Security Federal Corp. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2012
January 30, 2013 at 03:46 pm
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Security Federal Corp. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, the company announced total interest income of $8,044,000 compared to $9,467,000 for the same period a year ago. Net interest income was $5,666,000 compared to $6,493,000 for the same period a year ago. Income before income taxes was $726,000 compared to $1,721,000 for the same period a year ago. Net income was $554,000 compared to $486,000 for the same period a year ago. Net income available to common shareholders was $444,000 compared to $376,000 for the same period a year ago. Earnings per common share, basic were $0.15 compared to $0.13 for the same period a year ago.
For the nine months, the company announced total interest income of $24,791,000 compared to $29,577,000 for the same period a year ago. Net interest income was $17,331,000 compared to $19,994,000 for the same period a year ago. Income before income taxes was $2,659,000 compared to $3,029,000 for the same period a year ago. Net income was $1,955,000 compared to $1,365,000 for the same period a year ago. Net income available to common shareholders was $1,625,000 compared to $1,035,000 for the same period a year ago. Earnings per common share, basic were $0.55 compared to $0.35 for the same period a year ago. Book value per share was $20.45. The increases in net income in both periods were primarily the result of a decrease in the provisions for loan losses and income taxes offset slightly by a decrease in net interest income.
Security Federal Corporation is the holding company for Security Federal Bank (the Bank). The Bank's principal business is accepting deposits from the general public and originating commercial real estate loans, commercial and agricultural business (non-real estate) loans, consumer loans, as well as mortgage loans to buy or refinance one-to-four family residential real estate. The Bank also originates construction loans on single-family residences, multi-family dwellings and projects, and commercial real estate, as well as loans for the acquisition, development and construction of residential subdivisions and commercial projects. In addition, the Bank operates Security Federal Trust and Investments, a division of the Bank that offers trust, financial planning and financial management services. The Bank provides consumer loans for various personal, family or household purposes, mobile homes, recreational vehicles and education. The Bank has approximately 19 full-service branches.