Severn Bancorp (NASDAQ: SVBI) reported a net income of $1.9 million for Q3 2020, down from $2.4 million in Q3 2019, with EPS of $0.15 compared to $0.19. Year-to-date net income reached $4.2 million, down from $7.2 million in the same period last year. Net interest income fell to $6.5 million, while noninterest income grew to $4.7 million, driven by increased mortgage banking activity. Total assets rose to $939 million, with deposits increasing by $122 million, largely due to short-term cannabis-related funds. The bank continues to monitor COVID-19 impacts and has implemented loan modifications.
Severn Bancorp (NASDAQ: SVBI) announced a cash dividend of $0.04 per share of common stock, payable on September 15, 2020, to shareholders on record as of September 8, 2020. The company's CEO Alan J. Hyatt stated that Severn remains profitable with strong demand for both residential and commercial lending services. The company has been committed to serving the Anne Arundel County market with a focus on community banking.
Severn Bancorp (SVBI) reported a net income of $1.7 million for Q2 2020, down from $2.2 million in Q2 2019, with earnings per share decreasing to $0.14 from $0.17 year-over-year. For the first half of 2020, net income totaled $2.3 million compared to $4.8 million in 2019. The company funded 428 PPP loans totaling over $47 million to support customers during the COVID-19 pandemic. Total assets grew to $924 million, with deposits up by $88 million. However, net interest income dropped to $6.6 million, driven by lower loan volumes and interest rates.