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Security Federal Corporation Announces Increase In First Quarter Earnings

Security Federal Corporation (“Company”) (OTCBB:SFDL), the holding company for Security Federal Bank, today announced earnings for the first quarter of its fiscal year ending March 31, 2011. The Company reported net income available to common shareholders of $297,000 or $0.12 per common share (basic) for the three months ended June 30, 2010, an increase of $168,000 or 129.89% when compared to net income of $129,000 or $0.05 per common share (basic) for the three months ended June 30, 2009. This increase was primarily the result of an increase in the Company’s net interest income offset slightly by an increase in the provision for loan losses.

Net interest margin for the quarter ended June 30, 2010 increased 43 basis points to 3.14% up from 2.71% for the quarter ended June 30, 2009 and 2.98% for the year ended March 31, 2010. As a result, net interest income increased $595,000 or 9.40% to $6.92 million for the three months ended June 30, 2010 compared to $6.33 million for the three months ended June 30, 2009.

Non-performing assets, which consist of non-accrual loans and repossessed assets net of specific reserves, decreased $1.29 million to $38.91 million at June 30, 2010 from $40.20 million at March 31, 2010. This was also down from $42.82 million at December 31, 2009. Despite two consecutive quarterly decreases in non-performing assets, management of the Bank continues to be cautious about current market conditions and added an additional $1.90 million to the allowance for loan losses through the provision for loan losses, an increase of $500,000 compared to provision expense of $1.4 million for the same period in the previous year. Management closely monitors the loan portfolio on an ongoing basis to proactively identify any potential problem loans. The allowance for loan losses represented 2.02% of total loans held for investment as of June 30, 2010 compared to 2.13% as of March 31, 2010.

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