Security Federal Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
January 30, 2017 at 12:53 pm EST
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Security Federal Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter the company reported net income available to common shareholders of $1,429,000 or $0.46 per common share (diluted) compared to $1,234,000 or $0.40 per diluted share a year ago. Total interest income was $7,077,000 compared to $6,983,000 a year ago. Net interest income was $6,153,000 compared to $6,026,000 a year ago. Income before income taxes was $977,000 compared to $1,715,000 a year ago. Net income was $862,000 compared to $1,344,000 a year ago.
For the year end the company reported net income available to common shareholders of $6,162,000 or $1.99 per common share (diluted) compared to $5,676,000 or $1.84 per diluted share a year ago. Total interest income was $28,388,000 compared to $27,906,000 a year ago. Net interest income was $24,872,000 compared to $23,707,000 a year ago. Income before income taxes was $7,845,000 compared to $8,183,000 a year ago. Net income was $5,925,000 compared to $6,116,000 a year ago. The increase was primarily the result of an increase in net interest income offset partially by an increase in the provision for loan losses.
Security Federal Corporation is the holding company for Security Federal Bank (the Bank). The Bank's principal business is accepting deposits from the general public and originating commercial real estate loans, commercial and agricultural business (non-real estate) loans, consumer loans, as well as mortgage loans to buy or refinance one-to-four family residential real estate. The Bank also originates construction loans on single-family residences, multi-family dwellings and projects, and commercial real estate, as well as loans for the acquisition, development and construction of residential subdivisions and commercial projects. In addition, the Bank operates Security Federal Trust and Investments, a division of the Bank that offers trust, financial planning and financial management services. The Bank provides consumer loans for various personal, family or household purposes, mobile homes, recreational vehicles and education. The Bank has approximately 19 full-service branches.