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Security Federal reports 2017 earnings increase

Posted: February 7, 2018 - 12:06am

The parent company for Aiken-based Security Federal Bank recently reported a 6.4 percent increase in earnings for 2017 compared to the year-ago period.

Security Federal Corp. reported pre-tax income of $8.4 million for the year ending Dec. 31, up from $7.8 million in 2016. The Republican tax cut measure signed into law Dec. 22 reduced the company's federal corporate tax rate from 35 percent to 21 percent effective Jan. 1, which led the company to revalue its net deferred tax asset for the previous year by $628,000.

The result of the one-time charge resulted in earnings to common shareholders of $5.9 million, or $2.01 per basic share, a 4.8 percent decrease from the $6.2 million, or $2.09 per basic share, for the year ending Dec. 31, 2016.

The company, metro Augusta's fifth-largest bank by market share according to the Federal Deposit Insurance Corp., operates 15 full-service branches in South Carolina and Georgia.

CEO Chris Verenes said that "2017 was a solid year for Security Federal with strong growth in core earnings and continued loan growth," and that he expects to see "significant future benefits" from the tax cut measure.

 

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