ANNAPOLIS – Q3 losses at the parent of Severn Savings Bank was $4.4 million (unaudited), or ($.48) per share, which is heading in the right direction when compared to the $6.9 million net loss (unaudited) or ($.73) per share for Q2.  Losses were attributed to the increase in the loan-loss reserve of approximately $8.9 million, which is a non-cash charge against earnings.  Regulatory capital ratios continue to exceed the required levels, including the core (leverage) ratio of 12% vs. 5% for “well capitalized” status.

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