Severn Bancorp Announces Second Quarter Earnings
Annapolis, MD (July 16, 2013) – Severn Bancorp, Inc., (Nasdaq: SVBI) parent company of Severn Savings Bank, FSB (“Severn”), today announced net income of $232,000 or $(.01) per share for the second quarter of 2013 compared to net income of $1,203,000 or $.08 per share for the second quarter of 2012 and compared to net income of $621,000 or $.03 per share, for the quarter ended March 31, 2013. Earnings per share is calculated using net income available for common shareholders, which is net income less preferred stock dividends.
“Although we had what amounts to a break even quarter, Severn continues to make great strides in resolving problem assets. Severn is aggressively liquidating foreclosed real estate, and is rapidly and decisively taking steps to rid itself of the remaining “legacy assets” that were originated some years ago,” stated Alan J. Hyatt, president and chief executive officer. Mr. Hyatt continued, “We expect to see earnings improve shortly after we rid ourselves of the last remnants of these assets. Despite absorbing over $2 million in expenses related to relieving the balance sheet of these problems during the first half of this year, Severn was able to generate a profit. We have a strong company emerging, and we should continue to increase our market share as one of the remaining community banks in the Anne Arundel County marketplace.”
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About Severn Savings Bank:
Founded in 1946, Severn is a full-service community bank offering a wide array of personal and commercial banking products as well as residential and commercial mortgage lending. It has assets of approximately $840 million and four branches located in Annapolis, Edgewater and Glen Burnie, Maryland. The bank specializes in exceptional customer service and holds itself and its employees to a high standard of community contribution. Severn is on the Web at www.severnbank.com.
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