Security Federal Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 29, 2018 at 01:05 pm
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Security Federal Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net interest income $6,517,000 compared to $6,153,000 a year ago. Net interest income after provision for loan losses was $6,317,000 compared to $5,653,000 a year ago. Income before income taxes was $1,831,000 million compared to $977,000 a year ago. Net income was $909,000 compared to $862,000 a year ago. Net income available to shareholders was $909,000 compared to $1,429,000 a year ago. Diluted earnings per share was $0.30 compared to $0.46 a year ago.
For the year, the company reported net interest income $25,612,000 compared to $24,872,000 a year ago. Net interest income after provision for loan losses was $25,312,000 compared to $24,372,000 a year ago. Income before income taxes was $8,354,000 million compared to $7,845,000 a year ago. Net interest income after provision for loan losses was $25,312,000 compared to $24,372,000 a year ago. Net income was $5,918,000 compared to $5,925,000 a year ago. Net income available to shareholders was $5,918,000 compared to $6,162,000 a year ago. Diluted earnings per share was $1.91 compared to $1.99 a year ago. Book value per share was $26.46 compared to $24.14 a year ago.
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.