Severn Bancorp has reported that its net income for the third quarter ended September 30, 2008 decreased approximately 75% to $0.6 million, or $0.06 per share, compared to $2.4 million, or $0.24 per share, for the same quarter of 2007.
Net income declined approximately 51.1% to $4.3 million, or $0.43 per share, for the nine months ended September 30, 2008, as against $8.8 million, or $0.88 per share, for the nine months ended September 30, 2007.
Alan Hyatt, president and CEO of Severn Bancorp, said: Our nonperforming loans increased from the second quarter, and we anticipate that our results will continue to be challenged for the foreseeable future. However, we remain confident in our ability to manage through this difficult environment and feel we are taking appropriate steps relative to our environment.