0001140361-17-029311.txt : 20170731 0001140361-17-029311.hdr.sgml : 20170731 20170731133621 ACCESSION NUMBER: 0001140361-17-029311 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170731 DATE AS OF CHANGE: 20170731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEVERN BANCORP INC CENTRAL INDEX KEY: 0000868271 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 521726127 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-49731 FILM NUMBER: 17992446 BUSINESS ADDRESS: STREET 1: 200 WESTGATE CIRCLE STREET 2: SUITE 200 CITY: ANNAPOLIS STATE: MD ZIP: 21404 BUSINESS PHONE: 410-260-2000 MAIL ADDRESS: STREET 1: 200 WESTGATE CIRCLE STREET 2: SUITE 200 CITY: ANNAPOLIS STATE: MD ZIP: 21401 8-K 1 form8k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event report) 
July 31, 2017
 
Severn Bancorp, Inc.
(Exact name of registrant as specified in its charter)

Maryland
0-49731
52-1726127
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer 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)
 
 
(Former name or former address, if change since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
ITEM 2.02
RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 28, 2017 Severn Bancorp, Inc. issued a press release announcing financial results for the quarter ended June 30, 2017.  A copy of this press release is being furnished as Exhibit 99.1 to this report.

ITEM 9.01.
FINANCIAL STATEMENTS AND EXHIBITS.

(d)
Exhibits:

Press Release of Severn Bancorp, Inc., dated July 28, 2017 announcing financial results for the quarter ended June 30, 2017.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
Severn Bancorp, Inc.
     
Dated: July 31, 2017
By:
/s/ Alan J. Hyatt
   
Alan J. Hyatt, President
 
 
 EX-99.1 2 ex99_1.htm EXHIBIT 99.1
Exhibit 99.1
 
 
FOR IMMEDIATE RELEASE
Contact:
 
Paul Susie
  
Chief Financial Officer & Executive Vice President
 
Email: psusie@severnbank.com
 
Phone: 410.260.2000
 
Severn Bancorp, Inc. Announces Second Quarter Earnings
 
Annapolis, MD (July 28, 2017) – Severn Bancorp, Inc., (Nasdaq: SVBI) parent company of Severn Savings Bank, FSB, today announced net income of $982 thousand or $0.07 per share for the second quarter of 2017. In comparison, the net income for the second quarter of 2016 was $12.5 million. However, in 2016 there was a one-time reversal of a valuation allowance on the deferred tax asset of $11.2 million. On a pretax basis, income for the second quarter of 2017 was $1.6 million versus $1.3 million for the second quarter of 2016.

For the six months ended June 30, 2017 net income was $1.9 million compared to $13.4 million for 2016. The $11.2 million reversal of the valuation allowance on the deferred tax asset in 2016 was the reason for the large variance. On a pretax basis, income was $3.1 million and $2.2 million for the six months ended June 30, 2017 and 2016, respectively.

Total assets were $775.4 million as of June 30, 2017, which was a $12.0 million decrease from $787.5 million as of December 31, 2016. The decrease is primarily due to a reduction in cash that was used to repay $20 million in Federal Home Loan Bank borrowings and to fund new loans.

Asset quality has improved during the six months ended June 30, 2017. Total non-performing assets decreased 44%, moving from $10.8 million as of December 31, 2016 to $6.1 million as of June 30, 2017. Total non-accrual loans to net loans decreased from 1.6% as of December 31, 2016 to 0.8% as of June 30, 2017. The improving asset quality and low charge off levels through June 30, 2017 resulted in a lower required allowance for loan losses. As a result, the allowance for loan losses was reduced by a $375 thousand reversal of provisions for loan losses during the quarter ended June 30, 2017. For the six months ended June 30, 2017, the allowance for loan losses was reduced by $650 thousand in reversals of provisions for loan losses.
 
