Annapolis, MD – Community is a major part of Severn Savings Bank’s business philosophy and, as the largest locally owned financial institution in Anne Arundel County, they’ve realized the importance of giving back to that community. That’s why, in 2011, Severn is providing financing for a block of new Habitat for Humanity homes included in the Clay Street Project in Annapolis.
Severn’s work with Habitat for Humanity didn’t just begin this year – For several years the bank has handled the servicing of all Habitat for Humanity of the Chesapeake loans at no cost. Which is why, when they were approached about financing for some of the homeowners on Clay Street, Severn Chairman and President Alan Hyatt jumped at the opportunity to make a larger impact in Annapolis.
“At Severn, we believe in helping our neighbors. That’s why we’ve spent the last several years working with Habitat for Humanity by servicing loans locally,” Hyatt said. “When we were approached about helping families secure housing in Habitat homes on Clay Street, we knew we had to help.”
To date, Severn has committed $500,000 in loans to families whose dream was to one day own a home of their own. This commitment will be honored on Friday, April 15, 2011 at Severn’s Westgate location. During the ceremony, the families of Ronald Moulden and Yolanda Murray will close on their mortgages and receive the keys to their new homes. Members of Habitat for Humanity will be in attendance along with Severn Chairman and President Alan Hyatt.
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ANNAPOLIS, MD (April 15, 2011) — Severn Bancorp, Inc., (Nasdaq: SVBI) parent company of Severn Savings Bank, FSB (“Severn”), today announced an increase of $975,000 in net income for the quarter ended March 31, 2011 compared to the quarter ended March 31, 2010. Net income was $447,000 or $.00 per share for the fist quarter of 2011, compared to a net loss of $528,000 or ($.10) for the first quarter of 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 year-over-year improvement in earnings as we continue to steer through the sluggish economic recovery,” said Alan J. Hyatt, president and chief executive officer. Mr. Hyatt continued, “We persist in our efforts to balance ensuring sustained shareholder value, increasing regulatory demands being placed on financial institutions and providing excellent full service banking to Anne Arundel County residents and businesses.”
ANNAPOLIS, MD (January 20, 2011) — Severn Bancorp, Inc., (Nasdaq: SVBI) parent company of Severn Savings Bank, FSB (“Severn”), today announced net income of $607,000 for the fourth quarter, an increase of $3.3 million compared to a net loss of $2.7 million for the fourth quarter of 2009. Net income was $1.2 million, or ($.06) per share for the year ended December 31, 2010, compared to a net loss of $15.2 million, or ($1.68) per share for the year ended December 31, 2009. Earnings per share is calculated using net income available for common shareholders, which is net income less preferred stock dividends. At December 31, 2010, Severn also continued its trend of regulatory capital ratios exceeding the levels required to be considered “well capitalized” under applicable federal banking regulations, including its core (leverage) ratio of approximately 12.3% compared to the regulatory requirement of 5% for “well capitalized” status.
“We are happy to report a year over year increase in earnings, and while we remain cautious about the slow economic recovery, we are encouraged by positive economic signs, and are pleased with the results we are seeing with our continued shift toward being a full-service relationship bank. Going forward we see particular opportunity in our ability to assist local businesses on their road to recovery with our increased emphasis on commercial lending,” said Alan J. Hyatt, president and chief executive officer. Mr. Hyatt continued “We will continue our hard work and our commitment to our vision of being recognized as the premier community bank by Anne Arundel County residents and businesses”
ANNAPOLIS, MD (October 25, 2010) Severn Savings Bank has made a donation that will fund 13 grants for local Anne Arundel County public school teachers. The effort supports the Community Foundation of Anne Arundel County’s second annual “Grants 4 Teachers” program.
The Grants 4 Teachers program enables local teachers to apply for mini-grants to support education projects and activities that enhance, support or enrich their educational curricula in low to moderate income schools. Severn Savings Bank awarded 13 teachers a total of $4000 to support their educational projects this fall.
“The applications we reviewed were all so inspiring,” said Kevin Carter, CRA Officer for Severn Savings Bank. “We are extremely pleased to be able to help these dedicated teachers implement their great ideas to enhance student’s excitement to learn in our county schools.”
Severn Savings Bank has a strong tradition of supporting community organizations, and it is part of the company mission to invest in the climate, culture, commerce and people of the Chesapeake Bay region. Severn Bank is actively involved in their community supporting programs, such as Grants 4 teachers, and the team enjoyed reading through the 28 applications submitted to select the 13 grant winners.
The Severn Savings Bank grant of $4,000 to the Grants 4 Teachers Fund, established by Joe Van Deuren of Balanced Life Skills and the Community Foundation of Anne Arundel County, will go directly to teachers in twelve Anne Arundel County public schools.
