Southern National Bancorp of Virginia Chairman Georgia Derrico's 2019 pay rises 8% to $1.5M

Southern National Bancorp of Virginia reports 2019 executive compensation

By ExecPay News

Published: April 14, 2020

Southern National Bancorp of Virginia reported fiscal year 2019 executive compensation information on April 14, 2020.

In 2019, six executives at Southern National Bancorp of Virginia received on average a compensation package of $846K, a 46% increase compared to previous year.

Average pay of disclosed executives at Southern National Bancorp of Virginia

Georgia S. Derrico, Chairman, received $1.5M in total, which increased by 8% compared to 2018. 38% of Derrico's compensation, or $565K, was of change in pension value and nonqualified deferred compensation earnings. Derrico also received $200K in bonus, $514K in salary, $142K in stock awards, as well as $69K in other compensation.

For fiscal year 2019, the median employee pay was $42,142 at Southern National Bancorp of Virginia. Therefore, the ratio of Georgia S. Derrico's pay to the median employee pay was 35 to one.

Joe A. Shearin, Chief Executive Officer, received a compensation package of $1.3M, which increased by 20% compared to previous year. 41% of the compensation package, or $547K, was in salary.

R. Roderick Porter, Chairman, earned $1.1M in 2019, a 5% increase compared to previous year.

Jeffrey H. Culver, Former President, received $586K in 2019, which increases by 56% compared to 2018.

G. Cody Sheflett, Chief Operating Officer, earned $292K in 2019.

Jeffrey L. Karafa, Chief Financial Officer, received $279K in 2019, which increases by 93% compared to 2018.