Local banks report steep earnings drop

The four publicly traded banks based in Anne Arundel County reported their worst earnings all year, with third quarter net income falling more than 50 percent from that period in 2007.

Severn Savings Bank, BankAnnapolis, The Bank of Glen Burnie and CommerceFirst remain solvent.

Bank officials blame the disappointing results on a combination of factors, including money set aside for loan losses, a slowdown in mortgage activity, increased loan delinquencies and declining interest rates.

This month, BankAnnapolis announced that its net income dropped 55 percent in the third quarter to $299,000 from $662,000 that period a...