Security Federal Bank reports $2 in annual profit

Aiken-based Security Federal Corp. reported a drop in profits for its fiscal year, which ended in March.

The holding company for Security Federal Bank reported net income for the last 12 months of $2.18 million, or 87 cents per share, compared to $4.28 million, or $1.66 per share, from the year before.

Net income for the last quarter was $132,000, or 5 cents per share, compared to $1.02 million, or 40 cents per share, for the fourth quarter of last year.

Bank officials said the reason for both declines was the increase in the provision for loan losses.

Total deposits were $671 million at the end of the fourth quarter, up from $590 million of a year ago.

Total assets on March 31 were $984 million, up from $840 million a year ago.

Security Federal Bank has 13 branch locations in South Carolina and Georgia.

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