The microloans will fund projects such as the following:
- A $389 grant to Emily Miller, an art teacher in Annapolis Middle School, to underwrite her efforts to teach students that art is also about raising awareness and using talents to better the community. Following the success of last year’s Hearts for Haiti project, they plan to create Hearts for Homelessness oil pastels to raise money for the local homeless shelter and the SPCA. The money will be used for art supplies, mattes and framing.
- A $386 grant to Brooklyn Park Middle School teachers, Lisa Harding and Deborah Prestridge, to plant a butterfly garden in front of the school. Their students will study the migratory habits of the Monarch butterfly, grow milkweed and other native plants in the classroom, make scale drawings of the garden, and then plant with the advice of the staff at Arlington Echo.
- A $150 grant to Colleen Nehmanm, a teacher at the Ferndale Early Education Center in Glen Burnie, to support the Read for the Gold program which encourages a love of reading and promotes reading at home. The grant purchases books that the children can keep and prizes that the children earn through reaching reading milestones.
- A $300 grant awarded to Patricia McMahon of Four Seasons Elementary School in Gambrills to help bring More Seasons to Four Seasons. Part of the school’s effort to become a Green School, the students will plant, in front of the school, bulbs and flowers that offer color at different times of the year.
Other mini grants will fund flip camcorders for students at Lindale Middle School in Linthicum; thinking maps for students at Maryland City Elementary School in Laurel; bilingual CDs, audio books and players for ESOL students at Park Elementary and Brooklyn Park Elementary; planting a native plant garden at Pasadena Elementary; and Numbers Talk teacher training at Richard Henry Lee Elementary in Glen Burnie. It will also fund personal story Mini Quilts at Riviera Beach Elementary in Pasadena; an in classroom sensory space for special needs students at Van Bokkelen Elementary in Severn; and outreach through written letters to Iditarod mushers in Alaska from 3rd graders at Windsor Farm Elementary in Annapolis.
ANNAPOLIS, MD (October 15, 2010) — 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, 2010. Net income for the third quarter was $485,000 (unaudited), or $.01 per share, compared to net loss of $4.4 million (unaudited), or ($.48) per share for the third quarter of 2009. Net income was $550,000, or ($.07) per share for the nine months ended September 30, 2010, compared to net loss of $12.6 million, or ($1.38) per share for the nine months ended September 30, 2009. At September 30, 2010, Severn’s regulatory capital ratios continued to exceed the levels required to be considered “well capitalized” under applicable federal banking regulations, including its core (leverage) ratio of approximately 12.1% compared to the regulatory requirement of 5% for “well capitalized” status.
“While we are pleased to report a modest profit for the third quarter compared to last year’s third quarter loss, it is clear that economic conditions remain challenging,” said Alan J. Hyatt, president and chief executive officer. “Despite the disruptions in our industry and the overall economy we are continuing our strategy to provide full service banking to our customers.” Mr. Hyatt continued “We are confident that we are the best choice for Anne Arundel County residents who are seeking a financial institution that provides sound banking products and excellent customer service, as well as a commitment to reinvest in our community.”
ANNAPOLIS, MD (April 15, 2010) — Severn Bancorp, Inc., (Nasdaq SVBI) parent company of Severn Savings Bank, FSB (“Severn”), today announced results for the quarter ended March 31, 2010. Net loss for the first quarter of 2010 was approximately $500,000 (unaudited), or ($.10) per share, compared to a net loss of $1.3 million (unaudited) or ($.18) per share for the first quarter of 2009 and net loss of $2.7 million (unaudited), or $(.31) per share for the fourth quarter of 2009. The net loss of approximately $500,000 for the quarter was primarily due to an increase in the loan loss reserve of approximately $2.5 million during the quarter ended March 31, 2010. This increase is a non-cash charge against earnings. At March 31, 2010, Severn’s regulatory capital ratios continued to exceed the levels required to be considered “well capitalized” under applicable federal banking regulations, including its core (leverage) ratio of approximately 12% compared to the regulatory requirement of 5% for “well capitalized” status.
“An increase in our net interest margin and a reduction in our provision for loan losses during the quarter helped improve our earnings on a year over year and sequential basis,” said Alan J. Hyatt, president and chief executive officer. “While we are not satisfied with the loss for the quarter, we are encouraged by the improvement in asset quality and the prospects for improved performance for the remainder of 2010. We feel we’re on the right track with positive trends in performance and problem assets. Our core earnings remain positive driven largely by our lower cost of funds and overhead cost controls. We continue to position ourselves for a return to stronger performance as the economy improves.”