Last $17.40 USD
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As of 8:10 PM 01/27/15 All times are local (Market data is delayed by at least 15 minutes).

security federal corp (SFDL) Key Developments

Security Federal Corporation and Security Federal Bank Accepts Resignation of W. Barry Adams as Director

On January 6, 2015, Security Federal Corporation and Security Federal Bank (Bank) accepted the resignation of Director W. Barry Adams from the Boards of Directors of the company and the Bank. Mr. Adams also served as Executive Vice President of the Bank. Mr. Adam's resignation is effective immediately.

Security Federal Corp. Reports Unaudited Consolidated Earnings for the Third Quarter and Nine Month Ended September 30, 2014; Announces Net Charge-Offs for the Third Quarter Ended September 30, 2014

Security Federal Corp. reported unaudited consolidated earnings for the third quarter and nine month ended September 30, 2014. For the quarter, the company reported net income available to common shareholders of $1.6 million or $0.54 per basic common share, an increase of $688,000 or 75.5% compared to net income available to common shareholders of $912,000 or $0.31 per basic common share for the quarter ended September 30, 2013. Total interest income was $7,389,000 compared to $7,706,000 a year ago. Net interest income was $6,004,000 compared to $5,910,000 a year ago. Net interest income after provision for loan losses was $6,004,000 against $5,310,000 a year ago. Income before income taxes was $2,467,000 against $1,383,000 a year ago. Net income was $1,711,000 against $1,022,000 a year ago. For the nine months, the company’s net income available to common shareholders increased $1.9 million or 85.6% to $4.2 million or $1.41 per basic common share compared to net income available to common shareholders of $2.2 million or $0.76 per basic common share for the same period in 2013. The increases in earnings for the quarter and nine month periods are primarily a result of increases in net interest income combined with decreases in the provision for loan losses. Total interest income was $22,219,000 compared to $23,090,000 a year ago. Net interest income was $17,776,000 compared to $17,221,000 a year ago. Net interest income after provision for loan losses was $17,576,000 against $14,575,000 a year ago. Income before income taxes was $6,265,000 against $3,432,000 a year ago. Net income was $4,490,000 against $2,572,000 a year ago. Book value per share as on September 30, 2014, was $21.63. The company's net charge-offs declined $493,000 or 51.5% to $465,000 for the third quarter of 2014 from $958,000 for the comparable quarter in 2013.

Security Federal Corporation Announces Cash Dividend

Security Federal Corporation, parent company of Security Federal Bank, announced that a quarterly dividend of $0.08 per share will be paid on or about September 15, 2014 to shareholders of record as of August 31, 2014. This is the ninety fifth consecutive quarterly dividend to shareholders since the Bank's conversion in October of 1987 from a mutual to a stock form of ownership. The dividend was declared as a result of the Bank's continued profitability.

Security Federal Corp. Announced Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Announces Net Charge-Offs Results for Second Quarter of 2014

Security Federal Corp. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net income available to common shareholders of $1.4 million or $0.46 per common share (basic), an increase of $598,000 or 77.8% compared to net income available to common shareholders of $769,000 or $0.26 per common share (basic) for the quarter ended June 30, 2013.  Total interest income was $7,637,000 against $7,680,000 a year ago. Net interest income was $6,130,000 against $5,721,000 a year ago. Net interest income after provision for loan losses was $6,030,000 against $4,821,000 a year ago. Income before income taxes was $2,045,000 against $1,172,000 a year ago. For the six months ended June 30, 2014, net income available to common shareholders increased $1.2 million or 92.4% to $2.6 million or $0.87 per common share (basic), compared to net income available to common shareholders of $1.3 million or $0.45  per common share (basic) for the  same period in 2013.  The increases in earnings for the quarter and six month periods are primarily  a result of  increases in  net interest income combined with decreases in the provision for loan losses.   These factors were offset slightly by a decrease in non-interest income in both periods. Total interest income was $14,830,000 against $15,384,000 a year ago. Net interest income was $11,773,000 against $11,311,000 a year ago. Net interest income after provision for loan losses was $11,573,000 against $9,266,000 a year ago. Income before income taxes was $3,798,000 against $2,049,000 a year ago. Book value per share as on June 30, 2014 was $21.23. For the second quarter of 2014, the company reported net charge-offs declined $164,000 or 16.5% to $834,000 from $998,000 for the comparable quarter in 2013, with the ratio of net charge-offs to gross loans decreasing to 0.94% in the second quarter of 2014 from 1.05% in the same quarter one year ago.

Security Federal Corp Announces Earnings Results for the First Quarter of 2014

Security Federal Corp. announced earnings results for the first quarter of 2014. For the quarter, the company reported net income available to common shareholders of USD 1.2 million or USD 0.41 per basic common share, an increase of USD 632,000 or 112.7% compared to net income available to common shareholders of USD 561,000 or USD 0.19 per basic common share for the quarter ended March 31, 2013.

 

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Price/Earnings 9.9x
Price/Sales 1.7x
Price/Book 0.6x
Price/Cash Flow 8.8x
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