Security Federal Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2011
January 31, 2012 at 03:23 am IST
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Security Federal Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2011. For the quarter, the company has posted total interest income of $9,467,000 against $10,559,000 a year ago. Net interest income was $6,493,000 against $6,678,000 a year ago. Income before income tax was $1,721,000 against $684,000 a year ago. Net income was $486,000 against $454,000 a year ago. Net income available to common shareholders was $376,000 or $0.13 per basic share against net income of $344,000 or $0.12 per basic share a year ago.
For the nine months, the company has posted total interest income of $29,577,000 against $32,941,000 a year ago. Net interest income was $19,994,000 against $20,311,000 a year ago. Income before income tax was $3,029,000 against $2,302,000 a year ago. Net income was $1,365,000 against $1,452,000 a year ago. Net income available to common shareholders was $1,035,000 or $0.35 per basic share against net income of $877,000 or $0.34 per basic share a year ago. The increases in earnings for the three and the nine month periods are primarily a result of an increase in other income and a decrease in other expenses. These factors were offset slightly by a decrease in net interest income. Book value per share was $19.76 as on December 31, 2011 against $18.21 as on March 31, 2011.
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.