ANNAPOLIS, Md., May 14 /PRNewswire-FirstCall/ -- Severn Bancorp Inc.
(Nasdaq: SVBI), parent company of Severn Savings Bank FSB, has been named the
#2 thrift in the United States by SNL Financial LC, a research firm that
annually ranks the nation's 100 largest thrifts. The ranking was based on
2007 information. SNL Financial LC is recognized for its analysis of data in
the financial services marketplace. This position marks the sixth straight
year that Severn has occupied one of the two top spots.
SNL Financial's rankings are based on weighted scores in six categories:
core return on average assets (ROAA), core return on average equity (ROAE),
three-year core cash EPS growth, the efficiency ratio, the ratio of non-
performing assets including loans 90 days past due to total assets, and net
charge-offs as a percent of total loans.
Severn earned the #2 spot with a 1.19 percent core return on average
assets (ROAA) and a 12.09 percent core return on average equity (ROAE).
Median figures for the group for these items were 0.50 and 4.07 percent
respectively. Severn also performed well in the other four areas measured:
three-year cash EPS growth, 16.66; efficiency ratio 43.43 percent;
non-performing assets 90 days past due/assets, 1.11 percent and net charge
offs/average loans, 0.08 percent. Severn was the only Maryland institution
ranked in the top 100.
"In a difficult market, as we have recently been experiencing, it is nice
to be recognized in this fashion," said Alan Hyatt, president of Severn
Savings Bank.
News of the ranking from SNL Financial was coupled with consistent
outstanding ratings for the company's financial condition from IDC Financial
Publishing. IDC performs an annual ranking of thrifts based on a weighted
average of operating ratios, assigning scores from 1 to 300. Severn has
consistently displayed exceptional performance in this rating as well.
Founded in 1946, Severn Savings Bank, FSB 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 exceeding $900
million and four branches located in Annapolis, Edgewater and Glen Burnie.
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.
SOURCE Severn Bancorp Inc.