Severn Bancorp, Inc., (Nasdaq: SVBI) parent company of Severn Savings Bank, FSB (“Severn”), today announced net income of $865,000 or $0.03 per share for the first quarter of 2015. Earnings were consistent with 2014 first quarter results of net income of $867,000 or $0.03 per share. Earnings per share is calculated using net income available for common shareholders, which is net income less preferred stock dividends and discount amortization.
“We like to see the continued positive trend in earnings,” stated Alan J. Hyatt, President and Chief Executive Officer. Mr. Hyatt continued, “In our continued effort to build on recent accomplishments, such as delinquencies being at their lowest level in years, we dedicate ourselves every day to working hard and increasing value for our shareholders. In addition to our financial performance we also evaluate our progress in delivering on our mission. To that end we continue to succeed in meeting the needs of our customers and community to ensure a brighter financial future.”
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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 $780 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.
Forward Looking Statements
In addition to the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties that may be affected by various factors that may cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements contained herein include, but are not limited to, those with respect to management’s determination of the amount of loan loss reserve and statements about the economy. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “will,” “would,” “could,” “should,” “guidance,” “potential,” “continue,” “project,” “forecast,” “confident,” and similar expressions are typically used to identify forward-looking statements. Severn’s operations and actual results could differ significantly from those discussed in the forward-looking statements. Some of the factors that could cause or contribute to such differences include, but are not limited to, changes in the economy and interest rates both in the nation and in Severn’s general market area, federal and state regulation, competition and other factors detailed from time to time in Severn’s filings with the Securities and Exchange Commission (the “SEC”), including “Item 1A. Risk Factors” contained in Severn’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014.