Severn Bancorp Announces Third Quarter Earnings

Annapolis, MD (October 27, 2016) – Severn Bancorp, Inc., (“the Company”),(Nasdaq: SVBI) parent company of Severn Bank (“Severn”), today announced net income of $1,055,000 or $.04 per diluted share for the third quarter of 2016 down just slightly compared to net income of $1,227,000 or $.06 per diluted share for the third quarter of 2015. Year to date earnings increased to $14,437,000 or $1.13 per diluted share for 2016 versus $3,457,000 or $.17 per diluted share for the same period of 2015. Year to date earnings for 2016 included the reversal of a valuation allowance recorded against the net deferred tax assets of the Company. This resulted in a net income tax benefit of $10,816,000 in 2016. On a pre-tax basis, year to date earnings increased 2.1% to $3,621,000 or $.18 per share for 2016 compared to $3,545,000 or $.17 per share for 2015.Diluted earnings per share is calculated using net income available for common shareholders, which is net income less preferred stock dividends and discount amortization.

“The third quarter 2016 results remain stable,” stated Alan J. Hyatt, President and Chief Executive Officer. Mr. Hyatt continued, “The Bank had solid earnings and decent numbers all around. We are dedicated to the goal of consistently keeping the trend in earnings going in the upward direction. We were pleased to announce the full repayment of our remaining TARP shares in September resulting in lower costs capital to the Company and greater financial strength. Our commercial banking team is doing well and establishing strong relationships in the community. We also opened our fifth branch in Severna Park in September and see excellent potential in that area.”

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About Severn 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 $779 million and five branches located in Annapolis, Edgewater and Glen Burnie, and Severna Park, Maryland. The bank specializes in exceptional customer service and holds itself and its employees to a high standard of community contribution. Severn Bank is a trade name used by Severn Savings Bank, FSB. Severn is on the Web at www.severnbank.com.
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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, 2015.

Severn Bancorp, Inc. Announces Full Redemption of all TARP Preferred Stock

Annapolis, MD (September 8, 2016) – Severn Bancorp, Inc., (Nasdaq: SVBI) (the “Company”) parent company of Severn Savings Bank, FSB (“Severn”), announced the redemption of the remaining portion of the 23,393 original shares of preferred stock sold in 2008 to the U.S. Department of the Treasury (the “TARP Shares”), now owned by third parties. The TARP Shares have a dividend rate of 9% per annum. The Company previously redeemed 10,000 TARP Shares on May 16, 2016, leaving 13,393 of those shares outstanding. On September 8, 2016 the Company paid $13.4 million to redeem the remaining 13,393 TARP Shares. After this redemption the Company will have fully repaid all of its TARP obligations.
Alan J. Hyatt, President and Chief Executive Officer commented, “We are pleased to announce the full redemption of the TARP Shares. This redemption eliminated and fully repaid the securities issued under the U.S. Department of Treasury’s TARP program. Going forward, this will reduce our cost of funds and further add to the financial strength of the Company.” He continued, “Our capital ratios after the redemption exceed requirements for well capitalized banks, leaving Severn well poised for further growth.”
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 $794 million and four branches located in Annapolis, Edgewater and Glen Burnie, Maryland, and another branch under construction in Severna Park, 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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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. The Company’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 the Company’s general market area, federal and state regulation, competition and other factors detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including “Item 1A. Risk Factors” contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015.

Severn Bancorp, Inc. Announces Second Quarter Net Income and Reversal of Net Deferred Tax Asset Valuation Allowance

Annapolis, MD (July 27, 2016) – Severn Bancorp, Inc., (“the Company”),(Nasdaq: SVBI) parent company of Severn Bank (“Severn”), today announced net income of $12,475,000 or $1.02 per diluted share for the second quarter of 2016 compared to a net income of $1,365,000 or $.08 per diluted share for the second quarter of 2015. Earnings for the second quarter also increased compared to net income of $907,000 or $.03 per diluted share for the first quarter of 2016. Year to date earnings increased to $13,382,000 or $1.12 per diluted share for 2016 versus $2,230,000 or $.10 per share for the same period of 2015. Diluted earnings per share is calculated using net income available for common shareholders, which is net income less preferred stock dividends and discount amortization.

Included in the net income for the quarter ended June 30, 2016 is the reversal of the valuation allowance recorded against the net deferred tax assets of the Company. The reversal results in the recognition of a one-time income tax benefit in the second quarter of 2016 of approximately $11,837,000, or $1.00 per diluted share. The Company has now concluded that, as of June 30, 2016, it is more likely than not that it will generate sufficient taxable income within the applicable carry-forward periods to realize its net deferred tax assets. This conclusion, and the resulting reversal of the net deferred tax asset valuation allowance, is based upon consideration of a number of factors, including the Company’s (i) completion of an eighth consecutive quarter of profitability and (ii) forecast of future profitability, under several potential scenarios where the Company has assigned more weight to its continued profitability than potential future growth which it is planning to achieve. As a result of the reversal, the Company’s net deferred tax asset amounted to approximately $11,239,000 as of June 30, 2016.

