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Severn Bancorp, Inc. Announces First Quarter Earnings


News provided by

Severn Bancorp Inc.

Apr 24, 2015, 12:50 ET

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ANNAPOLIS, Md., April 24, 2015 /PRNewswire/ -- Severn Bancorp, Inc., (Nasdaq: SVBI) parent company of Severn Savings Bank, FSB ("Severn"), today announced net income of $865,000 or $0.03 per share for the first quarter of 2015. Earnings were consistent with 2014 first quarter results of net income of $867,000 or $0.03 per share. Earnings per share is calculated using net income available for common shareholders, which is net income less preferred stock dividends and discount amortization.

Severn Savings Bank
Severn Savings Bank

"We like to see the continued positive trend in earnings," stated Alan J. Hyatt, President and Chief Executive Officer. Mr. Hyatt continued, "In our continued effort to build on recent accomplishments, such as delinquencies being at their lowest level in years, we dedicate ourselves every day to working hard and increasing value for our shareholders. In addition to our financial performance we also evaluate our progress in delivering on our mission. To that end we continue to succeed in meeting the needs of our customers and community to ensure a brighter financial future."

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 $780 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, 2014.










Severn Bancorp, Inc.

Selected Financial Data

(dollars in thousands, except per share data)

(Unaudited)














For the Three Months Ended





March 31,

December 31,

September 30,

June 30,

March 31,





2015

2014

2014

2014

2014










Summary Operating Results:






 

Interest income

$               7,860

$               8,086

$               8,000

$               7,808

$               7,922


Interest expense

2,201

2,236

2,153

2,130

2,115



Net interest income

5,659

5,850

5,847

5,678

5,807


Provision for loan losses

100

400

250

(19)

200



Net interest income (loss) after provision

for loan losses








5,559

5,450

5,597

5,697

5,607


Non-interest income

900

1,142

1,245

962

976


Non-interest expense

5,593

5,041

5,754

7,235

5,706


Income (loss) before income tax provision

866

1,551

1,088

(576)

877


Income tax provision

1

1

20

-

10



Net income (loss)

$                 865

$               1,550

$               1,068

$                (576)

$                 867










Per Share Data:







Basic earnings (loss) per share

$                  0.03

$                  0.10

$                  0.05

$                (0.12)

$                  0.03


Diluted earnings (loss) per share

$                  0.03

$                  0.09

$                  0.05

$                (0.12)

$                  0.03


Common stock dividends per share

$                       -

$                       -

$                       -

$                       -

$                       -


Average basic shares outstanding

10,070,796

10,067,379

10,067,379

10,067,379

10,066,679


Average diluted shares outstanding

10,093,250

10,905,866

10,101,445

10,067,379

10,103,153










Performance Ratios:








Return on average assets

0.11%

0.20%

0.14%

-0.07%

0.11%


Return on average equity

1.05%

1.88%

1.30%

-0.71%

1.06%


Net interest margin

3.22%

3.32%

3.29%

3.19%

3.23%


Efficiency ratio*

86.26%

71.60%

80.40%

109.32%

84.90%












*

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














As of





March 31,

December 31,

September 30,

June 30,

March 31,





2015

2014

2014

2014

2014










Balance Sheet Data:







Total assets

$           781,628

$           776,328

$           769,313

$            788,653

$           793,433


Total loans receivable

627,591

643,317

629,342

616,956

614,986


Allowance for loan losses

(8,964)

(9,435)

(9,282)

(10,828)

(11,225)



Net loans

618,627

633,882

620,060

606,128

603,761


Deposits

546,535

543,814

537,743

555,780

562,964


Borrowings

115,000

115,000

115,000

115,000

115,000


Stockholders' equity

84,275

83,810

82,739

82,150

83,202


Bank's Tier 1 core capital to total assets

13.9%

13.8%

13.7%

13.2%

13.2%


Book value per share

$                5.71

$                5.68

$                5.57

$                 5.51

$                5.62










Asset Quality Data:







Non-accrual loans

$             13,317

$             12,845

$             10,798

$              13,401

$             12,567


Foreclosed real estate

2,211

1,947

5,024

5,689

5,561



Total non-performing assets

15,528

14,792

15,822

19,090

18,128


Total non-accrual loans to net loans

2.2%

2.0%

1.7%

2.2%

2.1%


Total non-accrual loans to total assets

1.7%

1.7%

1.4%

1.7%

1.6%


Allowance for loan losses

8,964

9,435

9,282

10,828

11,225


Allowance for loan losses to total loans

1.4%

1.5%

1.5%

1.8%

1.8%


Allowance for loan losses to total

non-accrual loans







67.3%

73.5%

86.0%

80.8%

89.3%


Total non-performing assets to total assets

2.0%

1.9%

2.1%

2.4%

2.3%


Non-accrual troubled debt restructurings (included above)

2,620

2,641

1,853

1,868

2,018


Performing troubled debt restructurings

26,175

27,724

28,828

30,146

34,021


Loan to deposit ratio

114.8%

118.3%

117.0%

111.0%

109.2%

Video - https://youtu.be/OrnyAEdZCsY

SOURCE Severn Bancorp Inc.

Related Links

http://www.severnbank.com

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