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As of 8:10 PM 09/9/14 All times are local (Market data is delayed by at least 15 minutes).

security federal corp (SFDL) Key Developments

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.

Security Federal Corporation Announces Cash Dividend Payable on or About June 15, 2014

Security Federal Corp. announced that a quarterly dividend of $0.08 per share will be paid on or about June 15, 2014 to shareholders of record as of May 31, 2014.

Security Federal Corp. and Security Federal Savings Announce Management Changes

Security Federal Corporation, the bank holding company of Security Federal Bank, has said that Frank M. Thomas, Jr, president of the bank, will be retiring effective June 6, 2014. Thomas was elected to the company's and the bank's boards of directors in 2008 and will continue serving on the company's and the bank's boards following his retirement. The bank's board of directors also announced the appointment of Richard T. Harmon, the bank's chief lending officer, as president of Security Federal Bank effective June 6, 2014. Harmon, who has over 30 years of banking experience, has worked with the bank as senior vice president of Mortgage Lending and was promoted to chief lending officer in 2011, and appointed to the company's and the bank's respective board of directors in 2013. Previously, Harmon was employed with Regions Bank and also with Palmetto Federal Savings Bank of South Carolina.T he company's board has also announced that Roy G. Lindburg, chief financial officer and a director of the company and the bank, will be appointed as president of Security Federal Corporation effective June 6, 2014. Lindburg, who also has over 30 years of banking experience, has been chief financial officer of the company and the bank since January 1995. He has been an executive vice president of the company and the bank since January 2005, and was also appointed to the board in 2005. The bank's board of directors also announced the appointment of Jessica T. Cummins, the company's treasurer, as chief financial officer of Security Federal Bank and Security Federal Corporation effective June 6, 2014. Cummins has served as treasurer of the company since joining the company and the bank in 2007. Previously, Cummins was employed by Elliott Davis LLC in its Financial Services practice. Lindburg and Harmon will both report to the chief executive officer, Chris Verenes. Cummins will report to Roy Lindburg.

 

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Price/Earnings 11.9x
Price/Sales 1.7x
Price/Book 0.8x
Price/Cash Flow 9.4x
TEV/Sales NM Not Meaningful
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