0001140361-18-019461.txt : 20180425 0001140361-18-019461.hdr.sgml : 20180425 20180425080243 ACCESSION NUMBER: 0001140361-18-019461 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180423 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180425 DATE AS OF CHANGE: 20180425 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: 18772761 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)
April 23, 2018

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 April 23, 2018 Severn Bancorp, Inc. issued a press release announcing financial results for the quarter ended March 31, 2018.  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:
 
99.1
Press Release of Severn Bancorp, Inc., dated April 23, 2018 announcing financial results for the quarter ended March 31, 2018.
 
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: April 24, 2018
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 B. Susie
 
Chief Financial Officer &
 
Executive Vice President
 
Email: psusie@severnbank.com
 
Phone: 410.260.2000

Severn Bancorp, Inc. Announces Significant Year-Over-Year Earnings Growth

Annapolis, MD (April 23, 2018) – Severn Bancorp, Inc., (Nasdaq: SVBI) parent company of Severn Savings Bank, FSB, today announced an increase in net income of over 100% for the first quarter of 2018 versus the first quarter of 2017. Net income was $1.9 million versus $925 thousand for the quarters ended March 31, 2018 and 2017, respectively. On a diluted per share basis, earnings were $0.15 versus $0.06 for the quarters ended March 31, 2018 and 2017, respectively.
 
Net interest income increased 19% during the first quarter of 2018. Net interest income was $7.0 million during the first quarter of 2018 versus $5.9 million during the first quarter of 2017. The increase is due to higher interest income resulting from loan growth and lower interest expense on borrowings. Interest expense on borrowing has decreased due to maturing FHLB advances being refinanced at lower rates.
 
Non-interest income increased to $1.9 million in the first quarter of 2018 versus $1.4 million in the first quarter of 2017.  The increase was due to higher volume of fees on a growing deposit portfolio and higher sales of mortgages into the secondary market. Non-interest expenses increased modestly to $6.2 million in the first quarter of 2018 versus $5.7 million in the first quarter of 2017. The increase is due to added staffing which was needed to support the growth in our lending and deposit programs.
 
“We are pleased to report earnings for the quarter that show substantial progress year over year,” stated Alan J. Hyatt, President and Chief Executive Officer.  Mr. Hyatt continued, “The Company has seen notable improvement in asset quality, and recently also announced payment of a dividend to shareholders. We continue to execute our strategy of generating core deposits and growing our commercial and mortgage lending units.  While our results for the quarter are trending in the right direction, we remain focused on continued improvement in our operations and enhancing long term shareholder value.”
 
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 $801 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, 2017.
 
Severn Bancorp, Inc.
Consolidated Income Statement
(dollars in thousands, except per share data)
(Unaudited)

Year-to-Date income statement results:
  
Year Ended March 31,
              
   
2018
    
2017
    
$ Change
    
% Change
  
                         
Interest Income
                        
                         
Interest on loans
  
$
8,371
    
$
7,131
    
$
1,240
      
17.38
%
Interest on securities
    
320
      
269
      
51
      
18.99
%
Other interest income
    
186
      
157
      
29
      
18.45
%
                                 
Total interest income
    
8,877
      
7,557
      
1,320
      
17.46
%
                                 
Interest Expense
                                
                                 
Interest on deposits
    
1,133
      
975
      
158
      
16.18
%
Interest on long term borrowings
    
760
      
996
      
(236
)
    
-23.67
%
                                 
Total interest expense
    
1,893
      
1,971
      
(78
)
    
-3.96
%
                                 
Net interest income
    
6,984
      
5,586
      
1,398
      
25.02
%
                                 
Provision for (reversal of) loan losses
    
0
      
(275
)
    
275
      
-100.00
%
                                 
Net interest income after provision for (reversal of) loan losses
    
6,984
      
5,861
      
1,123
      
19.15
%
                                 
Non-interest income
                                
                                 
Mortgage-banking revenue
    
595
      
535
      
60
      
11.20
%
Real Estate Commissions
    
385
      
380
      
5
      
1.40
%
Real Estate Management Income
    
183
      
194
      
(11
)
    
-5.53
%
All other income
    
706
      
249
      
457
      
183.58
%
                                 
Net non-interest income
    
1,870
      
1,358
      
512
      
37.68
%
                                 
Net interest income after provision for (reversal of) loan losses plus non-interest income
    
8,853
      
7,219
      
1,634
      
22.64
%
                                 
Non-Interest Expenses
                                
                                 
Compensation and related expenses
    
4,278
      
3,757
      
521
      
13.86
%
Net Occupancy & Depreciation
    
344
      
336
      
8
      
2.44
%
Net Costs of Foreclosed Real Estate
    
32
      
33
      
(1
)
    
-2.81
%
Other
    
1,569
      
1,549
      
20
      
1.27
%
                                 
Total non-interest expenses
    
6,223
      
5,675
      
548
      
9.65
%
                                 
Income before income tax provision
    
2,631
      
1,544
      
1,087
      
70.37
%
                                 
Income tax provision
    
745
      
619
      
126
      
20.43
%
                                 
Net income
  
$
1,885
    
$
925
    
$
960
      
103.80
%
Net income available to common shareholders
  
$
1,815
    
$
855
    
$
960
      
112.28
%
 
Severn Bancorp, Inc.
Consolidated Balance Sheet
(dollars in thousands, except per share data)
(Unaudited)

