Security Federal Corporation Announces Third Quarter Earnings

Security Federal Corporation (“Company”) (OTCBB:SFDL – News), the holding company of Security Federal Bank (“Bank”), today announced earnings for the third quarter of its fiscal year ending March 31, 2010. The Company reported net income available to common shareholders of $320,000 or $0.13 per common share (basic) for the three months ended December 31, 2009, compared to $462,000 or $0.19 per common share (basic) for the three months ended December 31, 2008. For the nine months ended December 31, 2009, net income available to common shareholders was $787,000 or $0.32 per common share (basic) compared to $2.05 million or $0.81 per common share (basic) for the nine months ended December 31, 2008. [Read the full article]

KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI – News), parent company of KS Bank, Inc. (the “Bank”), today announced unaudited fourth quarter and year to date financial results for the 2009 fiscal year.

The Company reported a net loss of ($378,000), or ($0.29) per diluted share, before adjusting for the effect of preferred stock dividends and accretion of discount on preferred stock for the three months ended December 31, 2009, compared to a net loss of ($414,000), or ($0.31) per diluted share, for the same period in 2008. After adjusting for $35,000 in dividends and accretion of discount on preferred stock, the net loss available to common stockholders for the current period was ($413,000), or ($0.32) per diluted share. [Read the full article]

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The bank reported full-year net income of $11.6 million, or $1 per share, up from $10.4 milion or 84 cents per share for full-year 2008. For the quarter ended Dec. 31, ESB (Nasdaq: ESBF) saw net income of $1.8 million, or 20 cents per share, down from $2.06 million or 16 cents per share a year ago. The bank posted its fourth-quarter results after the markets closed Thursday. ESB President and CEO Charlotte Zuchslag said the bank was pleased with the full-year 2009 results. "During this challending time for the banking industry, our philosophy has been to manage the interest rate margin without compromising asset quality or future earnings," she said in a prepared statement. ESB, based in Ellwood City, near Pittsburgh, ranks among the 15 largest banks in the Pittsburgh metro area according to deposits. © 2010 American City Business Journals, Inc. and its licensors. All rights reserved. [Read the full article]

Jefferson Bancshares, Inc. (Nasdaq:JFBI – News), the holding company for Jefferson Federal Bank, announced a net loss for the quarter ended December 31, 2009 of $415,000, or ($0.07) per diluted share, compared to net earnings of $790,000, or $0.13 per diluted share, for the quarter ended December 31, 2008. The decrease in net earnings for the three months ended December 31, 2009 was due primarily to provision for loan losses of $1.5 million compared to $150,000 for the comparable period in 2008. The increase in the provision for loan losses was due to an increase in non-performing assets and continued deterioration in local and national economic conditions. For the six months ended December 31, 2009, net earnings were $69,000, or $.01 per diluted share, compared to net earnings of $1.3 million, or $0.22 per diluted share, for the six months ended December 31, 2008. [Read the full article]

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