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) July 23, 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 July 23,
2003.
Item 9. Regulation FD Disclosure.
On July 23, 2003, Security Federal Corporation issued its earnings
release for the quarter ended June 30, 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: July 23, 2003 SECURITY FEDERAL CORPORATION
/s/ Roy G. Lindburg
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Roy G. Lindburg
Treasurer and Chief Financial Officer
Exhibit 99.1
News Release Dated July 23, 2003
NEWS RELEASE
July 23, 2003
SECURITY FEDERAL CORPORATION ANNOUNCES QUARTERLY EARNINGS
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Security Federal Corporation, parent company of Security Federal Bank,
announced a 29% increase in earnings to $923,000 or $0.37 per share for the
three months ending June 30, 2003 compared to $717,000 or $0.28 per share for
the three months ending June 30, 2002. The quarter ending June 30th is the
first quarter of the Company's fiscal year.
Contributing to the increase in earnings were increases of $353,000 or 122% in
the gain on sale of loans and $70,000 or 25% in fees on deposit accounts.
Decreases of $150,000 or 33% in the provision for loan losses and $35,000 or
1.3% in general and administrative expenses also contributed to the net
increase in earnings. Net interest income decreased $124,000 or 4.9% due to
shrinking net interest margins. Total net loans receivable were $242.7
million at June 30, 2003 compared to $243.2 million at March 31, 2003 and
$233.5 million at June 30, 2002. Total deposits increased $3.7 million to
$362.2 million during the quarter ending June 30, 2003. Compared to deposits
at June 30, 2002, the increase in deposits was $46.3 million or 14.7%. Total
assets of the Company increased to $455.0 million at June 30, 2003. This was
an increase of 2.2% from $444.9 million in total assets at March 31, 2003 and
an increase of 18.3% from $384.6 million at June 30, 2002.
Security Federal Bank has eleven full service branch locations in Aiken,
Clearwater, Denmark, Graniteville, Langley, North Augusta, Wagener, and West
Columbia. The Bank will be opening a new full service branch in Lexington,
South Carolina in August 2003. Additional financial services are provided by
three of the Bank's wholly owned subsidiaries, Security Federal Insurance,
Inc., Security Federal Investments, Inc., and Security Federal Trust, Inc.
For additional information contact Roy Lindburg (803) 641-3070