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Severn Bancorp sees slight profit rise

Severn Bancorp Inc., of Annapolis, the parent company of Severn Savings Bank, reported first-quarter net income of $472,000, or zero cents per share, compared to net income of $447,000, or zero cents per share, in the corresponding 2011 period, an increase of $25,000, or 5.6 percent.

Total assets dropped by 7 percent, to $900,471 in this year’s quarter from $967,736 in the prior-year period. Allowance for loan losses fell 11.8 percent, to $25,795 in the past quarter from $29,252 in 2011’s first quarter.

Severn has four branches in Anne Arundel County, in Annapolis, Edgewater and Glen Burnie.