Net income for the third quarter decreased approximately 75.0% to
"While we are pleased by our continuing ability to post profitable results
during a quarter in which we substantially increased our loan loss reserves,
we continue to focus on the many challenges being faced by financial
institutions in today's unprecedented times," said
With approximately
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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 the expected insurance recovery on the fraud claim;
management's determination of the amount of loan loss allowance; the effect of
changes in interest rates; 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. The Company'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, the ultimate disposition of the
insurance fraud claim, changes in the economy and interest rates both in the
nation and Company's general market area, federal and state regulation,
competition and other factors detailed from time to time in the Company's
filings with the Securities and Exchange Commission (the "SEC"), including
"Item 1A. Risk Factors" contained in the Company's Annual Report on Form 10-K
for the fiscal year ended
SOURCE Severn Bancorp, Inc.