“The second quarter of 2016 has seen a lot of positive activity for the Company,” stated Alan J. Hyatt, President and Chief Executive Officer. Mr. Hyatt continued, “During the quarter we raised $11 million in new capital and redeemed $10 million of TARP preferred shares. Our assets increased over $30 million from year end 2015 with a $19 million increase in our loan portfolio. Our Commercial Banking team is doing a fantastic job of meeting our local business community’s lending needs. We are making good progress on the opening of our fifth branch in Severna Park, Maryland scheduled for this Fall. All signs point to potential for continued growth and strength for Severn. We are excited for the continued opportunity to offer the best in local banking to Anne Arundel County residents.”

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About Severn 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 $790 million and four branches located in Annapolis, Edgewater and Glen Burnie, Maryland with a fifth branch scheduled to open in the Fall of 2016. The bank specializes in exceptional customer service and holds itself and its employees to a high standard of community contribution. Severn Bank is a trade name used by Severn Savings Bank, FSB. 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, 2015.

Severn Bank Appoints Paul B. Susie Chief Financial Officer

Annapolis, MD (July 25, 2016) – Severn Bancorp, Inc., (Nasdaq: SVBI) parent company of Severn Bank announced the appointment of Paul B. Susie as Executive Vice President and Chief Financial Officer.

Mr. Susie brings to Severn Bank many years of experience in financial management, and in particular banking. He was previously with Hopkins Federal Savings Bank in the position of Chief Financial Officer. Prior to Hopkins Federal, Mr. Susie served as Chief Financial Officer for 1st Mariner Bank. He has also held financial executive positions in biopharmaceutical, manufacturing and marine companies. Mr. Susie is a member of the American Institute of Certified Public Accountants and received his Bachelor of Science in Accounting from the University of Baltimore.

Alan J. Hyatt, President and Chief Executive Officer, remarked, “We are happy to have Paul joining the Severn Bank team. His extensive financial management background will serve us well in a time of growth for the company. His expertise will prove invaluable.”
About Severn Bank

Founded in 1946, Severn Bank 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 $790 million and four branches located in Annapolis, Edgewater and Glen Burnie, with a fifth opening in Severna Park in 2016. The bank specializes in exceptional customer service and holds itself and its employees to a high standard of community contribution. Severn Bank is a trade name used by Severn Savings Bank, FSB. Severn is on the Web at www.severnbank.com.

Severn Bancorp, Inc. Announces Partial Redemption of TARP Preferred Stock and Payment of Obligations Under Outstanding Trust Preferred Securities

Annapolis, MD (May 19, 2016) – Severn Bancorp, Inc., (Nasdaq: SVBI) (the “Company”) parent company of Severn Savings Bank, FSB (“Severn”), announced the redemption of a portion of the 23,393 original shares of preferred stock sold in 2008 to the U.S. Department of the Treasury (the “TARP Shares”), now owned by third parties. The TARP Shares have a dividend rate of 9% per annum. The Company paid $10 million on May 16, 2016 to redeem 10,000 of the TARP Shares, leaving 13,393 of those shares outstanding. Prior to the redemption the Company paid all interest payments current on its outstanding trust preferred securities, consisting of deferred interest for 16 quarters beginning in 2012, as allowed under the trust indenture.

Alan J. Hyatt, President and Chief Executive Officer commented, “This is yet another positive sign for the Company.” He continued, “We are pleased to announce the payment of our interest obligations and the redemption of the costly TARP Shares which is another indicator of the financial strength of the Company. This move is consistent with our plans to completely redeem all TARP Shares as soon as possible. Our capital ratios after the redemption exceed requirements for well capitalized banks, and Severn is poised for further growth.”

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 $760 million and four branches located in Annapolis, Edgewater and Glen Burnie, Maryland, and another branch under construction in Severna Park, 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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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. The Company’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 the Company’s general market area, federal and state regulation, competition and other factors detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including “Item 1A. Risk Factors” contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015.

Severn Bancorp, Inc. Announces Retirement of Chief Financial Officer

Annapolis, MD (May 3, 2016) – Severn Bancorp, Inc., (Nasdaq: SVBI) (“Bancorp”) parent company of Severn Savings Bank, FSB (“Severn”), today announced that Thomas G. Bevivino has advised Bancorp and Severn of his intention to step down as Executive Vice President and Chief Financial Officer (“CFO”) once a successor is identified and appointed. Mr. Bevivino will remain with the company to assist with the CFO succession for a transition period prior to his planned retirement at the end of June 2016. Bancorp has initiated a search to identify a replacement for Mr. Bevivino.

“For the past 12 years, Tom has played a central role in Severn’s success,” stated Alan J. Hyatt, President and Chief Executive Officer. Mr. Hyatt continued, “Tom’s leadership, guidance and commitment to Severn has been a vital part of our growth as a community bank – and for that we thank him. I am also grateful that Tom has agreed to stay on through this transition period and thank him for his many contributions that have better positioned Severn for sustainable growth and success as the premier community bank in Anne Arundel County.”

