Se­cu­rity Fed­eral re­ports in­crease in quar­terly earn­ings

The Pak Banker - - Front Page -

AIKEN

Se­cu­rity Fed­eral Cor­po­ra­tion, the hold­ing com­pany for Se­cu­rity Fed­eral Bank, to­day an­nounced earn­ings for the six month and quar­terly pe­ri­ods ended Septem­ber 30, 2012. The Com­pany re­ported net in­come avail­able to com­mon share­hold­ers of $1.2 mil­lion or $0.40 per com­mon share (ba­sic) for the six months ended Septem­ber 30, 2012, an in­crease of $521,000 or 78.9% when com­pared to net in­come of $660,000 or $0.22 per com­mon share (ba­sic) for the six months ended Septem­ber 30, 2011. For the three months ended Septem­ber 30, 2012, net in­come avail­able to com­mon share­hold­ers in­creased $252,000 or 81.8% to $560,000 com­pared to $308,000 for the three months ended Septem­ber 30, 2011. The in­creases in both pe­ri­ods were pri­mar­ily the re­sult of a de­crease in the pro­vi­sion for loan losses.

Non-per­form­ing as­sets, which con­sist of non-ac­crual loans and re­pos­sessed as­sets, in­creased $1.6 mil­lion or 4.4% to $38.4 mil­lion at Septem­ber 30, 2012 from $36.8 mil­lion at March 31, 2012 and de­creased from $42.0 mil­lion at June 30, 2012. Man­age­ment of the Com­pany is ac­tively fo­cused on and work­ing dili­gently to re­duce these balances. For the six months ended Septem­ber 30, 2012, an ad­di­tional $1.0 mil­lion was added to the al­lowance through the pro­vi­sion for loan losses. As a re­sult, the al­lowance for loan losses was 2.84% of to­tal loans held for in­vest­ment at Septem­ber 30, 2012 com­pared to 2.94% at Septem­ber 30, 2012. Man­age­ment con­tin­ues to closely mon­i­tor the loan port­fo­lio.

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