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Security Federal Bank reports $2 in annual profit

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Aiken-based Security Federal Corp. reported a drop in profits for its fiscal year, which ended in March.

The holding company for Security Federal Bank reported net income for the last 12 months of $2.18 million, or 87 cents per share, compared to $4.28 million, or $1.66 per share, from the year before.

Net income for the last quarter was $132,000, or 5 cents per share, compared to $1.02 million, or 40 cents per share, for the fourth quarter of last year.

Bank officials said the reason for both declines was the increase in the provision for loan losses.

Total deposits were $671 million at the end of the fourth quarter, up from $590 million of a year ago.

Total assets on March 31 were $984 million, up from $840 million a year ago.

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

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corgimom
28318
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corgimom 05/19/09 - 06:23 am
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Who WROTE this headline? Does

Who WROTE this headline? Does someone at the AC not know the difference between $2 and $2M????

MandJ
0
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MandJ 05/19/09 - 06:32 am
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A whole $2? Was that with

A whole $2? Was that with interest or no? With $984 million in assets you'd think they could make more than $2 profit.

justus4
99
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justus4 05/19/09 - 08:35 am
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Who "proofs" this outfit? Do
Unpublished

Who "proofs" this outfit? Do these guys attend a university? The numbers don't match. OK, its a printing error, not the writer's fault... Yeah, right!

themaninthemirror
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themaninthemirror 05/19/09 - 10:46 am
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0
The $2 profit headline is

The $2 profit headline is certainly an attention getter. Wake up the proofreader or the press supervisor one.

whyohwhy
0
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whyohwhy 05/19/09 - 10:49 am
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It is tiring to read

It is tiring to read professional newswriters who cannot write correctly.

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