UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) April 25, 2003
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Security Federal Corporation
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(Exact Name of Registrant as Specified in Charter)
South Carolina 0-16120 57-0858504
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1705 Whiskey Road South, Aiken, South Carolina 29801
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (803) 641-3000
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.1 News Release of Security Federal Corporation dated April
25, 2003.
Item 9. Regulation FD Disclosure.
On April 25, 2003, Security Federal Corporation issued its earnings
release for the fiscal year ended March 31, 2003. A copy of the earnings
release is attached hereto as Exhibit 99.1, which is incorporated herein by
reference.
The information being furnished under this "Item 9. Regulation FD
Disclosure" is intended to be furnished under "Item 12. Disclosure of Results
of Operations and Financial Condition." The information in this report shall
not be treated as "filed" for purposes of the Securities Exchange Act of 1934
and shall not be incorporated by reference into any registration statement or
other document pursuant to the Securities Act of 1933 or the Securities
Exchange Act of 1934.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: April 25, 2003 SECURITY FEDERAL CORPORATION
/s/ Timothy W. Simmons
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Timothy W. Simmons
Chief Executive Officer
Exhibit 99.1
News Release Dated April 25, 2003
NEWS RELEASE
April 25, 2003
SECURITY FEDERAL CORPORATION ANNOUNCES RECORD EARNINGS
Security Federal Corporation, parent company of Security Federal Bank, today
announced record earnings of $3.2 million or $1.29 per share basic for the
year ending March 31, 2003 compared to $2.5 million or $1.00 per share basic
for the year ending March 31, 2002, an increase in earnings of 29%. On a
fully dilutive basis, earnings per share were $1.26 and $0.98 for the years
ending March 31, 2003 and 2002, respectively. For the quarter ending March
31, 2003, earnings were $773,000 or $0.31 per share basic and $0.30 per share
dilutive compared to $712,000 or $0.29 per share basic and $0.28 per share
dilutive for the three months ending March 31, 2002, an increase in earnings
of 9%. Security Federal Corporation has achieved record earnings for the
sixth consecutive year.
Net interest income increased $1.2 million for the year ending March 31, 2003
compared to the previous year, but decreased $113,000 for the last quarter of
the year because of decreasing net interest margins. The provision for loan
losses were $275,000 higher for the year and $150,000 lower for the year's
last quarter compared to the previous year's same periods. During the year,
other income increased $346,000 and $151,000 for the annual and quarterly
periods respectively compared to the same periods for the previous year.
General and administrative expenses increased $146,000 for the annual period
and $115,000 for the three-month period ended March 31, 2003 compared to the
previous year's periods. The increases in general and administrative expenses
are due primarily to normal annual salary increases. During the year, total
assets increased 18% to $444.9 million, net loans increased 4% to $243.2
million, and deposits increased 16% to $358.5 million.
Security Federal Bank has eleven full service branches located in Aiken,
Clearwater, Denmark, Graniteville, Langley, North Augusta, Wagener, and West
Columbia, South Carolina. Ground was recently broken for a new full service
branch in Lexington, South Carolina, which is scheduled to open in the summer
of 2003. The Bank's three wholly owned subsidiaries, Security Federal Trust,
Security Federal Investments, and Security Federal Insurance, offer a full
scope of trust, investments, and insurance services, including financial and
retirement planning.
For additional information contact Roy Lindburg (803) 641-3070