Severn Bancorp Announces First Quarter Earnings

Severn Bancorp, Inc., (Nasdaq: SVBI) parent company of Severn Savings Bank, FSB (“Severn”), today announced net income of $472,000 or $.00 per share for the first quarter of 2012, a small increase of  $25,000, or 6%  compared to net income of $447,000, or $.00 per share for the first quarter of 2011.  Earnings per share is calculated using net income available for common shareholders, which is net income less preferred stock dividends.

“Although Severn was able to generate a modest profit for this first quarter, we realize we still have tremendous work ahead of us.  Our real estate market continues to be sluggish, but we remain confident that a recovery will be taking place.  Severn continues to broaden its focus as a community bank, offering a full complement of banking products to its Anne Arundel County market.”  Mr. Hyatt continued “We remain confident in our ability to advance strategic initiatives, serve the residents and businesses of Anne Arundel County and deliver better returns to our shareholders over the long term.”

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 $900 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, 2011.

Click Here for Financials

Chesapeake Bayhawks Partner With Severn Savings Bank

Bayhawks Media Contact: Lindsey Burns: lburns@thebayhawks.com

CHESAPEAKE BAYHAWKS PARTNER WITH SEVERN SAVINGS BANK

Community First Philosophies Strengthen Ties

ANNAPOLIS, MD – The Chesapeake Bayhawks of Major League Lacrosse (MLL) announced today that they have partnered with Severn Savings Bank for the 2012 MLL season. Severn Savings will be known as the “Official Bank of the Chesapeake Bayhawks.

 The partnership between the Bayhawks and Severn Savings began in 2011 and has grown significantly for the upcoming season. Both organizations pride themselves on active community involvement and giving back to those in need. It is Severn Savings’ stated mission to enhance the community by investing in the climate, culture, commerce and people of the Chesapeake Bay region. The Chesapeake region isn’t merely a market, it’s their home and community is at the center of all that they do at Severn. The Bayhawks organization is led under the same guidance by owner Brendan Kelly.

 “The Bayhawks are proud to partner with Severn Savings Bank,” Kelly stated. “Severn Savings and the Bayhawks have the same mindset when it comes to investing into and being a part of our community and we look forward to a long term relationship with them.” 

“Our commitment to the area in which we live and work is a major part of who we are as an organization,” Alan J. Hyatt, Severn President and Chief Executive Officer, said. “The Chesapeake Bayhawks is an energetic organization bringing family friendly entertainment and community service to our area. We are excited to have our local team partnering with another local team and proud to be the official bank of the Bayhawks.”

As part of their partnership, Severn Savings will be featuring the “Severn Savings Save of the Game” which will highlight the best stop in the goal. The bank will also host the Kids’ Zone inflatable fiddle stick field and co-brand fiddle sticks as a giveaway for Youth Night vs. the Charlotte Hounds on June 9th.

 Bayhawks tickets can be purchased online at www.thebayhawks.com or over the phone by calling the box office 866-99-HAWKS (42957). The home opener versus the Ohio Machine on May 5th will include the Lexus Season Ticket Holder and Sponsor Tailgate, the Bayhawks Kids’ Zone, and fireworks brought to you by G&G Outfitters after the game. Reserve your seat today and see the Bayhawks battle at Navy-Marine Corps Memorial Stadium this summer.

For the Bayhawks full schedule go to www.thebayhawks.com.

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 $900 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.

-BAYHAWKS-

2012 MEDIA CREDENTIALS
Please send requests for media credentials for the upcoming season to Lindsey Burns at lburns@thebayhawks.com or 443.482.6094 extension 409.

For Chesapeake Bayhawks media relations or to request an interview, please contact Lindsey Burns at lburns@thebayhawks.com or call 443.482.6094 extension 409.

For Chesapeake Bayhawks Team, Ticket, and Apparel Information: www.thebayhawks.com or 866-99-HAWKS

Severn Bancorp Announces 76% Increase in Fourth Quarter Earnings

Annapolis, MD – Severn Bancorp, Inc., (Nasdaq: SVBI) parent company of Severn Savings Bank, FSB (“Severn”), today announced net income of $1,067,000 or $.06 per share for the fourth quarter, an increase of  $460,000, or 76%  compared to net income of  $607,000, or $.02 per share for the fourth quarter of 2010. Net income was $1,219,000, or $(.05) per share for the year ended December 31, 2011, compared to net income of $1,157,000, or $(.06) per share for the year ended December 31, 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 both a quarterly and annual increase in earnings, and are pleased with the success we are experiencing in building our community mortgage and commercial lending departments to accommodate customers who are seeking a bank that offers the breadth of products and services needed in today’s economy.  We see tremendous opportunity ahead of us by providing top notch personal service to the residents and businesses of AnneArundelCounty,” said Alan J. Hyatt, president and chief executive officer.  Mr. Hyatt continued “We continue to share our message of our commitment to the community and to our many customers who place value in a banking relationship with an organization they can trust. Severn is pleased to provide full service banking right here in their backyard.”

