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2nd Quarter Earnings Increase By $1.9 Million At Severn Bancorp


News provided by

Severn Bancorp, Inc.

Jul 16, 2012, 04:29 ET

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ANNAPOLIS, Md., July 16, 2012 /PRNewswire/ -- Severn Bancorp, Inc., (Nasdaq: SVBI) parent company of Severn Savings Bank, FSB ("Severn"), today announced net income of $1,097,000 or $.07 per share for the second quarter of 2012 compared to a net loss of $846,000 or $(.13) per share for the second quarter of 2011 and compared to net income of $472,000 or $.00 per share, for the quarter ended March 31, 2012.  Earnings per share is calculated using net income available for common shareholders, which is net income less preferred stock dividends.

"We are encouraged by the results from this quarter.  We have continued to be persistent and work hard, and it is beginning to show," stated Alan J. Hyatt, president and chief executive officer.  Mr. Hyatt continued, "We certainly owe this improvement in earnings to our customers who have continued to support a community bank like Severn for years as well as to our committed employees who have made it their mission to strengthen their company during challenging economic conditions.  We know we still face challenges, but I feel confident we have the plan, tools, and staff to continue the upward trend and improve returns to shareholders.  We continue to monitor our problem loans closely and take a conservative accounting approach to them. While impaired loans have decreased from March 31, 2012, we decided to move over $10 million of loans previously classified as impaired to non-accrual status at June 30, 2012 in an effort to reflect the loans' interest income in a more conservative manner."

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 $900 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.

Forward Looking Statements

In addition to the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties that may be affected by various factors that may cause actual results to differ materially from those in the forward-looking statements.  The forward-looking statements contained herein include, but are not limited to, those with respect to management's determination of the amount of loan loss reserve and statements about the economy.  The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "will," "would," "could," "should," "guidance," "potential," "continue," "project," "forecast," "confident," and similar expressions are typically used to identify forward-looking statements.  Severn's operations and actual results could differ significantly from those discussed in the forward-looking statements.  Some of the factors that could cause or contribute to such differences include, but are not limited to, changes in the economy and interest rates both in the nation and in Severn's general market area, federal and state regulation, competition and other factors detailed from time to time in Severn's filings with the Securities and Exchange Commission (the "SEC"), including "Item 1A. Risk Factors" contained in Severn's Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

Severn Bancorp, Inc.

Selected Financial Data

(dollars in thousands, except per share data)

(Unaudited)























For the Three Months Ended





June 30,

March 31,

December 31,

September 30,

June 30,





2012

2012

2011

2011

2011










Summary Operating Results:







Interest income

$             10,276

$             10,265

$             10,558

$             10,991

$             11,254


Interest expense

3,336

3,552

3,659

3,856

3,946



Net interest income

6,940

6,713

6,899

7,135

7,308


Provision for loan losses

-

465

141

850

2,987



Net interest income after provision








         for loan losses

6,940

6,248

6,758

6,285

4,321


Non-interest income

835

891

873

628

447


Non-interest expense

5,906

6,311

5,772

5,959

6,171


Income (loss) before income taxes

1,869

828

1,859

954

(1,403)


Income tax expense (benefit)

772

356

792

403

(557)


Net income (loss)

$              1,097

$                 472

$              1,067

$                 551

$               (846)










Per Share Data:







Basic earnings (loss) per share

$                0.07

$                0.00

$                0.06

$                0.01

$               -0.13


Diluted earnings (loss) per share

$                0.07

$                0.00

$                0.06

$                0.01

$               -0.13


Common stock dividends per share

$                      -

$                      -

$                      -

$                      -

$                      -


Average basic shares outstanding

10,066,679

10,066,679

10,066,679

10,066,679

10,066,679


Average diluted shares outstanding

10,066,679

10,066,679

10,066,679

10,066,679

10,066,679










Performance Ratios:







Return on average assets

0.12%

0.05%

0.12%

0.06%

-0.09%


Return on average equity

1.04%

0.45%

1.01%

0.52%

-0.80%


Net interest margin

3.41%

3.27%

3.27%

3.32%

3.39%


Efficiency ratio*

67.20%

66.99%

64.84%

60.76%

60.37%












*  The efficiency ratio is general and administrative expenses as a percentage of net interest income plus non-interest income














As of





June 30,

March 31,

December 31,

September 30,

June 30,





2012

2012

2011

2011

2011










Balance Sheet Data:







Total assets

$           896,644

$           900,471

$           900,628

$           926,013

$           937,372


Total loans receivable

691,647

701,596

719,241

741,528

766,443


Allowance for loan losses

(24,097)

(25,795)

(25,938)

(30,358)

(31,103)



Net loans

667,550

675,801

693,303

711,170

735,340


Deposits

643,653

650,473

652,757

678,717

687,482


Borrowings

115,000

115,000

115,000

115,000

115,000


Stockholders' equity

106,866

106,051

105,930

105,215

105,005


Bank's Tier 1 core capital to total assets

13.3%

13.1%

13.0%

12.4%

12.3%


Book value per share

$                 7.97

$                 7.89

$                 7.88

$                 7.80

$                7.78










Asset Quality Data:







Non-accrual loans

$             29,450

$             17,882

$             23,912

$             26,911

$            35,376


Non-accrual troubled debt restructurings

9,515

11,677

7,520

8,713

6,712


Foreclosed real estate

16,329

19,853

19,932

19,158

17,291



Total non-performing assets

55,294

49,412

51,364

54,782

59,379


Performing troubled debt restructurings

51,034

51,219

52,255

54,175

55,807


Total non-accrual loans to net loans

5.8%

4.4%

4.5%

5.0%

5.7%


Allowance for loan losses

24,097

25,795

25,938

30,358

31,103


Allowance for loan losses to total loans

3.5%

3.7%

3.6%

4.1%

4.1%


Allowance for loan losses to total








non-performing loans

61.8%

87.3%

82.5%

85.2%

73.9%


Total non-accrual loans to total assets

4.3%

3.3%

3.5%

3.8%

4.5%


Total non-performing assets to total assets

6.2%

5.5%

5.7%

5.9%

6.3%

SOURCE Severn Bancorp, Inc.

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