- Total deposits decreased $49.4 million since December 31, 2019.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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