“Earnings have improved over the year, aided in part by the reduction of higher cost Federal Home Loan Bank borrowings”, stated Alan J. Hyatt, President and Chief Executive Officer. Mr. Hyatt continued, “We are working diligently on increasing our lower cost core deposits and expanding our lending efforts. We have new team members committed to these efforts, and we are putting plans in place for additional growth. Additionally, we have evaluated our mortgage production model and are making significant changes to improve our lead sourcing and marketing activities. We look forward to partnering with Mid Maryland Title to provide full mortgage service to our customers. We are continuing on the path of making Severn the most efficient and full service choice for our market.”
 
About Severn Savings Bank: Founded in 1946, Severn is a full-service community bank offering a wide array of personal and commercial banking products as well as residential and commercial mortgage lending. It has assets of $775.4 million and five branches located in Annapolis, Edgewater, Severna Park and Glen Burnie, Maryland. The bank specializes in exceptional customer service and holds itself and its employees to a high standard of community contribution. Severn is on the Web at www.severnbank.com.
 
# # #
 
Forward Looking Statements
 
In addition to the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties that may be affected by various factors that may cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements contained herein include, but are not limited to, those with respect to management’s determination of the amount of loan loss reserve and statements about the economy. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “will,” “would,” “could,” “should,” “guidance,” “potential,” “continue,” “project,” “forecast,” “confident,” and similar expressions are typically used to identify forward-looking statements. Severn’s operations and actual results could differ significantly from those discussed in the forward-looking statements. Some of the factors that could cause or contribute to such differences include, but are not limited to, changes in the economy and interest rates both in the nation and in Severn’s general market area, federal and state regulation, competition and other factors detailed from time to time in Severn’s filings with the Securities and Exchange Commission (the “SEC”), including “Item 1A. Risk Factors” contained in Severn’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016.
 
Severn Bancorp, Inc.
Consolidated Income Statement
(dollars in thousands, except per share data)
(Unaudited)

Quarterly income statement results:
  
Three Months Ended June 30,
              
   
2017
    
2016
    
$ Change
    
% Change
  
                         
Interest Income
                        
                         
Interest on loans
  
$
7,394
    
$
7,261
    
$
133
      
1.83
%
Interest on securities
    
328
      
299
      
29
      
9.74
%
Other interest income
    
174
      
82
      
92
      
112.20
%
                                 
Total interest income
    
7,896
      
7,642
      
254
      
3.32
%
                                 
Interest Expense
                                
                                 
Interest on deposits
    
938
      
1,004
      
(66
)
    
-6.60
%
Interest on long term borrowings
    
951
      
1,097
      
(146
)
    
-13.32
%
                                 
Total interest expense
    
1,889
      
2,101
      
(212
)
    
-10.11
%
                                 
Net interest income
    
6,007
      
5,541
      
466
      
8.41
%
 
                                
Provision for loan losses
    
(375
)
    
100
      
(475
)
    
-475.00
%
                                 
Net interest income after provision for loan losses
    
6,382
      
5,441
      
941
      
17.29
%
                                 
Other Income
                                
                                 
Mortgage-banking revenue
    
281
      
340
      
(59
)
    
-17.28
%
Real Estate Commissions
    
268
      
673
      
(405
)
    
-60.22
%
Real Estate Management Income
    
122
      
185
      
(63
)
    
-33.82
%
All other income
    
334
      
645
      
(311
)
    
-48.20
%
                                 
Net other income
    
1,005
      
1,843
      
(838
)
    
-45.44
%
                                 
Net interest income after provision for loan losses plus other income
    
7,387
      
7,284
      
103
      
1.42
%
                                 
Non-Interest Expenses
                                
                                 
Compensation and related expenses
    
3,674
      
3,814
      
(140
)
    
-3.67
%
Net Occupancy & Depreciation
    
325
      
449
      
(124
)
    
-27.70
%
Net Costs of Foreclosed Real Estate
    
7
      
98
      
(91
)
    
-93.03
%
Other
    
1,818
      
1,642
      
176
      
10.72
%
                                 
Total non-interest expenses
    
5,824
      
6,003
      
(179
)
    
-2.97
%
 
                                
Income before income tax provision
    
1,563
      
1,281
      
282
      
22.02
%
                                 
Income tax provision
    
581
      
(11,194
)
    
