Severn Bancorp , parent company of Severn Savings Bank , lost $5.7 million in the final quarter of 2013 as it shed $28 million in bad loans and foreclosed property. The company said nonperforming assets were reduced to $20 million , or 2.5 percent of total assets by the end of the year, compared to $48.9 million or 5.7 percent 12 months earlier. "Our organization has been focused on cleaning up our balance sheet with the goal being to start 2014 with a clean and strong financial position," Alan J. Hyatt , president and CEO, said in a prepared statement. "Severn sold over $48 million in underperforming loans and $9 million in real estate acquired through foreclosure in 2013, with several million dollars' worth of real estate pending sale as of 2013 year end." The losses translate to .58 center per share for the fourth quarter of 2013, and $25.2 million for the year or $2.64 per share.
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