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Security Federal posts higher income

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Aiken-based Security Federal Corp., the holding company for Security Federal Bank, announced on Monday quarterly net income of $621,000, or 21 cents per share, compared to income of $351,000, or 12 cents per share, for the quarter in 2011.

The higher earnings are primarily a result of a decrease in the provision for loan losses, the company reported.

Total assets at the end of the quarter were $910.11 million, compared to $924.64 million at the end of March.

Total deposits also decreased, to $694.52 million at end of the second quarter from $696.20 million at the end of the first quarter.

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

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