Severn Bancorp Inc.&#039;s third-quarter profit rose 14 percent in the third quarter, but its CEO said &quot;it is clear that economic conditions remain challenging.&quot;

The Annapolis-based bank posted a profit of $551,000, or a penny per share. That was up from $485,000, or a penny per share, in the same quarter a year ago.

&quot;While we are pleased to report a modest profit for the third quarter, it is clear that economic conditions remain challenging,&quot; Alan J. Hyatt, CEO of Severn (NASDAQ: SVBI), said in a statement...&lt;div class=&quot;feedflare&quot;&gt;
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