Severn Bancorp Inc. (Nasdaq:SVBI) parent company of Severn Savings Bank, FSB, announced results for the quarter and nine months ended September 30, 2011. Net income for the third quarter of 2011 was $551,000 (unaudited), or $.01 per share, compared to net income of $485,000, or $.01 per share for the third quarter of 2010. Net income was $152,000, or ($.12) per share for the nine months ended September 30, 2011, compared to net income of $550,000, or ($.07) per share for the nine months ended September 30, 2010. Earnings per share is calculated using net income available for common shareholders, which is net income less preferred stock dividends.

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 $930 million and four branches located in Annapolis, Edgewater and Glen Burnie, Maryland.

Read full article and disclaimer at : http://doubleinstocks.com/?p=19162