Security Federal Corp., the parent company to Security Federal Bank, reported earnings of $1.36 million for first quarter, a 17 percent increase from 2011’s first quarter.
According to the Aiken-based company, the growth was primarily a result of a decrease in non-interest expenses combined with an increase in non-interest income. These factors were offset slightly by a decrease in net interest income and an increase in the provision for loan losses. The decrease in non-interest expenses was primarily due to decreases in salary and employee benefits, FDIC premiums, and the net cost of operation of other real estate owned.
Total assets at March 31 were $924.6 million compared to $933.5 million at March 31, 2011.
Total deposits increased to $696.2 million at March 31 compared to $690.3 million at March 31, 2011.
Security Federal Bank has 13 branch locations in South Carolina and Georgia.