11,775
      
-105.19
%
                                 
Net income
  
$
982
    
$
12,475
    
$
(11,493
)
    
-92.13
%
Net income available to common shareholders
  
$
845
    
$
12,012
    
$
(11,167
)
    
-92.97
%
 
Severn Bancorp, Inc.
Consolidated Income Statement
(dollars in thousands, except per share data)
(Unaudited)

Year-to-Date income statement results:
  
Six Months Ended June 30,
              
   
2017
    
2016
    
$ Change
    
% Change
  
                         
Interest Income
                       
                         
Interest on loans
  
$
14,525
    
$
14,368
    
$
157
      
1.09
%
Interest on securities
    
597
      
610
      
(13
)
    
-2.11
%
Other interest income
    
331
      
168
      
162
      
96.42
%
                                 
Total interest income
    
15,453
      
15,146
      
307
      
2.02
%
                                 
Interest Expense
                                
                                 
Interest on deposits
    
1,913
      
1,983
      
(70
)
    
-3.54
%
Interest on long term borrowings
    
1,947
      
2,387
      
(440
)
    
-18.44
%
                                 
Total interest expense
    
3,860
      
4,370
      
(510
)
    
-11.68
%
                                 
Net interest income
    
11,593
      
10,776
      
817
      
7.58
%
 
                                
Provision for loan losses
    
(650
)
    
100
      
(750
)
    
-750.00
%
                                 
Net interest income after provision for loan losses
    
12,243
      
10,676
      
1,567
      
14.68
%
                                 
Other Income
                                
                                 
Mortgage-banking revenue
    
816
      
1,032
      
(216
)
    
-20.91
%
Real Estate Commissions
    
648
      
791
      
(143
)
    
-18.12
%
Real Estate Management Income
    
316
      
350
      
(34
)
    
-9.59
%
All other income
    
583
      
891
      
(308
)
    
-34.56
%
                                 
Net other income
    
2,363
      
3,064
      
(701
)
    
-22.86
%
                                 
Net interest income after provision for loan losses plus other income
    
14,606
      
13,740
      
866
      
6.31
%
                                 
Non-Interest Expenses
                                
                                 
Compensation and related expenses
    
7,431
      
7,450
      
(19
)
    
-0.25
%
Net Occupancy & Depreciation
    
661
      
901
      
(240
)
    
-26.68
%
Net Costs of Foreclosed Real Estate
    
40
      
143
      
(103
)
    
-72.15
%
Other
    
3,367
      
3,058
      
309
      
10.10
%
 
                                
Total non-interest expenses
    
11,499
      
11,552
      
(53
)
    
-0.46
%
                                 
Income before income tax provision
    
3,107
      
2,188
      
919
      
42.00
%
 
                                
Income tax provision
    
1,200
      
(11,194
)
    
12,394
      
-110.72
%
 
                                
Net income
  
$
1,907
    
$
13,382
    
$
(11,475
)
    
-85.75
%
Net income available to common shareholders
  
$
1,632
    
$
12,325
    
$
(10,693
)
    
-86.76
%
 
Severn Bancorp, Inc.
Consolidated Balance Sheet
(dollars in thousands, except per share data)
(Unaudited)

   
June 30, 2017
    
December 31, 2016
    
$ Change
    
% Change
  
Balance Sheet Data:
                        
                         
ASSETS
                        
Cash
  
$
19,759
    
$
39,396
    
$
(19,637
)
    
-49.85
%
Federal funds and Interest bearing deposits in other banks
    
14,242
      
27,718
      
(13,476
)
    
-48.62
%
Investment securities available for sale
    
7,171
      
-
      
7,171
      
100.00
%
Investment securities held to maturity
    
64,442
      
62,757
      
1,685
      
2.68
%
Loans held for sale
    
3,489
      
10,307
      
(6,818
)
    
-66.15
%
Loans receivable
    
631,444
      
610,278
      
21,166
      
3.47
%
Loan valuation allowance
    
(7,718
)
    
(8,969
)
    
