Staff Report
Published Oct. 30, 2012

Aiken-based Security Federal Corp., holding company for Security Federal Bank, reported net income for the quarter ending Sept. 30 rose 81.8% to $560,000 compared with $308,000 for a similar period in 2011.

Meanwhile, net income for the first half of the company’s fiscal year, which began April 1, climbed 78.9% to $1.2 million compared with $660,000 for a similar period in 2011.

The increases in both periods were primarily the result of a decrease in the provision for loan losses, the company said.

Total deposits decreased $9 million, or 1.3%, to $687.2 million at the end of the quarter.

Total assets at the end of the quarter totaled $904.2 million, down from $919.23 million reported for a similar period in 2011.

Security Federal Bank has 13 full-service branch locations in South Carolina and Georgia, including offices in Lexington, Columbia and West Columbia.

Previous coverage

Security Federal earnings up 77%
Security Federal net income dips 2.6% in fiscal year
Security Federal Corp. CEO retires