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Severn Bancorp (SVBI): 4 Quarter Earnings and Significant Growth In Year End Net Income

Severn Bancorp, Inc. (SVBI) operates as the holding company for Severn Savings Bank, FSB a full service bank conducting business primarily in Maryland, Virginia and Delaware. It accepts checking accounts, savings accounts, negotiable order of withdrawal accounts, money market accounts, time deposit accounts, and individual retirement accounts, as well as offering passbook accounts. Severn Savings Bank is an FDIC insured institution.

SVBI, parent company of Severn Savings Bank, today announced net income of $1,156,000 or $.08 per share for the fourth quarter, slightly higher than net income of $1,067,000, or $.06 per share for the fourth quarter of 2011.

Net income was $3,283,000, or $.18 per share for the year ended December 31, 2012, compared to net income of $1,219,000, or $(.05) per share for the year ended December 31, 2011.

Alan J. Hyatt, president and chief executive officer of Severn, commented:

These are our best year end results in four years. While they are improved, we are not yet satisfied. These results and the positive trend are strong motivators and reaffirm our dedication to continue our hard work. We have had a decent year financially and also enjoyed some recognition for our commitment to the community through several awards. We are energized for 2013.