1,251
      
-13.95
%
Accrued interest receivable
    
2,285
      
2,249
      
36
      
1.62
%
Foreclosed real estate, net
    
1,015
      
973
      
42
      
4.29
%
Premises and equipment, net
    
23,644
      
24,030
      
(386
)
    
-1.61
%
Restricted stock investments
    
4,276
      
5,103
      
(827
)
    
-16.20
%
Deferred income taxes
    
8,769
      
10,081
      
(1,312
)
    
-13.02
%
Prepaid expenses and other assets
    
2,626
      
3,562
      
(936
)
    
-26.28
%
                                 
   
$
775,444
    
$
787,485
    
$
(12,041
)
    
-1.53
%
                                 
LIABILITIES AND STOCKHOLDERS EQUITY
                                
Deposits
  
$
579,626
    
$
571,946
    
$
7,680
      
1.34
%
Borrowings
    
83,500
      
103,500
      
(20,000
)
    
-19.32
%
Suboridinated debentures
    
20,619
      
20,619
      
-
      
0.00
%
Accounts payable and accrued expenses
    
1,877
      
3,490
      
(1,613
)
    
-46.23
%
                                 
Total Liabilities
    
685,622
      
699,555
      
(13,933
)
    
-1.99
%
                                 
Preferred stock
    
4
      
4
      
-
      
0.00
%
Common stock
    
121
      
121
      
-
      
0.00
%
Additional paid-in capital
    
64,214
      
63,960
      
254
      
0.40
%
Retained earnings
    
25,477
      
23,845
      
1,632
      
6.84
%
Accumulated comprehensive income
    
6
      
-
      
6
      
100.00
%
                                 
Total Stockholders' Equity
    
89,822
      
87,930
      
1,892
      
2.15
%
                                 
   
$
775,444
    
$
787,485
    
$
(12,041
)
    
-1.53
%
 
Severn Bancorp, Inc.
Selected Financial Data
(dollars in thousands, except per share data)
(Unaudited)

   
Six Months Ended June 30,
    
Three Months Ended June 30,
  
   
2017
    
2016
    
2017
    
2016
  
Per Share Data:
                      
.
  
Basic earnings per share
  
$
0.13
    
$
1.13
    
$
0.07
    
$
1.02
  
Diluted earnings per share
  
$
0.13
    
$
1.12
    
$
0.07
    
$
1.02
  
Average basic shares outstanding
    
12,124,566
      
10,930,537
      
12,125,324
      
11,772,195
  
Average diluted shares outstanding
    
12,209,911
      
10,978,325
      
12,209,250
      
11,827,642
  
                                 
Performance Ratios:
                                
Return on average assets
    
0.43
%
    
3.50
%
    
0.38
%
    
6.53
%
Return on average equity
    
3.82
%
    
30.13
%
    
3.41
%
    
56.17
%
Net interest margin
    
3.18
%
    
3.06
%
    
3.26
%
    
3.15
%
Efficiency ratio*
    
82.11
%
    
82.43
%
    
82.96
%
    
79.97
%

   
June 30, 2017
    
December 31, 2016
  
Asset Quality Data:
            
Non-accrual loans
  
$
5,042
    
$
9,852
  
Foreclosed real estate
    
1,015
      
973
  
Total non-performing assets
    
6,057
      
10,825
  
Total non-accrual loans to total loans
    
0.8
%
    
1.6
%
Total non-accrual loans to total assets
    
0.7
%
    
1.3
%
Allowance for loan losses
    
7,718
      
8,969
  
Allowance for loan losses to total loans
    
1.2
%
    
1.5
%
Allowance for loan losses to total non-accrual loans
    
153.1
%
    
91.0
%
Total non-performing assets to total assets
    
0.8
%
    
1.4
%
Non-accrual troubled debt restructurings (included above)
    
2,382
      
2,392
  
Performing troubled debt restructurings
    
15,864
      
18,066
  
Loan to deposit ratio
    
108.9
%
    
106.7
%

*
The efficiency ratio is general and administrative expenses as a percentage of net interest income plus non-interest income
 
 
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