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Severn Bancorp up on Mixed Earnings

Shares of Severn Bancorp are up 1.4 percent after the company reported second quarter net income of $232,000–a loss of $0.01 per share. In the previous quarter, the company earned $0.03 cents per share on net income of $621,000.

Although we had what amounts to a break even quarter, Severn continues to make great strides in resolving problem assets. Severn is aggressively liquidating foreclosed real estate, and is rapidly and decisively taking steps to rid itself of the remaining ‘legacy assets’ that were originated some years ago,” stated Alan J. Hyatt, president and chief executive officer.  Mr. Hyatt continued, “We expect to see earnings improve shortly after we rid ourselves of the last remnants of these assets. Despite absorbing over $2 million in expenses related to relieving the balance sheet of these problems during the first half of this year, Severn was able to generate a profit. We have a strong company emerging, and we should continue to increase our market share as one of the remaining community banks in the Anne Arundel County marketplace.”

[stock-tools exchange="NASDAQ" symbol="SVBI" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.


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