Severn Bancorp has positive quarter

Severn Bancorp Inc., parent company of Severn Savings Bank FSB, reported net income of about $1.1 million, or 5 cents per share for the third quarter of 2014, compared with a net loss of $20.5 million ($2.08 per share) in last year’s third quarter. The third-quarter loss in 2013 was attributed to the sale of nonperforming commercial loans, Severn said. Severn’s nonperforming assets in 2014’s third quarter were 2.1 percent of total assets, less than half of what the percentage was in 2013. Alan J. Hyatt, president and chief executive officer  of Severn Bancorp, said in a statement: “We are seeing steady progress. We are starting to see some improved earnings, an improvement in asset quality and some signs of the balance sheet shifting in the direction we want with increased interest income and loan portfolio along with the decrease in non-performing loans.”