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Jun 30, 2020
Primis Q2 2020 Earnings Report
Net income reached $4.7 million, with earnings per share at $0.19, and non-interest income reached record high.
Key Takeaways
Southern National Bancorp of Virginia, Inc. reported a net income of $4.7 million for the quarter ended June 30, 2020. The company saw a substantial improvement in revenue and pretax pre-provision earnings and held steady on operating expenses.
Originated approximately 3,800 PPP loans totaling $335.6 million.
Deferred PPP fees (net of expenses) totaled $10.6 million.
Non-CD deposits increased to 71% of total deposits compared to 59% in Q2 2019.
Operating efficiency ratio improved to 49.07% compared to 58.21% in the same quarter of 2019.
Revenue by Segment
Forward Guidance
The company expects the second half of the year to be centered on managing through the economic impacts of the pandemic and are encouraged with the conversations and diligence they have directed to existing customer relationships.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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