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Severn Bancorp shows ‘modest’ profit

Severn Bancorp Inc., the parent company of Severn Savings Bank, reported first-quarter net income of $621,000, or 3 cents per diluted share, a 7.6 percent increase compared to net income of $577,000, or 2 cents per share, for the year-ago period.

Bank President and CEO Alan J. Hyatt acknowledged that the first-quarter profit “was a modest one,” and that the bank continues to work through troubled real estate loans.

“It is a slow process,” Hyatt said in a prepared statement.

Total assets dropped to $849.6 million as of March 31, 2013, from $901.1 million on the comparable 2012 date.