Security Federal earnings up 77%

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The Aiken-based bank holding company, which has 13 branches in South Carolina and Georgia, reported $621,000 in earnings for its fiscal first quarter. Security Federal Corp. attributed the increase to a $1.58 million decrease in the provision for loan losses.

Staff Report
Published July 31, 2012

Aiken-based Security Federal Corp., the holding company for Security Federal Bank, reported today earnings for the quarter ending June 30 rose 77% to $621,000 compared with $351,000 for a similar period last year.

Security Federal said the report was for the first quarter of its fiscal year, which runs from April 1 to March 31, 2013.

Previous coverage Security Federal net income dips 2.6% in fiscal year

The increase was the result of a $1.58 million decrease in the provision for loan losses, the company said. Non-performing assets, which consist of non-accrual loans and repossessed assets, increased $5.17 million, or 14%, to $42 million during the quarter from $36.8 million reported during the previous quarter.

Total assets for the quarter ending June 30 were $910.1 million compared to $924.64 million for the quarter ending March 31, a decrease of $14.53 million, or 1.57%, for the three-month period.

Net loans decreased $15.44 million, or 3.6%, to $413.07 million at the end of June 30 compared with $428.51 million for the three-month period ending March 31.

Security Federal has 13 branches in Aiken, Clearwater, Graniteville, Langley, Lexington, North Augusta, Wagener, Columbia and West Columbia, and Evans, Ga.