ANNAPOLIS, MD (October 14, 2011) — Severn Bancorp, Inc., (Nasdaq SVBI) parent company of Severn Savings Bank, FSB (“Severn”), today announced results for the quarter and nine months ended September 30, 2011. Net income for the third quarter of 2011 was $551,000 (unaudited), or $.01 per share, compared to net income of $485,000, or $.01 per share for the third quarter of 2010. Net income was $152,000, or ($.12) per share for the nine months ended September 30, 2011, compared to net income of $550,000, or ($.07) per share for the nine months ended September 30, 2010. Earnings per share is calculated using net income available for common shareholders, which is net income less preferred stock dividends.
“While we are pleased to report a modest profit for the third quarter, it is clear that economic conditions remain challenging,” said Alan J. Hyatt, president and chief executive officer. “We are staying our course and putting into action our strategy of providing first-rate banking products along with a local, convenient and considerate option for the residents and businesses of the county.” Mr. Hyatt continued “We see many customers seeking a bank that understands their needs, isn’t charging fees every time they turn around and is doing right by the community. We are that bank.”
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