This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Security Federal Corporation Announces Increase In First Quarter Net Income Available To Common Shareholders

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, 2013. The Company reported net income available to common shareholders of $621,000 or $0.21 per common share (basic) for the three months ended June 30, 2012, an increase of $270,000 or 76.92% compared to net income available to common shareholders of $351,000 or $0.12 per common share (basic) for the three months ended June 30, 2011. This increase was primarily the result of a $1.58 million decrease in the provision for loan losses.

Non-performing assets, which consist of non-accrual loans and repossessed assets increased $5.17 million or 14.04% to $41.99 million at June 30, 2012 from $36.82 million at March 31, 2012. Management of the Company is actively focused on and working diligently to reduce these balances. For the quarter ended June 30, 2012, an additional $725,000 was added to the allowance through the provision for loan losses, a decrease of $1.58 million compared to provision expense of $2.30 million for the same period in the previous year. The decrease in the provision was due to the adequacy of the allowance for loan losses which was 3.00% of total loans held for investment at June 30, 2012 compared to 2.83% at June 30, 2011. Management continues to closely monitor the loan portfolio to proactively identify any potential problem loans.

Net interest margin for the quarter ended June 30, 2012 decreased 44 basis points to 2.81% from 3.25% for the quarter ended June 30, 2011 and decreased 28 basis points from 3.09% for the year ended March 31, 2012. As a result of the decrease in net interest margin, net interest income decreased $1.03 million or 14.90% to $5.86 million for the three months ended June 30, 2012 compared to $6.88 million for the three months ended June 30, 2011.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs