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Sep 30, 2020
Primis Q3 2020 Earnings Report
Reported net income of $9.6 million and EPS of $0.40 for the quarter ended September 30, 2020.
Key Takeaways
Southern National Bancorp of Virginia, Inc. reported a net income of $9.6 million for the quarter ended September 30, 2020, compared to $8.9 million for the quarter ended September 30, 2019. The earnings per share for the quarter were $0.40 basic and $0.39 diluted, compared to $0.37 basic and $0.36 diluted for the same period last year.
Net income reached $9.6 million, compared to $8.9 million in Q3 2019.
Basic EPS was $0.40, and diluted EPS was $0.39, compared to $0.37 and $0.36 respectively in Q3 2019.
Total revenue increased by 22% compared to the same quarter in 2019.
Loans on deferral declined significantly.
Revenue by Segment
Forward Guidance
Management expects continued improvement in the funding mix over the next several quarters with more material reductions in total funding costs to occur in the last several quarters of 2021. It expects that early in 2021, time deposits will have moved to below 20% of total deposits and will start working to lower deposit costs in a way that will not affect the stability of the deposit base. Management expects to finish 2021 with the deposit side of the balance sheet balanced more similarly to its peers with costs that are in-line with the industry.
Positive Outlook
- Likelihood for increased core margins and profitability levels from this global repricing activity.
- Focus on credit quality and credit trends.
- Building an impressive story for loan and deposit growth in 2021.
- Expect to finish 2021 with the deposit side of our balance sheet balanced more similarly to our peers with costs that are in-line with the industry.
- Expect aggressive efforts to increase core deposits and shift the Company's deposit mix.
Challenges Ahead
- Deposit costs are higher than peers.
- Impact of lending in the PPP program in the current quarter lowered the margin by 10 basis points.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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