“I am very proud of what we have accomplished as a team at Severn, and am thankful that I’ve been able to spend this time working with such a talented team to build this company,” said Thomas G. Bevivino, Chief Financial Officer. “I look forward to ensuring a seamless transition of my CFO responsibilities as we continue to be the bank of choice for residents and businesses of Anne Arundel County.”

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 $760 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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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, 2015.

 

Severn Bancorp, Inc. Announces First Quarter Earnings

Annapolis, MD (April 27, 2016) – Severn Bancorp, Inc., (Nasdaq: SVBI) parent company of Severn Savings Bank, FSB (“Severn”), today announced net income of $907,000 or $0.03 per share for the first quarter of 2016, a slight increase from net income of $865,000 or $0.03 per share for the first quarter 2015. Earnings per share is calculated using net income available for common shareholders, which is net income less preferred stock dividends and discount amortization. Severn’s loan portfolio also experienced a moderate increase from year end results, and non-performing assets and loan delinquencies continue to be at very low levels.
“We continue to make headway in our goal to increase earnings,” stated Alan J. Hyatt, President and Chief Executive Officer. Mr. Hyatt continued, “Our day to day commitment to enhancing the community and increasing shareholder value is starting to show some results. We have a lot of positive activity recently with the termination of agreements with our regulators and our announced private placement of shares of common stock. Severn is poised for growth and success in our ambitions to be the bank of choice for residents and businesses of Anne Arundel County.”

Click here to see full table.
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 $760 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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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, 2015.

Severn Bancorp, Inc. Announces $11 Million Private Placement

Annapolis, MD (April 15, 2016) – Severn Bancorp, Inc., (Nasdaq: SVBI) (the “Company”) parent company of Severn Savings Bank, FSB (“Severn”), announced today it has entered into definitive agreements with institutional investors and certain directors and executive officers of the Company to sell in a private placement approximately 2 million shares of its common stock at a price of $5.50 per share, resulting in gross proceeds to the Company of approximately $11 million, before deducting expenses. Proceeds from the private placement are expected to be used in part to pay all accrued and unpaid interest and dividends on its Series B Preferred Stock, partially redeem its Series B Preferred Stock, and for general corporate and working capital purposes.
Alan J. Hyatt, President and Chief Executive Officer commented, “This is a very positive move for the Company. This financing will strengthen the Company. It will support its growth and our efforts to continue to lend in and enhance our community. This is a critical piece to allow us to move forward with all of our plans to be the premier community bank in Anne Arundel County.”
Compass Point Research and Trading, LLC served as the placement agent for this transaction. The offering and sale of the shares have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be resold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements.

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 $760 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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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. The Company’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 the Company’s general market area, federal and state regulation, competition and other factors detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including “Item 1A. Risk Factors” contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015.

Severn Bancorp, Inc. Announces Termination of Formal Agreement with the Federal Reserve

Annapolis, MD (February 2, 2016) – Severn Bancorp, Inc., (Nasdaq: SVBI) (“Company”) parent company of Severn Savings Bank, FSB (“Severn”), today announced that the Company was informed by the Federal Reserve Bank of Richmond (“FRB”), that the formal written agreement between the Company and FRB dated November 23, 2009 (the “Agreement”), was terminated effective January 21, 2016. The original agreement was between the Company and the Office of Thrift Supervision (“OTS”). As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the OTS was abolished and the regulatory oversight functions and authority of the OTS related to the Company were transferred to FRB.
“The termination of this Agreement with the Federal Reserve is further good news and continues to show the strength and good standing of this Company. Being released from all agreements with our regulators allows the Company and Severn to focus on increasing growth and earnings,” stated Alan J. Hyatt, President and Chief Executive Officer.

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 $760 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.

Severn Bancorp, Inc. Reports Significant Increase in Year End Earnings

Annapolis, MD (January 28, 2016) – Severn Bancorp, Inc., (Nasdaq: SVBI) (“Company”) parent company of Severn Savings Bank, FSB (“Severn”), reported net income for the year ended December 31, 2015 of $4,535,000 or $.21 per diluted share, a 56% increase, versus net income of $2,909,000 or $.06 per diluted share for the year ended December 31, 2014. Net income for the fourth quarter of 2015 dipped slightly versus the fourth quarter of 2014, to $1,078,000 or $.05 per diluted share compared to net income of $1,550,000 or $.09 per diluted share. Earnings per share is calculated using net income available for common shareholders, which is net income less preferred stock dividends and discount amortization.

The Company continues to be well capitalized, with continuing decreases in the level of non-performing assets. Alan J. Hyatt, President and Chief Executive Officer commented, “While these are not the robust figures we would like to ultimately see, the Company continues to broaden its community banking focus and add new banking relationships.”

Mr. Hyatt added, “Severn is just coming out of its agreement with the Office of the Comptroller of the Currency and looking for opportunities to grow. We continue to target local small to mid-size community businesses who want to work with a local bank. We have added new sales team members that will be a great asset in helping with this growth. We are steadfast in our mission to provide an exceptional banking experience for residents of Anne Arundel County.”

Click here to see full table.

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 $760 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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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. The Company’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 the Company’s general market area, federal and state regulation, competition and other factors detailed from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including “Item 1A. Risk Factors” contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014.