April 29--Security Federal Corp., the holding company for Security Federal Bank, reported a profit of $1.2 million, or 41 cents per share, for the first quarter. The Aiken-based bank had net income of $561,000, or 19 cents per share, in the first quarter of 2013.
The increase in earnings is primarily a result of setting aside less money to cover loan losses, officials reported Tuesday.
Security Federal has 12 full-service branches in South Carolina and one in Georgia.
Total assets declined $468,000 from January to March. Total assets at the end of the quarter were $848.8 million. Total deposits increased slightly, from $658 million at the beginning of the year to $667 million.
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