 
  
March 31, 2018
    
December 31, 2017
    
$ Change
    
% Change
  
Balance Sheet Data:
                        
 
                        
ASSETS
                        
Cash
  
$
2,291
    
$
2,382
    
$
(90
)
    
-3.79
%
Federal funds and Interest bearing deposits in other banks
    
16,016
      
19,471
      
(3,455
)
    
-17.74
%
Certificates of deposit held for investment
    
8,780
      
8,780
      
0
      
0.00
%
Investment securities available for sale
    
12,011
      
10,119
      
1,892
      
18.70
%
Investment securities held to maturity
    
49,911
      
54,303
      
(4,392
)
    
-8.09
%
Loans held for sale
    
5,803
      
4,530
      
1,272
      
28.08
%
Loans receivable
    
669,912
      
668,151
      
1,760
      
0.26
%
Loan valuation allowance
    
(8,169
)
    
(8,055
)
    
(114
)
    
1.41
%
Accrued interest receivable
    
2,454
      
2,640
      
(186
)
    
-7.03
%
Foreclosed real estate, net
    
237
      
403
      
(166
)
    
-41.19
%
Premises and equipment, net
    
23,121
      
23,139
      
(18
)
    
-0.08
%
Restricted stock investments
    
4,844
      
4,489
      
355
      
7.91
%
Bank owned life insurance
    
5,104
      
5,064
      
41
      
0.81
%
Deferred income taxes
    
4,565
      
5,302
      
(737
)
    
-13.90
%
Prepaid expenses and other assets
    
4,205
      
4,070
      
135
      
3.31
%
 
                                
 
  
$
801,085
    
$
804,788
    
$
(3,703
)
    
-0.46
%
 
                                
LIABILITIES AND STOCKHOLDERS EQUITY
                                
Deposits
  
$
589,916
    
$
602,228
    
$
(12,312
)
    
-2.04
%
Borrowings
    
96,500
      
88,500
      
8,000
      
9.04
%
Subordinated debentures
    
20,619
      
20,619
      
-
      
0.00
%
Accounts payable and accrued expenses
    
1,632
      
2,340
      
(709
)
    
-30.27
%
 
                                
Total Liabilities
    
708,667
      
713,688
      
(5,021
)
    
-3.79
%
 
                                
Preferred stock
    
4
      
4
      
-
      
-3.79
%
Common stock
    
122
      
122
      
(0
)
    
-3.79
%
Additional paid-in capital
    
65,060
      
65,137
      
(77
)
    
-3.79
%
Retained earnings
    
27,320
      
25,873
      
1,448
      
-3.79
%
Accumulated comprehensive income (loss)
    
(89
)
    
(36
)
    
(52
)
    
-3.79
%
 
                                
Total Stockholders' Equity
    
92,419
      
91,100
      
1,319
      
1.45
%
 
                                
 
  
$
801,085
    
$
804,788
    
$
(3,702
)
    
-0.46
%
 
Severn Bancorp, Inc.
Selected Financial Data
(dollars in thousands, except per share data)
(Unaudited)
 
   
Three Months Ended March 31,
  
   
2018
    
2017
  
Per Share Data:
            
Basic earnings per share
  
$
0.15
    
$
0.07
  
Diluted earnings per share
  
$
0.15
    
$
0.07
  
Average basic shares outstanding
    
12,241,554
      
12,125,553
  
Average diluted shares outstanding
    
12,334,637
      
12,210,580
  
                 
Performance Ratios:
                
Return on average assets
    
0.94
%
    
0.48
%
Return on average equity
    
8.22
%
    
4.24
%
Net interest margin
    
3.66
%
    
3.09
%
Efficiency ratio *
    
69.92
%
    
81.25
%
 
   
March 31, 2018
    
December 31, 2017
  
Asset Quality Data:
                
Non-accrual loans
  
$
5,702
    
$
5,710
  
Foreclosed real estate
    
237
      
403
  
Total non-performing assets
    
5,939
      
6,113
  
Total non-accrual loans to total loans
    
0.9
%
    
0.9
%
Total non-accrual loans to total assets
    
0.7
%
    
0.7
%
Allowance for loan losses
    
8,169
      
8,055
  
Allowance for loan losses to total loans
    
1.2
%
    
1.2
%
Allowance for loan losses to total non-accrual loans
    
143.3
%
    
141.1
%
Total non-performing assets to total assets
    
0.7
%
    
0.8
%
Non-accrual troubled debt restructurings (included above)
    
811
      
819
  
Performing troubled debt restructurings
    
12,758
      
13,713
  
Loan to deposit ratio
    
113.6
%
    
110.9
%
 
*
This non-GAAP financial measure is calculated as non-interest expenses less OREO expenses divided by net interest income plus non-interest income.
 

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