Severn Bancorp, Inc. reported results for the second quarter of 2010 ending 6/30/2010. The company earned net income of $0.59 million, or $0.02 per diluted share, compared to a net loss of $6.9 million, or ($0.73) per diluted share, in the second quarter of 2009.
The management of Severn Bancorp, Inc. expressed relief at the return to profitability at the bank, but cautioned that a weak economy with high unemployment would continue to impact results.
Alan J. Hyatt, the CEO of Severn Bancorp, Inc., said, “We are gratified by these results and are pleased that our hard work is resulting in a turn around in the direction of our earnings. However, we remain uncertain about the country’s economy and how long conditions, including unemployment, will continue to negatively impact our local economy.”
Severn Bancorp, Inc. saw a drop in non-performing assets, both sequentially and on a year over year basis. The bank reported $64.13 million in non-performing assets at 6/30/2010, compared to $74.15 million and $85.62 million at 3/31/2010 and 6/30/2009, respectively.
Severn Bancorp, Inc. is a bank holding company that owns Severn Savings Bank, a Federal Savings Bank. Severn Savings Bank is located in Maryland and has more than $1 billion in assets in four branches in the state.
For more information on the company, go to http://www.severnbank.com