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Security Federal Corporation Announces Increase In Earnings

Security Federal Corporation (“Company”) (OTC:SFDL), the holding company of Security Federal Bank (“Bank”), today announced earnings for the nine month period ended December 31, 2012. Net income available to common shareholders increased $590,000 or 57.0% to $1.6 million or $0.55 per common share (basic) for the nine months ended December 31, 2012 compared to $1.0 million or $0.35 per common share (basic) for the nine months ended December 31, 2011. The Company reported net income available to common shareholders of $444,000 or $0.15 per common share (basic) for the three months ended December 31, 2012, an increase of $68,000 or 18.1% when compared to net income of $376,000 or $0.13 per common share (basic) for the three months ended December 31, 2011. The increases in both periods were primarily the result of a decrease in the provisions for loan losses and income taxes offset slightly by a decrease in net interest income.

Non-performing assets, which consist of non-accrual loans and repossessed assets, decreased $11.7 million or 31.7% to $25.2 million at December 31, 2012 from $36.8 million at March 31, 2012. Non-performing assets were $33.7 million at December 31, 2011. Management of the Company is actively focused on and working diligently to reduce these balances. For the nine months ended December 31, 2012, an additional $2.0 million was provided for the allowance for loan losses. As a result, the allowance for loan losses was 2.80% of total loans at December 31, 2012 compared to 3.32% at March 31, 2012. Management continues to closely monitor the loan portfolio to proactively identify any potential problem loans.

The net interest margin decreased 33 basis points to 2.80% for the nine months ended December 31, 2012 compared to 3.13% for the comparable period in the previous year. As a result, net interest income decreased $2.7 million or 13.3% to $17.3 million for the nine months ended December 31, 2012, compared to $20.0 million for the nine months ended December 31, 2011. For the quarter ended December 31, 2012, net interest margin decreased 33 basis points to 2.76% from 3.09% for the same quarter in 2011. Net interest income decreased $827,000 or 12.7% to $5.7 million for the three months ended December 31, 2012, compared to $6.5 million for the three months ended December 31, 2011.

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