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Dec 31, 2020
Primis Q4 2020 Earnings Report
Southern National Bancorp Announced Earnings for Q4 2020
Key Takeaways
Southern National Bancorp of Virginia, Inc. reported a net income of $9.0 million for the quarter ended December 31, 2020, which is the same compared to the quarter ended December 31, 2019. The earnings per share for the quarter were $0.37 on both a basic and diluted basis, representing no change from the same period in 2019. Total assets ended the year at $3.09 billion.
Net income remained consistent at $9.0 million compared to Q4 2019.
Earnings per share were stable at $0.37, both basic and diluted.
Total deposits increased $216.1 million from the previous quarter.
Cost of deposits decreased to 0.71% for the quarter, compared to 1.37% in Q4 2019.
Forward Guidance
The company is focused on growing its loan portfolio in 2021 and deploying excess liquidity. They hired a new market executive and a four person lending team in Northern Virginia and plan to add to this team in the near future. They expect substantially more production and growth from this key market.
Positive Outlook
- Growing loan portfolio in 2021.
- Deploying excess liquidity.
- Hiring new market executive.
- Adding a four person lending team in Northern Virginia.
- Expecting substantially more production and growth from this key market.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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