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 $900 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, 2010.

Click here to view financial data

J.D. Zachry Promoted to Senior Vice President Retail and Commercial Banking

Annapolis, MD – J.D. Zachry has been promoted to senior vice president of Severn Savings Bank, FSB. His new appointment is in recognition of his performance as vice president of commercial lending. The new position will oversee both the retail and commercial banking groups.

When announcing the promotion, President and Chief Executive Officer Alan J. Hyatt commented, “JD has been instrumental in the successful launch of our commercial lending department. We have seen rapid growth in that area and look forward to his continued strategic leadership and contribution to that department as well as the retail banking team.”

Zachry, who graduated from Salisbury University and completed Maryland Bankers School, has over 11 years of banking experience. Prior to Severn Savings he was Commercial Banking Team Leader for Sandy Spring Bank. He has also served in various business and retail banking positions with SunTrust. Zachry was a member of the 2006 class of Leadership Baltimore County. He is an active member of the BWI Business Partnership and serves on the Government Relations Council of the Maryland Bankers Association. Most recently he was elected to the Board of the Friends Foundation in Annapolis.

Download Official Press Release Here.

Severn Savings Bank to Provide Homes to 70 Families in the Annapolis Community

Annapolis, MD – The key to success as a community bank often lies within commitment to that community – It is because of this that Severn Savings Bank continues to work with a variety of charitable organizations to give back to the neighbors who make up this county that so many call home.

In April, as part of their strong commitment to the community, Severn Savings Bank announced a partnership with Habitat for Humanity of the Chesapeake that financed 5 homes on Clay Street in Annapolis. Since then, Severn has agreed to finance two more homes on Clay Street.

In addition to their partnership with Habitat, Severn has also made a long term commitment to provide the permanent financing for an additional 63 homes in the Obery Court — College Creek Terrace project. The revitalization of Obery Court – College Creek Terrace is being spearheaded by Pennrose Properties LLC and Severn has pledged a long-term commitment that will span 15 years.

“Our commitment to the area in which we live and work is a major part of who we are as an organization,” Alan J. Hyatt, Severn President and Chief Executive Officer, said. “We are proud of the opportunity to continue to be a part of the revitalization of our neighborhoods through both monetary contribution and volunteer service.”

To date, Severn’s commitment to the Habitat homes on Clay Street and the Obery Court – College Creek Terrace project includes a financial contribution totaling more than $2 million that will give 70 families a place to call home. Severn employees have also volunteered their time to participate in the construction of several of the homes on Clay Street.

Download Official Press Release Here.

Severn Bancorp Appoints Chief Operating Officer

ANNAPOLIS, MD (November 16, 2011) — Severn Bancorp Inc., (NASDAQ: SVBI) (“Bancorp”) parent company of Severn Savings Bank, FSB (the “Bank”), today announced the appointment of Thomas G. Bevivino to the position of Chief Operating Officer, subject to the approval of the Federal Reserve Bank of Richmond and the Office of the Comptroller of the Currency, Bancorp’s and the Bank’s primary regulators. Mr. Bevivino will also remain as acting Chief Financial Officer until a replacement has been identified. This will allow for a smooth transition period for customers, shareholders and employees until a new Chief Financial Officer has been brought on board.

Mr. Bevivino, age 56, joined Bancorp in August 2004 as Controller, and has served as the Chief Financial Officer since July 1, 2005. He serves in the same capacity for the Bank. Mr. Bevivino was a financial consultant from 2002 until 2004, and served as Chief Financial Officer of Luminant Worldwide Corporation from 1999 until 2002.

Download Official Press Release Here.

Severn Bancorp Announces Profitable Third Quarter

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.”

Download Official Press Release Here.

