AIKEN, S.C.--(BUSINESS WIRE)--Security Federal Corporation (OTCBB:SFDL - News ), the holding company for Security Federal Bank, today announced earnings for the first quarter of its fiscal year ending March 31, 2009. The Company reported net income of $802,000 or $0.32 per share (basic) for the three months ending June 30, 2008 compared to net income of $1.1 million or $0.42 per share (basic) for the three months ending June 30, 2007. The decrease in net income is primarily the result of the Federal Reserve’s recent precipitous decrease in interest rates in conjunction with the Company’s decision to increase the provision for loan losses and an increase in general and administrative expenses attributable to costs associated with the Company’s recent expansion. These factors were offset slightly by an increase in non-interest...
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