ENP Newswire - 17 July 2014
Release date- 15072014 - Severn Bancorp, Inc., (Nasdaq: SVBI) ('Company') parent company of Severn Savings Bank, FSB ('Severn'), today announced net income of $824,000 or $.02 per share for the second quarter of 2014, an increase of approximately 255% compared to net income of $232,000 or ($.01) per share for the second quarter of 2013.
Earnings for the second quarter this year are also holding fairly steady compared to net income of $867,000 or $.03 per share compared to the first quarter of 2014. Earnings per share is calculated using net income available for common shareholders, which is net income less preferred stock dividends. Severn also continues to see a downward trend in problem assets.
'As one of the area's last remaining community banks we remain committed to our market,' stated Alan J. Hyatt, president and chief executive officer. Mr. Hyatt continued, 'We look forward to growing the bank and continuing the services we provide, including commercial and mortgage lending in our Anne Arundel County marketplace. We have good things on the horizon. We are excited about our new COO joining our management team and new technology and service offerings. I am optimistic that the second half of 2014 will be a good one for Severn.'
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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 $790 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.