The holding company for Aiken-based Security Federal Bank on Monday reported an increase in year-end profit despite a dip in quarterly earnings.
Security Federal Corp. said it earned $4.3 million, or $1.66 per share, for its fiscal year ending March 31, a 3.7 percent increase from the $4.1 million, or $1.59 per share, reported during the previous 12-month period.
Its fourth-quarter earnings of $1 million, or 40 cents per share, were 7.7 percent lower than the $1.1 million, or 42 cents per share, it earned during the same quarter of the previous year.
The quarterly profit slide was attributed to declining interest rates and the company's decision to increase its provision for loan losses. Security Federal said it expects the decrease in the prime rate will hurt its net interest margin in future quarters.
Security Federal operates 13 branches in the Augusta-Aiken area and parts of Columbia.
-- From staff reports