PrintPrintThe Aiken-headquartered bank reported an increase in net income for both the quarter and first half of its fiscal year. The growth was primarily the result of a decrease in the provision for loan losses, the company said.
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
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Security Federal net income dips 2.6% in fiscal year
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