Security Federal reports higher earnings, lower deposits

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Aiken-based Security Fed­eral Corp., the holding company for Security Fed­eral Bank, reported higher quarterly earnings Monday.

Security Federal reported net income of $561,000, or 19 cents per share, for the first quarter, up from $320,000, or 11 cents per share, for the quarter in 2012.

Bank officials said the increase comes from not having to set aside as much money to cover the effects of bad loans.

Security Federal Bank has 12 branches in South Carolina and one in Geor­gia.

Total assets at the end of the quarter were $875.7 million, down from $890.4 million at the end of the year.

Total deposits also decreased for the quarter, from $397.7 million at the end of the year to $383 million at the end of March.

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