Not having to hold back as much money to cover bad loans led to higher quarterly earnings for Aiken-based Security Federal Corp., the holding company for Security Federal Bank.
Security Federal reported net income of $560,000, or 19 cents per share, compared to income of $308,000, or 11 cents per share, for the quarter in 2011.
According to its financial sheet, the banking company set aside $300,000 for loan losses, a decrease from $2.3 million a year ago.
Total assets at the end of the quarter were $904.2 million, compared to $924.64 million at the end of March. Total deposits also decreased, to $687.2 million at the end of September from $696.2 million at the end of March.
Security Federal Bank has 13 branch locations in South Carolina and Georgia.