ANNAPOLIS, MD (April 15, 2011) — Severn Bancorp, Inc., (Nasdaq: SVBI) parent company of Severn Savings Bank, FSB (“Severn”), today announced an increase of $975,000 in net income for the quarter ended March 31, 2011 compared to the quarter ended March 31, 2010. Net income was $447,000 or $.00 per share for the fist quarter of 2011, compared to a net loss of $528,000 or ($.10) for the first quarter of 2010. Earnings per share is calculated using net income available for common shareholders, which is net income less preferred stock dividends.
“We are pleased to report year-over-year improvement in earnings as we continue to steer through the sluggish economic recovery,” said Alan J. Hyatt, president and chief executive officer. Mr. Hyatt continued, “We persist in our efforts to balance ensuring sustained shareholder value, increasing regulatory demands being placed on financial institutions and providing excellent full service banking to Anne Arundel County residents and businesses.”