Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Severn Bancorp Q1 net income down

Severn Bancorp has reported that its net income was $2.1 million, or $0.21 per share for the first quarter of fiscal 2008, compared to a net income of $3.5 million, or $0.35 per share for the same quarter of fiscal 2007.

The company said that the local and national economy continues to weaken as a result of the slowdown in the housing market. Many larger national financial institutions have been challenged by problems relating to sub-prime lending and the decline in real estate values.

Alan Hyatt, president and CEO of Severn Bancorp, said: We plan to continue our conservative approach to this challenging market by maintaining a well capitalized organization, sufficiently reserving for loan delinquencies and offering highly competitive interest rates on our deposit products.