Severn Bancorp Announces Second Quarter Results

ANNAPOLIS, MD (July 15, 2011) — Severn Bancorp, Inc., (Nasdaq SVBI) parent company of Severn Savings Bank, FSB (“Severn”), today announced results for the quarter and six months ended June 30, 2011. Net loss for the second quarter was $846,000 (unaudited), or ($.13) per share, compared to net income of $593,000 (unaudited), or $.02 per share for the second quarter of 2010. Net loss was $399,000 or ($.13) per share for the six months ended June 30, 2011, compared to net income of $65,000, or ($.08) per share for the six months ended June 30, 2010. Earnings per share is calculated using net income (loss) available for common shareholders, which is net income (loss) less preferred stock dividends.

The net loss for the quarter is a result of management’s decision to add approximately $3 million to the loan loss reserves during the quarter for potential losses on primarily acquisition and development loans. While non-performing assets continue to decrease, and loan delinquencies improve, management elected to add to the reserves as it continues to assess its portfolio.

“While we are not pleased with its impact, management is comfortable with the decision to act in a prudent and cautious manner with respect to the allowance for loan losses. Were it not for this added reserve, the bank would have had another profitable quarter,” said Alan J. Hyatt, president and chief executive officer. Mr. Hyatt continued “With the continued sluggish economy nonperforming loans remain one of our toughest challenges. However, due to our diligence in this area our overall delinquencies have decreased. This judicious reserve decision, along with our persistent efforts to be the premier community bank for the residents and businesses of Anne Arundel County, continue to put the Bank in an excellent position for a strong future.”

Download Official Press Release Here.

Dr. James Johnson, Jr. Joins the Severn Bank Board of Directors

ANNAPOLIS, MD — Severn Savings Bank, FSB (Severn) announced the appointment of Dr. James H. Johnson, Jr. to its Board of Directors. The addition increases the number of Severn Bank directors to 13.

“The addition of Dr. Johnson to Severn Bank’s Board of Directors ensures the Bank continues to benefit from a diversity of knowledge and opinions. Jim will make an excellent board member due to his proven leadership skills and can-do attitude. We look forward to benefiting from his knowledge and experience,” said Alan J. Hyatt, president and chief executive officer.

Dr. Johnson is Professor Emeritus of Civil Engineering and former dean of the College of Engineering, Architecture and Computer Sciences at Howard University. Dr. Johnson is a member of the National Research Council’s Division of Earth and Life Studies oversight committee, chair of the U.S. EPA National Advisory Council for Environmental Policy and Technology, chair of the Anne Arundel Community College (MD) Board of Trustees and president of the Maryland Association of Community Colleges. He has authored over 60 scholarly articles, contributed to four books, co-edited two books, and is the 2005 recipient of the National Society of Black Engineers’ Lifetime Achievement Award in Academia.

Regarding his appointment Dr. Johnson commented, “The decision to serve on Severn’s Board was an easy one. The Bank’s goal to address the unique needs of its customers in a timely manner, its community outreach activities and environmentally friendly outlook are all consistent with my life’s values. I welcome the opportunity to contribute to its future success.”

About Severn Savings Bank
Founded in 1946, Severn Savings Bank, FSB 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 $970 million and four branches located in Annapolis, Edgewater and Glen Burnie. 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.

Download Official Press Release Here.

Severn Savings Bank Uses Latest Technology to Teach Students Financial Literacy

ANNAPOLIS, MD (May 9, 2011) — Severn Savings Bank is pleased to announce it is sponsoring three schools in communities across Anne Arundel County to ensure students are financially literate before they leave high school. The Severn Bank Financial Scholars Program uses the leading education technology platform provided by EverFi, Inc. to teach, assess, and certify students in hundreds of topics including savings and budgeting, understanding credit scores, credit cards and managing debt, tax and insurance, investing, consumer fraud and protection, and managing loans to finance higher education. The course allows students to use the latest technology, including rich media, high-definition video, animation and avatars to interact and have fun with complex topics normally reserved for adults.

“We believe in empowering communities and students with critical knowledge that will help them chart their course for financial success,” said Alan J. Hyatt, president and chief executive officer. “We are committed to ensuring all students have access to these life-changing topics, served up in a fun way using new media.”

Severn Bank has made a three-year commitment to this initiative and remains dedicated to promoting financial literacy across the community. Severn will be sponsoring the EverFi Financial Literacy Platform program in the following schools: Annapolis High School, Old Mill High School and Germantown Elementary.

Download Official Press Release Here.