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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.