Security Federal Corporation Announces Increase In Third Quarter Earnings
Security Federal Corporation (“Company”) (OTCBB:SFDL), the holding company of Security Federal Bank (“Bank”), today announced earnings for the third quarter of its fiscal year ending March 31, 2012. The Company reported net income available to common shareholders of $376,000 or $0.13 per common share (basic) for the three months ended December 31, 2011, an increase of $32,000 or 9.30% when compared to net income of $344,000 or $0.12 per common share (basic) for the three months ended December 31, 2010. For the nine months ended December 31, 2011, net income available to common shareholders increased $158,000 or 18.02% to $1.04 million or $0.35 per common share (basic) compared to $877,000 or $0.34 per common share (basic) for the nine months ended December 31, 2010.
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.
Non-interest income for the nine months ended December 31, 2011 was $5.33 million, an increase of $107,000 or 2.05% compared to $5.22 million for the same period in the prior year. For the current quarter non-interest income was $2.56 million, an increase of $783,000 or 43.99% compared to $1.78 million for the same quarter in 2010. The increase in both periods was primarily the result of increases in the gain on sale of investments.
The Company made significant progress in recent quarters to reduce its non-interest expense through the implementation of several cost savings strategies. As a result, for the nine months ended December 31, 3011, non-interest expense decreased $1.69 million or 9.76% to $15.59 million, compared to $17.28 million for the same period in 2010. For the quarter ended December 31, 2011, non-interest expense decreased $639,000 or 10.88% to $5.24 million compared to $5.87 million in 2010.
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