Maryland
|
0-49731
|
52-1726127
|
(State or other jurisdiction
|
(Commission
|
(IRS Employer
|
of incorporation)
|
File Number)
|
Identification Number)
|
200 Westgate Circle, Suite 200, Annapolis, Maryland
|
21401
|
(Address of principal executive offices)
|
(Zip Code)
|
410-260-2000
|
|
(Registrant’s telephone number, including area code)
|
ITEM 9.01.
|
FINANCIAL STATEMENTS AND EXHIBITS.
|
Severn Bancorp, Inc.
|
|
Dated: January 23, 2012
|
By: /Alan J. Hyatt/
|
Alan J. Hyatt, President
|
|
Severn Bancorp, Inc.
|
|||||||||||||||||||||||
Selected Financial Data
|
|||||||||||||||||||||||
(dollars in thousands, except per share data)
|
|||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||
For the Three Months Ended
|
|||||||||||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
|||||||||||||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||||||||||||||
Summary Operating Results:
|
|||||||||||||||||||||||
Interest income
|
$ | 10,558 | $ | 10,991 | $ | 11,254 | $ | 11,698 | $ | 11,809 | |||||||||||||
Interest expense
|
3,659 | 3,856 | 3,946 | 4,126 | 4,448 | ||||||||||||||||||
Net interest income
|
6,899 | 7,135 | 7,308 | 7,572 | 7,361 | ||||||||||||||||||
Provision for loan losses
|
141 | 850 | 2,987 | 634 | 1,200 | ||||||||||||||||||
Net interest income after provision
|
|||||||||||||||||||||||
for loan losses
|
6,758 | 6,285 | 4,321 | 6,938 | 6,161 | ||||||||||||||||||
Non-interest income
|
873 | 628 | 447 | 562 | 921 | ||||||||||||||||||
Non-interest expense
|
5,772 | 5,959 | 6,171 | 6,709 | 5,980 | ||||||||||||||||||
Income (loss) before income taxes
|
1,859 | 954 | (1,403 | ) | 791 | 1,102 | |||||||||||||||||
Income tax expense (benefit)
|
792 | 403 | (557 | ) | 344 | 495 | |||||||||||||||||
Net income (loss)
|
$ | 1,067 | $ | 551 | $ | (846 | ) | $ | 447 | $ | 607 | ||||||||||||
Per Share Data:
|
|||||||||||||||||||||||
Basic earnings (loss) per share
|
$ | 0.06 | $ | 0.01 | $ | -0.13 | $ | 0.00 | $ | 0.02 | |||||||||||||
Diluted earnings (loss) per share
|
$ | 0.06 | $ | 0.01 | $ | -0.13 | $ | 0.00 | $ | 0.02 | |||||||||||||
Common stock dividends per share
|
$ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
Average basic shares outstanding
|
10,066,679 | 10,066,679 | 10,066,679 | 10,066,679 | 10,066,679 | ||||||||||||||||||
Average diluted shares outstanding
|
10,066,679 | 10,066,679 | 10,066,679 | 10,066,679 | 10,066,679 | ||||||||||||||||||
Performance Ratios:
|
|||||||||||||||||||||||
Return on average assets
|
0.12 | % | 0.06 | % | -0.09 | % | 0.05 | % | 0.06 | % | |||||||||||||
Return on average equity
|
1.01 | % | 0.52 | % | -0.80 | % | 0.44 | % | 0.61 | % | |||||||||||||
Net interest margin
|
3.27 | % | 3.32 | % | 3.39 | % | 3.48 | % | 3.37 | % | |||||||||||||
Efficiency ratio*
|
64.84 | % | 60.76 | % | 60.37 | % | 58.57 | % | 57.84 | % | |||||||||||||
* |
The efficiency ratio is general and administrative expenses as a percentage of net interest income plus non-interest income
|
||||||||||||||||||||||
As of
|
|||||||||||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
|||||||||||||||||||
2011 | 2011 | 2011 | 2011 | 2010 | |||||||||||||||||||
Balance Sheet Data:
|
|||||||||||||||||||||||
Total assets
|
$ | 900,628 | $ | 926,013 | $ | 937,372 | $ | 967,736 | $ | 962,543 | |||||||||||||
Total loans receivable
|
719,241 | 741,528 | 766,443 | 780,412 | 808,808 | ||||||||||||||||||
Allowance for loan losses
|
(25,938 | ) | (30,358 | ) | (31,103 | ) | (29,252 | ) | (29,871 | ) | |||||||||||||
Net loans
|
693,303 | 711,170 | 735,340 | 751,160 | 778,937 | ||||||||||||||||||
Deposits
|
652,757 | 678,717 | 687,842 | 718,298 | 714,776 | ||||||||||||||||||
Stockholders' equity
|
105,930 | 105,215 | 105,005 | 106,213 | 106,100 | ||||||||||||||||||
Bank's Tier 1 core capital to total assets
|
13.0 | % | 12.4 | % | 12.3 | % | 12.1 | % | 12.3 | % | |||||||||||||
Book value per share
|
$ | 7.88 | $ | 7.80 | $ | 7.78 | $ | 7.90 | $ | 7.89 | |||||||||||||
Asset Quality Data:
|
|||||||||||||||||||||||
Non-accrual loans
|
$ | 31,432 | $ | 35,624 | $ | 42,088 | $ | 44,984 | $ | 46,164 | |||||||||||||
Foreclosed real estate
|
19,932 | 19,158 | 17,291 | 18,898 | 20,955 | ||||||||||||||||||
Total non-performing assets
|
51,364 | 54,782 | 59,379 | 63,882 | 67,119 | ||||||||||||||||||
Total non-accrual loans to net loans
|
4.5 | % | 5.0 | % | 5.7 | % | 6.0 | % | 5.9 | % | |||||||||||||
Allowance for loan losses
|
25,938 | 30,358 | 31,103 | 29,252 | 29,871 | ||||||||||||||||||
Allowance for loan losses to total loans
|
3.6 | % | 4.1 | % | 4.1 | % | 3.7 | % | 3.7 | % | |||||||||||||
Allowance for loan losses to total
|
|||||||||||||||||||||||
non-performing loans
|
82.5 | % | 85.2 | % | 73.9 | % | 65.0 | % | 64.7 | % | |||||||||||||
Total non-accrual loans to total assets
|
3.5 | % | 3.8 | % | 4.5 | % | 4.6 | % | 4.8 | % | |||||||||||||
Total non-performing assets to total assets
|
5.7 | % | 5.9 | % | 6.3 | % | 6.6 | % | 7.0 | % |