The company reported a loss of $846,000, or 13 cents per share, for the three months ending June 30, compared with a net profit of $593,000, or 2 cents per share, in the corresponding period last year.
- Social Security beneficiaries to get 1.5 percent raise
- Sign up for Baltimore Sun business text alerts
- Consuming Interests blog
- Pictures: Tips to cut down your grocery bill
- How to find bargains
- 10 places (beside the newspaper) to find coupons
See more photos »
200 Westgate Cir #200, Annapolis, MD 21401, USA
"While we are not pleased with its impact, management is comfortable with the decision to act in a prudent and cautious manner with respect to the allowance for loan losses," Severn President and CEO Alan J. Hyatt said in a statement. "Were it not for this added reserve, the bank would have had another profitable quarter."
The company reported $937 million in assets.