Severn Bancorp, Inc. Announces Third Quarter Earnings (PR Newswire)

Friday October 10, 4:02 pm ET ANNAPOLIS, Md., Oct. 10 /PRNewswire-FirstCall/ -- Severn Bancorp, Inc. (Nasdaq: SVBI - News ) the parent company of Severn Savings Bank, FSB ("the Bank") and Hyatt Commercial, today announced earnings for the third quarter ended September 30, 2008. Net income for the third quarter decreased approximately 75.0% to $0.6 million (unaudited), or $.06 per share, compared to $2.4 million (unaudited), or $.24 per share for the third quarter of 2007. Net income decreased approximately 51.1% to $4.3 million, or $.43 per share for the nine months ended September 30, 2008, compared to $8.8 million, or $.88 per share for the nine months ended September 30, 2007. "While we are pleased by our continuing ability to post profitable results during a quarter in which we substantially increased our loan loss... [read full story]